You should implement more effective customer communications now because market dynamics (see below) have changed. As a result, it’s highly likely that you are:
- Leaving 5%-10% of your company’s annual revenue “on the table” or, worse, giving it to your competitors
- Funding other projects that offer lower return and a higher risk of failure
Old Market Dynamics
- The seller had a lot of control over buying process – buyers accessed information by talking with a salesperson
- The salesperson did the work of translating descriptive marketing content into influential conversations
New Market Dynamics
- The buyer has the most control over the buying process, accessing information directly via the Internet to websites and social media
- Buyers short-list vendors and/or buy without talking to a salesperson
- Content must be more influential and do more of the salesperson’s job
- Without more influential content and conversations, the buyer will either not buy, will take longer to buy, or is more likely to buy from your competitors
- Sales and marketing need to make it easier for the buyer to engage with and select you
Your Choices
- Lead – Gain competitive advantage by adapting to new market dynamics sooner and faster than your competitors
- Follow – Wait till your competitors adapt and starts reducing your revenue and market share
- Ignore – Continue with the same go-to-market approach and hope that your competition does the same
