October 6, 2021

Conquering Consensus Buying With Virtual Deal Rooms

Building consensus amongst a group of people is always challenging. With differing opinions, it can be challenging to get everyone on the same page. It gets even more complicated when it comes to purchasing a new product or service for a business. Add an extra layer of complications with organizations adopting virtual or hybrid work models. Then what?

In this blog, we will tackle:

  • What is consensus buying?
  • Getting buying groups to consensus swiftly
  • Virtual deal room as an effective tool

What is consensus buying?

Consensus buying is when a company makes purchasing decisions as a group. It often involves representatives from different teams within an organization or at varying levels of the hierarchy.

No matter the make-up of the group, everyone involved must agree on the product or service, often slowing down the sales process. This is a phenomenon that B2B sales teams have been adapting to for the last few years.

To build consensus, you must:

  • Understand the buying group. Who exactly makes up the group that will be using the product or service? Typical personas that make-up buying groups include the end-user, the influencer, the decision-maker and the buyer. Identify the decision-maker and buyer quickly, as most issues in the process are hung up here.
  • Discover the primary pain points. What is the prospect solving for? It's essential to understand this clearly and distinctly show how your company can remedy it.

What happens when the buying group isn't in the same physical location? There are more points of friction added. Due to working in different places, and possibly even different time zones, many of these important conversations become scheduled meetings causing slowdown and frustration.

So how does one solve this? It all comes down to making the buying process frictionless; everything needs to be as easy as possible.

The answer is a virtual deal room.

Virtual Deal Rooms

A virtual deal room is a great way to make a great impression and edge your organization over the competition. Personalize these virtual rooms to provide a customized experience for each prospective customer.

Ultimately, buyers want to do minimal work—they've already done a lot of work leading up to reaching out to you. It's important to give prospects as much information as they need to keep their minds at ease. A virtual deal room becomes a one-stop shop.

Virtual deal room must-haves:

  • Video conferencing
  • Chat functionality 
  • Means to share documents
  • Easy to read and follow forms and contracts
  • Personalized content -- more than just a branded PDF or deck
  • Customized experience 

Virtual deal room produces an easier means to share materials about the product or service with additional stakeholders. It becomes the centralized location for all important assets and documents. The virtual deal room also

  • Becomes the primary communication channel
  • Provides transparency for all parties
  • Reduces time spent searching for essential items and managing assets
  • Supports group consensus by having each step of the sales process in an easy to navigate place

In turn, this can be the primary asset in one single link for your main contact to share to educate the rest of the buying group. Creating this strategic space will shorten the sales process's length and allow you to build empathy with the prospect.

"You have to prepare your customers when it is time to come to a consensus...It would be nice to have a preparation kit that helps teach the customer through the process diligently."
-Larkin Kay, VP of Sales Enablement at Ping Identity

Create an unforgettable buying experience and build consensus through a thoughtful virtual deal room. For a deeper look at a virtual demo room in action, watch the video below. You can also read How Yext uses Virtual Deal Rooms to Educate & Align a Distributed Team.