{"id":123588,"date":"2024-06-07t11:55:44","date_gmt":"2024-06-07t15:55:44","guid":{"rendered":"\/\/www.g005e.com\/?p=123588"},"modified":"2024-08-29t23:53:06","modified_gmt":"2024-08-30t03:53:06","slug":"understand-the-10-steps-of-the-buying-process","status":"publish","type":"post","link":"\/\/www.g005e.com\/2024\/06\/07\/understand-the-10-steps-of-the-buying-process\/","title":{"rendered":"understand the 10 steps of the buying process"},"content":{"rendered":"

\"two<\/strong><\/p>\n

how to become a solution magician.<\/strong><\/p>\n

by august j. aquila<\/i>
\nprice it right: how to value accounting services<\/i><\/a><\/p>\n

closing a business opportunity refers to the process of finalizing and securing an agreement with a prospective client. it involves bringing the negotiation or sales process to a successful conclusion and solidifying the commitment from both parties involved. the closing stage is critical because it marks the point where the decision to move forward with the opportunity is made, and the terms and conditions are agreed upon.<\/p>\n

more: <\/b>market technology services through workshops and training<\/a> | service quality: the key to client retention<\/a> | how life cycle changes your marketing<\/a> | clients buy solutions, not features<\/a> | make sure you know what you will get from your marketing<\/a> | three pillars support a successful accounting firm<\/a> | clients have six reasons for needing you<\/a> | six ways to market your technology consulting practice<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/h4>\n

 <\/p>\n

closing an engagement requires that you not only understand the selling cycle, but also the buying process that clients and prospects go through every time they are deciding to purchase something from you or from someone else. if you want to close more new engagements, it\u2019s important for you to fully understand this.
\n
\noften, we take for granted that when we recognize a problem exists, we must immediately search for a solution. this is when and where you, in your role as the \u201csolution magician\u201d step in.<\/p>\n

no matter how hard you might try to sell something to someone, you won\u2019t succeed unless the individual recognizes that a problem exists, and they have a need for what you are selling. say, for example, your prospect just hired a new accountant to assist her business with tax and accounting services. the prospect is not in the market right now to look for a new advisor, no matter what you say or do. if at some point in the future the prospect is unhappy with her advisor, you will then have an opportunity to help them.<\/p>\n

while you are helping your clients and prospect identify problems, the buying process doesn\u2019t start until the client says, \u201ci have a problem that needs to be fixed.\u201d once the client reaches this conclusion, then he or she is ready to transform the problem into a need that has to be satisfied.<\/p>\n

the buying cycle<\/strong><\/p>\n

understanding what the buyer is going through will help you become more sensitive to her needs and ultimately help you close more business. once a client or prospect realizes she has a problem, they begin to search for solutions. they may talk with friends, other consultants, and if you are lucky, they might call you first. they may also look online to gather information. it will be interesting to see how advances in artificial intelligence come into play in the buying cycle. from the search stage, clients begin to form an idea of what a good solution to their problem looks like and who would be the likely vendors. if you can take an active role in helping the client\/prospect during this stage, you will likely be ahead of your competitors.<\/p>\n

the buying process is a 10-step approach. so, let\u2019s briefly look at each step.<\/p>\n

    \n
  1. the process always begins with problem recognition. it may be as simple as a client knowing that an annual is necessary because it is mandated by the covenants of the loan agreement, which triggers the identification of the need for an appropriate audit. often, however, problem recognition is not so simple nor so clearly delineated. for example, tax problems may be understood by the prospective client only in terms of irs inquiries. a wealthy client may not even be aware that he or she has a severe estate tax problem. nothing really happens until the prospect becomes aware of an existing or pending problem. as consultants to business owners, you can often make prospects aware of the negative consequences that can befall their business and personal financial situation if they do not do the proper planning.<\/li>\n
  2. need description is the second step in the buying process. the buyer begins to translate his or her problems into a need that you will eventually have to satisfy. perhaps an excessive tax bill is the problem that will be translated into the need for more intensive tax planning. or your wealthy client may read an article about estate taxes in your firm\u2019s newsletter and call you to determine if she should be concerned.<\/li>\n
  3. information search may be a very short step or may take a very long time. the amount of information the client will seek about alternatives to satisfy a need will generally vary. it depends on the importance and complexity of the need and whether the buyer has previous experience in making such purchases. an information search may involve many sources of information: personal acquaintances and other professional service providers, such as a lawyer, banker, personal financial advisor, stockbroker or another business owner. the buyer may also use printed or online information such newsletters, proposals, artificial intelligence, etc.<\/li>\n
  4. product specification is an important step for many larger clients who issue requests for proposals (rfps) or who have a formal process of evaluating vendors. regardless of the formality of the process, the buyer ultimately will develop some idea of what she believes is an adequate solution to her needs.<\/li>\n
  5. evaluation of alternatives is the first of two steps in which the buyer narrows the field of competing products and services and identifies providers.<\/li>\n
  6. vendor search is the second step in which the buyer narrows the field of competing products and services and identifies providers. vendor search usually comes after evaluation of alternatives. however, steps five and six often occur together.<\/li>\n
  7. vendor selection is the step in which the buyer decides which competing firm will provide the service. in today\u2019s complex market, vendor selection is often the beginning of specification and price negotiations that may last several days.<\/li>\n
  8. purchase decision is the actual step in which the prospect decides that your service and firm as specified are appropriate. this is usually the close of negotiation. at this stage in the process, you should have a signed engagement letter that outlines the scope of your work and how your fees will be determined.<\/li>\n
  9. performance review is a key step in the process as was the initial problem recognition. but this step is often forgotten by many accountants. once the purchase decision has been made, you must always expect that your performance will be reviewed. many firms use a client satisfaction survey to provide a mechanism for the client to review the firm\u2019s performance as both a way of further cementing the long-term relationship and to improve future work.<\/li>\n
  10. post-purchase behavior includes both future engagements and the interactions of clients, both satisfied and dissatisfied, with other firms, friends and acquaintances. remember step 3 above, the information search. many prospective clients gain information about your firm from current or former clients. dissatisfied clients may be very vocal with their friends and acquaintances.<\/li>\n<\/ol>\n

    satisfied clients are, and always will be, our best source of promotion.<\/p>\n","protected":false},"excerpt":{"rendered":"

    how to become a solution magician.<\/strong><\/p>\n

    \"\"<\/a>
    \nby august j. aquila<\/i>
    \n    price it right: how to value accounting services<\/i><\/a><\/p>\n","protected":false},"author":1331,"featured_media":116239,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[2271,3120],"tags":[],"class_list":["post-123588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marketing","category-pro-member-exclusive"],"acf":[],"yoast_head":"\nunderstand the 10 steps of the buying process - 卡塔尔世界杯常规比赛时间<\/title>\n<meta name=\"description\" content=\"actionable intelligence for tax, accounting, and financial professionals\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"\/\/www.g005e.com\/2024\/06\/07\/understand-the-10-steps-of-the-buying-process\/\" \/>\n<meta property=\"og:locale\" content=\"en_us\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"understand the 10 steps of the buying process - 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