With the rise of the internet and digital technology it has dramatically evolved sales. In the past there was a significant information asymmetry between the sellers and the customers. The salespeople held almost all the knowledge and the customer knew very little having to rely on the sales for the purchasing decision. Fast forwarding to today the dynamic between the seller and the customer has completely changed. Now customers have access to information at their fingertips allowing the customer to know just as much or more than the seller.
The asymmetry allowed for the salesperson to take advantage of the buyer which led to the stereo types of a salesperson. In the past the salesperson was the central point to the buying process. The knew the products features, pricing, and comparison to competitors. This left customers no choice but to rely on the salesperson to educate them on the product or service. Although many salespeople were very helpful and fair this asymmetry had many downsides. Salespeople sometimes withheld information or pushed products due to bias often creating much friction between the two.
In todays society the playing field between the buyer and seller have been leveled. This is thanks to the internet, search engines and social media. Customers can now access an incredible amount information on a product and in a matter of minutes know all they need to know about a product before buying it. The customer will know the products specifications, price, customer reviews and nearly everything needed to know all before even talking to the salesperson. This has even lead to many people skipping talking to the salesperson in general. Research from forester found that by the time a customer even reaches out to a salesperson most people have already completed up to 70% of their buying decision. This allows both the buyer and seller easy access to information creating information symmetry in the new world of sales.
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Great post! I loved learning about the information asymmetry between sellers and buyers this is a great reminder of that. It is helpful that we have the information we do as buyers to make informed decisions making it less likely for salespeople to be able to withhold information from the buyer.
Really great post! Something that you mentioned that I think is really important to remember is we in the modern age can simply look things up on the internet. I think that this is beneficial for the buyer because in long-winded decisions we can do more research into products and people.
Awesome post! I think that overall when we approach a sales call or a sales meeting it is super important that we know that the buyer can look up our products and is able to have the same knowledge about our products. But being able to understand this and offer value in advice is why people come to you to understand better how to handle their lives
I definitely agree that the internet has revolutionized the way people go through the buying process. I think now that there is more information available, the reputation of salespeople has improved since most customers will be able to spot if someone is being dishonest with them about a product.