People hate to be sold, but they love to buy. That’s why there is a wide variation in the amount of time it takes for individuals to make up their minds. In making a decision to purchase a product or service, people fall into one of 4-time frames.
Buyers Who Need Speed
First is the Speedy Gonzalez. Within one or two contacts, these buyers pull the trigger. They comprise about 15% of the population. They are impulsive, spontaneous, and always in a hurry. Because they multi-task, they are eager to decide now so they can go on to other activities. Sellers take warning. While these impetuous buyers are quick to decide, they are also just as quick to choose a competitor’s product or service. Whatever catches their eyes at the moment, earns their dollars.
Buyers Who Need Reassurance
Almost as fast are the buyers who enjoy connecting and establishing a relationship. These friendly people are eager to trust the seller, and take about 2-3 contacts before they can decide. Experience has shown them, however, that their trust may be abused. Consequently, they need reassurance. Sellers take note. Reach out to them within 24 hours after the transaction. Otherwise, they are most likely to return the item and cancel the sale.
Buyers Who Need Guarantees
A large percentage of buyers (35%) require 4-5 contacts. They do their due diligence, making sure that the company has fulfilled its commitments over time. They prefer products and services that are tried and true and will read the fine print on any contract or paperwork. These buyers appreciate when sellers are professional, organized, and efficient. Because they are risk-averse, they respond well to guarantees. Although slower in making up their minds, these conservative buyers show brand loyalty and can be cultivated as an excellent source of referrals.
Buyers Who Need Documentation
The last category of buyers takes 7 or more contacts. They research, read, think, question, and reflect thoroughly before going forward. Their slow, methodical approach often frustrates sellers who are ambitious and fast-paced. Sellers must exercise caution. Because if the seller interrupts their thinking process, these buyers have to start from the beginning, which often means that they postpone deciding altogether. Although it takes more time to finalize this transaction, once they make up their minds, they doggedly stick with their choice.
Knowing which buyer is your prospect can help sellers close more sales. The sales transaction is most successful when sellers assess, diagnose, and match the buyer’s style.
A retired professor and psychologist, Dr. Nancy Zare originated the AlikeAbility™ System to teach business owners and sales professionals how to read buying styles and close more sales. She offers a complimentary AlikeAbility™ Assessment that includes the strengths and challenges of your buying/selling style.