SBI, the go-to-market growth advisory, has recently released a report titled “Revive Commercial Productivity by Easing Buying Friction” that delves into the factors causing buying friction and provides actionable strategies to overcome them. The report is based on insights gleaned from SBI’s B2B buyer survey, which involved 600+ buyers, as well as interviews with CEOs, CROs, and COOs.
One of the major findings of the survey is that executives are increasingly involved in purchase decisions, often overruling the decisions of buyers. This heightened executive scrutiny, along with the presence of multiple stakeholders and internal bureaucracy, is resulting in friction and slowing down the buying process. In fact, purchases are taking 12% longer than initially anticipated by buyers.
Recognizing that this trend poses a threat to commercial productivity, SBI emphasizes the need for commercial strategies to evolve. They suggest four key areas where businesses should focus their efforts:
- Demonstrate the organization’s adaptability to change alongside buyers’ evolving conditions.
- Help buyers anticipate how changes will impact their needs to prevent distractions and delays.
- Engage executives and ad-hoc stakeholders proactively throughout the sales process to avoid late-stage slowdowns.
- Invest in building commercial talent and fostering in-person engagements to improve relevance and trust.
This latest research builds on SBI’s commitment to assisting organizations in diagnosing and addressing challenges that impact their commercial productivity. They have previously published resources such as “Delivering Sales Velocity in Today’s Market,” which explored the relationship between seller approaches and deal velocity and size.
In conjunction with this research, SBI offers additional resources such as Talent MAP, a tool that enables companies to evaluate their commercial organization, identify top sales performers, and develop scalable training programs to replicate their success across the sales team.
As the industry continues to change rapidly, it is crucial for businesses to streamline their buying processes to ensure commercial productivity and revenue growth. By adopting the strategies outlined in SBI’s report, businesses can overcome buying friction and meet the evolving needs of today’s buyers.
About SBI: SBI is a growth advisory firm that offers consulting, advisory services, and sales training to help companies drive revenue growth. With a deep understanding of the buyer-seller journey, SBI applies data and insights to develop impactful strategies for clients. For more information, visit https://sbigrowth.com.
The article discusses the report by SBI titled “Revive Commercial Productivity by Easing Buying Friction” which highlights the factors causing buying friction and provides strategies to overcome them. According to the report, one of the major findings is that executives are increasingly involved in purchase decisions, which can lead to friction and slow down the buying process. In addition, the presence of multiple stakeholders and internal bureaucracy further contributes to delays, causing purchases to take longer than anticipated by buyers.
To address this trend and improve commercial productivity, SBI suggests four key areas for businesses to focus on. These include demonstrating adaptability to change alongside buyers’ evolving conditions, helping buyers anticipate how changes will impact their needs, engaging executives and ad-hoc stakeholders proactively throughout the sales process, and investing in building commercial talent and fostering in-person engagements to improve relevance and trust.
Current market trends in the buying process include the growing influence of executives and the need for businesses to be agile and adaptable. As companies adapt to changing market conditions, they must also consider the evolving needs of buyers and engage with stakeholders effectively to avoid slowdowns in the later stages of the sales process.
Forecasts suggest that addressing buying friction and streamlining the buying process will become increasingly important for businesses looking to drive revenue growth. Streamlining the process can lead to improved productivity and more efficient sales cycles, resulting in increased revenue and business growth.
However, there are several challenges and controversies associated with streamlining the buying process. Some challenges include resistance to change within organizations, the need for alignment between sales and marketing departments, and the potential for overlooking important stakeholders or factors in the rush to streamline the process. Controversies may arise from differing opinions on the ideal balance between speed and thoroughness in the buying process.
For more information on SBI’s research and expertise in driving commercial productivity, visit their website: SBI.