Back in the spring, I wrote a piece about being Too old for digital. My suggestion was that the traditional rules of marketing still apply in today’s digital world even if the channels & strategies are different.
I listed the 12 P’s of marketing with product and price in their traditional first two slots. However as product and price converge perhaps some of the other P’s, summarized as a good sales experience, should move up the list?
Just to survive you must have a good product competitively priced. Your benefits list is likely to be similar to your competition and your price within a range. This gets you on the buyers consideration list, so what do you need to offer to win the sale?
McKinsey reported that customers want good products at fair prices but above all, a good sales experience.
This good experience might include;
- a comparison of how your product compares to the market
- just enough communication to feel wanted and informed
- a recognition of where on the purchase journey a customer is, how much information they have already gathered and what they now need to move towards a sale
- an understanding of how sophisticated the customer is and the ability to adapt accordingly
- a summary of how your product will improve a customer’s business and answer its challenges
Product and price will often but held up by the poor sales executive as the excuse for a lost sale. Improving both is usually costly and time consuming but essential if you are not in the market range.
Improving a customer’s experience on the other hand can be achieved quickly and at a relatively low cost. The results are often customers who are less price driven and easier to negotiate with because they enjoy buying from you!