Enterprise deals aren’t cracked overnight.
Those who believe otherwise often find themselves down the rabbit hole…
Lost without any exits.
The truth is that with multiple touch points, multiple decision makers, legacy styles of selling and lots of legal red tape, it’s been hard for the industry to change.
So here’s the question: Is there a way to close enterprise deals faster? Are there tried-and-true methods that sales professionals should be using? What do SaaS companies need to know before they approach their prospects with pricey custom products?
The answers to all these questions are deeply embedded in psychology—how we think, how we make decisions. By understanding psychological concepts and biases, we can tailor our proposals and landing pages to significantly affect the way enterprise decision-makers perceive our offer, empowering us to close deals faster.
Now, we don’t have room to list every single psychology theory related to sales, but here are four you can leverage right now:
Psychology Lesson: Analysis Paralysis
Have you ever visited an online shopping website and ended up buying nothing at all after hours of mindless browsing? You can thank analysis paralysis—a default shutdown of the brain when it’s presented with too many options.
This is a great visual summary of how analysis paralysis works:
What can companies selling enterprise products and services learn from analysis paralysis?
- No one buys enterprise solutions off the shelf. A growing trend amongst SaaS companies is listing multiple pricing plans, which is great from the company’s standpoint, but too many choices may cloud the buyer’s mind. Companies, therefore, should focus more on highlighting the services that actually differentiates them from the competitors. They should also give buyers a chance to customize their package thereby minimizing analysis paralysis.
- At this stage in a prospect’s decision-making process, companies should focus more on providing a clear, straightforward directive for them to talk to an account executive—the person who is armed with all the information about the product’s key features and scope as well as custom pricing options. This prevents friction while closing deals.
Hubspot does this nicely.
The company has a dedicated landing page for enterprise customers with three different actions a prospect can take: They can call the sales team, chat online or book a meeting.
There aren’t a million different ways to get in touch—just a few simple options that invite dialogue and eliminate drop-off.
You can leverage the same approach when you send a proposal to a prospect. SalesRight’s custom pricing grids make it easy for prospects to identify and select the right package for their needs. Here’s an example:
The benefits are obvious:
No lengthy lists of product features. No overwhelming information. Just a clear focus on what the buyer needs so both of you can maximize your returns.
Psychology Lesson: Authority Bias
This psychological concept basically means that people tend to be swayed by perceived authority while making decisions. When they sense authority, they envision trust, stability, and success. While this authority bias isn’t directly related to pricing, it’s still relevant because it can be a catalyst in pushing sales.
Intercom employs authority bias on its enterprise landing page by using engaging copy as well as relevant social proof to draw in prospects. A statement that the product is “trusted by 30,000 leading brands” is followed by logos of Intercom’s most prominent customers—the kind of companies they’re hoping to attract more of. Then there’s a testimonial that reiterates the brand’s authority.
The decision-maker sees this page and thinks, If it works for them, it will work for us.
Psychology Lesson: Maslow’s Hammer
Enterprise products are rarely “bought” in the traditional sense—in most cases, they are “sold.” This means that sales teams have to constantly find new prospects and close deals in order to bring in revenue.
In most scenarios, the prospect depends heavily on a few familiar tools despite knowing that there are better options out there. This is known as Maslow’s Hammer or the Law of Instrument, which can be summed up in the familiar quotation, “If you all have is a hammer, everything looks like a nail.”
Companies selling enterprise solutions (especially in the SaaS tech space) need to create landing pages that educate prospects on how a new tool can solve their problem better than the “hammer” they’ve been using.
Here’s how Hotjar did this effectively:
Showing prospects the amount of money they were spending by using multiple tools and comparing that to their solution is a great way to capitalize on Maslow’s Hammer.
Psychology Lesson: Bandwagon Effect
The bandwagon effect is the tendency to believe (or do) things that others are believing (or doing)—like herd behavior. People are more likely to buy your product if they see others doing it too.
Maybe you’ve already got testimonials and other forms of social proof on your pricing pages, but from an enterprise purchase standpoint, there is one more element that can be used to close deals faster.
What is it? It’s product reviews.
How do they help?
Product reviews give the prospective buyer a chance to see what real people think about your product. If the reviews are mostly positive, and the prospect sees that a lot of people use and love the product, they are more likely to buy it too.
Wootric uses this strategy to strengthen its stance in the crowded market of NPS tools by showing G2 crowd ratings and reviews on their homepage. These reviews matter a lot in SaaS tech space. The only hitch here is that the reviews are only on the homepage, not the pricing or product pages.
Selling enterprise solutions is difficult … really difficult. To build long-term relationships and earn contract renewals you need to do the following:
- Offer a custom pricing solution—give them a choice!
- Highlight your authority
- Clearly, showcase the value they’ll be getting from your product or services
- Show reviews and ratings—they close deals faster
What are the challenges that you’ve faced while selling to enterprise customers? Share with us on Twitter @SalesRightCo
Get in touch with us to learn more about how SalesRight leverages psychology to increase revenue and reduce buyer fatigue.
Taylor is a Co-Founder and the Head of Growth at SalesRight. He rarely stops talking about pricing psychology, the Canadian 🇨🇦 technology scene, and diversity & inclusion in tech. Outside of work you can find him leading Canada’s largest LGBTQA+ technology community or on the hunt for poutine and bagels.