Ken Morse*, Managing Director of the MIT Entrepreneurship Centre, shared these insights into targeting the buying committee in typical B2B sales transactions:
Always find out what the ‘buying process’ is, the decision criteria and the people involved. Talk to 10 buyers in the industry and ask them who they like to buy from, and why.
A Buying Jury’s typically meets in the VPs Office on a Monday morning. Here’s what they each want:
- ‘Sales/Marketing’ wants the ‘vision/customer/market’ share message
- ‘IT’ wants ‘no problems’ for them or the existing systems
- ‘Operations’ want ‘efficiency’
- ‘Finance’ wants ‘ROI in 6 months’ (if you’re unknown). If you’re known, it is ROI in a year.
The best person to manage such a sales targeting process is a political science/economics graduate. It takes more than 17 calls and meetings to make a 1m sale (many give up by the 3rd or 4th)
In pricing and billing, time your payments to the buyer’s cash-flow
* Managing Director of the MIT Entrepreneurship Centre, shared these sales insights (amongst many) at his Technology Sales & Sales Management Seminar in Madrid.