Are You Missing Your Biggest Opportunity For Growth

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  • August 25, 2015
Your Biggest Opportunity For Growth

When preparing for my NY NOW presentation, my team and I conducted some informal industry specific research related to digital marketing and here’s what we found…missed opportunities.

Missed opportunities to attract and acquire new clients.

Missed opportunities to add value and help existing clients.

Missed opportunities to grow revenue.

Although my lean greenbelt training has taught me not to assume or jump to conclusions…I feel that the missed opportunities are simply a misunderstanding of how today’s buyers think, act, and do business.

Do you want to learn how to better prepare yourself for today’s buyer?

In today’s article I will walk you through the buyers journey and show you how search works from your customers perspective and how that process can help lead you to new business, new relationships, and more growth.

The Informal Research

In order to better understand where our industry stands in today’s digital world, my team and I did a little informal research. We looked at websites, social sites, engagement, and search.  Here’s what we found:

  • Only about 2 in every 5 websites were mobile responsive
  • Only about 1 in every 5 sites had a blog/content strategy
  • Most companies had a social presence on multiple platforms, but…
  • Most companies did not engage on social

Although I find these results painful, I’m a cup half full kind of girl and I don’t consider this a problem…I see it as an OPPORTUNITY.

Opportunity For Growth

It wasn’t all that many years ago when we (companies) had the upper hand in the buying game. We had the power because we held the information.

If a potential client wanted to know about our products, pricing, or anything else for that matter…they had to contact us and ask.

But that’s not the way it works today.

Buyers behaviors have changed and they now hold the power…they are in control. At the tips of their fingers, they have access to anything the want, need, and desire.  All possible because of the internet.

According to KPCB here are the current internet trends:

  • Internet usage in 2015 is at an all time high of 3.17 B users
  • Mobile phone usage 5.2 B m users
  • 64% of American adults now have smart phones (and it’s their key entry point to the online world)
  • Time spent per adult per day with digital media in USA is 5.6 hours/day, of which 51% is spent on mobile

So….if you don’t have a mobile responsive site — get one. If you’re not providing consistent, valuable content — provide it. If you’re not engaging on social — engage.

These are quick and to the point opportunities, but let’s look specifically at SEARCH and see where the real opportunities lie.

The Buyers Journey

Research shows that roughly 70% of purchase decisions are made before they reach out to you. That’s right…70% of potential buyers have made up their mind before they walk in your store, before they call your sales rep, and before they buy.

This process is called the buyers journey and it usually involves roughly 10.4 sources (touch points) before a buying decision is made.

To better understand this process, I’m going to walk you through how this works.

Let’s assume I want new lamps for my living area and I’ve heard that shade size matters. Since I know nothing about how to determine the best size of shade, I do what most people do and I go ask “The Google”…

how-to-measure-lamp-shade-1

The results showed many different articles and videos on how to measure a lamp shade. I decided to go with the article in the number one spot and here’s what I found….

how-to-measure-lamp-shade-2

They had a great article on how to measure a lamp shade. The article was informative and included a number of photos with measurements. They included a great “how to” video and provided links to several other related articles.

At this point I decided to see what products they offered and clicked through to one of their lamps. The page was clean, had great photos of lamps and optional shades.

They included detailed photos of what the lamp looks like in a home settings and another video on this specific type of lamp.

how-to-measure-lamp-shade-3

how-to-measure-lamp-shade-2

So what this simple article has done is start the trust building process. It has sent a message to the potential buyer that this company cares about them. That they want to provide them value, understanding, and education.

Lamps Plus has won what Google refers to as ZMOT – Zero Moment of Truth. And because of this, Lamps Plus stand a greater chance at winning this potential buyers business.

Over To You

Here’s the truth…today’s buyers have changed. They want information when and where they want it and if you’re not there to answer their questions, your competitors will be. There are many opportunities to help you grow your business, but it’s no longer ok to ignore the impact of the internet and mobile.

I would love to hear what you’re doing to attract, acquire, and retain clients. Do you have a content strategy? Do you have a mobile strategy? Please share your thoughts in the comments below.

Thanks,

Shelia
www.sheliabutler.com

 

 

 

 

 

 

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About Shelia Butler

Shelia Butler is a growth strategist who shows entrepreneurs how to STREAMLINE and GROW their business. She works hands-on with To-The-Trade professionals helping them with their key strategic and business issues by leveraging her industry expertise and problem-solving rigor to help them make informed decisions more quickly and to solve their toughest and most critical business challenges. Shelia earned her MBA from Baylor University and was the former Co-Owner and Chief Operating Officer of Aidan Gray Home. After selling AGH in 2010, she started a consultancy practice to help other business become more organized, repeatable, and profitable. Shelia is the Producer and Host of To The Trade Radio and Successful Women Talk.