February 11, 2012 
         

The Buyer’s Process



MDRT President Guy E. Baker, CLU, MSFS
Tuesday, November 24, 2009

Most every sales training program teaches a sales track – a step-by-step approach to closing the deal.  There are seven steps in most tracks: prospecting, opening, fact-finding, analysis, design, recommendation and close.  I call this the seller’s process.  If followed diligently and with patience, most trained and experienced salespeople will get results. But did you know there is also a buyer’s process?

 

While the seller is concentrating on the seven steps to the sale, the buyer is going through a process too.  There are only four steps in their process which immediately should point out a concern.  How do you match four steps to seven?  In music, this is called syncopation.  It is difficult to master both in music and in the sales process, which is why many don’t achieve the results they have worked so hard accomplish.

 

The first step for the buyer is denial.  They feel they have all the solutions they need for all the problems they have.  In other words, they are not in the market for any new solutions.  So it is up to us to bring them out of that denial.  Step two is enlightenment. The buyer discovers that there are problems they did not think about until now.  Step three is the toughest stage – I call it grieving.  At this point the buyer will let go of their solutions and begin to embrace change.  It can take time and is often painful.  We sometimes call it procrastination.  The last stage is action. The buyer will say, “What do you think I should do?”  This matches up with our process, and then we are ready to implement a plan.

 

Know the buyer’s process and be especially aware of exactly where they are in their process. Match up your presentation to their progress.  If you do, you will experience greater success.


READER COMMENTS
R.Stephen, Development Officer, LIC of India
Tuesday, February 2, 2010

I got enlightened by the buyers process. This is the first time I’ve heard this. Many of us always concentrate on the selling process. Even if we fail in a sale, we start analyzing in which stage of the selling process we failed. It's an excellent idea that the sellers process should match the buyers process.

Many a sales process ends up as a failure only because the prospective buyer is not enlightened. In few cases even if they are enlightened the sales person do not have the capacity to take him to the level of grieving. The salesman moves to the stage of recommendation without making the buyer move to the grieving stage, so he is not able to reach the closing.

I wish you a great year as the President of MDRT.
May the New Year 2010 be a year filled with achievements for all the MDRT members under your able leadership.




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