Have you identified your prospects buying factors?

Whenever you meet a prospect or a client you are interrupting them. It may a welcome interruption, but it is an interruption nonetheless.

The number one thing a prospect or client is trying to do is meet their challenges and solve their problems.

There arethree levels of problems you need to concern yourself with.

MacroProblems, MicroProblems and Personal Problems

MacroProblems are those problems effecting the company on a global basis.  The economy. The competition. Government policies and taxes are all examples.

MicroProblems occur at the local level. Program management, scheduling, purchasing, etc.

Personal problems also may get involved since you are dealing with people.

Many marketers realize that most people buy on an emotional (personal) level. They then need to justify their purchase rationally by emphasizing micro or macro problems.

Some brief examples.

Buying Factor: Price

MacroProblem: Industry and sales are down.

MicroProblem: Manager needs to meet budget guidelines.

Personal problem: They want to keep their job.

Buying factors you may encounter:

• Quality
• Price
• Warranty
• Features
• Delivery Times

You may have noticed that “benefits” are not on the list, even though that is what people are actually buying. You will need to be sure to link your benefit to their specific problem.

The challenge with identifying key buying factors is quite often they are not quantified by your client or prospect. Unless they are measured they are meaningless. Your mission is to quantify the problem or challenge.

Two key things you must do.

1. Quantify the problem with the help of your prospect or client if possible.
2. Quantify and emphasize the benefit of your product or service in meeting the challenges of your prospect.

An Example:

One of the best ways to find out what the real challenge your customer is facing, and what the hidden buying factors are is by asking good questions and being a good listener.

Take improved quality for example. Just saying you want quality improvements as good as it sounds does not give you anything actionable to sink your teeth into.

Your marketing challenge is to show how your products or services meets the challenges of your client or prospect better than your competitor.

Questions to ask

1. Ask your prospect or client what will be the criteria by which they will make a purchasing decision.
2. Ask your prospect or client if they can quantify the criteria and be more specific? What are the key attributes of quality that they are looking for?
3. Ask your prospect or client if they can give you a specific example of an acceptable solution to their problem.

Write them down, summarize them for your client and then ask them if there is anything else? Then listen.

In many cases they prospect will then tell you the real problem they are facing, and what they are really looking for. Not always, but more often than you might think.

It may turn out that although the quality of their current solution could be improved, what they are really concerned with is delivery times, or warranty, or customer service.

Someone wise once said, “There is the reason people tell you they want to buy, and then there is the real reason.”

Your mission, should you choose to accept is to ask questions, listen and find the real reason.

Key Takeaways

1. People buy on emotion and then rationalize their purchase.
2. Prospects and clients are trying to meet a challenge or solve a problem.
3. Your prospect is facing macro, micro and personal challenges and problems.
4. You want to work with your prospect to identify the key buying factors that will be used to make a decision.
5. You to ask deliberate questions and listen for specific answers and ask them if there is “anything else?”.

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