19 March, 2018

The rules have changed

The rules have changed

The ways we do business with our customers has changed due to social networks, internet enabled transactions and the emergence of the millennial generation who has been raised on their experiences with Apple and Amazon.

There is a new reality. The customer owns the relationship with you as a business, not you the business owner any more. This is called a Me 2 Business (Me2B) approach, as opposed to Business to Consumer (B2C).

I am reading a really interesting book called ‘Your Customer Rules’ by Bill Price and David Jaffe. They talk about the hierarchy of customer needs, much like Maslow’s hierarchy of needs.

In today’s world, the base for the customer is an expectation that the business ‘knows me and remembers me’, that ‘You give me choices’ and ‘You make it easy for me’.

The rules have changed

Talking to a bank can be frustrating if you have to share the same information to people on the same call or even later – it is like they don’t know you or remember you. Going to your local butcher and they remember that you wanted a certain cut of meat last week and they saved you some this week is a loyalty generating action – they remember you.

Buying a product with one click online is easy, but getting redirected across pages is frustrating.

Your business model must change to stay relevant to the new consumer. What are you doing in your business to lay the business foundations for the new Me2B way of the world?

Got a question? If you have a specific question about the growth of your business, let me know. Contact me here.

© 2019 Paul Mead