Unicorn is a widely used word today and most often it is used in the business / start up world referring to one of the many that stand out (magically).
Symbolically Unicorn refers to a mythical creature associated with magic, miracle and enchantment. If you read about the origin of Unicorns you will realise that there is no clear evidence if these creature ever existed. While Unicorn get referred to in various ancient texts and even the Bible it seems that all the cultures have created their own interpretation of this animal. They have also been found depicted in ancient drawing and caves so I guess the stories have some evidence and many debate if this mythical creature is partly true and partly a figment of imagination.
Any case not to debate about Unicorns in the article but my reference to context in how they make their appearance in buying decisions!
We all know we are living in a risk aversive highly competitive marketplace today. Making buying decisions specifically for high impact strategic projects is becoming more complex than ever before. CSO Insights states that on an average there are more than 7 people getting involved in a buying decision to be made. These 7 people could be representing different business functions and hence have different priorities and even different dimensions of the project / solution in their view. As these buying influence come together to create a solution image of what would fit their requirements, sometimes this solution image is pretty much like a Unicorn. No one has seen it yet everyone believes if they found it its magical and miraculous attributes will fulfill all their needs. This Unicorn is self-created so while it is inspired by what others may have bought but may have some additional dimensions that may be unique to the creation of the Buying influences. It may be a horse with a single horn but may have 2 pink and 2 blue legs !
I am not being sarcastic or funny (maybe a little) but this was a metaphor shared by one of my buyers and kind of stuck to me. The challenge is not the Unicorn but this unstated belief that they will find a perfect solution without defining what perfect looks like or prioritizing how much of a departure from the perfect is acceptable. As a result a lot of time, energy and resources goes into the buying process and some parties begin to lose interest as more elements keep getting added up. To top it up we know Perfection is never in the product / service or solution per se but in its application / usage.
So here are 7 best practices to look at when chasing the Unicorn in your buying decisions (as captured from buyers getting involved in large strategic purchases)
- Be objective – identify key measurable criteria
- Begin with the end in Mind – what would be the measure of success ? What’s the time to success? What’s the journey to success?
- Prioritize – define the “need to have” & the “nice to have”
- Be realistic – If no one has ever bought it maybe it’s for a reason !
- Start small – reduces the risk of failure
- Build ownership and accountability – everyone wants the Unicorn till they don’t have to go looking for one !
- Educate yourself – buying is a process of knowledge acquisition (learn and even unlearn)
While this article is focused on Buying, this is equally important for sellers. If your buyers are chasing a Unicorn use the above 7 points to bring perspective to your sales conversations.
