Time. Kills. Deals. Speaker Ken Smith stated this in his lecture. Customers are seeking responsiveness. As I was reading, this concept was echoed in the Forbes article : Today’s Customer Has a Need for Speed. No one wants to waste their time, especially a paying customer. The more time passes the more likely you are to lose a sale. This could be partially due to impatience but a large factor is respect. If customer is not being tended to in a timely manner, it sends the message that the company/salesperson doesn’t respect their time or inquiry. This article addresses a study by marketing expert Jay Bauer. The study revealed that for two thirds of customers, speed is just as important as price. That is a startling statistic. The study also revealed that the first company to respond has the advantage. Customers are looking for their needs to be satisfied. They simply want to make a decision and move on. The first company to respond automatically has the customer’s full attention. The customer is eager to fulfill a sale, and will be willing to pay the highest price to the first company to respond. Time kills deals is a crucial idea to be aware of in the work place. It is important to be prompt and timely no matter your personal schedule. This idea is one that I have not enacted enough, and I have witnessed the same results addressed within the article. Not being responsive in a timely manner results in a lack of opportunity. Even beyond making a sale, this practice also applies to getting a job. If a company is interested in your application and reaches out, the time in which you respond will greatly impact their eagerness to converse with you. Some of the most successful people are the most responsive ones. This is not due to their lack of a busy schedule but rather they understand their role in curating and pursuing opportunity.
By Meyersak24
2 thoughts on “Today’s Customer Has a Need for Speed- Forbes Article”
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Wow. I really like how you thought of something we don’t talk about much in class or in any class. Time is essential in any decision. Just like in economics, time preference plays a serious role in the sales process. The rule always seems to be that the customer prefers sooner than later, given the same qualities within the situation. Same goes for sales.
This is interesting, because I’m almost the exact opposite when someone sells to me! Obviously, I don’t want my time to be patronized, but if a salesperson moves too quickly, then I don’t want to buy from them because I assume that the product isn’t any good. I think that a balance between the two ends of spectrum needs to be employed more often in order to seem genuine and honest when selling.