This is the first of three blog posts which will explain why the sales pitch has been banished to Room 101, is a thing of the past, and is no longer the way to grow your business. There will be three posts because there are three reasons why the ‘sell something’ approach is now inappropriate.
Let’s start in this post with the world as we buyers experience it today, compared with the world of yesteryear. I want to explain why the old adage ‘caveat emptor’ has been supplemented by the new adage ‘caveat venditor’. Why nowadays ‘seller beware’ is just as appropriate as ‘buyer beware’.
In previous times the balance of power between buyer and seller favoured the seller. Sellers knew the features and benefits of their products and services. They also knew their shortcomings and limitations. They had a good understanding of the salient characteristics of the products and services available from their competitors. Buyers on the other hand were relatively powerless as the information they wanted in order to make their decision about what to buy (and how much to pay) could only be obtained from the sellers.
In the corporate world this meant buyers would invite in a number of sellers of the things they were interested in purchasing. I remember well the various ‘dog and pony’ shows I attended as the various vendors came to my office to present their wares. It was like pulling teeth to get the information I needed; and when I eventually dragged as much as possible out of each of them, I was left with the task (and commercial risk) of trying to make sense of all the data which was almost certainly in different formats. It really was like comparing apples with pears; ‘buyer beware’ indeed!
Just think how different my procurement life would have been if I had the access to information that we all have nowadays. In the world today information is far more freely available. Indeed, we have the potential of the opposite problem – too much information.
Later in my career I actually became the seller rather than the buyer. Sales training was intense and regular and we were taught how to sell snow to the Eskimos. My world was ABC – Always Be Closing! If my product or service only delivered 80% of the solution desired by the buyer, that was fine because 80% is better than nothing, is better than what the buyer was current receiving, is better for me because my remuneration was based on the sale, not on the customer satisfaction, which was the responsibility of Operations.
The availability of information has fundamentally changed the balance of power between buyer and seller. Buyers use their search engines to get internet access to all the information about the product or service they are considering. A lot of this information is provided by the suppliers of the products or services, so they retain some power in the sense they control what is presented and how it is presented. However, they have almost no control over the myriad of web pages providing information about their products or services that are published by independent reviewers that buyers can easily access. Even worse for sellers, user reviews are also widely available as sources of information for buyers giving sometimes brutally frank feedback (when did you last book a hotel room without checking out the feedback given by previous visitors?)
In days long gone there was information asymmetry, an imbalance of information between sellers and buyers. Nowadays, there is information parity – meaning ‘caveat emptor’ and ‘caveat venditor’ both apply. This is the first reason why the sales pitch is now inappropriate.
With information parity comes a need for each party to develop a deep understanding of the other party, to respect the information each party has, and to focus on finding the right questions to ask.
If you are not a natural sales person, feel discomfort when assuming the sales role and would like to remain true to who you really are as a professional trying to grow their business, I commend my alternative to you. The ALIGNED framework and the Cialdini materials are now available as the Congruent Business Development System™ and the Congruent Client Attraction System™ respectively. These can be delivered into your business through a variety of mechanisms – let’s discuss what would be the ideal solution for your business – contact me here firstname.lastname@example.org