World Class Selling Podcast #01: The Five Buying Decisions
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[00:00:07] Will: Welcome to the World Class Selling podcast series. I'm Will, your host, and I'm looking forward to guiding you through this new series on the art and science of professional sales.
[00:00:18] Will: Alongside me are our co-hosts, Marissa and Jason, who will help unpack the proven strategies from Roy Chitwood's transformative book, World Class Selling.
[00:00:28] Will: In this series, we'll explore in depth the Track Selling System, a structured sales approach that aligns perfectly with today's complex sales environment. Each episode will break down essential concepts that empower you to build trust, strengthen relationships, and achieve sustainable success in sales.
[00:00:47] Will: Today, we're kicking things off with a foundational concept, the Five Buying Decisions. Every buyer navigates these subconscious steps before making a purchase, and understanding them is the first step toward becoming a world class sales professional. Let's listen in to Marissa and Jason as they explore this critical decision process.
[00:01:11] Jason: Welcome to our first deep dive in the World Class selling series.
[00:01:15] Marissa: Yeah.
[00:01:16] Jason: We're going to be going through Roy Chitwood's book over the course of this series and giving you all the tools you need to really become a world class sales professional.
[00:01:26] Marissa: We're going beyond just sort of those, you know, surface level tips and really like diving into the psychology of what's happening when someone buys something. What are they thinking? What are they not saying out loud?
[00:01:37] Jason: I love that. And today we're starting off with a concept Chitwood calls the Five Buying Decisions.
[00:01:43] Marissa: Yes.
[00:01:44] Jason: Which is really this psychological sequence that happens in every single sales interaction.
[00:01:51] Marissa: It happens in every sales interaction and you don't even realize it. It's subconscious.
[00:01:56] Jason: Oh. Okay, I'm already intrigued. So what are these five decisions that are secretly driving our prospects?
[00:02:02] Marissa: Okay, imagine this.
[00:02:03] Jason: Okay.
[00:02:03] Marissa: You're on a road trip miles from civilization.
[00:02:06] Jason: Uh oh.
[00:02:07] Marissa: Your tire blows out.
[00:02:08] Jason: Oh no.
[00:02:09] Marissa: And you limp into this gas station. The only gas station for miles.
[00:02:13] Jason: Right.
[00:02:13] Marissa: And you're desperate for help.
[00:02:14] Jason: You gotta get back on the road. Yes. Yeah.
[00:02:17] Marissa: Now, as this mechanic's looking at your car, he mentions casually that your other tires are looking pretty worn down too.
[00:02:24] Jason: Oh boy, now my mind is racing.
[00:02:26] Marissa: Right.
[00:02:27] Jason: Do I really need new tires?
[00:02:28] Marissa: Yeah.
[00:02:29] Jason: Is this guy being honest? Is he just trying to make more money off of me? Can I even afford this right now?
[00:02:35] Marissa: That is a perfect example of the five buying decisions kicking in.
[00:02:40] Jason: Wow.
[00:02:40] Marissa: You went from passive buyer to active decision maker.
[00:02:43] Jason: Like that.
[00:02:44] Marissa: Just like that.
[00:02:45] Jason: So those questions I was asking myself about the mechanic, about the tires, about the , about the timing. Are those the five decisions?
[00:02:51] Marissa: Those are the five decisions. It starts with a decision about you, the salesperson. Then it moves to the company, the product, the price, and then the time to buy.
[00:02:59] Jason: Okay, I'm starting to see how this could be so useful. Let's break each one down.
[00:03:03] Marissa: Yeah, let's do it.
[00:03:04] Jason: Okay, so starting with that first one, the decision about the salesperson. What are prospects really looking for when they're sizing us up?
[00:03:12] Marissa: Think back to that gas station.
[00:03:14] Jason: Okay.
[00:03:14] Marissa: You were instantly evaluating that mechanic.
[00:03:17] Jason: Yes.
[00:03:17] Marissa: You wanted to know, can I trust this guy?
[00:03:20] Jason: Absolutely. Like, does he have my best interest at heart? Right. Or is he just trying to, you know, take advantage of the situation.
[00:03:27] Marissa: So that first decision is all about integrity.
[00:03:30] Jason: Okay.
[00:03:30] Marissa: Can this salesperson be trusted?
[00:03:33] Jason: Got it.
[00:03:33] Marissa: Are they being straight with me?
[00:03:34] Jason: So it's not just about seeming honest, right?
[00:03:37] Marissa: Right.
[00:03:37] Jason: Because I also wanted to make sure that that mechanic knew what he was talking about.
