The buying cycle & IMAPAC's sales cycle
How do our customers buy?
With complex, intangible products like conference sponsorship, customers move through a number of phases before they buy. The sales cycle is a journey made up of steps that you and your prospect take together. Our prospects have different priorities, considerations and needs at each stage. The activities and skills we use at each stage should reflect this.
The keys to generating consistent sales results are:
● Knowing which steps you and your customer have taken
● Knowing what you need to next in order to move forward
Stages of the Customer’s Buying Cycle
Stages of the IMAPAC Sales Cycle
All decisions to purchase are ultimately motivated by changes over time. Competition, regulation, technology, new market opportunities…all these factors and more help change organisations’ business.
As a salesperson you need to be aware of the customer’s situation and rapidly identify – by Qualifying the Prospect - whether your conference is relevant to these objectives and could have value for them.
At some point potential customers become aware that they would like to change some aspect of their current sales and marketing performance. There is a gap between where they are now and where they would like to be. They need effective marketing and business development solutions to help bridge it.
This is an important opportunity to help the prospect clarify exactly what these needs are. By effectively Investigating Needs using focused questions, you can help the prospect explore and recognise the full value of a solution that meets them.
Once the customer recognises that their needs are strong enough, they will evaluate their options. They will judge the merits of a number of alternative solutions to identify one that best suits their needs and delivers value.
You will be Presenting a Solution for onsideration. By understanding the prospect’s criteria and tailoring your offering to meets their needs you have the best chance to influence them and persuade them our solution is the right one.
Some competitive options will have been eliminated by the customer as unsuitable during the previous stage. They will probably have some remaining reservations – perhaps vague worries, maybe very specific concerns – that stand in the way of a commitment.
Your focus at this stage is to ensure you fully understand what concerns lie in the way of a decision and to help your customer overcome them. Successfully Handling Concerns and Negotiating in partnership with your client is one of the most exciting and creative parts of the job as you get nearer to closing the deal.
