The approach of Corporate Visions is evolving, reacting to new findings and data pieces floating in the industry, and offering new arguments for the old problem – helping companies to succeed. Latest session in Minneapolis was based on known fundamentals and full of new insight and arguments that can be used in our companies.
The relatively new number that is becoming ubiquitous for every marketer – up to 70% of sales cycle is complete, when the prospect just start talking with the company’s sales representative. Does it mean that sales becoming less important? Actually, sales conversations are becoming even more important – the interaction becomes more and more valuable.
As 60% of the sales cycles are resulting in no change and retaining previous solution, all 100% of the sales cycle is failing to achieve the objective. After 70% of the sales cycle, the prospect is still saying “Why should I change?” At the point of talking with sales reps, the prospect is still not sure why do anything differently. Our number 1 competitor is status quo.
Survey issue: Declared Preference (I think I will do…) is very different from Revealed Preference (I do..).
People generally unable to describe pains that will make them change. Voice of Customer research generally leads to competing on the same perceived benefits that the rest of the industry.
The best opportunity for change is to discover unknown needs and match them with the company’s capabilities that are not currently known to the prospect.
The change decision is the decision of survival rather than a decision of well-being. It is based in the “old brain” and based more on emotions than on logic. Old brain is responsible for the survival-related decisions. Good resource Book – Thinking, Fast and Slow.
Prospect theory: Loss aversion is 3 times more motivating than risk seeking (a person will seek risk more likely to mitigate loss).
What is successful in encouraging change: emotional appeal to the “old brain” rather than logical rational and justification. Good resource book – Heart of Change.
Most used (and least effective) change approach:
Analyze -> Think -> Change
Less used (and more successful) change approach:
See -> Feel -> Change
Change approach can perfectly apply to selling.
- Concrete (get action)
- Context (show urgency)
- Contrast (demonstrate value)
Language resides in the new brain. When asked: “Why did you buy?” people usually answer a different question: “How did you justify the purchase?” Old brain does not process abstraction.
Price is the contrast variable – if there is no clear differentiation between options, the need for differentiation will result in price comparison.
This approach can be applied to the marketing content that is used during the entire sale cycle.
Materials designed for earlier stages of the sales cycle need to be more visual than materials designed for the justification stage.
88% of executive buyers want to have a conversation, not to look at a PPT.
But what about all the information on the Internet? There is too much of information – bringing meaning brings value.