[00:03:40] Marissa: Yes. That's the second piece of this.
[00:03:42] Jason: Okay.
[00:03:42] Marissa: It's judgment. They're also assessing your competence.
[00:03:46] Jason: Oh, interesting.
[00:03:47] Marissa: Do you understand my situation? Do you understand my needs?
[00:03:51] Jason: Right.
[00:03:51] Marissa: Can you actually offer me a solution that's really going to work?
[00:03:55] Jason: So to pass that first buying decision, you need to have both, right? You need to project integrity and expertise.
[00:04:02] Marissa: Like a one two punch.
[00:04:03] Jason: Yeah, that builds credibility.
[00:04:05] Marissa: Exactly. You have to win that confidence before you can even begin to talk about your company or product.
[00:04:11] Jason: Okay, so let's say I've passed that first test.
[00:04:13] Marissa: Right.
[00:04:14] Jason: The prospect trusts me. Okay. What's next?
[00:04:16] Marissa: Then they shift their focus to your company.
[00:04:20] Jason: Oh, so it's not just about me as an individual anymore.
[00:04:23] Marissa: Not anymore. They're thinking bigger picture.
[00:04:24] Jason: Okay.
[00:04:25] Marissa: They want to know, is this company reputable? Do they have a good track record? Can I rely on them to do what they say they're going to do?
[00:04:32] Jason: So it's like they're thinking, okay, this person seems great, but what about the organization they represent?
[00:04:37] Marissa: Exactly. Chitwood actually gives a great example from his own life to illustrate this. When he was interviewing for a sales job at Midland National Life, he wasn't just trying to sell himself as an employee, you know. Right. He was also checking them out as a potential employer.
[00:04:53] Jason: Wow, that's interesting.
[00:04:54] Marissa: He was evaluating the company just as much as they were evaluating him.
[00:04:58] Jason: So he was wearing both hats. Yeah. He was the salesperson and the prospect at the same time.
[00:05:03] Marissa: Exactly. He understood that choosing a company is a buying decision, too.
[00:05:07] Jason: That's a great point.
[00:05:08] Marissa: He needed to make sure their values aligned with his, and that they were a company he could really believe in.
[00:05:14] Jason: Okay, so we've seen how those first two decisions are all about trust. Trusting the salesperson, trusting the company. But ultimately, It's about the product or service, right? I mean, that's what we're really trying to sell.
[00:05:25] Marissa: Absolutely.
[00:05:26] Jason: Yeah.
[00:05:26] Marissa: That's what we're going to unpack when we dive into that third buying decision. The product or service itself.
[00:05:32] Jason: Okay, so we've covered those first two really crucial decisions,
[00:05:35] Marissa: Right?
[00:05:36] Jason: Deciding about the salesperson. and then about the company.
[00:05:38] Marissa: Yep.
[00:05:39] Jason: But now let's get to the heart of it.
[00:05:41] Marissa: Yes.
[00:05:41] Jason: The product or service itself.
[00:05:43] Marissa: All right.
[00:05:44] Jason: What's going on in the buyer's mind? When they're assessing what's being sold.
[00:05:48] Marissa: Well, you know, prospects definitely want to know the features and benefits, but I think this is where we really start to unpack that emotional side of buying.
[00:05:56] Jason: So it's not just about the practical aspects.
[00:05:58] Marissa: No, they're asking themselves, does this really solve my problem? Is this going to make my life easier? Is this going to make my business more successful? Does it align with my values and goals?
[00:06:08] Jason: Ah. So they need to feel like it's a good fit.
[00:06:11] Marissa: Yes.
[00:06:12] Jason: Not just understand it.
[00:06:13] Marissa: Yes, exactly. It's about tapping into their needs and desires. Sometimes even the ones they're not consciously aware of.
[00:06:20] Jason: This reminds me of Chitwood's job interview experience. He wasn't just looking for any sales job.
[00:06:26] Marissa: Right, right.
[00:06:27] Jason: He wanted an opportunity for growth to build a career.
[00:06:30] Marissa: That's a great point. For him, the product wasn't simply a sales position. It was the chance to fulfill his ambitions. Yeah. He was buying into a future with that company.
[00:06:41] Jason: Yeah, it was more than just a job description. Yes. It was a path to his goals.
[00:06:45] Marissa: Yeah.
[00:06:46] Jason: That's powerful.
[00:06:47] Marissa: It is.
[00:06:47] Jason: So it's not just about what we're selling, it's what the prospect is hoping to gain.
[00:06:51] Marissa: Exactly. And the better we understand those aspirations
[00:06:55] Jason: Uh huh.
