In
a world that has gone global, there has never been such stiff
competition. Many companies are finding themselves in a much commoditized market place. Even those companies that may have a
differentiated product are finding themselves in a commodity buy,
because that is how prospects or customers view their purchase
decision. It’s no longer about what you sell - as much as it is about how you sell - that will dictate you chances of success.
Think about it. We have all been through a “purchase experience” that was anything but pleasant. For some, it was purchasing a car from a
stereotypical “used car salesman” or an over-the-top pushy life
insurance salesperson. For most of us, it was not the features or the
uniqueness of the product/service that lead to purchasing (or not
purchasing) as it was the experience of the process. It is a well-known
fact that companies who create a superior purchase experience are able
to truly differentiate themselves in the marketplace.
According to Sales Executive Council,
research of over 5,000 business owners, C-suite executives to end
users, purchase influencers, procurement officers, and even third-party
consultants, revealed that only 38% of customer loyalty is attributed to
the effect of your brand, product, or service. That is much lower than
most would expect. The surprising part is that 53% of customer
loyalty was attributed to the purchase experience.
When you consider that 70% of customer’s purchase experiences are
completed before the first contact with a salesperson is made (Sirius Decisions),
how you engage your audience online will be the biggest differentiator
your company will have against the competition. How you optimize your
customers’ experiences on your website, lead nurturing and on social
media, sites to create an online connection socially, emotionally, and
visually will ultimately lead to your success and differentiate you in
your prospects’ minds. Also consider that many companies have spent a great deal of time and
energy focusing on building their brand, product and value to a point
where only 15% of the benefits companies tout are seen as unique or
relevant by their prospects and customers. It really only leaves the
purchase experiences as your competitive advantage.
In the past, companies competed based on things like manufacturing
and distribution strength, the power of information. Today these
factors are non-existent. Empowered customers are changing every
industry. The successful companies will be customer-obsessed, like
Facebook, Best Buy, Apple, and Amazon.com. In the digital work, there
no longer are barriers to potential entrants or substitutes -
competition can come from anywhere. Customers have real-time
information about pricing, product features, and competitors. They hold
all the advantages. The only sustainable and defensible source of
competitive advantage is to concentrate on knowledge of, and engagement
with, your customers. In essence, building your unique purchase
experience.
Executives must become customer-obsessed and pull budget dollars from
areas that traditionally created dominance — brand advertising,
distribution lockup, mergers for scale, and supplier relationships — and
invest in such areas as real-time customer intelligence, customer
experience and customer service, sales channels that deliver customer
intelligence, and useful content and interactive marketing. Those that
master the customer data flow and improve frontline customer staff will
have the edge. In order to achieve this, consider the experience your prospects
receive when they looking to buy the product or service you sell. Did
you grab their attention by fully answering their questions as they go
through their purchase experience? Did you make an emotional connection
with them? If you can’t answer “yes” to these questions, think of your
own purchase experiences and which, if any, stand out as being
superior. Facilitating great purchase experiences for your customers
may be the most sustainable competitive advantage that you can hope for.
When done correctly, creating a unique purchase experience for your
customer base will be difficult for your competitors to imitate. This
will create a tremendous value for your brand. That’s because in order
to be done correctly, you need to share the true essence of your
company’s culture, combined with how you can assist customers through
their personal purchase experiences. That means that no two companies
will have the exact same tactics. While their customer’s purchase
processes may be similar, it’s the company that maps that process and
shares of itself and it’s culture that will come out on top. Not the
ones that copy their competitor’s strategy.
In reality, creating a positive purchase experience will make your
marketing much easier because you will be speaking from the heart and
help solve their prospects’ problems. Taking these steps will lead to
long lasting relationships with customers as well as make your company a
very desirable place to work as both your customers and employees form
an emotional connection. That’s because you will connect with them at
their points of emotional escalation and facilitate trust with your
company. Remember, it’s starts and ends with your customers. If you
can create a process, culture, and a system for consistently delivering
great purchase experiences, your company will be both unforgettable and
unbeatable.
http://sbinfocanada.about.com/od/socialmedia/g/socmedmarketing.htm
http://www.strategycentral.org/2011/06/its-not-what-you-sell-its-what-you-stand-for.html
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