Why Sales Needs to Remember Why
Every day we are inundated with marketing campaigns on the latest product or service through online searches and social media. Have you noticed the best marketing campaigns are the ones that don’t even “sell” you. But show you why this is the solution for you. This concept came from a TED Talk by Simon Sinek called “How great leaders inspire action.” In it, Mr. Sinek explains, “People don’t buy what you do; they buy why you do it.”
The concept of “why” is becoming a standard practice with many marketing and sales teams. Although, it has not completely been adopted across all industries. We conducted a blind survey asking 500 people about a recent Business to Business sales experience as a prospect.
When analyzing the chart the top 3 responses (Don’t Follow My Buying Process, Don’t Listen to My Needs, and Don’t Explain Solutions) showed that more than half of the prospects’ were not listened to during the sales process. In addition, 17% of people surveyed said they did not receive any form of follow-up after the sales process ended.
Now that we have the information, it is time to change the conversation. When it comes to Factoring (or any service for that matter) it is important to understand the prospects’ business needs; and where along the business life cycle (start-up, growth, mature, in decline, or other) they fall. The next step is to prepare for the most common objections. Which in the sale process for Factoring are typically cost, notification, customer concerns, and collection and control. By taking a proactive approach and tailoring your message – it conveys to the prospect that you understand their needs and are not just selling them a generic pitch.
While “Start with Why” is a simple concept in theory to understand, but enacting it is an entirely new method of thinking. This concept can prove challenging for both your sales and marketing teams. As we have seen with the statistics, there is much to gain by adjusting the way you communicate with your prospects. When choosing a factor it is imperative to choose one who understands how challenging it can be worrying about how you are going to make payroll, having to chase down customers for payment, and using personal collateral to keep your business going. At Seacoast Business Funding we get it. We are here to relieve the stress and allow you to sleep better at night knowing you have a reliable source of working capital.