Things aren’t always as they seem…especially in business.
An early win can often create a feeling of strength, stability and viability:
* Early adopters buy
* We satisfy a pent-up demand for a product or service
* We sell our friends and family
* We skim the cream
* Delusion sets-in
One of the most important concepts I teach in a marketing management class is WTP-A.
Willingness to pay, again.
A business can enjoy a brief moment as new customers are willing to pay…the first time. In itself, this is not an easy feat. Obtaining trial of a new offering is difficult. But achieving trial is not necessarily a sign of a business destined for success.
After a customer pays the first time, an evaluation of value occurs very quickly. Buyer’s remorse can set-in regardless of the price of the item. It seems like every time I buy a candy bar, I regret the purchase and promise to never buy another. My willingness to pay again has little to do with the sticker price.
- Write a thank-you note
- Ask the customer to purchase again or to purchase an add-on.
- Offer on-going training (if relevant). Make sure your customer gets every ounce of value baked-into the purchase.
- Maintain the process of engagement.
- Do personal interviews with as many customers as possible. Learn. Change.
Process is the great change-agent. Early success is simply an outcome. Commitment to defining and executing a process of customer attraction and repeat purchase increases long-term viability.
Today’s cash register receipts can be a mirage… formed with tactics.
A pipeline-full of process is a leading indicator. And strategic.
“When all else fails there’s always delusion.”