Five Key Takeaways of the Buying Process

The buying process is simply the journey we take whenever we want to buy products or services from a supplier. A sales associate can make for a more complicated trip and add potential distractions along the way. Understanding the milestones you’ve passed and identifying those that lie ahead can prepare you for a pleasant and productive journey.

1. NEEDS DRIVE THE BUYING PROCESS

Briefly, the Buying Process is:

Awareness of your needs and wants
Information gathering
Evaluation of options
Making and communicating a decision
Post-decision evaluation

Needs are those critical components of a product or service that you must have to support your business. Wants are the flashy characteristics that you brag about to your friends, but that you don’t really need. Sometimes it’s hard to tell the difference. Sales personnel can distract your investigation by identifying and highlighting wants instead of needs which can result in you making an ill-informed decision and potentially missing out on what’s critically important.

2. THE BUYING PROCESS SHOULD DRIVE THE SELLING PROCESS

The Selling Process is:

Interview a prospect and establish trust
Conduct discovery and gather data
Present solutions and highlight value
Address objections and negotiate to “Yes!”
Gain commitment and close the deal

The selling process consists of the steps the sales associate wants to take you through to maximize the likelihood that you will do business with them. While there are some similarities between the buying and selling processes, your needs and your evaluation criteria should drive the focus and pace of your conversations.

3. SALES ASSOCIATES COME IN ALL DIFFERENT FORMS AND FLAVORS

The good ones are able to listen well and are interested in getting you what you need. The absolute best will let you know when they are not the right person or company to address your needs. At times, they may distract you from gathering information on your needs. Keep drawing comparisons with other solutions that you are evaluating. Enjoy your interactions, but remain focused on your needs.

4. ACCOUNT MANAGERS LOVE OBJECTION HANDLING AND ARE VERY SKILLED AT OVERCOMING OBJECTIONS

Bottom line—if you are being pressured to say “yes”, simply stating that you need to think about it, is a good way to disengage.

Remember, the sales person’s goal is to get you to “yes.” They see objections as a key opportunity to highlight the benefits of their products or services, build a relationship with you, deepen your personal engagement in the conversation, and move you toward commitment to purchase from them. If you say, “You didn’t offer to provide it onsite at my business…” they can respond,“For you, I will deliver it straight into your hands…” Since the sales person solved your problem, you’re more inclined to say “yes.”

Instead, try to raise objections that focus on gaining information so you can better compare the option at hand to other solutions. For example, saying, “Your price seems higher than your competitors. Why do you think it is justified? Can you reduce your cost?” allows you to gain additional information without moving toward making a decision before you are ready.

Bottom line - if you are being pressured to say “yes”, simply stating that you need to think about it, is a good way to disengage.

5. KNOW WHEN YOU ARE PROVIDING BUYING SIGNALS AND LEARN TO MINIMIZE THEM UNTIL THE CORRECT TIME

Buying signals are things like:

Any question, comment, or action that indicates you may be ready to make a decision – “I think that you’ve answered all my questions”
Obvious enthusiasm – “That sounds perfect” …” Wow!” …” This is a great deal”
Questions about future steps – “When can you begin?”
Planning activity – “I’m planning a trip in 2 weeks, can we work around that?”
Involvement of others – “Let me talk to my spouse about this”
Statement of conditions to be met – “If you can deliver before the end of the month…”

Buying signals tell the sales associate that you are ready to make a decision. Understanding these signals and using them effectively can help you create pressure in the moment and even improve an existing offer. For example, “If you can agree to this final issue, then I’ll to talk to my business partner about moving forward with your firm”.

By effectively following the buying process, appropriately engaging sales personnel to address your needs, and ensuring that your objections support your decision making, you can quickly get answers to make informed decisions and feel good about the company that you ultimately select for your business.

The information contained herein is shared for educational purposes only. This information does not represent any opinion, guidance or recommendation, whether formal or informal, of Capital One, National Association, or any of its officers, directors, employees, advisors, attorneys, consultants, affiliates or subsidiaries (collectively, “Capital One”). Our content is not intended to provide legal, investment or financial advice or to indicate that a particular Capital One product or service is available or right for you. For specific advice about your unique circumstances, consider talking with a qualified professional. Nothing contained herein shall give rise to, or be construed to give rise to, any obligations or liability whatsoever on the part of Capital One. Capital One is not affiliated with, nor does it endorse, any of the companies mentioned. Any trademarks or other intellectual property used and displayed are the property of their respective owners. ©2023 Capital One.

Five Key Takeaways of the Buying Process

The buying process is the act of buying products or services from a supplier. Follow these important tips to ensure your buying journey is pleasant and productive.

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