Working across multiple industries, including advertising, public relations, design, software development, gaming, etc. often gives me unique insights into emerging trends that most people may think are isolated to their particular field or profession.
One trend I’m noticing now is that the sales process is changing in each of these industries. It’s not just that the sales cycle has nearly doubled in the past 4-6 months, but that the decision-making structure, itself, has been transformed and the ultimate decision makers have changed.
Finance is playing a greater part in these decisions, and is often becoming the ultimate decision maker.
Boards of Advisors are also playing a much greater role, and are often the final decision maker for projects.
That didn’t used to be the case. And it’s like the rules have changed, but nobody told you.
It’s no surprise that the finance department is playing a bigger role. After the long recession and recovery, financial choices are closely examined and need careful management. However, when finance staff make buying decisions in areas they aren’t trained in, it’s important to inform them about the benefits and expected returns of what you’re offering.
Remember, finance folks are “numbers” people. They love data. Naturally, then, there is a greater demand for measurement. This new requirement is tough for most sales people and small business owners in creative fields who aren’t used to quantifying the results of their work.
I’m also hearing from my clients that when their potential clients are ready to decide about working with them, either the clients didn’t communicate anything, or they said the Board was looking at the decision. This is very frustrating and not expected by most salespeople.
What this change now requires is asking your clients specifically who will be making the final decision? What’s the process for making the decision? And it may even require incentivizing your customers to make a decision by a particular date.
Here is a perfect example.
I was working with a client in public relations who was facing this challenge. To help their prospective client make a decision sooner rather than later (which is important for your own cash flow needs), we created a bonus if the client made a decision early, and a savings if they made the decision by a particular date.
What this new trend means is:
- You may have to approach the sales process differently and provide different (new) types of information, depending on who is making the decision.
- You may have to change your expectations on the length of sales cycle and the amount of effort you need to expend to land new business.
- You probably need to get more creative about how you help clients make decisions in a time frame that works for your business, and that makes them even more confident about the decision they end up making.
Have you noticed this trend happening in your own business?
What has changed about your typical sales cycle, or about the decision-making process your own customers are using?
This post originally appeared on the Innovators + Influencers blog