When your values are clear to you, making decisions becomes easier.
– Roy E. Disney
Decision making is the thought process of selecting a logical choice from the available options.
When trying to make a good decision, a person must weigh the positives and negatives of each option, and consider all the alternatives. He has the authority to choose!!
Before trying to understand the ways to identify and qualify a decision maker, let us understand the different roles in a buying process. For instance, take the example of a teenager who wants to buy a phone, he is most likely influenced by his friends, the decider could be his mom or dad, usually the amount of money for the phone will be provided by the father, the teenager is the end user of the product. In an article by Sean McPheat, he identifies “The 5 Main Buying Roles”. They are …
- The Initiator– the person who decides to start the buying process.
- The Influencer– the person who tries to convince others they need the product.
- The Decider– the person who makes the final decision to purchase.
- The Buyer– the person who is going to write you the check.
- The User– the person who ends up using your product, whether he had a say in the buying process or not.
All of these are important roles and we have to form different strategies that would suit each of them. Our focus however is on the “decider”. No decision = no deals = no profits! No business can run without revenue. While we are trying to identify and qualify a decision maker, it is very important for us to consider not just the decision maker but also all the other important people that play a part in the process of decision making. Let us now discuss how we can identify and qualify a decision maker-
Qualify a sales prospect based on his/her authority
A top sales performer needs to determine who has the authority to make the deal – who has the authority to “sign the check”. By coming into the direct contact with the decision maker, you are in a better place to understand his needs and eventually you will form a relationship with him/her. Without having direct contact with the decision maker, there is tendency to waste a lot of time and energy.
You do not want to convince an employee about buying your services and later be rejected by CEO of the company. It is ideal to come in the direct contact with the decision maker, but in other cases make sure you are in contact with the person that can influence the decision maker into making the decision of buying your product/ services.
Qualify a sales prospect according to the Revenue that may generate from the deal
If you are able assess the revenue potential of a given buyer early in sales process, you will be in a better place to make a decision about whether the prospect is worth the pursuit
Keep the Customer Lifetime Value (CTV) in your mind before qualifying a sales prospect according to the revenue that he might generate? Give more time and energy to the customers that you feel will have a longer CTV over the customers that buy for a one-time event.
Qualify a buyer according to his budget
Usually, the buyers are comfortable with revealing their budget limitations. Around 80% do not hesitate in sharing with you their set budget.
To the ones that hesitate in sharing this information, you can share with them the amount you may require in order to provide a certain service or a product and they will reveal whether they are happy with it or not and can come to a decision regarding the deal.
Want quality contacts to send across your messages this Fourth of July
4. Qualify a buyer according to the value your solution may add to their problem
Your main purpose is to add value to a customer’s life. You need to provide a service that is required by the customer and that adds value to his product or service and solves his/ her problem. You do not want to provide a customer with a service or solution that doesn’t match with his objectives.
Determine early on if the products and services you offer match with the buyer needs to solve his problem or capitalize on his business opportunity. If it’s a good match, go for it.
If you feel that your service is not the best for the buyer, you can give him quality advice regarding the vendors that can solve his problems in the best of ways.
When you are clear about the kind of decision makers you want to attract, you can personalize your channel and approach. End of the day, you want to sell your products/ service. It is the decision makers that decide your fate. Create content that will appeal your decision maker, be sure you are available on the platforms and places where you can be visible to them. Invest in a strategy that will put all the people in the “buyer’s role” in action- the initiator, the influencer, the buyer and the user. Once you are able to persuade them, the decision maker will be in a better place to get convinced. Understand the role of each of them and start your process in qualifying the best sales prospects that suits your company.