The Internet-Empowered Buyer
Here are 10 questions to get us thinking about the internet-empowered buy / sell decision-making process. The questions are all asked of the buyer. By examining the buying decision methods, we can then examine our sales efforts.
NEWS
[1] T or F In our roles as buyers, over 90% of all we learn about new ideas, new products, time and money saving ideas we learn through TV, or the internet. The other 10% comes from friends, print media and _______.
[a] If you disagree with the 90 / 10 split, what split would you suggest?
[b] In the 10% other, what sources would you add?
[c] One exception to the above is a truly unique product or service that is targeted to a very small and select pool of prospects, and is very expensive. Can you think of other exceptions?
[2] T or F I never use the internet in my buying decisions.
[a] My guess-timate is that this might be 25% of the buying public. What is your guess-timate? And, do you think that this percentage will be increasing or decreasing in the days and weeks ahead?
GATHERING DATA
[3] T or F In our roles as buyers, when we do discover a new something that might
be helpful to our lives or businesses, we always begin by finding more information on-line.
[a] The question pertains to something new and not readily familiar to you.
[b] Other than researching on-line, what else might you do to learn more? Would you seek out a sales person and request a visit? (Be very interested in this Q and A)
[c] Ask further if brand loyalty plays here. If we are re-ordering, do we always rely on that which has served us well in the past? Might we also stay within a brand for this new item, given our satisfaction with their other products? Do we also pay heed to what brands our friends and neighbors use, without even asking!
[4] T of F In our roles as buyers, we do not want to be informed by a
“salesperson”.
[a] We post “no solicitation” signs on our office doors. We “opt-out” of any and all emails that sell too hard and too often. We post our telephone numbers on the “do not call list”. We hang up on telemarketers as soon as we know that they are one.
[b] If you know any sales people today, ask them how productive their cold calling efforts are? As buyers, it appears that we do not trust sales people, especially when they call us first.
[c] Do you think that this trust level is increasing or decreasing further?
[5] T of F As a buyer, I know how to search and find information on the internet.
[a] Though I may not consider myself to be “computer-savvy”, I know about “googling it” and using search engines and how to refine a search.
[b] On LinkedIn I can see recommendations.
[c] On Twitter, I can ask for opinions and comments.
TIME AND TIMING
[6] T or F As a buyer, I have no time to listen to a sales person and sales pitch.
[a] Our lives are overcrowded. From the moment we awake until we go to bed,
we are all programmed to be there, here and there again. Finding time for rest and
relaxation is hard enough. Finding time for a sales pitch is not going to
happen….or if it does, it must be very quick and right to “the buyer’s point”.
[b] If and when we must make a buying decision, we will do this when we have the time, which is usually late at night or very early in the morning or on the weekend or on our much too short lunch breaks … and 90%(?) of the time, it is done on-line.
[7] T or F In our roles as buyers, we are considered prospects when we are actually
in the market looking to buy something. We are considered to be a “suspect”, when we share the same demographics of prospects and those who have bought before. The key difference is that as a suspect, we have no immediate need, want or budget to buy. Here’s the T or F question, as a suspect, being without immediate need, want or budget, I have no interest at all in speaking with a sales person.
[a] If you have, do, or would speak with a salesperson when you are not needing or wanting to buy anything, please explain your reply.
ECONOMY
[8] T or F In our roles as buyers, when funds are tight, we research our buying
decisions more, we consider more options and we want the very best for our buck.
TRUST
[9] T or F As a buyer in the above economic environment, we trust a sales person
to give us the best advice.
[a] most all of us have been lead astray by a sales person “doing their job” of promoting their product and thus earning a commission. Most of us know how this game works, sales people are paid to be loyal and enthusiastic about their company’s product. Take away the money, would they really recommend their product? Many of us earn our living to endorse and sell. It is not always obvious that we are being paid to do so. There is a new FTC reg becoming effective this year, that any and all product promoting on-line must disclose if the promoter is being paid to endorse, and/or if the promoter is getting free product for their efforts.
[10] T or F I never give the names of my friends and neighbors to a salesperson.
[a] This sharing of names is called providing referrals.
[b] Please note the question pertains to sharing the names with the sales person, which occurs most often before any work is done, or before the product is used.
[c] If you do provide referrals, would you share your thoughts?
Here is a summary of the internet-empowered buyer:
[1] We are a very large segment of the buying public and growing.
[2] We get our news from TV and the Internet (social media).
[3] We do research on-line.
[4] We don’t trust sales people and we don’t have time for them.
[5] We are 24/7 in our buying and decision-making efforts.
[6] We make informed decisions. (Very-informed when funds are tight.)
[7] We will refer a friend to a website, but we will not refer a friend to a sales person.
[8] Our friends are like us. They are internet-empowered buyers.
Okay so far? Are we on target or way off? And / or so what?
Let’s change hats. How do we sell to this market?
As sellers, how can we communicate and sell to this internet-empowered buyer?
First, recognize that these internet-empowered buyers are part of any and all markets. Re-examine the quiz in terms of B2B, B2C, B2G … any and all markets. This is a new element in market reality. Today’s buyers are internet-empowered and their numbers are growing.
Is it time to evolve our old school methods of prospecting that are so tedious, unproductive and perhaps damaging today? Their ROI is poor and getting worse. Telling your sales reps to make more calls is like telling the crew of the Titanic to bail faster.
This article itself is a new marketing method, and I have several other methods, strategies and ideas that I am happy to share, but only with those of you who might be interested.
Would you like to know more?
If so, please email me and I will share them with you via email. No one will ever call you, unless you ask for such a call. I know that if and when you want to buy, and have the budget to buy, then you might consider my services, do your research, and make your best decision.
I welcome your emails. Feel free to disagree and feel free to spread this word. Forward this to a friend or colleague and let’s get their input.
Our stock market seems to be improving and perhaps we are escaping the recession, but there are still way too many cold-call happy sales teams out there who are avoiding the new market realities. Let’s start playing more to the new market rather than to the old one.
I have more ideas on these new markets and methods, and I’m sure you do too. Please join me, email me and let’s pool our ideas and start using some sales techniques that suit this internet-empowered buyers market.
