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The Benefit of Studying Varying Business Models

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The Benefit of Study Varying Business Models

When we take the time to study varying business models, we gain knowledge for increasing our odds for success.  It is also wise to keep an eye on trade policies and how they affect the markets. By monitoring policies, procedures and best practices, we stand a better chance of remaining in business.

One principle that will work for most business models is to put oneself in the shoes of our clientele.  Coming to an understanding of what clients desire will strengthen company sales.

The Corporate Business Model  

During my sales career, it became evident that clients will buy from those they know, like, and trust. The saying is a common mantra among sales trainers, but few representatives adhere to the idea.  Due to feeling the pressure of making their sales quota, salespeople concentrate more on themselves than on their prospective clientele.

Another common problem is in unclear communication.  Many times a statement may have two meanings, but the representative is afraid to clarify. Without clarification, we waste much time between numerous meetings, creation of a proposal, and the notorious loss of a sale. The outcome is most often due to erroneous assumptions.  There is need within companies to study business models.

Corporate sales representatives will improve their performance when they take the time to study varying business models.  An excellent team event would be to compare and contrast how various sellers proceed.

Keep Your Business Afloat ~ Study Varying Business Models!     

A Retail Business Model  

Many retail stores are facing a decline in the era of online shopping.  The need to set aside time to drive, park, walk, and make a purchase is no longer a necessity.  Instead of taking hours to complete errands, we can find almost everything online and at our fingertips.  On occasion, it’s almost a treat to take the time to walk into a store.

John’s Retail Story

John needs a tuxedo for two upcoming formal events.  The store sale at a well-known giant retail chain offers the formal attire for less than the nearby rental outlets.

John chose to make the purchase.  After inputting all of his contact information online, notification arrived that in-store pickup is to take place between August 9 – 15.

On August 9, John entered the store to pick up his new tuxedo.  The person behind the register had no record of his contact information. Annoyed, John had to go home, retrieve the specifics, and revisit the store with the details in hand.  Meanwhile, he re-read the message to see his information displayed alongside the pickup date.

The next day, John returned to the store with the printout verifying his information and pickup dates. The Manager’s reply was alarming.  She said, “You can’t rely on those dates; they are only possibilities for delivery.  You need to keep checking in.”  What?!

Two Lessons:

  1. The cost of time wasted cancels the savings of the sale.
  2. John will never be a returning customer.

Comparing Business Models  

Hearing the drama of John’s story, I quickly thought about the brilliant model of Amazon. In particular, Amazon Prime does it all for their clients.

No matter what you buy, they provide the following:

  • Fair pricing
  • A delivery date of the client’s choosing
  • Reliable delivery
  • Elimination of wasted time
  • Return shipment is available as the need arises
  • Request for feedback after the goods are received

Every purchase provides efficiency, value, and an excellent customer experience.

Follow-up AFTER the sale is a requirement for future sales

Commitment to study business models will improve client satisfaction and the bottom-line.

The Good and The Bad  

We hear complaints about a variety of episodes.  However, the real question is, what do we learn from the awful experiences?  By taking the time to study business models, we can make improvements ourselves.  Last, we can give thanks for the unwanted events as they are instruction for what we are to avoid.

Study Varying Business Models  

Every entrepreneur envisions their new business to be a success.  Sadly, most disappear within the first year.  It is eye-opening to realize what went on behind the scenes leading up to the downfall of each.  For the most part, the effort to study varying business models is lacking.

It is in everyone’s best interest to pause after a purchase is made and do the following:  

How You Rate The In-Person Retail Experience

  • The engagement with employees
  • Ease of finding what you want
  • Transacting business
  • Quality of what you purchase
  • Will you refer a friend?

How You Rate The Online Retail Experience

  • Receiving what we see versus the unexpected
  • Prompt delivery
  • Excellent condition
  • Supplier checking in after delivery for satisfaction
  • Will you refer a friend?

How You Rate The Corporate Experience

  • Did you have an engaging upfront conversation
  • Was there an equal give and take during the meeting
  • Did the representative show interest by asking questions to learn more
  • Will a return meeting occur
  • Do you believe you will be a loyal client of the representative?

By studying varying business models and experiences as the buyer, you will recognize what attracts your attention for the better.  By focusing on the more likable transactions, and refining your goals, you will be on the path for developing a loyal clientele.

Sales Tips:  Study Business Models  

  1. Each evening replay transactions of the day T
  2. Take note of what you appreciate as well as dislike
  3. Improve your effort by removing the unlikeable from your repertoire
  4. When transactions complete, ask clients what you can improve
  5. Compare items both in-person and online to analyze the selling points
  6. Recognize what motivates you to choose one supplier over another
  7. Implement the motivating factors for purchasing to your way of selling
  8. Track the well-performing and under-performing practices
  9. Modify your approach to business and job interviews
  10. Celebrate Success

Today’s blog is provided to help you achieve the Smooth Sale!

Related: How to Influence Others to See Your Value

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