These days, buyers spend a lot of time researching the different available solutions to their pain points before ever interacting with a sales rep. On average, buyers only spend 17% of their time talking to reps — so capitalizing on that 17% and creating a delightful buyer experience in that limited time is key to closing deals.
This limited time creates an impression of your brand, your service, and your dedication to the customer’s satisfaction. If the buyer’s experience is poor, the entire deal could fall apart. In fact, $62 billion is lost annually due to substandard customer service alone. Still not sure that prioritizing the buyer experience is crucial to your business’s success? Read on to discover five more reasons you should be prioritizing your buyer experience.
1. Generates More Referrals and Leads
When your buyers are happy, they’re more likely to recommend your brand to a colleague or friend. Their positive experiences encourage them to recommend the same experience to someone else — in fact, 95% of customers who rate their buyer experience as “very good” are likely to recommend the company. Positive experiences also mean that your buyers are more likely to provide you with positive quotes and testimonials you can use throughout your marketing collateral. Using testimonials can capture even more potential leads! 91% of consumers in the 18–34 age group trust online reviews as much as recommendations from family and friends, so adding testimonials throughout your sales collateral instantly increases your brand’s credibility.
Consider this: you work to create a stronger, more enjoyable buyer experience for your clients. Two months into your ongoing, quality relationship with the buyer, they agree to provide a quote for your marketing and sales collateral praising your company’s service, response times, and ability to solve pain points. Now, you can add this quote throughout your web pages and social media to back up your sales and marketing claims with hard-hitting evidence.
2. Leads to Higher Conversions
A strong buyer experience creates a healthier sales pipeline. When buyers are happier with their overall experience leading up to the purchase, they’re less likely to fall out of your sales funnel. In fact, 59% of customers will switch brands due to a poor experience — even if they’re already loyal customers. Building your buyer experience up helps prevent those customers from leaving abruptly based upon a singular bad experience.
For instance, let’s say that your rep has communicated on and off with a potential buyer for three weeks. The buyer finds the inconsistent communication frustrating and decides to give their business to a competitor whose reps have been reaching out more frequently. Had your reps created a better, more cohesive buyer experience, that lead likely wouldn’t have fallen out of the sales pipeline so soon.
3. Results in Larger Deal Sizes
Buyers who are happier with their experience often pay more — so if you want to grow your deal sizes, look to improve the buyer experience. Research by American Express found that 86% of buyers are willing to pay more for a better experience. Often, deal sizes grow because sellers can better up- and cross-sell to more engaged, happy buyers. The positive experience creates a buyer who’s excited about your product and its possibilities. The goal is to satisfy the customer at each stage of their buying journey so that they become more willing to increase their monthly subscription or upgrade to the next product tier. Plus, a happy buyer is more likely to become a repeat customer.
If your rep has been dedicating time to ensuring a lead has a personalized, exceptional buyer experience, they’re now working with a buyer who’s more engaged with your product and its capabilities. Now, when your rep suggests a higher priced package, the buyer is more willing to step up and purchase the more expensive deal because they trust that their client experience (and ROI) will continue to be positive. Three months later, when it comes time to renew, the buyer’s positive experience fuels them to renew their contract and continue to see the benefits.
4. Sellers Can Shorten The Sales Cycle
One of the best ways to increase revenue is by shortening the sales cycle, allowing reps to close more deals in less time. When you help buyers reach a purchasing decision sooner, the sales cycle shortens. A positive buyer experience helps boost the buyer’s confidence in your product, allowing them to reach an informed purchasing decision sooner. In fact, 73% of consumers say that buyer experience is a deciding factor when making purchase decisions.
Imagine your rep is speaking with a potential buyer, who thus far has enjoyed their experience and has a positive impression of your business and product. They’re considering making a purchase, but aren’t quite sure yet. After a sales meeting, your rep sends along a case study that contains quotes and positive experiences from existing buyers. Once they know the positive experience they’ve had so far will remain consistent, the buyer will likely be more motivated to make their purchase decision.
5. Less Customer Churn
It’s no secret that customer retention leads to revenue gains. A 5% increase in customer retention results in up to a 25 – 29% increase in revenue, so keeping customers engaged is key. One of the best ways to ensure customer loyalty is via an excellent buyer experience. When 32% of customers say they would stop purchasing from a brand they like after a bad experience, maintaining a strong buyer experience is crucial to maintaining revenue.
Consider a customer who has been with your company for years. As a reliable customer, their continued contract renewals provide your business with a steady stream of revenue. Over time, you’ve built a strong client relationship, which is likely why they stay with your business. By building the same relationships across more clients, you create a strong base of loyal clients who spend more money with your brand.
Creating a delightful buyer experience increases your deal sizes, your customer retention, your referrals, your pipeline health, and so much more. So it only makes sense to prioritize the buyer experience in your sales strategies. A high-quality buyer experience yields a high ROI in multiple facets of your business.
Start strengthening your buyer experience with the help of expert sales consultants at SFE Partners.