Maybe it’s because of the “buyer beware” adage, but today’s buyers are far more educated especially within the B2B industries. This education is also extending out to the B2C space as well.
More and more research continues to demonstrate the education of buyers. For example, the CEB’s sales research suggests that 57 percent of buying decisions are made before any calls are placed to potential solution providers (sellers).
Another survey from DemandGen revealed 77 percent of B2B buyers did not speak with any salespeople until after they had self-educated themselves. The education weapon of choice today is the internet.
To work with the educated buyer requires a potentially different marketing approach. Content marketing through blogs to even LinkedIn Pulse helps to demonstrate your knowledge and trust as a key solution provider.
As buyers become more educated, they are seeking different sales conversations. They want to see salespeople articulate the value of their solution. Unfortunately, more research from SiriusDecision stated for the last four years executives believed only 34 percent of the salespeople they encountered could articulate value.
For those in small business marketplace, value articulation may begin within the LinkedIn profile. If the LinkedIn summary does not highlight the value to connect with you, then you are potentially missing many sales opportunities.
Probably the greatest impact of educated buyers is the inability to convert sales leads. Forrester’s sales research suggests 99 percent of sales leads do not convert while LinkedIn has that no sales conversion figure at 87 percent.
When we remember people have always bought from people they know and trust, then we may be able to appreciate educated buyers and not work against them. This appreciation is also a reflection of our emotional intelligence.
The educated buyer is more your friend than your enemy. Of course, there will always be tire kickers and price hagglers and they are not your ideal customers.
Find your ideal customers, build long-term relationships with them, respect them and further educate them. You will become their trusted authority, which is far more beneficial than being their trusted adviser.
Editor’s note: An earlier version of this story incorrectly referred to CEB by its former name.
Leanne Hoagland-Smith is an author, speaker and executive coach. Her weekly column explores issues that impact the bottom line of firms with fewer than 100 employees. She can be reached at 219-508-2859.