US businesses are in the midst of a dangerous crisis...truly. Just last week I was talking with an individual that believed customers would rather shop online and when customers stop buying, you're screwed. Period. There is nothing left to do. But that is very wrong according to Martyn R. Lewis.
Faced with years of declining profit many companies don’t understand why people are no longer buying their products or services. Lewis, who spent 15 years researching businesses and their buyers, watching their every move, believes the problem is clear: companies aren't aware of the customer’s buying journey.
The old business strategy where owners set up shop and show customers an assortment of ideas that can pick form is long gone. The salesperson or owner used to move the customer through a process that will somehow close a deal but Lewis believes today the customer is defines the process. The breakthrough is that, unknown to your customers, they are all using the same process or DNA as Lewis puts it.
Building a better mousetrap used to be good enough to win business, but those days are gone says Lewis. Indeed, a previous guest David Burkus calls this the mousetrap myth. So, what is this process that drives customer purchase habits in this new era of business? There are six elements, and sadly we tend to trivialize them.
Lewis also touched on the fact most businesses have different end points for a new purchase and missing this, means missing out on future sales. As an example Lewis suggest a foreign language service. The business goal may be to get a customer's credit card info and have them buy a course, but their goal is to speak fluently in a country they are vacationing to. This is a big misunderstanding in the customer buying journey.
We also touched on 9 major buying concerns, which are BIG eye openers for anyone selling, as they can easily derail a purchase you thought was in the bag. Those are process, individual, organization / politics, priority, alternatives, business, implications, fit and change.
If you have hit a wall or want to grow in your business, I've bought this book and you should too!