In the beginning, advertisers held the power. If you wanted people to know about your product or service you needed to advertise.
But the internet shifted the power to businesses. Now regardless of size, companies had the power to reach buyers without an ad agency. They also had new tools like websites, search engine optimization and pay-per-click. The Internet gave business owners low cost tools to push out their messages in the same way advertisers pushed out ads.
Today the power has shifted again…to the buyer.
Buyers have access to more information from more sources than ever before. They ask questions, get answers, read reviews, do comparisons and start conversations with people they've never met; all on the web, all on their own terms and all on their own time.
Look at your own buying patterns. Now look at the buying patterns of your own prospects and clients. Aren’t they partially educated on your products and services before you even start a conversation with them? Don’t they already know who some of the competition?
Businesses that are able to adapt to this new buyer behavior and change the way they market AND sell are going to rise above the rest because they are delivering an experience their prospects and clients demand. Businesses that don’t are going to be left out of the conversation.
The stats are incredible.
- Nearly 85% of all new and used car purchasers shop online first, before ever visiting a dealership.
- They spend an average of four hours researching and comparing vehicles and prices on a wide variety of manufacturer, dealer and third-party sites such as Kelly Blue Book, Edmunds and Yahoo!
- More than 10 million used car searches are conducted on Yahoo! alone each month.
- According to a poll conducted by Cars Online, 44% of people surveyed said they were likely or very likely to purchase a car or truck entirely over the Internet, if that capability were available.
This is happening in every industry, in every market segment, in every region of our global community. Subscribe to the blog to hear an ongoing conversation about how your business needs to change to take advantage of the new buyer behavior.
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