Look at the data ► What performed last year ► Let’s get it back out there► Pop it on promotional for the first 2 weeks of launch ► Dial up the awareness ► If the sales are down on the previous year, put it on promotion again ► Talk to the supplier ► Ask them what they are doing to drive the sales ► Roll in the marketing campaign, that could definitely give it a lift ► Consider cross-promotional products and categories.
A buyers role is a lot more complicated than the description, however, it’s approach that has driven the numbers. What is not mentioned is, in the decision process, there are years upon years of knowledge built in.
In today’s climate, you throw into the mix, supersonic consumer convenience. Where the consumer doesn’t come to you, but you go to the consumer. And once you have an established connection at every step on the journey, you want to ensure your interactions become faster, convenient…. completely seamless!
The buyer’s role, now that we are living and breathing within a digital world, extends beyond product and pricing. Having an in-depth understanding of the consumer is critical:
- When do they want to purchase this product?
- How do they want to purchase it?
- What other products would they purchase with it?
- How do we get the product to them?
- How do they talk about it to others?
- How do they experience the product?
- What do they do after the product experience?
- How can we help them with the experience?
The buyers role can make or break a business. It’s highly critical that the product adheres to a desire and/or need. The value is there. The consumer foresees the benefit. The consumer knows what to do with this product. These are the entry ‘state of play’ points. The next level is:
- What is this product saying about our brand?
- What does this product say to our consumers about what we think of them?
- What is special about this product?
- Could our competitors sell this product?
- How do we make the product experience unique to our business?
- How many moments are we talking to?
- How can we improve on all these moments?
There is more pressure than ever on buyers. They have to work with: business margins, suppliers relationships, marketing programs, increased competition, faster more intelligent technology and most importantly the delivery of both a product and product experience that suffices the consumers increasing expectations.
With digital technology providing increased access to more markets, an all encompassing buying approach is crucial. Otherwise you may just find yourself holding a similar position to Myer, where pricing becomes your only trump card.
Business Take-Out: What is the current role description of a buyer in your business? How can you equip your buyers with the tools to optimise the time and effectiveness of their decision process, combing the power of their acquired knowledge and the new data technologies available. Should we approach buying as one test after the other, continually building on the learnings and results?