If you were askedwhat one thing determines your success in business more than any other singlefactor, what would you answer?
Perhaps you’d say itwas down to the quality of your product or service, or your people, or trust,or competitive prices, or availability, or profitability, or the number ofcustomers who return to do business with you again.
These are theresponses I get all the time. While they’re all good answers, your success inthe marketplace is actually determined more by the time it takes your customersto decide on your
product or servicethan by any other single factor.
Therefore the most important way of increasing your sales anddominating your market is to increase the speed with which your customers maketheir decisions.
Decision speed is thetime it takes your customers to go from initial awareness to enthusiastic, fulluse and recommendation of your product or service. This in turn is governed by the simplicity, ease and sometimesfun of the decision-making process.
Focusing on thisaspect forces you to organize your product or services superiority,positioning, image, value, customer satisfaction and guarantees into the mostpotent combination possible.
To illustrate the point,suppose that five similar competing products are launched into the samemarketplace at the same time. If all things were equal, each would eventuallycapture 20% of the market. If the decision speedfor those products is around a year… but you now find a way of acceleratingseveral of the time consuming steps in that decision cycle, making yourproducts or services become easier to decide on, it’s often possible to cut thedecision time in half.
If as a result yourproduct now achieves its expected one-year market share in six months, you willeffectively have the time and resources to do the same thing again in theremaining six months, givingyou 40% share by the year’s end… or so you might think…!
He also sent me this nice follow-upemail when he saw I had registered
How nice tohave you join my modest list. I have lots of your books. And Doug Brownlie is amutual friend who often speaks of you. Im looking forward to the day when wecan meet.
300 South Row
Web &blog: http://marketingwizdom.com