Commoditization. The internet has pushed commoditization to the next level and customer service is dying. What is Commoditization?
Commodities have value that is based SOLELY on the supply and demand of their usefulness (utility). Because of the previously one dimensional nature of the internet, it was all about price shopping. Where is the cheapest softcover of Malcolm Gladwell’s new book? Where can I get the newest cd? Which dentist is the least expensive for Lumineers?
As a service, and any business that hopes to be anything more than a price maven is a service, you have to stand out. How have you done that ? Well most of us had done that by time with our customers.
Let’s talk a little more about Malcolm Gladwell. In His book Blink, He discusses a study that Doctors that spend more time with their patients and have a better “bedside manner” get sued for malpractice significantly less than those that are in and out and cold.
Now if a doctor botches someones health, but can get away with it because of time spent with the “victim” , don’t you think that you can do the same for your real estate business or car sales.
I DON’T HAVE ENOUGH TIME TO SPEND WITH MY CUSTOMERS
Of course you don’t, none of us do. But you will when you have no clients. Imagine this, a chart where at one point you are spending no time with your customers and therefore they perceive no value besides utility, AKA PURE COMMODITIZATION. at the other end you live , eat and breathe with your customers and they value you above their family. Of course we can get into diminishing returns. Three days on an island with your family is fun. 20 days becomes an episode of Survivor.
That said, how are you going to spend more time with your clients?
The answer: AUTHENTIC SOCIAL MEDIA MARKETING. By adding social media into the mix we can convey our thoughts faster, keep touch easier and do a lot more then ever before. You can leverage referrals through video testimonials on your blog or written ones on your Facebook Page. You can relay what is going on in your life through the same methods. Yes, I know you want your privacy, but if you are in a professional service, to be transparent, some privacy must be sacrificed. Otherwise, you can get back to lowering your price.