Tag Archives: How to understand customer needs

Is the On Demand Economy Reducing Your Sales?

7 Dec

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The on-demand economy is growing exponentially, and the effects of this growth will be felt in every industry. If your business is not ready to change with the times, then you may suffer a loss in sales because of the new ways which business will be done. The now $57 billion on-demand economy is showing no signs of slowing down – as a matter of fact, more industries than ever are switching to an on demand model to satisfy the needs of their customers.

The Harvard Business Review reports that the on-demand economy brings in more than 22 million customers every year. The largest part of this economy is online marketplaces such as Etsy and eBay. People spend nearly $36 billion on websites like these. After this, transportation companies such as Lyft and Uber bring in around $5.6 billion in yearly spending. Third in line is grocery delivery services such as Instacart. Consumers spend almost $5 billion every year on food delivery.

A very telling statistic is that these on-demand services are being used by people of moderate incomes. Around 46% of the people who are using the on-demand economy have an income of less than $50,000. If the industry has already penetrated into the lower middle class, you can definitely expect it to expand far into the future. Savvy business owners are now looking into ways to incorporate the on-demand economy into business rather than fight or ignore it.

How exactly will the on-demand economy affect your sales if you do not jump when this new technology says jump?

First of all, if your business does not specialize in obsessively solving a universal problem for your buyers, you will have trouble making sales. On-demand means a higher degree of specialization. Not only that, but this specialization comes with a high degree of transparency, security, and convenience in the transaction. As on-demand expands into more industries, it will be virtually impossible to find a service that cannot be rendered immediately with a few clicks from a mobile phone or laptop.

Secondly, there will be an increase in the number of single service entrepreneurs. The on-demand economy is giving individuals the ability to scale to the level of a B2B company quickly. It is now quite possible for a single person with the right technology on his side to function just as well as a team of human beings. The customer, of course, does not care who is rendering the service as long as it is done correctly. These entrepreneurs are also highly skilled in very precise areas. If your business is in any way general, you will need to shore up your most profitable niche in order to compete with these niche ninjas.

The increased emphasis on entrepreneurship will also make it more difficult to find top talent for your business. As more people choose to work for themselves, you will not only be competing for customers, but also for talent. Your business will need to market its culture and the benefits that come with working for you in order to attract the human capital that you will need to stay ahead.

Personalization is now the norm. If your service is equal to that of your competitors, but you are able to offer a more personalized experience, you will come out on top 10 times out of 10. However, you will need to work quickly. Companies in every industry are moving towards personalization, so shore up your audience today.

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Personalizing Content to Empower Your Sales Team

7 Nov

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Marketing and sales must work as a team in order for your revenues to keep pace with your competition. Just as your sales team has the responsibility of finishing the job on the front lines, your marketing team has the responsibility of making the initial lead acquisition and journey through the sales funnel as easy as possible. If your sales team goes into battle with personalized content, they will be greatly empowered to bring home the bacon.

The modern customer demands personal attention. However, they do not want to be pushed into a sale. The goal of personalizing content is to create a relationship between the salesperson and the customer that will eventually translate into action. Here are just a few of the ways that your marketing team can help your sales team succeed by personalizing content.

Buyer Personas

Your salespeople are dealing with individuals, but those individuals definitely fit a certain psychology. Make sure that your salespeople understand the buyer persona of each customer. Forward them the email threads that go to different personas. Make them understand the differences in marketing to those different personas as well. If your front-line salesmen understand how you have introduced the company to certain people, they will be able to follow up with a much more personalized message.

CRM

Is there any reason that the marketing team knows that the big client’s CFO has recently retired and the sales team doesn’t? Is the sales team privy to the latest information about a prospect’s ability to make a purchase? It is very important to let the sales team in on all the real-time information that your customer relationship management CRM program gets from your prospects. This is yet another building block that your salesmen can use to create a personalized pitch when doing business.

Synergy

The best companies are now opening the doors of their marketing staff meetings to salesmen. No longer is a position on the marketing team seen as a promotion over sales – the two positions are treated equally in terms of determining marketing campaigns, advertisements, and social media rollouts. When the sales team has a say in the way that ads are rolled out, they will be more likely to understand the message that marketing is putting in front of prospects.

Regardless of your industry, your sales and marketing team must work together to create the personalized content that will empower your sales team to succeed. Otherwise, you are basically throwing spaghetti on the wall to see what sticks. Follow the tips above to ensure a close connection between your sales and marketing teams and the personalized content that will work well in the field.

 

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