Let's face it...business clients can be stubborn as heck! Especially when it comes to changing their banking relationships. Even if they dislike their current bank or banker, they still hesitate to change banks. This has always been a problem for bankers but in the past few years, it has become a major roadblock for bankers and banks. But why are business clients so hesitant to change even a bad banking relationship? To learn this answer, we must first understand the two primary reasons why business clients buy…Current Dissatisfaction and Future Promise.
1. Current Dissatisfaction. Every purchase decision (no exceptions) begins with a buyer's current dissatisfaction. Feeling dissatisfied with something automatically makes a business client a potential buyer. If the Current Dissatisfaction is large enough, the business client will starts looking for a way to reduce or eliminate that dissatisfaction.
2, Future Promise. Add to the client’s current dissatisfaction the potential of a positive future promise and you have a formula for sales success. Business clients are motivated by the potential of future promises or opportunities. Future promise is the mental picture business clients carry around in their heads that helps to move them forward.
As unique as business clients are, their buying decisions ultimately come down to a very basic formula….
Current Dissatisfaction x Future Promise > Cost + Fear
Cost + Fear
So what’s stopping business clients from buying…cost and fear. To overcome these two obstacles, bankers must be prepared to handle the 4 critical challenges:
- Cost … In today’s economic environment, every business is very concerned about cost. The first buying obstacle the banker must overcome is making sure the business clients believes the cost of reducing or eliminating the dissatisfaction reasonable.
- Trust...Since banks are an essential resource for any business, it is critical for the business client to fully trust their banker. No business client will continue a relationship long-term with a banker they don’t trust.
- Market Conditions…Business clients are always nervous about how potential economic changes will impact their business. The client must believe the “timing” is right to reduce or eliminate a current dissatisfaction.
- Politics… All business organizations are subject to conflict and competition between the desires and interests of different departments, teams and individuals. The banker must recognize, understand and respect the business client’s internal politics.
When business clients delay or postpone a buying decision, bankers can move them forward by understanding this buying formula and the 5 Critical Challenges. When the banker gets the equation in their favor, they get the sale.
If you would like to learn more about Overcoming Business Client Obstacles, contact me today!