The Google Zero Moment of Truth study contains some fascinating insights into how consumers and businesses are buying today. Sellers no longer control the process. Buyers tune out the noise they don't want to hear and seek out the information they need to make their buying decisions. Buyers are now in control of the process. To me one of the most telling insights applicable to growing your business today was the answer to the following question: "when you were considering purchasing (PRODUCT), which sources of information did you seek out to help with your decision?"
Let's tackle the top two, David Letterman-style. Coming in second, chosen by 49% of respondents was "talked with friends and family." In other words, referrals from people the buyer trusted. Coming in first, chosen by 50% of respondents was "searched online with a search engine." Search engine queries can produce product/service information, reviews and educational content like blog posts, eBooks, whitepapers and videos.
At first blush, those two sources seem completely separate and unrelated. The more you think about it, the more you realize that they are very similar.
Social Proof As A Buying Criterion
I like this definition of social proof: "put simply, it's the positive influence created when someone finds out that others are doing something." Buyers doing online research can see how the product/service in question solved problems for similarly situated people. They can find out positive and negative experiences others had with the product/service. They can read product reviews by trusted sources.
So what can people find about products from friends, family and colleagues? Exactly the same things! The conclusion that I draw from this research is that buyers are looking for the same types of pre-purchase information both online and offline.
Sellers that are successfully syncing their sales process with their customer's buying process actively use social proof both strategically and tactically.
Implications For SMB Growth Strategies
The two lead generation channels that incorporate social selling are:
- Inbound marketing. Inbound marketing is the process of getting found by buyers seeking information and converting those that find them into leads and customers. Successful inbound marketing uses marketing analytics to optimize the provision of the right information to buyers as they progress through their buying process.
- Referral selling. Offline networking helps SMB companies expand their network of potential referral sources. The best source of referral business is produced by an outstanding customer experience that creates evangelists who promote the product/service within their networks.
Modern growth strategies should incorporate and integrate inbound marketing and referral selling. The most successful outbound lead generation channels also incorporate social selling. One example of this is a targeted LinkedIn approach through a message or an introduction. The approach should be concise and show evidence that you know something about the issues faced by the person you're approaching. Before taking action on your approach, the recipient can research your LinkedIn profile to see your credentials. It's much more effective than the old, tired "dialing for dollars" routine.
How Does The New Paradigm Change the Selling Process?
The Corporate Executive Board found that "57% of the purchase decision is complete before a customer even calls a supplier." What makes this even more challenging for sellers is the 57% is an average - individual buyers are coming to you at every stage of their buying process. It's up to you to ask questions to find out where the buyer is in their research process and structure the conversation accordingly.
For those looking for information on how to sell within this new buying paradigm, I highly recommend the book "Sales Shift" by Frank Belzer. Frank provides strategies and tactics to meet the challenges created by the modern buying process. Quite frankly, I wish I read it 12 months ago.
Another good source of information on how to succeed selling in the new environment can be found in this article by Rick Roberge. Rick advocates (as do I!) an integrated strategy that meets prospects both online and offline, depending on their preferences and where they are in their buying process.
Summary
Like many things today, the buying process has changed and continues to evolve. To grow your SMB company, you need to meet buyers on their terms, not yours! Some will embrace the change and be rewarded with growth; others will continue interruption-based growth tactics and find that they are increasingly less effective. Which do you want to be?
