When it’s time to make a decision (if they do that is!) the buyer will decide based upon a series of factors.
Factors that have evolved during the course of their interactions with you.
And their decision ultimately is a simple one.
Did you do enough good things over the course of the time you were working with them to make them think ‘Yes’ I like this person, their company, and what they are selling.
In simple terms, did you build up enough ‘Credits’ to overweigh the ‘Debits’ and be left with a positive balance?
Let me explain.
If you look at your bank balance this month, there is a simple calculation to make.
You have credits (monies coming in, wages, dividends, monies sent to you etc.) which make up one total and you have debits (monies going out, monies you owe, spending etc.) which make up another total.
- If the credits make up more than the debits then you have a positive figure.
- If the debits make up more than the credits then you have a negative figure.
Now this email is not about basic maths or financial advice. I am not the person for this.
But it is about Buyer Debits and Credits which WILL be the difference to you winning your deal or not.
You see, all of the small things you do over time in a sales relationship with a buyer are either debits or credits. They either help you build what the buyer thinks about you or they give the buyer concerns.
And when it comes to the crucial point of decision-making, the buyer will do the calculation to decide whether you are in credit or if you are in debt.
In credit? You stand a good chance of winning providing you have more credits than the competitor you are competing with.
In debt? Your chance of winning is smaller and you best hope that you have something very unique about what you sell to have a chance of winning.
The buyer doesn’t keep a record on a notepad but they do keep a mental check and the more detailed they are as a person, such as Blue types (more to follow on this next week!) the more you have to be wary about what you do.
These people remember. Even the smallest of debits and it’s often those which get us into trouble!
So what are some examples of what buyer credits are?
Note, what the credit is will depend on the person which is why we have to become EXPERTS at understanding different types of people.
- Remembering that the buyer was doing something nice the last time you spoke and asking them about this when you speak next
- Complementing them on an article or something they have achieved that you noticed on social media
- Listening to what they said within conversations and showing empathy when they explained a difficult challenge
- Delivering a proposal on the day and time that you said you would
- Pronouncing their name in the right way or asking how you should pronounce it and then remembering this
- Going out of your way to set something up for a buyer that they didnt ask for but which you know they were keen to do
The list is endless and what a credit is will depend on the buyer. I can’t stress that enough. We have to become tuned into the person and understand their style and approach to know what they perceive a credit to be. But the above are good examples.
So what are examples of buyer debits?
- Not turning up on time for a meeting and failing to communicate that you are running late
- Ignoring an obvious concern that a buyer has and moving on to a new point
- Spelling their name wrong in an email
- Sharing their details publicly without their agreement
- Using a colloquial term (such as buddy or mate) before you have built the relationship to do this
- Giving an example that isn’t similar or relevant to the buyer and their current position
Once again, examples of debits are huge and are dependent on the buyer.
You may well be asking ‘Well how do I know who the buyer is and what types of things they will like and dislike then’?
Ah! Welcome to the world of sales and the unique aspects which make up learning how to sell.
The very best sales and business people have tuned their interpersonal skills over time. They understand the uniqueness of every sales situation and can adapt their approach as required.
The very best can converse and add value with a C Suite executive but also inspire and get onside an operative within the business who will use the service they are selling.
The very best understand people and know what levers to push and pull and when to take action to get the right result.
They understand the debit and credit world and make it their sole goal to create as many credits as possible so they are the stand out choice for the buyer.
So take a look at the last deal you lost.
What did you do that you now know from looking back were debits? How can you avoid making the same mistake next time?
The very best salespeople look in the mirror as well and don’t blame others.
They just vow to change themselves and become better.
I hope the deals you are working on have more credits than debits. Don’t ignore these factors. It will hurt you if you do.
Buyer credits and debits are critical.
