I have written several articles about the buyer journey, buyer personas, aligning the buying and selling process; here is an aid to this process a journey plan for the buying process.
At its core, I’ve turned around the typical account planning tool, to focus more clearly on the Buyer and their needs. This is to build empathy and to assist the seller more clearly understand the questions a Buyer has to tailor the sellers presentations and plans to meet the Buyers needs. Most importantly, to understand clearly when the Buyer is ready to move to the next stage of the Buying Journey to enable the Buyer and Seller to remain synched.
I’ve outlined this process before, and now I’ll filling the gaps
Here’s a quick review of the buying process.
The process involves understanding for items
1. What are the buyers motivations ?
2. What are the sellers responses?
3. What are the critical questions that must be answered?
4. When do you know to move to the next stage?
This is a more complete breakdown of the process in detail. There is an excel worksheet thats been prepared to assist you through this process, please contact me to receive it.
Stage 1; I’m just learning about stuff
Sellers role; educate the buyer
The questions that should occupy you in relation with this buyer are to do with buyer education about your business and the overall industry. This section sets the Buyer and their organisation up ready for you to activate. The Buyer has no need for what you offer, yet. But you believe they will have a need, soon. Questions that come to mind include the following. What market trends is the Buyer observing? How is the Buyer tracking the activities of their competition? How did the Buyer get in contact with you? Is this Buyer qualified? (Do they have budget, authority, need, and/or timing to make a purchase)? Have you created a Buyer persona? How have you (or your Marketing team) educated the Buyer (i.e. provided relevant content)
You move to the next stage when; The Buyer tells you something happened to put them into the market to purchase (Trigger)
Stage 2; Now i have a reason to buy
Sellers role; identify buying motives
This section initiated when the Buyer has triggered a need. You move into a frame of questioning to try to identify the motivations of the Buyer, to enable you to create the best option for their need. What significant event has occurred to put the Buyer into the market? (Lets call this the trigger) What problem has surfaced as a result of this Trigger? How is the Buyer studying the cause of this Trigger? Does the Buyer know all the consequences this Trigger has on their business? Does the Buyer think the problem is worth solving? (If not, will they “do nothing?”) Can the problem be solved? What solutions to this problem are available as options to the Buyer? Are you able to solve this problem? Has the Buyer set up a sales appointment with you? (if so, when and with whom?)
You move to the next stage when; The Buyer tells you they developed a business case and they want to discuss it with you.
Stage 3; I need to define my problem
Sellers role; Help them define their problem.
As a seller you are now clear on the Buyers motivations, but the need is still undefined. Your role is to assist the Buyer to hone into a clear definition of their problem. Do I know who the stakeholders and decision makers are? Have you created Buyer personas for all relevant participants in negotiations? Has the Buyer started researching possible options to solve their problem? Has the Buyer established & prioritised the functional requirements for the best solution? Has the Buyer defined what they expect for a Return on Investment (ROI) from a solution? What are the defined evaluation criteria? Has the approval process been revealed to you by the Buyer?
You move to the next stage when; The Buyer has defined and documented the requirements to solve their Problem.
Stage 4; Lets explore my options
Sellers role; Propose potential solutions.
Now that the Buyer is clear on what the problem actually is. Looking back, there may be some real differences between the final problem definition and the initial Triggering need. Now you have a clear understanding of what the buyer desires and your role is to propose solutions that sustainably and cost effectively address the problem. What promising options (or solutions) is the Buyer exploring? (who is your competition?) Has the Buyer narrowed down a list of options? Has the Buyer reconfirmed with you exactly what the functional requirements are? Has the Buyer refined their business case (including their ROI expectations)? Has the buyer confirmed with all stakeholders the basis on which the final decision will be made? Have you been introduced to the buying decision team?
You move to the next stage when; The Buyer has narrowed down their options and has included you as a potential solution to evaluate.and you know how to become the preferred option
Stage 5; Evaluate potential solutions
Sellers role; Overcome risks and objections
We are now closing in on the end of the process. The buyer is now attempting to move through the various options you, and others, have presented and your role is to seek to identify what the Buyer perceives as the risks and objections to your and other options, and to address these in a convincing way. How is the Buyer conducing an evaluation of short-listed options? What are the Buyers critical terms and what are optional benefits? Has the Buyer secured stakeholder consensus (including buy-in from all the decision makers) about their preferred option? Has the Buyer finalised their business case? Has the Buyer labeled/positioned all their options: first, second, and third choice? Where is your option in this list? Has the Buyer communicated these positions to you and your competition?
You move to the next stage when; The Buyer communicates that you are the leading option.
Stage 6; Short list my options
Sellers role; Close the sale
Your solution has been selected as the Buyers first choice and your role is the finalise their selection and gain the companies assent to this. Have you and the Buyer finalised contractual and commercial terms? Did the Buyer check your references (clients and/or partners)? Did the Buyer reconfirm their decision within their organization? Did the Buyer finalise their internal request to purchase? If you had to give on a deal term, did you get something of equal value in return? Did the Buyer accept the final terms for approval?
You move to the next stage when; The Buyer negotiates and accepts the final terms of your proposal.
Stage 7; Make my final decision
Sellers role; sign the paperwork
While you may this the decision is now irrevocable, your role is to assist the Buyer complete all the legal and financial documentation so that you have the business and receive payment. Has the Buyer submitted final proposal through formal approval process?Have you received the purchase order? When will payment be received and recognised?
You move to the next stage when; You have received the purchase order and the revenue has been recognised.
Stage 8; Implement my decision
Sellers role; Help them implement. Connect the right teams. Monitor progress. Help choose realistic measurements of success.
Your business is obviously looking for sustainable business from this buyer and other similar buyers. You now have to assist in the successful implmentation of your option. Failure to do this means while you get this deal you’ll probably miss out on others. Should your plan be poorly implemented, Buyers tend not to blame themselves, but the solutions they have bought- that means you. To get a steady business stream you must be involved in successful implementation. When (with key milestones) will the chosen solution be implemented? What teams must be involved to implement your solution? When and how do you expect to achieve the expected benefits of the solution? (i.e. defined “success metrics”)? How and when will the decision to buy your solution be validated by the defined “success metrics?” Are you exploring other opportunities to develop more business within this account?
The sale is complete only when;The Buyer confirms the implementation is complete.
(Bonus: you start the buying process over again to address another need of the Buyer.)