[00:06:55] Marissa: The more effectively we can position what we have as that key, that unlocks the door to it.
[00:07:01] Jason: This is giving me a whole new perspective on sales.
[00:07:03] Will: At the Track Selling Institute, we're committed to helping sales professionals like you reach your full potential. From our in depth, in person, or virtual training workshops to online courses, podcasts, role playing, and other skill and knowledge reinforcement tools, we provide everything you need to master your craft, whether you're looking to refine your techniques, understand buyer psychology, or grow your career, our resources are designed to set you apart in the competitive world of sales.
[00:07:35] Will: Visit us online today at www.tracksellinginstitute.com and take the next step toward becoming a world class sales professional.
[00:07:44] Will: Now, back to this fascinating discussion.
[00:07:47] Jason: Even if the prospect loves the product, we can't avoid that other big question. A price.
[00:07:56] Marissa: Yes.
[00:07:57] Jason: How do we convince them that what we're selling is worth the investment?
[00:08:01] Marissa: Price is always going to be a factor, but Chitwood makes this crucial distinction. It's not about the price tag itself. It's about the value the prospect perceives.
[00:08:11] Jason: So it doesn't really matter what we charge as long as the prospect thinks they're getting a deal.
[00:08:15] Marissa: Not necessarily. It's about framing the price in terms of the benefits it delivers. So if the prospect sees that your product or service can solve their problems, improve their efficiency, open up new opportunities, they'll be more likely to invest.
[00:08:30] Jason: It's like, Going back to that mechanic, if he'd said those new tires would significantly reduce my risk of having an accident,
[00:08:38] Marissa: Right.
[00:08:38] Jason: Then I would have been much more likely to spend the money.
[00:08:41] Marissa: Exactly.
[00:08:42] Jason: Even if it was a little bit of a stretch.
[00:08:43] Marissa: Yeah, it's all about highlighting that return on investment. What are they going to gain by making this purchase? How is it going to positively impact their life or their business?
[00:08:53] Jason: And again, this comes back to understanding their needs.
[00:08:56] Marissa: Exactly.
[00:08:56] Jason: Like we were talking about before, we need to know what their struggles are, what are they hoping to achieve.
[00:09:01] Marissa: Yeah.
[00:09:02] Jason: So that we can connect our product's value to their specific situation.
[00:09:06] Marissa: You got it. And remember, Chitwood took a commission only sales job.
[00:09:11] Jason: Oh yeah.
[00:09:11] Marissa: At Midland National Life, and that is a risk, right?
[00:09:14] Jason: Yeah, big risk.
[00:09:15] Marissa: But he saw the potential to earn a good income, build a successful career. The value in his mind far outweighed the uncertainty.
[00:09:26] Jason: He wasn't focused on that initial lack of salary. Exactly. He was thinking long term.
[00:09:30] Marissa: Absolutely.
[00:09:31] Jason: Okay, so we've done the salesperson, the company, the product, the price. What's the final decision in this whole sequence?
[00:09:38] Marissa: The fifth and final decision is about timing. Even if the prospect is on board with everything else. Uh huh. They might still hesitate to buy right now.
[00:09:47] Jason: Oh, yeah, I know that one. I need to think it over. How do we address that final hurdle?
[00:09:52] Marissa: That's what we're going to explore as we wrap up our deep dive into these five buying decisions.
[00:09:58] Jason: So we've covered a lot of ground with those first four buying decisions.
[00:10:01] Marissa: We have.
[00:10:02] Jason: But even if we've, like, aced everything else,
[00:10:05] Marissa: Mm hmm.
[00:10:06] Jason: There's still that final hurdle, right? Yeah. Getting them to say yes.
[00:10:09] Marissa: That's right.
[00:10:10] Jason: Right now.
[00:10:11] Marissa: The time is now.
[00:10:12] Jason: Yeah.
[00:10:12] Marissa: This fifth decision, the decision about timing, this is the make or break moment.
[00:10:17] Jason: You know, I'm guilty of this myself. Like, even when I'm totally convinced about something,
[00:10:22] Marissa: Mm hmm.
[00:10:23] Jason: I often hesitate.
[00:10:24] Marissa: Right.
[00:10:25] Jason: You know, I need a little extra push to get over that.
[00:10:27] Marissa: Of course. And that's natural.
[00:10:29] Jason: Okay.
[00:10:29] Marissa: Prospects may need to check their budget.
[00:10:32] Jason: Yeah.
[00:10:32] Marissa: Or get approval from somebody or just wrap their head around making this change.
[00:10:37] Jason: So how do we create a sense of urgency without being pushy?
