Eric Goodman | How To Truly Understand Quickly WHY Your Prospects Buy

If you don't understand why people buy, you may want to kiss your career as a sales rep goodbye. Also, if you're having difficulty connecting with your prospects, you may not be able to reach your monthly goals either.

Luckily, your host, Donald Kelly, spoke with the perfect guest to help you understand your prospects better. In this episode, Donald interviews Eric, a business strategist and coach, about understanding the reasons behind customer buying decisions and how to improve sales conversion rates. 

Eric introduces the BANK framework, an innovative tool that helps salespeople connect with customers more deeply by understanding their personality types and values. This episode explores the importance of understanding customer buying behavior and provides practical strategies for sales success.

Understanding Customer Buying Behavior

• Eric highlights the need to go beyond traditional sales techniques and understand customers' underlying motivations.
• Salespeople often deliver the same pitch; some customers say yes, while others say no. Understanding why people buy is crucial to improving sales conversion rates.
• Eric emphasizes the significance of recognizing that individuals have different personality types, values, and decision-making processes.

Introducing the BANK Framework

• Eric introduces the BANK framework, which stands for Blueprint, Action, Nurture, and Knowledge.
• The framework helps salespeople identify and adapt to each customer's personality type, enabling effective communication and building customer trust.
• The BANK framework goes beyond gender-specific differences and provides insights into the underlying values that drive customer decisions.

Overcoming the Language Barrier

• Eric compares the struggle of ineffective communication in sales to speaking different languages.
• Salespeople often present their products or services in ways that resonate with them but may not connect with the customer.
• By understanding and adapting to the customer's preferred language, salespeople can bridge the communication gap and tailor their presentations to meet specific needs.

The Four Elements of the BANK Framework

• Blueprint (B): Represents individuals who value stability, accuracy, and organization. They prefer logical and detailed information that helps them make informed decisions.
• Action (A): Represents individuals who value excitement, speed, and results. They seek quick solutions and appreciate presentations that offer immediate benefits.
• Nurture (N): Represents individuals who value relationships, collaboration, and trust. They respond to personal connections and appreciate salespeople who take the time to understand their needs.
• Knowledge (K): Represents individuals who value expertise, data, and evidence. They appreciate presentations that provide in-depth knowledge and demonstrate credibility.

Implementing the BANK Framework

• Eric discusses how the BANK framework can be applied in sales scenarios.
• Salespeople are encouraged to assess the customer's dominant BANK code based on their preferences, communication style, and decision-making processes.
• Salespeople can tailor their presentations to meet each customer's needs and values by leveraging insights from the framework.

Understanding customer buying behavior is crucial for sales success. The BANK framework emphasizes individual personality types and values, and provides salespeople with a powerful tool to connect with customers authentically. 

You can increase the conversion rate and build stronger client relationships by adapting your presentations and communication styles to the customer's preferred language. Using the BANK framework will improve your sales perform