Facilitating the (Financial Services) Buying Process
Facilitating the Buying Process
The buying committees for
large purchases are growing.
52% of tech decisions
at banks involved
10 or more people.
Buying committees larger
than 6 people fail to
reach consensus for
of the deals they consider.
What makes a deal
• Competing goals
• Fear of uncertainty
• Organizational inertia
The best marketers help buyers reach consensus. Here’s how:
Buyers identify business goals and determine what obstacles must be
overcome to achieve them.
Help them understand the business issues and impact, how other firms
are solving the problems, and the potential ROI. Focus on the persona’s
needs and offer perspective into the broader impacts.
Buyers unravel the issues and create a list of approaches. Competing
interests emerge as they analyze root causes and pare down the options.
Build advocacy by helping each stakeholder understand needs and
evaluate options based not only from their point-of-view, but also from
the viewpoints of other key stakeholders.
Buyers evaluate the technical, business and financial feasibility of the short-listed
options. Competing interests and fear increase as decisions loom.
Help internal advocates find common ground and build consensus by
educating them and arming them with persuasive tools to help
convince other stakeholders.
Buyers work to manage risk, define business and workflow changes,
prepare for organizational change, and create implementation plans.
Fear and uncertainty are key reasons that deals are lost at this
stage. Up to 60% of deals fail to close due to “no decision.”
Help prospects navigate the commitment process by directly addressing
their fears and helping them plan for change.
Successful marketing programs “use every part of the buffalo”
slide show case study
Effective content marketing requires an integrated marketing strategy focused on
educating key members of the buying committee in each stage of the buying process.
But this demands a LOT of content.
Achieve marketing success by using every part of the buffalo to create
ongoing lead generation and lead nurturing programs that get results.