Changing Buyer Habits

Mortgage rates steadily rising, inflation and shortages spreading throughout supply chains, gas and oil prices constantly surging, lockdowns and general uncertainty are changing buyer habits. In many ways our current economic situation is in chaos. In times of chaos there are opportunities to increase market share and create new revenue streams. It is the companies who diversify their operations and strategies to meet and exceed new buyer habits that will prosper and grow.

No matter what industry or market you may be in, the odds are many of your customers have changed their buying habits over the last couple of years. Changes can sometimes have a negative effect on your business. However, some changes are hidden opportunities to cater to these changes and increase your business.

Keep an eye on what your competition is doing especially new services or products that may be taking advantage of a buyers new purchasing habits. Usually, potential Clients will act surprised if the competition offers features that you don?t have. It definitely pays to drill down and figure out the logic behind why your competition is doing what they are doing.

A good example of an opportunity change in buyer habits in BC and Alberta is face to face meetings. For decades a personal meeting was preferable and anticipated. Over the last few years video conferencing has gone mainstream, as a way to adapt to lockdowns and save time. Today, meeting face to face is not as important as it used to be. Buyers have adapted to the cost and time savings of communicating online.

It didn?t take long until many industries seized the opportunity and gave the buyers what they wanted, time saving video conferencing. Many law firms, for example, have gone from initial mandatory in-office meetings to video conferencing. A simple online meeting will quickly determine if there is a good fit with a potential Client. If not, the online meeting saved both parties a lot of wasted time.

The demand for vitamins and supplements has steadily increased over the last few years and is now increasing at the rate of 10% per year. Many health and wellness companies recognized this new trend early on and expanded their vitamin and supplement categories to attract new customers and increase revenues. By modifying their operations in response to new buying habits they now have a foot hold in a market segment that will grow year after year.

Product delivery is steadily booming as more people choose to avoid the cost, time and possible health risks of shopping in person. Large box grocery and retail chains immediately picked up on this new buying pattern, adding and streamlining more convenient delivery services to cater to this new buying pattern. It is getting to the point where value-added delivery services in some industries are considered to be standard and it is a red flag to potential customers when you do not offer the service.

When it comes to new buying patterns the companies that adapt will prosper, while companies doing the same as they have for the last twenty years will slowly die. There are numerous new buying habits, or opportunities, yet to be discovered. The best way to identify new buying habits is by listening to what your Clients are asking for and adapting to what your customers want and expect.