Lost opportunities.
Too often, in-store and on-line, after all the hard work in attracting, qualifying and developing prospective transactions, sales are being lost.
Processes, policies, information demands and countless, seemingly, meaningless barriers, filters and impediments – individually and collectively – are sufficient for intending clients and customers to depart, or for them to leave abandoned on-line, partially filled shopping trolleys.
Typically, competitive pricing, quality and value have peripheral roles in these frustrating, and costly, experiences.
This is opportunity-cost personified. The loser, the intending seller, is often the perpetrator.
GOLDEN RULE
In the prevailing, testing marketplace, the hard work is in stimulating interest, and generating consumer/client traffic in-store, on-line and via the phone.
Having captured both the presence and attention of those who are the source of revenue, it is important that the buying experience and journey are seamless, simplified, truncated and enjoyable.
Demands for additional information, assurances, guarantees and costs (foremost of which are freight expenses and credit card penalties) are sufficient to temper interest and demand.
Low and unacceptable sales conversion ratios cannot, and should not be rationalised, or tolerated by dismissing some consumers as “window-shoppers”, “carpet-crushers” and “tyre-kickers”.
Corporate and network-wide pledges to customer centricity count for little when compromised by bureaucratic baggage. Clear out the clutter.
ADD-ON VALUE
Throughout the current price-sensitive economy, little sustainable competitive advantage is likely by an additional 5% or 10% discount in prices.
Customers and clients consistently assign premium value to their own time and convenience.
Therefore, the Marketing Focus mantra does have universal relevance and application:
Expedite, to Excite
In many instances, the innovations, changes and operational disruptions incur little or no direct or indirect costs.
Moreover, once known, experienced and appreciated by customers and clients, the positive expectations are such that the business opportunity funnel is opened up to encourage and welcome more prospects.
In short, productivity (often measured in terms of velocity and volume) typically contributes to enhanced efficiency and effectiveness.
It is a two-sided coin, enjoyed by those who are buying, and by those who are selling and servicing. Now that is value.
BIASED TO ACTION
Embracing the philosophy concept of customer obsession implies that there are no compromises or qualifications in pursuit of exciting and delighting customers.
What is most lacking in the pursuit of attaining this idealised state is urgency, immediacy and action.
Obsessions are, or usually need to be fulfilled NOW.
Therefore, internal reviews of policies and practices should necessarily focus on WHY? and HOW? WHEN is not an issue.
Moreover, orientations to WHY NOT? and NOT POSSIBLE? are misplaced and self-defeating.
To some, a bias to action will involve risk. Rightly so. Managing risk and risk tolerance are the arts of leadership. The alternatives include closing down, or disposing of the business, products, services and team.
LEAKY FUNNEL
Business opportunity funnels have become increasingly leaky during the past 5 years. The trend and rate will increase, in some instances exponentially, unless and until such time as a tight focus is developed and implemented to become increasingly biased to action. That is, to simplify all practices, increase interaction with and engagement among existing, prospective and past customers.
For some, that will involve re-invention. In a rapidly changing marketplace, self-induced obsolescence has many virtues. It is usually better to make yourself obsolete, than to allow competitors and substitutes to do so.
OVERCOME RESISTANCE
Resistance, and push-back to strategic and structural change is expansive, particularly among those who are comfortable with the status quo.
Like just the 1960s British rock band of the same name, the ranks of status quo are thinning. That which is left is aging, rapidly.
Therefore, self-belief and inner-drive are to be recognised, applauded, supported and celebrated.
In law, the onus of proof lies with the prosecutors. However, throughout commerce, the prosecutors of disruption, innovation and change can rightly expect and demand of the nay-sayers to provide the proof and substance resistance to simplicity. Moreover, they have the backs of customers and clients.
There. Simple. But, never easy. And, it’s on-going.
Barry Urquhart
Marketing Strategist
Marketing Focus
M: 041 983 5555
E: Urquhart@marketingfocus.net.au