The Role of Commitment Bias in Nurturing Long-Term Leads

[shishir.seoexpert1]

“We have incredible customers, world-class technology, and an amazing, experienced team, but our customers still see us as a commodity! In the end, we have to give deep discounts to drag deals over the finish line.”

Unfortunately, he’s not alone in experiencing this problem which gets worse every year for three reasons:

1. Solution options are exploding: A gambling data polandseemingly endless supply of new products (along with their marketing) continues to flood the market. For example, in the marketing technology space alone, the number of products has increased by a jaw-dropping 9304% since 2011! That’s a compound annual growth rate (CAGR) of 41.8% in the move from 150 to 14106 solution options.

2. Attention spans are shrinking: Research shows that human attention spans have shrunk by almost 70% over the past 20 years fuelled by an endless supply of distractions and technology.

3. Training focuses on the wrong skills: in an increasingly product-centric world, much of the training sales teams receive is focused on product knowledge. Yet, data shows that top-performing reps spend less time discussing products (9-19% of the time in calls) compared to their peers. In fact, a study analyzing 100,000 successful sales presentations found that top sales reps spent 39% less time discussing features and technology.