The Buyers Voice and the Art of Listening
Salespeople, this first question goes out to you: if I were to ask you how often you listen to your buyers, I suspect most-if-not-all of you would say always. In fact, I bet most of you would say something more elaborate, something like at Company X, were always eager to hear from our customers; their feedback helps us grow! Its a good sentiment – but how often is it really true? When you ask your buyers for their feedback, do you really listen to what theyre saying, or are you just trying to set up your next sales pitch?
In collaboration with our friends at Costanoa Ventures in Palo Alto, we recently gave a webinar about our time working with Gainsight, and how they reached their leadership position in the market. Wed like to go into a little more detail here about what we discussed: the art of listening, getting the right feedback, and why win/loss can be such a useful tool for understanding not just yourself but also your buyers. Theres a lot to unpack here – more than will fit into one article – so lets get started.
The dynamics of a buyer/seller relationships are fraught with hidden meaning: what you say to your buyers and what they actually hear are rarely the same thing. A salesperson asking for feedback likely has the best intentions in the world but, for a buyer, even the most benign question is perceived as a strategic move. In a floundering or failed sale, a buyer hears a request for feedback as an attempt to restart negotiations. A buyer knows how hard a seller wills for a sale – so when you ask for feedback on a loss, no matter how genuine you are, a buyer will hear your questions as, How can we fix the sale? Give us your objections so we can overcome them.
This differing narrative between what the seller asks and what the buyer hears holds true for wins too. When you ask the buyer for feedback in a won deal, its the same thing; but this time they hear, Give me a good soundbite. Give me your success stories so I can sell easier to others. In other words, they cant separate you from the context of the sales cycle* – win or lose, theyre not able to see you as anything other than a salesperson.
With either wins or losses, therefore, its obvious that the feedback relayed to Sales from buyers is incomplete. Its not useless, but its not going to give you the full picture either. So what will?
If youre like most companies, in addition to sales feedback, youre also keeping tabs on what your competitors are doing, taking a two-pronged approach to competitive intelligence. Those are both solid sources of feedback, but as weve seen, relying only on sales perspective means youre still not learning what the buyers really thinking. The Voice of the Buyer is out there, but youre not listening for it. This is where Gainsight poses as an excellent example. These days, Gainsight is known as a leader in customer success, with 357% growth since 2013, but it took buyer insights to help get them there. In its startup days (when the conference room was little more than a ping-pong table), Gainsight was struggling to find the right product/market fit for their sales solutions. They knew they needed a better understanding of their potential buyers – in other words, they needed that third line of feedback: buyer insights. Gainsight CEO Nick Mehta looked to us to provide third-party Voice of the Buyer interviews. As Sales VP Ryan Whitney shared in our recent webinar, every Thursday or Friday Gainsight would order lunch, sit around their ping-pong table, and listen to buyer interviews. Initially the lunch invitees were the sales and presales teams, but before long they realized that, The information we were gleaning from these interviews was so powerful for our organization we turned that [meeting] into a cross-function group. It wasnt just the sales team that was learning from these interviews, but the implementation services team, the product team, and so on. Everyone involved in the growth of Gainsights product found something worthwhile they could take away from real buyer feedback. The insights transformed not only how the product got to market, but how it was implemented and refined to fit its intended buyers.
To get the insights your company deserves, you need a full 360 of win/loss analysis: incorporating market, seller, and buyer intelligence. Well break down a more comprehensive model of that 360 in a later article; for now, our focus is on the importance of honest feedback and listening to the right voices. If you start to incorporate the Voice of the Buyer into your intelligence solutions, youll be in a stronger position than you were before.
Dont let the buyer/seller relationship keep clouding the feedback youre getting. Get out of the sales cycle for a better view of the full picture.
Look out for our article on Removing the Pressure (coming soon) for more insight on finding communication solutions in failing sales scenarios.