What is a Buying Signal: definition and examples
Understanding whether a prospect is willing or ready to buy can be a real challenge. Luckily, there are basic standards that define how likely a person is to make a purchasing decision.
These standards are called buying signals. They are useful in sales and marketing and help identify who to focus your efforts on. Noticing buying signals is key to a better understanding of prospects’ needs and pain points to improve your sales process’s efficiency.
What is a buying signal?
A buying signal is an action indicating an opportunity for a sales representative to make contact with a prospect. It helps determine how much a person needs the product or service so that a sales rep can concentrate on those who are most likely to buy. With buying signals, you may define when a prospect needs your offer.
For B2B sales and marketing companies, buying signals are of great importance, as they can help track the most promising leads, saving time and closing more deals. You can find them at various steps of the buyer’s journey. Some buying signals may occur when prospects visit companies’ websites. Others may happen during conversations between leads and sales reps.
Examples of buying signals
Buying signs depend on what your company is offering, as well as on your sales methods. Here are the main buying signals that occur during the meetings (both online and offline) between the company and prospects:
1. The prospect has an interest in one particular thing
When people are interested in a specific product or solution, it means they’ve done the research and are now serious about buying. This signal can be identified either in the course of discussion between a sales rep and a prospect or on your website. Frequent visits to a product web page show a growing interest.
2. The prospect is interested in case studies
People who are looking for case studies on your website or asking about your other customers’ success stories think about how they can improve their business in the same or better way. Provide them with case studies close to their issues to illustrate how you may help them with a solution.
3. The prospect signs up for a free trial
Signing up for a free trial or another beneficial offering is a strong indication that someone is interested in the product or service. Lead generation tools can track this action, which makes your life much easier and helps you generate leads at scale.
Prospects may not use the trial right away, and it’s OK. They can be uncertain of how to use it. Make sure you’ve prepared an automated email campaign with the provided tutorials or tips on how to work with your product or service to increase the prospects’ interest in your solution.
You can also offer call meetings with customer success managers who can walk your clients through the trial. The more personalized experience prospects get, the higher the possibility they move to another step in a buyer’s journey.
4. The prospect asks about the price
Asking about the price during a meeting usually means that the prospect is at least considering a purchase. Still, some sales reps get afraid of the questions like, “How much does it cost?”, “What’s the best price you can give me?” or “Are you giving discounts?” They think their price can discourage people from buying.
But you don’t have to worry about that. Prospects are inquiring about the price because they are trying to figure out how your solution fits their budget. So if they give you this signal, move towards closing a sale.
5. The prospect asks the ways to pay
When the questions like, “How can I make the payment?” or “When do I need to make the payment?” enter the game, be sure the prospect is ready for making a purchase. Be prepared for such questions and provide the most convenient options.
6. The prospect asks about terms and conditions
Prospects who are asking for a warranty and policy of your company are close to decision-making, and cutting a deal is around the corner. This is the step where you can make them trust you.
Buying signal is identified, what’s next?
Identifying buying signals is useless unless you interact with your prospect and make an offer. Make sure you have a clear plan on how to move from buying signals to sales actions, ideally within 24 hours from receiving a lead.
When you interact with a prospect based on an actual reason, you have all the info to provide a personalized offer. Don’t miss this opportunity. Customize your sales pitch according to your prospect’s interests and the situation. People you are reaching out to shouldn’t doubt why you are talking to them now. They should also realize that your offer is what they need.
If you already have a long list of prospects, use buying signals to prioritize which prospects to focus on first.
Wrapping it up
Buying signals increase the opportunities for B2B sales professionals. Identifying prospects’ intentions to buy help build the right sales strategy to close a deal. By tailoring your sales to buying signals, you automatically prioritize your prospects and succeed in sales.