The Use of Psychology to close the Enterprise Deals Faster -
Do you know of a method to close enterprise deals more quickly?
Finding the right strategy for closing business deals isn't something that happens overnight.
It's true that, with multiple touch points, multiple decision makers, legacy styles of selling, and a lot of legal red tape, it's been hard for the business to evolve.
That leaves AE's (and many sales professionals) with unanswered questions Do you have tried and tested methods sales professionals must employ? What is it that SaaS companies need to know before they approach their prospects with pricey custom services?
The answers to all the questions above are rooted in the psychology of how we think and the way we take choices. When you understand psychological concepts and biases, it is possible to tailor pieces of your sales procedure, like proposals and landing pages, so that they significantly impact how decision makers from the enterprise perceive your offer. It will allow your sales process to work more effectively, which will help you close quicker and higher high-quality prospects.
If you're looking to start, here is our quick introduction to the four theories of sales psychology that you can incorporate into your current sales strategy in order to win more business deals:
Sales Psychology Lesson 1: Analysis Paralysis
Did you visit an online shopping website and then bought nothing whatsoever following hours of mindless surfing? It's possible to blame analysis paralysis, a default shutdown of the brain when it's faced with too many choices.
This is an excellent graphic summary of the way that analysis paralysis works:
The Science of Analysis Paralysis
What could companies that sell business products and services can learn from the analysis inertia?
Two things:
- No one buys enterprise solutions on the market. An increasing trend in SaaS companies is listing multiple pricing plans. This is great from a business's standpoint, but too many choices may cloud the buyer's mind. Businesses, therefore, need to be more focused on highlighting features that differentiate their offerings from those of other competitors. They should also give buyers an opportunity to personalize their packages, thus reducing anxiety over analysis.
- In the initial stages of the process of deciding on a potential buyer the company should concentrate on providing clear, straightforward directive for them to contact an account executive, who is armed with all the facts about the product's major characteristics and features along with the option of customizing pricing. This will help avoid any friction during the closing of deals.
Hubspot can do this well.
The business has a specific landing page specifically for customers of enterprise and offers three possible actions that potential customers can complete: They can call the sales staff, communicate on the web or set up a time to meet.
There aren't a million different ways to get in touch--just some simple methods that invite dialogue and eliminate any drop-off.
It is possible to apply the same approach when you send an offer to prospective clients. Interactive Quotes' custom pricing grids allow clients to choose the appropriate package to meet their requirements. This is an example:
There are many benefits to this:
- No lengthy lists of product characteristics.
- A lack of overwhelming data.
- Clear focus on what buyers need
Sales Psychology Lesson 2 The Authority Bias
This concept of psychology generally means that people are more likely to be swayed by perceived authority while making choices. When they sense authority is a factor, they think of trust, stability, and the possibility of success. Though this perception of authority isn't directly linked to price but it's nonetheless relevant since it could be an important factor in pushing sales.
Intercom uses an authority bias in its website for businesses through engaging copy as well as relevant social proof to draw in prospects. The claim that the service is "trusted by over 30,000 top brands" is accompanied by the icons of the most well-known Intercom clients--the kinds of businesses they're hoping to attract even more of. Then there's a testimonial that reiterates the brand's authority.
The decision-maker sees this page and is thinking, If it works for them, it will be beneficial for us.
Sales Psychology Lesson 3: Maslow's Hammer
Enterprise products are rarely "bought" in the traditional sense. Rather, in most instances they're "sold." This implies that sales professionals have to constantly find new prospects and close transactions to generate revenue.
The challenge?
The decision relies heavily on some familiar tools despite knowing that there are better options out there. This is known as the Maslow's Hammer, or the Law of Instrument and can be summarized as the well-known quote: "If only all you own is a hammer appears to be a nail."
Companies selling enterprise solutions (especially in the SaaS technology sector) have to design pages to educate potential customers on how a new tool will solve the problem more effectively then the "hammer" they've been using.
Here's the way Hotjar achieved this feat:
Informing prospects of the amount of dollars they spent making use of a range of tools and comparison with their own solution is an excellent opportunity to leverage Maslow's Hammer.
Sales Psychology Lesson 4: Bandwagon Effect
The bandwagon effect is the tendency to believe (or to do) things that other people are also believing (or doing)--like the herd-like behaviors. It is more likely for people to purchase your item if they see others doing it too.
How do they help?
Reviews of products give the potential purchaser the chance to know what real people think about your product. If reviews are generally positive and the potential buyer finds that many people use and love the product, they're more likely to purchase the product also.
Wootric employs this method to increase its presence on the market that is flooded with NPS instruments by providing G2 crowd ratings as well as reviews on their site:
There are tons of widgets that you could use to integrate this technique in your pages on your site, like your pricing or the pages for your products.
Closing Up Are You Prepared to End Corporate Deals?
Yes, it's difficult to complete enterprise transactions. Even more challenging is to close them quickly while still taking the necessary time to develop crucial long-term relationships and that will ensure contract renewal in the future.
The four sales psychology lessons that are discussed in this article outline the four steps you need to begin by:
- Create a custom price solution that gives your customers the option of
- Display your authority and build confidence in relationships with new people.
- Hammer-down your value early to show your worth
- Make sure you push your ratings and reviews to center-stage to show your worth in the marketplace
From these four actions, the hardest to implement is the one that involves pricing. One of the easiest ways to provide your prospects with choice is to use a tool created to provide them with that feeling.
This process does not need to be time consuming -It's not something that you need to build from the ground up. The best SaaS pricing software should be able to blend seamlessly with your sales procedure.
Interactive Quotes is an example of a price tool which does exactly this. It is based on providing sellers and buyers with smart and engaging pricing propositions provides all the parties with the sale an optimal enterprise shopping experience.
