The question before us is how do we shift the buying criteria in our favor? Let me share with you a case story.
We opened up this conversation on why did you buy what you just bought? And we had about 40 people in the room and I asked them to select one significant purchase that they had made recently as a real-life example.
Somebody had bought a car, somebody had bought a suitcase, somebody had bought a sofa set, like that.
So there was a certain sort of significance, it’s not like a $1 pen, but something which had some sort of – they had to apply their thought, they had to evaluate, they had to look at the budgets and so on and so forth.
And then I asked them to really drill down and identify what were the drivers that they factored in before they made the final decision and the logic here is that this is not guesswork.
This was an actual situation of all the people in the room where they had made a significant buy decision and how they approached it.
Then what we did is we debriefed that whole process and we were shocked and amazed that every single person in the room had only four criteria on which they had made the buy decision.
And these four criteria comes from what job they were trying to do when they bought that product or service.
The first is return on investment.
If it is a car, the return on investment is that will it give me service over many years, same with the suitcase, same with the sofa set and so on and so forth.
Return on investment.
The second one was workability.
That they really, really did the due diligence to find out, is this going to work? For example, including physical.
For example, for the sofa set, this person liked the sofa set, but he took the measurements, went back home, checked the measurements to find that, yes, this sofa, big sofa can fit into that space.
Then he went and bought it.
It’s all about workability.
Is this going to work for me or not going to work for me? That is the second.
The first is return on investment.
Second is work.
The third is that he wants to stay out of trouble.
He doesn’t want his car to break down.
He doesn’t want that sofa set to collapse.
He doesn’t want that suitcase to fall apart.
He wants to stay out of trouble.
And the last is he wants to look good.
He doesn’t want to buy a sofa set and put it into his house that is going to diminish his social standing.
Same with all of the people.
These four conditions came into play for every single buying decision, Return on Investment, Workability, Staying Out of Trouble and Looking Good.
Now when you look at your product and service that you’re offering to your target audience, there are two levels at which you will need to apply these.
The first level is for the person himself.
Maybe it’s the business owner or the CEO or the one who is actually writing the cheque.
These four will apply to him.
Then there is a next level, who is the actual user? Then the next level, what are decision makers there? And each one of them has got these four criteria that play themselves out in a particular configuration.
And because your product and service is something that you are very well aware of and you have lot of experience selling it to so many people, if you now go back and research the past 10, 20, 30 such successful sale that you made, and you can look at all the decision makers involved and you can identify what helps them to satisfy and tick off each of these buying criteria, now you have engineered the whole sales process that is aligned to their buying criteria and your product and service to help them do those four jobs for each of them.
Once that kind of comes into play, you have managed to shift the buying criteria in your favor.
Video reference number: 022013