In the launch post of this series, I shared the importance of testing for exceptional utility. The reason this is so important is simple. Many industries, most in fact, will have to reassess how customers are experiencing the product or service offered.
The safety of customers, clients, employees, staff and more will all become a first consideration. All liability for that safety will rest on how the buyer experience is planned, implemented, and monitored.
It is imperative that companies assess these factors. The greatest blocks to buyer utility often represent the greatest and most pressing opportunities to unlock exceptional value. Building value and value innovation that naturally follows is what leads to blue oceans of uncontested market space.
The buyer experience defined: It is summed up as the entirety of the customer experience.
The cycle, as measured by Blue Ocean Strategists includes the following stages.
In this post, we’ll cover stage number one.
Purchase. What are the appropriate questions to ask as it pertains to the purchase stage?
- How long does it take to find the product or service?
- Is the place of purchase attractive and accessible?
- How secure is the transaction environment? It’s today’s world, this is also translated to how safe?
- How rapidly can one make a purchase?
You are beginning to understand the considerations one must take into account to properly determine how the customer experiences the purchase phase.
In addition to these stages, are necessary levers. To properly lay out a grid that allows useful comparison of your offerings to that of competitors six levers are used for a vertical access.
These levers are listed here.
- Customer Productivity
- Fun and Image
- Environmental Friendliness
The grid looks like this.
The use of the grid now becomes more apparent. A company has to ask, where is the purchase experience for my buyer falling short of their expectations? What part of the experience represents blockages to convenience, risk or fun? ,
In the 2020 business environment, the purchase stage of the buyer experience cycle has never been in more flux. Entire business models have been wrecked, modified, or are in process of change over risk and environmental friendliness.
What are you doing to continually assess how the changing environment for your buyers is affecting how they purchase from you?
In the next post we’ll discuss the role delivery plays in the buyer cycle.
If I may be of any service relative to these questions, remember my continual standing offer of a free hour long zoom call about your business. I’m truly interested in what is going on with my readers and followers. Schedule a time for that chat here.
Sherman G. Mohr is an Insead Certified Blue Ocean Strategist located in Nashville, TN.