As part of the process of turning a prospect into a client, it is important to understand why and how they make buying decisions and what factors they consider when choosing an outside supplier. This article discusses the buying process and what you can do to improve your chances of influencing and winning a prospect's confidence and business.

Responding to Change

One of the catalysts for changing suppliers of products or services is a change in the business's operations or requirements. These changes can come about for a number of reasons - increased competition or costs, new needs or dissatisfaction with an existing supplier.

Dealing with an Issue

Once an organization has decided to seek some assistance, management will start to investigate potential ways of solving their problem or meeting their need. In many cases, they will have a series of meetings with one or more preferred or selected suppliers. These meetings are often used to help them with their own thinking and estimate the potential costs and time frames as well as the resources required to deal with the problem.

The Selection Process

Some organizations may ask a preferred supplier for a quote to supply the product or do the work; others may ask for formal proposals from a number of potential suppliers and then select the one that best meets their needs.

How You Can Influence the Buying Cycle

Once you are aware of an opportunity to provide a product or service to a potential client, the most important thing to do is to establish rapport and begin the process of building trust.

During the prospect's investigation stage, it is important to maintain close links with the prospect and do everything you can to foster a continuing dialogue. Most buyers prefer to award the work to a person where some kind of personal chemistry has been established. If you have been able to develop sufficient rapport and trust with the prospect, he or she may well decide only to involve a single supplier - you.

In cases where the business is required to go through a competitive bidding process for products or services, it may be possible to gain an advantage over the competition by offering to help the prospect draft the Request for Proposal document (RFP) and the supplier selection criteria. In many cases, the company that assists with drafting the RFP is the one selected for the work.

The speed with which a company moves through the buying cycle can vary significantly, as can the length of time spent at each particular stage. Also consider that outside suppliers can enter the buying cycle at different stages in the process. Clearly, the earlier in the cycle you can become involved, the more likely you are to win the client's business.

Tips When Meeting a Prospect

When you meet with a prospect, here are some techniques that can help you turn a prospect into a client:

• Maintain good eye contact and show interest and friendliness;
• Use body language, such as gestures and posture, to communicate your enthusiasm;
• Paraphrase the other person's comments to indicate you are paying close attention; and
• Actively listen and ask probing questions to clarify any concerns.

People Buy People First

The most successful business development activities occur when you can establish a good rapport with the prospect. Keep in mind the old adage, “people buy people first”. If you can make the buyer see you as someone with whom they can work and feel comfortable, you will be in a strong position to gain a new customer. But even if you are not chosen this time around, you should continue your efforts to maintain a good relationship with the prospect to ensure that you will be asked to bid on future business.