One of the most talked-about scenes from The Wolf of Wallstreet, the film about former stockbroker and convicted felon Jordan Belfort, focuses on a simple request, “sell me this pen.” Conduct a Google search of the statement, and numerous links to articles, videos, and blogs about sales and interview strategies will appear. I know what you are thinking, and I promise you are not reading another article about the art of selling or nailing an interview. This piece is about the importance of value. Selling a pen to a new customer is worth a high-five, but inspiring an existing customer to purchase your pens for life, sustains a business.
Companies often dedicate ample time and resources to generate sales and neglect building client value. When consumers buy your product or service, they evaluate how the purchase meets, surpasses, or falls short of their expectations. You can spend all the time and money you want on marketing and selling your service offering; however, it will damage your brand’s worth if it does not meet or exceed your customer’s expectations.
According to researchers, it takes seven seconds for a human being to unconsciously judge another person. Apps like Amazon, Yelp, Expedia, and Uber utilize review features to capitalize on our natural predisposition to judge. The “stars” and “likes” are one way for customers to assess a product or service quickly. Unfortunately, this practice is not a realistic way to sustain client value. Reviews create an immediate bias and can deter a thousand new customers from buying a product or service.
Before the digital domain, customers would take time to get to know a business, employees, and the available products or services. It was essential to develop a relationship before focusing on the sale. Customers are humans, humans want to connect, and a connection builds trust, empathy, and loyalty. Ironically, getting to know a customer is the first step in the well-known “sell me this pen” strategy. Before crafting their pitch, a salesman asks the potential buyer questions to understand their needs.
The speed of society and the digital economy has fostered clever ways to condition consumers to make quick, thoughtless purchases. Ticking clock promotions that evoke a customer’s fear-of-missing-out emotion is one of the most common methods. The customer may feel the sale provides more bang for their buck, yet it does not strengthen the relationship between the brand and the client. A sustainable relationship should inspire the customer to buy whether the item is on sale or not.
We need to return to basics and dedicate the same time and resources to understand our customers’ needs to land additional sales. A short personalized survey, email, and follow-up phone call can make your connection to your customers more intimate and genuine. Creating a schedule to utilize your digital ecosystem channels to share your customer insight helps communicate how you are engaging and paying attention to their needs. Instead of directing your customer to click a star or complete a thoughtless review, try connecting the old-fashioned human way.
Your customers are evolving like every organism in a natural ecosystem. Therefore the relationship between your customers and your business needs to grow as well. When you establish an authentic connection appreciated by your customer, you will know exactly how to shift towards your customers’ needs. Author and entrepreneur Alex Osterwalder once stated, “Your customers are the judge, jury, and executioner of your value proposition. They will be merciless if you don’t find fit.” The truth is, your proposition won’t matter if your clients don’t perceive the worth of your actual offering. The next time someone asks you to “sell me this pen,” I suggest a different type of reply. Tell the person, “Here, I would like you to use this pen for a week. I’ll contact you personally on Friday to understand how valuable my product is to you. You can pay me if you find it to be useful and the quality meets your expectation. You can return the pen if you feel it’s worthless and tell me how to improve future versions. It’s important to me that my products meet your needs, and I become your sole pen supplier.”
