Making you self-sufficient
Anticipate Trends. Take Action.Self-educated buyers are over-whelmed with choice and information and it's delaying their purchase decision and driving best price negotiations.
Making you self-sufficient
Ideally, you want to continue to interview new wins and losses every month and update your buyer insights as you uncover new information from these deals. We will work with you to identify a designate early on from your company, so that we can include them in our interviews and train them to conduct their own follow-on interviews after we leave.
You are unlikely to gain significant new insights from these follow-on interviews in the near term, but when something changes you will be the first to know and be able to react quickly.
Interviewing new wins and losses give you the credibility to defend marketing investments and sales strategies based on what buyers say they're looking for.
Who should you designate to conduct the Interviews?
Many companies often ask us if they can rely on their sales people to conduct interviews with buyers. This is a natural question given that your reps have firsthand experience with buyers and have been trained to listen closely to buyer’s specific concerns, needs and goals. However, anyone who was ever involved in a sales call with the buyer should NOT conduct the interview.
You want your buyers to be willing to share their experiences and buying decisions freely and openly with the interviewer. Buyer’s attitudes toward anyone who was a part of the original sales cycle, whether positive or negative, will influence their reflection on the decision.
Mining your interviews for Buying Insights
Following your buyer interviews, you need to categorize and prioritize your interview data into new insights and add them to the format that we have created in the Buyer’s Insight Report. Not all the insights will fall neatly within the six categories highlighted in the Report but as you conduct more buyer interviews, you will become better able to distinguish the important yet subtle differences between the categories.
You will mine over 50 pages of transcribed interviews to find the quotations that best highlight your buyer’s mind-set as they dealt with the decision you want to influence.
You will need to choose the most insightful quotations, those where the buyer disclosed the details and emotions that had the greatest impact on the choice of solutions.
Through these quotations, you will be able to uncover the essence of what your buyer’s are looking for and guide your companies critical sales and marketing decisions.
INSIGHThought used buyer insights to spot a market shift and drive $2M in revenue.
A provider of ERP applications in the utility market space was struggling to gain the attention of buyers. Their product team had developed a suite of new application features that they believed would significantly change their competitive position in the marketplace but found no measurable jump in adoption.
Our buyer interviews revealed that senior managers at the utility companies had been blindsided by changes in state regulations that were recently reviewed and passed and were now totally focused on avoiding significant fines and penalties due to non-compliance. Our client tested the implications of these new regulations in a survey across their market and confirmed the cost impact that the new regulations would impose and the shift in buying behavior.
Our client responded by quickly developing a monitoring component to their application that they highlighted in a demand generation campaign aimed at helping utilities understand the cost implications of these new state regulatory changes. The campaign was incredibly successful generating over 20% response rate and closing 3 large deals exceeding $2M.
INSIGHThought used buyer insights to stop a competitor and prevent 60-75% discounting.
A provider of CRM software to the financial market was losing 80% of their deals to a single upstart competitor. The sales team was planning to discount by 60-75% to stop the bleeding and brunt the success of this competitor. They were going to win the battle but lose the war!
Our buyer interviews revealed that the competitor had tapped into the key capabilities that buyers were looking for (the same capabilities that our client provided but had considered unimportant) and were successfully positioning these capabilities as their strengths and our clients weaknesses. “I’m looking for the technical details that explain the capabilities of your CRM system said the buyer. I didn’t see any mention of them in your website or marketing materials.”
This executive then went on to describe the particular capabilities that he was looking for and the perceived limitations of our clients solution. Our client responded by revamping their website, content marketing and sales playbooks to address the capabilities and obstacles that were preventing buyers from choosing their solution. They have won 5 of the last 8 engagements.
Request a mock Insight Interview