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.

 

waiting

More marketing effort is required to gain re-purchase than is required to gain the initial transaction.
  • 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.”
Conan O’Brien

 

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