Competition, economics and the digital age are among the contributing factors to these eight recent buying trends:

1. Less reliance on finance/credit: The credit crisis had two long-term effects on business — tighter restrictions on borrowing and increased fear of revolving debt. As a result, fewer buyers are willing to accept (or secure) credit for purchases they cannot afford outright. So top sales organizations have shifted to offering payment plans that allow customers to “buy now, pay later” without the fear of sky-high interest rates.
2. Increased focus on price: The Internet gives buyers instant access to dozens of “low-ball” offers and major discounts. While some companies have responded by offering to “match any price,” top salespeople stand pat on the value of their offer. Offering to match a competitor’s price may send a message to existing buyers that the price of your goods is naturally inflated and you’ve been ripping them off all along. The best strategy is to win buyers is to show them the long-term ROI you can provide, rather than short-term savings.
3. More online buying: As more people warm up to the idea of buying goods and services online, companies need to adjust their strategies accordingly. There’s still no substitute for the human touch when it comes to winning big-name accounts or smoothing over a service issue, but buyers have come to prefer the convenience of making quick-hit purchases (or renewals) online. If your process requires too much effort, they may start buying from a competitor’s site.
4. Lack of brand loyalty: What’s been the result of buyers having instant access to a thousand awesome offers at once? A lack of brand loyalty, that’s what. Customers are bouncing from one product or service to another, pledging temporary allegiance to the company that can cater to their needs and/or provide the right price. Many companies have resorted to tossing out one-time premiums to woo buyers away from the competition. The solution: Focus on building stronger one-on-one relationships with buyers. That way when a competitive offer does come along, your customers will tell you about it, making you the first to know.
5. Changes to the buying process: Spending is tight, which is exactly why so many companies are enforcing new rules, like getting approval from a board of decision makers. Salespeople can respond by partnering with prospects early on to determine how their buying process works and what they can do to expedite (or simplify) the transaction.
6. Stiffer negotiating: Buyers are looking for the best deal possible, more so now than ever before. They’re learning to haggle or do competitive research if it means getting a better deal. A lot of salespeople have reacted by creating their own competitive analysis and offering it to prospects at the beginning of the selling process. This way they eliminate the need for prospects to research other offers, while presenting the information in a way that highlights all the areas where their products and services offer more value than competitors’.
7. More willing to rent or lease: Not only is it more difficult for most prospects to justify big-ticket purchases in this economy, but companies are also topping one another at a much faster pace these days — which increases the need for buyers to constantly upgrade their products. Smart buyers respond by leasing or renting products rather than making a major investment in something that may soon become obsolete.
8. Less want/more need: Vanity purchases are so 2007. Today’s buyers are dealing with much tighter budgets, which is why it’s critical for salespeople to focus on what buyers need, rather than what they want.

Adapted from “17 ways consumers are changing,” by Rick Newman, U.S. News and World Report, 1/15/10

Tags: buyers, buying, consumers, customers, economy, Recession, Rick Newman, U.S. News and World Report