Corporate buying journey

When a company buys a certain product or service it finalises a fairly defined process of steps that concluded in this purchase.

Let's get to it:

1. dissatisfaction

  • Improvement vision: Check new possibilities to obtain better results.
  • Problem solving: looking for a solution to something that is not working.

2. Analysis

  • Analysis of the situation and its causes
  • Choice of possible interventions and solutions
  • Implementability assessment

3. Intervention

  • Identification of possible suppliers
  • Assessment of the options

4. Selection

  • Go" or "No Go" Decision
  • Choosing an option

5. Commitment

  • Negotiating terms
  • Adjustments and compromises
  • Budget definition and reservation

6. Implementation

  • Evaluation of success
  • Continuity or discontinuity
  • Improvement, evolution and expansion

The more embryonic the stage of this journey above, the less likely the purchase will happen.

However, the earlier you, as a potential supplier, participate in this process the greater your chances of being chosen over your competitors who will enter later.

This is the main dilemma of the corporate sales strategist.

If you allocate your resources at the top of the funnel you will have a lot of business in the pipeline and a low conversion. You will lose a lot of business that ended up not happening with anyone in the market. Leads simply give up on progressing through stages 1-4. They don't buy from anyone.

If he allocates his resources at the bottom of the funnel he will have less business and a higher conversion. He will lose more business to competitors who entered earlier. Here leads progress to purchase but end up choosing suppliers who entered the funnel earlier (this is a trend in more complex sales as there has been more time for elaboration of options, building trust etc).

There is no right answer to this dilemma.

Where should we attribute that a lead is truly qualified and needs to be given full attention?

Stage 1? Stage 3? There really are solid arguments for either answer.

Think about your business. Look at where your resources of time, energy and money are allocated.

One strategy we have adopted here that you can evaluate is:

  • High potential, big brands, premium companies: Enter the top of the funnel, stages 1 and 2.
  • Remaining: Enter the base of the funnel: Stage 4 onwards.

For each of them the channels are very different.

Prospecting is the only way you can find companies in your target market in these stages 1 and 2. Even then your full focus should be given to premium companies that are in stage 4, those, really qualified leads.

In any case it is one of the most important decisions and one that can save a year's sales.

Stavros Frangoulidis
Stavros Frangoulidis
CEO of PaP Solutions ⚡ Let's connect on Linkedin too

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