Trust is elusive, and it is one of most critical components of why people buy. Buyers must trust that what they are buying provides the expected value. However, trust plays a different role based on what the buyer is purchasing and how that purchase provides value. For example, when it comes to purchasing simple commodities value is often tangible and easy to measure. If I go to a grocery store to buy an apple I trust that it is going to be free of worms. If I find worms, outside the emotional distress how have I really been impacted? The cost of the apple is nominal, and I can just show the store the worms and get a refund. Sure, its possible that the store may deny responsibility, but now I know I need to take my business elsewhere and all I’m out is 79 cents. But most business to business selling is obviously not that simple. The ROI of many products and services are not immediate and can be very difficult to measure objectively. It is simply impossible for the buyer to really know the return of what they are buying. To make matters even more complex, larger purchases … Read More
Are You Selling to the Right Accounts?
An effective sales strategy starts with well defined segmentation of your current and target accounts. However, many companies struggle with defining the right criteria to build an effective account pipeline, which then significantly reduces the productivity of their entire sales process. This post will discuss three examples of how to qualify the accounts you decide to pursue; the existence of vendor programs, the match with delivery capabilities, and account productivity. Vendor Programs Most fortune 500 buyers have implemented some type of formalized vendor program. The key considerations in pursuing programs are the strength of relationships a staffing company has with corporate decision makers, along with any differentiators a company can illustrate to the account such as industry vertical expertise, diversity status, or technology expertise. If your organization can manage long term corporate relationships and/or can provide a unique differentiator then pursuing large vendor programs could prove to be fruitful. Selling outside of vendor programs either means avoiding companies that have them or providing services that can capture spend outside of the program. To avoid vendor programs completely translates to an aggressive prospecting strategy that target mid market companies and buyers that have SoW or some other mechanism to bring in … Read More