find, keep and grow your customer

April 24, 2008

How to Compete and Win More Buying Processes

Some say speeches transcribed into papers or articles lack the emotional delivery of it’s original intent. I say content is content. You be the judge. This content was created for a recent presentation to the Executive Round Table at the Georgian Club in Atlanta.

Don Rigby, Member of GrowthANSWERS, President of Integrated MARCOM, Inc.

You’re thirsty–really thirsty.

Your brain has registered a need and desire you want to satisfy. To quench your thrust, you choose to go to a vending machine–this is the first step in the buying process, one driven by convenience and instant gratification. As you face the machine, your conscious and subconscious minds race toward a decision.

Let’s imagine this vending machine is unique. You have your standard Coke and Diet Coke options–here’s a thought process we’ve faced before and we already have preferences to call on to make this a near automatic decision. We have a Tropicana Juice option–maybe a health consideration comes into play. And then there’s Crystal water–no calories, no sugar, no caffeine, no guilt and fundamental to quenching thirst. Because this vending machine is one of a kind, you also have Budweiser and an Absolute Martini to choose from. Now, an entirely new suite of emotional and logical gymnastics comes into play.

Before you pass through this “Moment of Truth” and press the button reflecting your final decision, you have endured a buying process. This one is simple. Each branded product satisfies the need to quench your thirst, each with additional rewards, benefits and advantages. And unless you’re in the office in the middle of your work day, your choice is fairly risk-free.

A more complex buying process might include multiple decision makers, higher cost, longer timeline and far greater risks. In a previous life, I was responsible for Million Dollar software projects for manufacturers–an emotionally-charged buying process by a committee of decision-makers. The system integrated every operation impacting all employees from top to bottom as well the investment community in the case of publicly traded companies. Personal careers and livelihoods were at stake. I suspect the purchase decisions you manage rest somewhere between these 2 extremes. So why is this important? No matter what industry you’re in, no matter what size or maturity of your business, if you choose to grow your company, you’re choosing to compete for a larger number of purchase decisions. Make it easy to choose you. The more you compete, the more you win.

OK, I can hear you thinking out loud–this is a function of more leads, right? Think again. It’s a more effective function of attracting the right prospects who need and want what only you can provide. So to win more, compete on your terms. How do you do that? Caution: Objectivity is important–you may not be able to do this alone. Here are a few questions that can lead you to GrowthANSWERS.

Strategy

  1. What business are you really in? What end-result benefit do you give customers?
  2. Who are your best customers and why do they buy from you? What do they say about you?
  3. Who is your competition and what is their Promise-to-Customer?
  4. What can customers purchase from you they can’t buy anywhere else?

Unified Messaging

  1. Can you clearly articulate what you do, for whom and why someone should do business with you? In the eyes of the customer, is it compelling?
  2. Is the story consistent among all storytellers–sales team, customer service, website, letters and literature?
  3. What is the single most important message you must communicate to ALL your target audiences?
  4. Have you implemented tactics and communication systems to build relationships with your company throughout the entire customer lifecycle?

Sales Execution

  1. Are your sales processes documented and your team held accountable?
  2. Do your sales processes mirror the buying process of your customer?
  3. As opposed to traditional selling, have you adopted a nurturing philosophy to help clients buy?

Sustain

  1. Do you measure, monitor and manage Key Performance Indicators (KPIs)?
  2. Have you adopted a perpetual improvement process that embraces change?

You have read more questions than answers for a reason. I’d like you to view your business from the customer perspective. If you can do that objectively, you’ll take the required action and usher in changes that will make it easy for the right prospects to choose you every time. Here’s another resource that will enlighten and inspire. It’s the Growth Gap Self Analysis tool from GrowthANSWERS. The outcome of this evaluation will help you understand where your greatest obstacles to growth exist. Closing these gaps leads to exponential and sustain growth–2 qualities that define GrowthANSWERS.

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