Economy of Abundance
****We live in an economy of abundance. In the United States, the vast majority of people have all of their physical needs met. Many have disposable income, some have so much they aren’t sure what to do with it.
The only way we can compete is through superior sales and marketing; in fact, our free-market economy relies on it. The market has pushed the price of production lower and lower, but the amount consumers and businesses are willing to spend on service that goes above and beyond, service that reaches out and makes a connection, service that builds relationships that better the consumer will continue to be more valuable.
Sales and marketing is critical in this economy. Consumers are no longer interested in what is sold to the masses. They are looking for customization, superior service, and sales professionals that are willing to go the extra mile to help them find what they need. This economy is built for those people who are ready to passionately pursue sales and marketing and change the stigma of salespeople from “interrupting, frustrating, and threatening” to “helpful, necessary, and caring.” This economy provides an unbelievable opportunity to take advantage of a shift that has been happening since the birth of this nation.
Three Eras
Our economy has shifted from the days when Henry Ford created the assembly line and the Model-T in The Age of Cost. During the late 1700s through the early 1900s, consumers had little choice. Ford was famously quoted as saying, “Any customer can have a car painted any color that he wants so long as it is black.” This was an age of cost reduction and mass production. Mass production was the fundamental this nation was built on, but we’ve since significant shifts over the past century. Developing countries began to take advantage of lower labor cots and an abundant labor pool, which meant the United States had to shift from cost reduction to quality improvements.
As The Age of Cost began to fade away, our economy shifted to The Age of Quality. Six-sigma and lean processes, largely popularized by Japanese automaker Toyota, began to shape the American economy. This was not an easy transition for our country, as we began losing ground in the manufacturing realm in the 1980s as other nations experienced industrial transformations and began perfecting processes that started in the United States. Quality continued to become more important than cost, and then our economy shifted once again.
Today, we’re in The Age of Customization. Consumers want a quality product, but they want a product that is just right for them. Gone are the days of “any color as long as its black.” Consumers want to stand out in the crowd and have the latest and greatest in technology. Our cell phones no longer cut it just making calls—they must be able to surf the web and download emails . Our cars have to have just the right amount of cup holders and frills but be at a price we decide is acceptable. Consumers want to show their personality through the products and services they purchase, and the sales and marketing worlds have a bigger role than ever in helping consumers find what they are looking for.
Information Overload
We as consumers are looking for something different, but it is not always easy to find. In the Internet Age, we have become overwhelmed with information. Interruption marketing no longer works. Consumers have the choice of hundreds of televisions channels and hundreds of millions of web sites. Advertisers can no longer just place an ad on local television channels and expect to command the attention of their audience. Companies now need to gain the permission of their customers in order to sell them a product.
So, what can companies do now that they can no longer interrupt consumers with ads when they are watching television or browsing the web? They can provide unbelievable products and services through sales and marketing to garner the attention and respect of consumers. Salespeople and marketers have the power to truly help consumers find what they are looking for, to trouble shoot their problems and to build deep, true connections through the services they provide in this free market economy.
Transactional relationships are fading away. Consumers have too many choices to settle for an ordinary or mediocre service. They are looking for something incredible, unbelievable and something that makes their lives better or easier. Marketing that involves asking consumers for their information rather than sending them spam or interrupting them when you cannot add value is the future. Relational selling will continue to take precedence over transactions. Sales and marketing has the power to completely change the way business is done in the next decade.
Realizing The Importance
It is critical for those of us in the marketing and sales arena to take advantage of this opportunity. Consumers are looking for something different, something better than average, something that will change things—and we must be ready to act. Our nation depends on salespeople and marketers who can provide for the global economy. The only way our nation can continue be one of the most influential in the world is to respond to this dramatic shift in the economy. So how do we do it? There are three things we must do.
First, we must understand the consumer. Consumers are not always looking for the cheapest item. Many are looking for an experience, a relationship, a calming wave of confidence in the purchases they are making. We must be completely honest and continue to shed the stigma of businesses trying to take advantage of consumers as movies like Glengarry Glen Ross highlighted. We must continue to care about consumers and put their needs above our own motives.
Second, we must adapt to change. We can no longer settle for what worked in the past. Salespeople are no longer pushy, they are problem solvers; they are no longer corrupt, they are consultants; they are no longer out to make a buck, they are out to make things better. It is critical to realize our history and see how our economy has evolved over the years, but we must look to the future and adapt to what consumers expect.
Finally, we must strive for excellence. We cannot slack in any of our duties. We have to be over the top advocates for perfection. We can no longer settle on making consumers think they need what we have to offer—we must show them how we can add value to their lives.
Conclusion
Sales and marketing is critical in free-market economy. Our economy in the United States no longer relies on production, but instead relies on services and consumers. To ensure the success of this great nation in the future, we must act honestly, act in excellence, and most of all, act in the favor of the consumer. There has never been a better time to be in sales and marketing—the choice is the consumers but the opportunity is ours.
Photos provided by:imranzafar75, starrett, and Francisco Diez