Things are expensive these days.
If anyone would like to create an immediate and deeply visceral response in a conversation, talk about money. In fact, it makes up one of the four ubiquitous, off-limits conversation topics: politics, religion, sex, and money. If that wasn’t enough, not only is our financial situation one of the most personally sensitive points of view, but it’s also a leading catalyst for divorce and overall relational conflict.
Therefore, money, specifically what we have, how we spend it and where, will always be a thing we hold close to our chest as we make our choices in our fixed and discretionary spending.
When it comes to things being “expensive”, well, that is relative. I contend everything is expensive until value has been established. Then it becomes a balancing act of to what extent our value meets our capacity to pay for the thing or things we want, need, or desire.
“During these economic times…”
Ok, first off, let me temper everything that follows with acknowledging the realities of the cost of living. I am not immune to this very real thing each day, week, month, and so on. Here’s the thing, I am not sold on the idea that these current times are unique. Every generational group has had an economy with which they have had to navigate their spending realities.
Times with market crashes, world wars, pandemics, and a variety of local, national, and global events of all categories have challenged our ability to buy, sell, transact, save, invest, and so on. If we have a little or a lot, the zeitgeist, or the spirit of the times, influences our wallets.
Context is everything.
I am going to challenge “During these economic times” through the lens of retail, and specifically what we do as retailers, which is to sell lots of stuff. Let’s start right there. When one works in retail, the job, regardless of whether it is customer facing or not, is 100% about selling what it has or supporting those who do the selling within some respective organizational role.
You see, I started in an era of retail where it seemed the three most important KPIs (Key Performance Indicators) were CR, AS, and IPS. That is to say…Conversion Rate or how many sales vs. opportunities. Average Sale or the total dollar amount of each transaction. And Items Per Sale or…well, that one seems obvious. The key thing uniting all three, the more the better.
My first legit retail job was selling clothes. I learned early on that it was unconscionable to sell just one thing. For example, we never let a suit go out without two dress shirts, three ties, a belt, and maybe some shoes. Why that much? Because a suit was an investment, and the goal was to ensure the customer could make the most of their purchase.
Now pivot over to wireless. The same is true, and even more so. Here’s why. It wasn’t that long ago at a wireless convention, maybe 16 years ago, where the idea of someone spending the money to buy a smart phone was a question mark. The price point seemed too high. And now, we cannot even imagine not having a smart phone. We went from about a 25% take rate then to being well over 100%. In fact, our saturation rate is way over 100%.
Which challenges the question, especially to someone who is new to retail, “during these economic times”, will people buy more than just the phone? And I say resoundingly, “heck yeah”. Just like the suit, it’s an investment. We go everywhere and do everything with our handheld, minicomputer. It links us to almost every aspect of our life. It requires protection, power, and performance to maximize overall value and usage. As well as all the connectivity with family, lifestyle, and business opportunities.
In fact, wherever we are and whatever we do, we will never give up our phones…even in and especially during these economic times. We probably depend on them more now. And we need more than just the phone. Each item offered adds value to our customers’ lives, and we get to help with that.
‘Value’ and ‘Service’ Prevail Over ‘Expensive’ and ‘Economy’
Let’s be real, price does matter, even when value is being established. What makes a distinct difference is when we help the customer align what they want and what they need with the most reasonable and cost-effective solution. Where the selling focus is not to blindly get the customer to buy more, but to intentionally help them buy right.
The key to making that happen is the quality of service before, during, and after. Beyond the disclosed features and benefits that align with the customer’s buying decision. It’s the relationship created and the behaviors demonstrated to each customer. It’s in the crafting of the relationship through…asking the questions, getting to know the customer and their wants, needs, and desires, making the recommendation for the total solution, working through setting them up properly, and then ending with a transaction AND establishing a relationship that lasts.
Bottom line, expensive, economy, price, value…it’s all relative. Keep that in perspective. The focus is making the most out of the investment. At Russell Cellular, maximizing value is the common denominator in all that we do. Caring for every person is how we do it.
#Verizon #5G #LTE #Fiber #RussellCellular #BetterTogether #LeadershipMatters
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