Successfully addressing the asymmetry of information in B2B initial meetings

Simon Marshall founder of TBD Marketing explains how fee earners can overcome the marketing mismatch to take back power in business meetings.

In the digital-first world, information asymmetry in the buying process is now a fact. It’s up to fee-earners to decide how to respond to it, but failing to address it appropriately can lose business, time and money.

Information asymmetry in the buying process

In B2B initial meetings the imbalance of information happens because the buyer has much more knowledge of the seller than the seller has of the buyer.

Potential clients have done their research and they can easily see your values, beliefs and specialties from your blogs, social media, website and media coverage. So, when they make their first contact with you, they already feel that you’re the right person for them.

As a result of this, the expectations of the buyer and the seller are almost certainly not aligned, as the buyer is warm and the seller may be operating from broadcast mode assuming they need to pitch.

This imbalance of information can be a recipe for a cold, unproductive initial conversation, leaving both parties feeling annoyed or frustrated. In fact, fee earners can even agree to work they aren’t completely happy with, making false promises or turning a warm client off.

How can fee-earners address the imbalance?

When it comes to addressing the imbalance of information it’s not about sharing less, it’s about asking more questions and giving yourself breathing time to do your research. Your mental health and wellbeing will thank you for being this savvy from the start.

One effective way to do this is by using open-ended questions when a potential client first enquires. Getting to know them will empower you to secure a better deal and client relationship from the very beginning.

Ask them:

• What’s the real problem you’re trying to solve?
• What happens when you’ve solved this issue - how does it benefit you and your organisation?
• How much is solving it worth to you?
• Who needs to buy into this internally?

Other questions business leaders and professionals regret not asking include:

• Who else is recommended/ are you looking at anyone else?
• Is it a question of me just giving you a price and then let’s talk more?
• Do you have a budget?
• What are your plans and deadlines?

It’s also key to step outside of the bubble and not get lured into giving answers on the spot. Instead, slow it down and create some space. Just because someone enquires doesn’t mean they can have access to you that day. Yes, you may be trained to give fast answers and showcase your expertise, but it’s not always the best way.

Instead arrange another time, even the next day, to call the buyer back after you’ve had time to look at the imbalance of background information. This means you have a clear plan, you’re better prepared and you’ve reclaimed the power.

This is where a marketer can play a crucial part in helping you to plan, prepare and address the imbalance of information and take back the power in new client relationships.

Why do I react the way I do?

The bottom line is that humans are weird. We spend our lives craving recognition for our skills, expertise and profession but then, often, when it comes we resist it. We need to make a conscious effort to change this and stop the self-sabotage. If a new client has been referred to you someone has decided to recommend you because of your skills, and it’s their opinion that matters the most.

Should I embrace the asymmetry of information?

Absolutely, once you’re aware of the information mismatch you can use it to your advantage. A marketing expert will help you to evolve a marketing strategy that attracts more of your ‘ideal’ clients.

For this, focus on your existing favourite client, note down the traits they have, and start to market to their met and unmet needs. This will not just reinforce the relationship you have with your existing clients, and encourage them to refer you. It will also line up your new ‘ideal’ clients before they even need your help, and you’ll attract more of the work you love.

The more you put information out there about your services, and what sets you apart from your competitors, the more leads will flow your way, and the less you’ll have to take price cuts or attend endless networking events.

All you need to do now is get comfortable with how to respond when the new lead arrives.

Simon Marshall is the founder of TBD Marketing

Main image courtesy of iStockPhoto.com