Selling with Data #42 - Buying, as a seller

In the past year I have been a participant in the buying group for several enterprise purchases. Being a business buyer has given me a greater appreciation for the customer experience, and that has made me a better seller.

Here are my top five lessons learned from the experience, including tips to enterprise sellers.

First, speed. Both buyers and sellers share a common interest. They both want the buying process to move quickly. Buyers want the solution in place as soon as possible. Sellers wants to close the deal before it dies. Good sellers focus on the buyers’ urgency and create a close plan based on a value realization that delivers a successful outcome for both buyers and sellers.

Sellers: I need help creating a sequence of events that align to my go live and includes the cost of waiting each week. For example: You are losing $10M of revenue for XXX, because we were unable to complete this step this week. I can use this to move my internal teams, who do everything in their control to deliver a successful project and not negatively impact business performance.

Second, buying groups. Most enterprise purchases are made by a buying group. Buying groups typically include a program manager, an economic sponsor, and several teammates who all have a vote in the decision-making process. Great sellers seek to identify and make connections across the buying group.

Sellers: Do not depend on one person in the group to advance the deal. I need your help to bring everyone along and do things that I cannot do. I need you to connect with everyone in the buying group to understand their specific requirements and concerns. I need you to let me know if there is trouble so we can come up with ideas to overcome the challenges.

Third, a business case is a critical part of my internal process. Nearly every project is important to someone, but that doesn't mean it's the top priority of the company or that it will get funded. A project that aligns with a board-level initiative or has a high ROI is more likely to get funded.

Sellers: You have more experience than me in preparing a business case for your product. The business case should connect to my company's top-line priorities and includes other similar companies that are relevant case studies to defend the value statements. For most sizable purchases, a business case is needed and I would rather get your help writing it than trying to guess the value by doing it myself. If your sponsor takes your business case and puts their name on the cover sheet representing it as their own, you crushed it.

Fourth, buy versus build. Many companies start exploration of a solution to a known problem with an internal team to build an MVP before deciding if they should evaluate a third-party solution. These talented "builders" are found in teams like strategy, development, or hidden throughout the organization, and prefer to build something themselves rather than buy a packaged product. A seller needs to understand how to identify and work with the "builders" without trying to convert the builder to a buyer, which typically will not happen.

Sellers: “No decision" is your number one competitor. Your job is to create a compelling business case that makes your solution more attractive by focusing on the business value and time to value of a packaged solution versus a no cost internally developed solution.

Fifth, buyers needs sellers. As a buyer I depend on the seller to help me navigate my internal processes and bring my company in alignment. For me to be successful I need the seller to be successful and will coach them and do everything I can to achieve the sale.

Sellers: Earn my trust by teaching me something new about my organization that I wouldn't otherwise know. Once you earn my trust, I will help you achieve what you want because if we are aligned, we both will be successful. I typically cannot achieve what I want without your help. I need you to keep coaching me and providing me with insights to successfully navigate my internal decision process.

In summary, being a buyer has taught me that a great seller:

• anticipates their customer's needs and teaches them something they don't know about their own company,
• creates a detailed close plan to create urgency by what steps are required to hit the customer timeline to value realization, including the cost of delay,
• works and connects across the entire buying group,
• builds a business case aligned with the company's top-line priorities, and
• partners with the buyer, realizing the buyer needs the seller to be successful.

Please leave your comments with other suggestions or ideas about how being a buyer makes you a better seller.

Good selling.