[00:10:40] Marissa: I think it's about highlighting the cost of inaction. Okay. What are they going to miss out on if they wait? Oh. Will the price go up? Will the problem get worse?
[00:10:50] Jason: Like back to our mechanic, right? Yeah. If he had emphasized the risks of driving on those bad tires. Right. I might have been more likely to change them out right there.
[00:10:58] Marissa: Right. He could have really painted that picture for you. Like, imagine you're stranded on the side of the road.
[00:11:03] Jason: Yeah.
[00:11:03] Marissa: Flat tire. No spare.
[00:11:05] Jason: In the middle of nowhere.
[00:11:06] Marissa: In the middle of nowhere.
[00:11:07] Jason: Yeah. Suddenly waiting doesn't sound very good.
[00:11:10] Marissa: Not at all.
[00:11:10] Jason: But timing can be so personal, can't it?
[00:11:13] Marissa: It can.
[00:11:14] Jason: Like, what feels urgent to one person?
[00:11:16] Marissa: Uh huh.
[00:11:17] Jason: Why not be a big deal to somebody else?
[00:11:19] Marissa: Of course. And that's why it's so important, to really, you know, get into the prospects world and understand their individual context.
[00:11:26] Jason: Right.
[00:11:27] Marissa: What are their priorities at this moment? What deadlines are they facing?
[00:11:31] Jason: Yeah. You know, this whole conversation about the five buying decisions has really emphasized something for me.
[00:11:37] Marissa: What's that?
[00:11:38] Jason: The importance of listening.
[00:11:39] Marissa: Yes.
[00:11:41] Jason: We can't address these decisions. If we don't know what's going on in their minds.
[00:11:46] Marissa: Couldn't agree more. And, you know, Chitwood really stresses this point in the book. Successful selling, it's not about, you know, some slick sales pitch. It's about genuine connection, understanding, and building that relationship.
[00:12:00] Jason: Which brings us back to his idea of conviction. Yes. He says, buyers can sense, when you truly believe in what you're selling. And that authenticity, that's powerful.
[00:12:10] Marissa: You know, it's like they say, people don't buy what you do. They buy why you do it.
[00:12:14] Jason: Oh, I like that.
[00:12:15] Marissa: If you're passionate about what you're offering, and you really believe it can help that person, it's going to come through.
[00:12:22] Jason: It ties everything together, doesn't it?
[00:12:24] Marissa: It does.
[00:12:24] Jason: We build trust. Yeah. We showcase the value. We address those concerns about timing.
[00:12:30] Marissa: Yes.
[00:12:30] Jason: It comes down to believing in what we're offering.
[00:12:33] Marissa: Exactly.
[00:12:33] Jason: If we're convinced, they're more likely to be convinced. Absolutely. So there you have it, Chitwood's Five Buying Decisions.
[00:12:40] Marissa: Five Buying Decisions.
[00:12:41] Jason: It's like this roadmap.
[00:12:42] Marissa: Yeah. It's a framework.
[00:12:43] Jason: To understanding their minds. Yeah. And closing more deals.
[00:12:46] Marissa: So as you go out and start putting these ideas into practice, pay attention to those subtle cues, you know? Is the prospect hesitant?
[00:12:56] Jason: Okay.
[00:12:57] Marissa: Are they asking certain questions? Yeah. Are they dragging their feet?
[00:13:01] Jason: Yeah. Understanding these five decisions can give us a real edge.
[00:13:05] Marissa: It really can. And that's what this whole series is about. Yeah. Giving you those tools. Giving you the insights to become world class.
[00:13:13] Jason: That's it.
[00:13:13] Marissa: At selling.
[00:13:14] Jason: Awesome. Well, we'll be back next time with another deep dive into World Class Selling.
[00:13:18] Marissa: Sounds great.
[00:13:19] Jason: Until then, happy selling.
[00:13:21] Will: That's a wrap for this first World Class Selling podcast episode. Today, Marissa and Jason guided us through the five buying decisions, a crucial framework that helps us understand how buyers move from hesitation to commitment. We explored how buyers evaluate the salesperson, the company, the product, the price, and the timing of their purchase decisions.
[00:13:47] Will: By mastering this framework, you can position yourself as a trusted advisor and partner to your clients. In the next episode, we'll explore the six buying motives, the emotional drivers influencing every purchase. These motives are the key to connecting with your prospects on a deeper level and tailoring your approach to their unique needs.
[00:14:08] Will: It's an episode you won't want to miss. Thanks for joining us on this journey to mastering world class selling. Until next time, keep learning, keep practicing, and keep closing those deals. Good luck and good selling.