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As we listen to sales leaders, it has become abundantly clear that understanding the buyer's perspective is essential. As a deal progresses from first look to pricing, a sales rep needs to consistently be on the lookout for opportunities that can cause a buyer to hesitate or doubt the expected benefits of a purchase. Today companies are looking for solutions to remove friction, promote flexibility, and create trust with prospects to ensure they are receiving maximum value.
To showcase this value, the most successful sales reps create a shared goal where the potential value of a deal is equal for both the seller and the buyer. Today, when a buyer is making a purchase, they are not only weighing the cost of a product, but its ROI, the sunk costs of the sales purchasing process, the costs of competitive services, the value of free cash flow, and the opportunity costs tied to locking up an annual budget early in the year. So how does a seller ensure that a buyer sees the complete value of a product? It comes down to creating an open dialog and providing a buyer with clarity, choice, and comfort.
Payment clarity is key to building trust
Two of the main pricing models in the B2B space are an all-in-one pricing model and a feature or usage-based pricing model. Whether your sales model is similar to Apple, offering a variety of options that a buyer can select for one flat rate, or Salesforce, where dozens of options are available based on usage, users, features, and products, what is clear is that payment clarity is the key to building trust. Buyers want to know that what they see is what they get, there are no hidden fees, and they want to know that they are getting the best deal possible. To do this successfully, sales teams should be sharing easy-to-digest standard quotes with their buyers directly. By eliminating opaque pricing proposals and back-and-forth discounting conversations, sales reps are more likely to gain a buyer's trust.
Payment choice is essential to derisk sticker shock
When payment options are limited (only annual or multi-year contracts), sales negotiation techniques become limited to heavy discounting or strongarming a buyer with firm pricing pushback. The unfortunate reality is that this forms an ultimatum scenario—and more often than not, deals are lost. Payment ultimatums can happen for a variety of reasons, be it internal incentives, financial limitations, or even a lack of seller confidence, but what is abundantly clear is that when ultimatums are on the table, a deal becomes at risk because prospects have to be 100% bought into the understanding that this product has the greatest potential for their team, as compared to all other potential usages of cashflow. To solve this problem, finance teams have looked for creative solutions to increase payment options, be it to balance sheet debt or partner with a 3rd party financier to provide completely new payment options for buyers.
Buyer comfort ensures deals close on time
Creating a comfortable sales environment is essential to a swift deal close. To do this, a seller must truly understand a buyer's perspective, which includes doing four things well:
Today, companies are looking for solutions to these buyer pain points as solving them is the key to ensuring deals close on time.
Why do payment options help sales teams close more deals?
There are a few key ways that buyer payment choice helps sellers close more deals. First, as a seller, payment options not only increase a buyer’s purchasing power but also provide the level of transparency that buyers desire. By offering financing or installment plans, customers can both afford higher-priced items that they may not have been able to purchase otherwise, and they are able to leverage unused free cash to invest in other areas of their business. For a sales team, this means they can build stronger relationships and sell more high-ticket items, ultimately increasing revenue and profitability.
Secondly, payment options can enhance the overall customer experience and create customer trust. When customers are given the freedom to choose how they pay, they feel empowered and in control. This sense of autonomy can lead to greater satisfaction with the sales team and a higher likelihood of repeat business. By reducing barriers to purchase, such as large upfront payments, sales teams can create a more welcoming and inclusive environment that encourages customers to make a purchase.
And finally, payment options can help build customer loyalty. When customers feel that a sales team is invested in their success and well-being, they are more likely to return for future purchases. By offering flexible payment options, sales teams demonstrate that they value their customers and are willing to work with them to find a solution that meets their needs.
Benefits of payment flexibility in competitive environments
In competitive markets, there may be multiple suppliers or vendors vying for the same customer's business. In such a scenario, presenting only one proposal with limited options may be a risky move for the seller. If the customer does not find the proposed solution to be suitable or competitive, their only option will be to move on to another supplier that offers more options and flexibility.
In competitive markets, sellers should aim to provide a comprehensive proposal that offers the customer a range of options and solutions to choose from. This approach not only increases the chances of securing the deal but also builds trust with the customer and establishes the seller as a reliable and flexible business partner. It is essential to take the time to understand the customer's needs and tailor the proposal accordingly to create a win-win situation for both parties.
Leveraging consumer-grade payment tech helps sales teams win more deals
In recent years, more and more B2B companies are adopting payment models pioneered in B2C eCommerce. The traditional model of opaque pricing and limited payment options has become outdated, and customers are demanding greater transparency and complete flexibility for their business transactions. This trend has led to the emergence of tech-forward solutions, and Vartana is at the forefront of this movement.
Vartana helps companies address the pain points of the purchasing process and its platform provides them with more payment options than ever before. With the Vartana solution, sellers gain plug-and-play control over the sales negotiation process, are able to maximize their payment options, and can close deals more quickly.
One of the main advantages of the Vartana solution is the checkout platform which provides buyers with multiple payment options on one clickable screen, providing complete payment flexibility and transparency to the buying process. The Vartana buyer checkout enables customers to choose the payment method and terms that best suit their needs, and as a result, sellers can negotiate with greater confidence, knowing that they are providing their customers the information they need to make informed decisions—and never fall into an ultimatum scenario where the buyer needs to either select one option or not buy. When partnering with Vartana, companies improve their payment processes, gain greater control over the sales negotiation process, and ultimately close more deals with less pushback.
The art of the close
Closing a B2B sale requires more than just presenting the best possible solution for a buyer's problem. It requires understanding the buyer's perspective, providing pricing clarity and payment choices, and creating a comfortable sales environment. By following best practices and partnering with a consumer-grade checkout platform like Vartana, sales reps can build trust with buyers and increase the number of deals they close. To learn more about Vartana and the wide variety of payment options available, please visit vartana.com/payment-plans.
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