Do you lose sales due to a lack of decision-making confidence?

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Shorten your sales process, reduce time to close

According to data from CSO Insights, 3 out of 4 B2B companies take four months or longer to close a deal with new customers, and when it comes to complex solutions, the sales cycle can be 6-24 months. One of the primary reasons is that the B2B sales process is complex, as it typically involves a costly and high-risk decision, and at the same time, you have to manage multiple stakeholders and possibly influencers/users. In sales, one of your tasks is to figure out how to retain and strengthen the customer’s attention. This is where ‘effective content’ comes into play. In B2B sales, one of the crucial trends for being among ‘the best’ is how sales organizations create a strong strategic and operational focus on helping sellers access the right data and insights. Data and insights that customers don’t possess themselves. Because having the right data and insights can be the key to building decision confidence and reducing the perceived risk when the customer has to make the purchase. Examples of how data and insights play a crucial role in the B2B buying process:

  1. A better understanding of their own organization and the various challenges and opportunities that are relevant. With access to relevant stakeholder and influent data, buyers can better understand their current starting point, challenges, and opportunities. This insight helps buyers make informed decisions and feel more confident in the process.
    • 84% of customers report that the buying journey takes longer than expected (Source: Challenger Inc.). 77% of B2B buyers said their last purchase was complex or difficult (Source: Gartner).
  2. Reduced uncertainty: Stakeholder and influent data provide clarity and reduce uncertainty about the potential outcomes of a purchase. It helps buyers feel more secure in their decisions and reduces the perceived risk they experience when making a purchase.
    • Customer uncertainty leads to a 30% decrease in customers’ ability to reach a purchasing decision at all and a 42% reduction in the likelihood that they will buy a premium product (Source: Gartner).
  3. Improved decision-making: With access to data and insights, buyers can make more informed and data-driven decisions. This helps reduce the risk of making a poor decision and increases the buyer’s confidence.
    • Customers who perceived the data and insights they receive from suppliers as helpful in their buying journey were 2.8 times more likely to experience a high degree of “ease of purchase” and had a 3 times greater likelihood of completing a larger purchase with less regret.

The data and insights generated by GAP Assessments play a crucial role in the B2B buying process. The data and insights that come from stakeholder and potentially influent involvement help buyers build necessary decision confidence and reduce perceived risk. By providing buyers with this data and insights, they can make informed decisions. For suppliers, it increases the likelihood of closing a deal and creating a positive customer experience.

InsightsRadar GAP Assessments help you reduce the time between the initial contact and the closure of the sale.

From overall industry trends to stakeholder insights

We know that potential customers often postpone or cancel a purchase when they are not convinced about the need for change or are unsure about “the compelling business case and ROI.” Very often, we see suppliers create a kind of “sense of urgency” through the use of external insights such as research and data from McKinsey, Boston, Forrester, Gartner, and other reputable sources.

These are indeed good and valid insights because they are valid analyses and highlight some generic challenges that many can recognize.

The challenge is that this is freely accessible knowledge; perhaps the customer has already seen this data and research figures. Even worse is if a competitor has already presented this information to a customer, and you come afterward. One thing is certain: suppliers do not differentiate themselves or position themselves to win through external insights. To differentiate and position yourself to win, you need to acquire relevant data and insights from the customer’s own organization. Present data and insights that the customer does not have themselves and cannot get elsewhere.

InsightsRadar GAP-Assessments are one of the most effective approaches that shorten the sales process while creating a more efficient use of time. In using InsightsRadar’s GAP-Assessments, suppliers can tie their solution to specific data and insights from the customer’s own organization. By highlighting challenges and opportunities with the customer’s own data, and if the opportunity or challenge is significant enough, the price becomes less of a concern. Remember, in the customer’s buying journey, customer experience accounts for 53% of the weighting, while price only makes up 9%. (CEB/Gartner).

Fact box

Customer uncertainty leads to a 30% drop in the customers’ ability to reach a purchasing decision at all and a 42% reduction in the likelihood that they will buy a premium product” (Source: Gartner).
84% of customers report that a buying journey takes longer than expected (Source: Challenger Inc.).
77% of B2B buyers said that the last purchase they made was complex or difficult (Source: Gartner).
77% of B2B buyers perform a more detailed ROI analysis before making a purchase decision, 75% use multiple sources of information for research and evaluation, and 52% increase the number of stakeholders. (Source: Demand Gen Report).
Gartner studies showed that customers receiving assistance from their suppliers in their purchase decisions are 2.8 times more likely to buy, with a 3 times greater likelihood of making a larger purchase with less regret.
By presenting relevant and unique insights and engaging stakeholders and decision-makers, sellers will close opportunities faster. In fact, their sales cycles are more than 20% shorter (Source: CSO Insights).
85% of B2B buyers say that the experience a company provides is as important as its products or services, and 57% have stopped buying from a company because a competitor provided a better experience (Source: Salesforce).

Examples of our work

Assisted the global consulting firm “Devoteam” in conducting a Digital Maturity GAP Assessment for a larger organization: 1. Top Management (10), 2. Middle Managers (25), and 3. Other key influencers (35). Data from a total of 70 individuals provided unique insights and concrete challenges and opportunities to pursue.

Aided the digital consulting firm “Combine” in performing a GAP Assessment on a potential client’s management group of 5 and 3 relevant departments. A total of 22 participants contributed to enhancing the initial workshop with specific data and insights. This provided data that the client did not possess and helped clarify the client’s current opportunities and challenges.