I spent some time recently looking at the data from my friends at SalesForensics’s most recent report on the buying thought processes and selling practices of companies in their 2014 initial study. A continuing and accelerating trend away from price being the primary concern of companies buying products and services is showing. Thank God, right? Aren’t you exhausted of the constant drone of the drones on price?
If it’s not price, (and price is still high on the list, it’s just no longer first), what are the emerging trends?
- Relevance – How close the selected company’s solution matches the requirements and nuances of the need of the buyers.
- Business Understanding – How much demonstrated understanding the selling company shows of the buying company’s business and market issues.
- Sales Team Chemistry and Sales Process Effectiveness – Do the members of both sides connect and trust each other?
I don’t think that price is going away as a motivator in buying choices. However, with the availability of comparative information between competitors, it is less of a surprise between the finalists and so other criteria come to the surface.