Looking at my Business and Others

Michigan State University released a studyon “What Consumers Want”.  After reading this, I started to think about my business and others from the perspective of the study and found it was rather eye-opening.

The study concluded that there were 4 major factors that influence consumer decision making.  The factors, in order of importance, are:

• Benefit (i.e., what’s in it for me?)
• Convenience (the ease and availability of the experience)
• Price (including both the dollar amount and cost in terms of time – i.e., time is money)
• Environment (does the shopping environment – online or brick-and-mortar – stimulate, entertain, motivate consumer to buy)

I’m going to look at this from two sides, one from me offering services to consumers and one as a consumer needing to add another desktop computer.

Benefit (i.e. What’s in it for me?)

The single most important factor for the consumer, this is the motivation for looking for something or someone.  For me as the consumer, I’m looking for a desktop computer that will provide a stable working environment for the next couple of years.  This will provide me with a way to do my business faster and often better with little interruption.

As a service provider, I provide support and guidance to my clients when working in real estate.  I help them navigate the very murky waters of buying and selling a home.  There are so many hidden dangers and risks in the real estate ocean of life that having help is critical to success.  My experience will be your navigator to a safe port.

Convenience (the ease and availability of the experience)

I’m more than confident that I will be purchasing a Macintosh for my desktop computer, mostly because of the benefits of the computer over other computers I’ve had and because I have some convenience when I purchase it.  I can buy it at their on-line store or I can reserve a time to have a private purchase at the local store.  By making an appointment for my purchase, I know that a salesperson will be ready for me at our time, I won’t have to look for one or worry about someone else taking them as I get my questions answered.  They will also review several options with me and it’s all very personalized.  This is very convenient to me.

As a service provider, I do my best to make it convenient for my clients, I often meet them at their homes or work.  I also have digital signatures allowing for much of the documentation to be taken care of quickly and on their schedule.  I’ve arranged several courier services and remote signings.  I find lots of solutions to many of the little things that come up while navigating the transaction.

Price (including both the dollar amount and cost in terms of time – i.e., time is money)

Okay, yes, I know, buying a Macintosh is more expensive than other desktops.  This is where the time factor comes into play.  I have PC computers in my office as well, mostly for the financial stuff we do, and let me tell you, I’ve spent many a nights cleaning up problems on this machine.  It also has a tendency of just rebooting.  The Macintosh has more updating processes going on than I like (once a month is great, but seems more like weekly to me), at least I’m not having to spend tons of time waiting for a reboot, start up or trying to resolve one or another virus issues.  So I spend more money up front to save me time over the life of the machine.

My price for services is higher than those Listing Service providers out there, but I also offer you lots of time saving support.  I’m there reviewing the transaction for problems that will often be over looked, actively marketing your property to sell if faster, and making sure the homes I show you actually match your needs not just relying on the data in the MLS.  I’m not the most expensive, nor the cheapest, I do believe that I offer the best value in price and time.

Environment

Does the shopping environment – online or brick-and-mortar – stimulate, entertain, motivate consumer to buy?  This is a harder one to say, Apple to me is a great environment, but my wife doesn’t like their stores, in fact the only reason she goes into one is to get me out of it.  It’s been said before, Apple targets a very specific market, it just happens that I am in that market and my wife is not.

Do I provide an environment for all my clients, yes, usually very tailored to their needs that fit within what I am capable of doing.  Do I provide an environment for everyone?  No, not even close.  I try to work with as many people as I can, but I do have limits and I won’t work with someone if I think I can’t provide them the service that they are looking for or need.  I want everyone to be successful in their pursuits.

Hat Tip to Joseph Ferrara for the inspiration of this post.

No related posts.