A recent study by Sales Mastery found the average buying committee has 6.4 participants. Following this research over time, the size has grown — most likely the result of more IT projects driven from lines of business (LOBs). Members of the buying committee often have different motivations, as the impact of the problems that need to be solved and / or the outcome of the solution can differ from one buyer to another.
Not engaging most — if not all — of these members creates risk for you and the buyer, so avoid being “single-threaded” with a lone decision-maker in the buying journey.
BUILD A BROAD BASE OF SUPPORT WITH YOUR B2B BUYING COMMITTEE
Why does this matter to the buyer? Gone are the days of IT-only-led software acquisition projects. With cloud-based solutions, the LOB is often funding the solution through expense budgets. This means more players are involved in the buying journey, from LOB, IT and procurement to risk management, compliance and finance.
A recent study by Challenger found 58% of initiatives stall due to misalignment, reinforcing the perils of not engaging all buyers on the buying committee. For a successful program, it is critical that all players within the buyer’s organization — individuals and teams — are aligned on the impact of the initiative. They all need to engage to obtain the future envisioned state.
Why does this matter to you, the seller? That same Challenger study found “no decision” is the endpoint in 38% of buying journeys. When two out of five projects end in no deal and nearly 60% of those are down to stakeholder misalignment, that means nearly 25% of all projects end because of stakeholder misalignment.
In addition, how many losses can you count related to not understanding all the viewpoints of the decision-makers or the authority matrix within the organization, or putting your effort behind the wrong champion? To improve your chances and reduce your risks, you need to engage with most of (if not all) the key players — in depth — including stakeholders who have a “silent voice.”
How does it improve your chance of winning? Buyers need their concerns heard and their visions and challenges addressed. They also need to see how their investment of time and effort will further serve the goals of the company, their organization and themselves. Businesses are often struggling to navigate competing priorities, bringing together numerous stakeholders and the functions they represent can often elevate one project over another. Building a broad base of support and alignment allows you to better manage the buying process and avoid risks due to misalignment or turnover across the too-often competing voices and motivations of the buying committee.
ENABLE YOUR SALESFORCE TO SEEK TO SERVE™ YOUR BUYERS
Your salespeople cannot be single-threaded with buying committees. Otherwise, they threaten an all-around frustrating no-decision deal plaguing many organizations.
Get our revenue performance accelerator how-to cheat-sheet for not being reliant on one decision-maker today and share these leading practices with your sales force.
Not being single-threaded and reliant on one decision-maker is just part of the greater whole. Your sales force needs the right skills and behaviors for each of the 10 critical steps in the sales process to lead your buyers to a deal.
EARLY STAGE
- Prospecting Power Moves
- Resisting the Itch to Pitch
- Driving Effective Meetings
- Performing the Quest of Discovery
MID-STAGE
- Becoming a Trusted Advisor
- Maintaining Control of the Buying Journey
- Avoiding Being Single-Threaded
LATE STAGE
- Reframing Objections
- Managing Radio Silence
- Not Being the Buyer’s “Doormat”
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