The Transaction Experience is a term that describes the whole process of a transaction, from the initial phase of communication till the exchange of a service for its price.
This Transaction Experience applies both to sellers and buyers but today we will focus on the buyer’s point of view and also describe how the seller can influence those transaction phases.
BUYER IDENTIFIES THEY HAVE A NEED
The first phase occurs when the buyer identifies that they have a need. Maybe something malfunctions, productivity levels drop or the buyer recognizes that it’s time for a change.
On the other hand, that may never occur if the salesperson doesn’t help the process out. People are often afraid of change and that’s where outbound marketing comes in. Salespeople will reach out to prospects and tell them what they need before the prospects even know for themselves.
THE BUYER REFLECTS IF THEY NEED TO CHANGE OR NOT
The buyer’s decision on change will depend on many factors such as urgency, short term and long term vision, budget and more. Buyers usually change when they see a huge advantage for their business, which means that this is where you use all of your communication tactics and let the buyer know how your solution cures their problem.
If the prospect decides to not change, that’s where the Transaction Experience ends for the moment being. But if they decide to change.
RESEARCH
The prospect will get started on their research. They will examine your services and your competition’s services and try to reach what they consider to be the best deal they can get. Even when they decide on a seller, they will examine that seller’s packages and see how they can save some bucks while getting what they need.
Keep in mind that if you were the one to give them the wakeup call, there is no guarantee they will buy from you and it’s their right to do so. If that happens, don’t hold a grudge.
THE BUYER ENGAGES
Now, the prospect turns into a buyer and engages in the selling process with your company or multiple companies. Although you have done pretty well so far, this is not the end.
The buyer has accepted your solution and the money is in the bank but you should now struggle to turn your buyer into a returning buyer.
THE BUYER EVALUATES THEIR PURCHASE
The buyer now evaluates your service and they determine if it was worth it or not. If you have been honest throughout the selling process, probabilities are in your favor. However, you can’t keep everyone happy.
To influence this phase of the Transaction Experience let your buyer know that you will be there for them if they need any assistance or support. Be quick to provide support and treat them like you treated them in the beginning of the transaction. Don’t let yourself loose as that may prove to be catastrophic.
There you have the whole Transaction Experience outlined and some tips on how to influence each phase. Make sure to treat your prospects with respect and honesty because if you are insincere and don’t deliver the value you promised, it will backfire and you will lose profits in the long term.
