Worldwide, business decision makers and influencers of trillions of dollars of commerce are migrating to a digital buying experience improving the precision, speed and convenience of their choices. They are looking for providers who understand and service their digital buying approach. For the next decade, not only will more buyers go digital, their digital needs will escalate not only as buyers but as customers. Laggard providers will certainly lose business as these buyers migrate to more digitization. When you visit the websites of most providers, it’s easy to see they have not given careful thought to this emerging and dominant buyer approach.
Every now and then you take on the role of the buyer. When you take on that buyer role, have you noticed what has changed about you? You’re going digital and you’re connected. As if by magic, the 21st century buyer enjoys the ability to research, create and share information like never before. Buyers will begin their digital buying experience before any provider is contacted. Choosing to embrace that fact can either make or break your company in the 21st century.
The Ascension of the Digital Buyer
Digital Buyer is a term that was created to help the provider focus on the changes they need to make to improve their revenue efforts. Here’s my description:
The Digital Buyer – Uses 21st century technology to do their own goal-driven research, shares on-line content and takes part in on-line conversations with trusted relationships before they contact a provider. Once they are engaged with specific providers, they expect the active use of technology from the provider to improve their experience. Finally, they create their...
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...y, the marketing department’s chief mandate should be to help the buyer be successful in the pursuit of their goals at each step. One of the key shifts that transpired is the end of information asymmetry that favored the provider.
The Creation of the Digital Buyer
The years between 2000 and 2009 could be regarded as the cradle of the Digital Buyer. Events and developments shape behavior. We went through some very turbulent socioeconomic times while our technologies continued to evolve. We experienced the dot-com shakeout, 9/11 and barely escaped an economic meltdown that was caused by what was supposed to be some of our most trusted institutions. I believe the impact of these events has shaped the overall buyer psyche for risk and the ability to grant trust. On the upside, during this time, technology transformed the buyer a more capable Digital Buyer.
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