Not all business people have enough knowledge, or perhaps will, to use digitally-enabled tools to better customer and employee experience; and in the process, create sustainable differentiation. Of the thousands of businesses expanding their business online, only a handful employ the latest tools to make sure they're targeting and hitting the right audience.
Once you've analyzed your market and zeroed in on your potential buyers, there are certain things that you need to do in order to convince them to buy from you. First, when it comes to having a website, there should be the element of immediacy. Just look at how Amazon and Uber utilize business models with focus on the instant gratifications. And there's no stopping this "now" mentality because it will only continue accelerate further.
The second trend in the online industry is personalization or the "I want what I want" factor. Customers are expecting to experience personalized and customized services from you. That remains the same regardless of the product or services. It could be custom portfolios and investment products from financial advisors or maybe personalized stylist recommendations. Whatever it is that you offer, your consumers will also expect to meet providers who deliver tailor-fit solutions.
Then there's the element of ubiquity. Online shoppers are quickly developing this mentality that if they want it, they should have it wherever and however they want it. Omni-channel is becoming a household term for them as they want to access whatever channel they desire, do transactions on their own and interact with retailers on their own terms at any given time.
Consumers are also getting control over information, and you are handing them the keys for free. With a plethora of sources online - be it statistics or testimonials - consumers are the ones defining you and your brand. They could post on blogs, peer reviews, and in the process, gain more information that would either make or break your name to them. Given the overload of information, you get consumers desperately wanting someone who would step in and remove the clutter to educate them while entertaining them in the process too.
Lastly, there's the element of congruence, which is defined by consumers wanting their experience to fit into their lives, and seamlessly connect across different channels. Basically, they want you to give them a unified buying experience.
So given these latest trends and the general change in buyer perception, as well as behavior, how do you keep up? The first logical step is for you to understand that three needs of consumers today:
1. Context
2. Empowerment
3. Engagement
Disruption of Value Chain
One of the best ways to address these needs is to create a value chain disruption. To disrupt is to increase the ratio of elements that add value along the path to purchase. There are three strategic steps to do this:
Look for ways that you can use to reduce the processes that add little to no value, but stand in the way between your customer and a sale. You can add quick checkout buttons, for instance, so that should a consumer realize the need, he/she can quickly fulfill that need by buying from you.
You have to understand how the transaction changes or affects your consumer's life in general. This way, you can address the big needs first before you can focus on the details.
Challenge what it means to become a service provider. You don't have to succumb to the norms, especially if your business plan is to deviate from it in the first place.
