Everyone Wants Everything Yesterday
The expectations of society and how patience is becoming extinct
With the boom of the internet and acceleration of technology, the speed at how we can order and receive a product is fascinating. A process that was once viewed as a luxury, has now become the norm. The speed that we can receive things, now is an expectation that has been placed on any product that you purchase.
As a society we’ve become spoiled with how technology has evolved to serve us like a virtual assistant. We no longer want to wait for anything. If we have to wait more than a few days for something we’re checking other websites to see who can get it in our hands the fastest. Many times if we can’t get something done today we check with another place. Our patience is so short now that if we have to wait more than a few minutes we’re moving on.
The current backlog of company inventories are really trying consumers’ patience. If you’re needing any home appliances or a generator, plan on 2022. If you want an in ground pool, plan on 2023.
Take a look at what happened to used car prices. With the supply chain issues of automakers they’ve been unable to produce new vehicles. In turn used car prices have skyrocketed. Vehicles have temporarily moved from a depreciating asset to an appreciating asset. We’ve all heard the stories of people selling their vehicle for more than they bought it for few years ago.
It’s a prime example of consumers not wanting to wait for a new vehicle. No patience turns into a booming demand and below is the result in the used car value index.
Last week I wrote about the buy now, pay later surge in my piece, The New Way of Paying For Things. The fuel behind buy now, pay later are consumers wanting to buy something now and in most cases before they even have the money to do so. A clear indication of people having no patience. They want it now!
A top priority at companies is to focus on how do we do this or that faster. Everything revolves around the speed that they can deliver their product. Fast, faster, fastest.
Uber CEO Dara Khosrowshahi said, "The way I think about the new Uber is this: if Amazon owns 'next day,' we want to own 'next hour.'"
Amazon’s focus is the next day. They will get most products to your doorstep the next day. Uber’s focus is the next hour. Their drivers are picking up and delivering items such as drugstore staples, alcohol, pet food and groceries to you within the next hour.
When you purchase something, if the delivery date is more than a day or two you’re annoyed. Our product or service delivery expectations are being driven by the largest and most technologically advanced companies in the world. We’ve become accustomed to not have patience. Our patience is down to minutes and hours. Days have become unacceptable.
Meeting These Expectations
What if you’re the owner of a company or sales person who now has to meet these expectations for the product or service that you’re providing to your customer? Now add in the supply chain delays that most all industries are facing and it adds another layer of challenges.
As these companies focus on how they can do things faster, where does that leave you and your company? If you’re running a business or selling a product how do you meet this demand? Truth is many can’t. For most, the “faster” component has its limitations due to size and scale. There are some ways that you may be able to use this to your advantage. Here are some ideas I’ve gathered while talking with people across various types of industries.
Set the expectations up front. What expectations is your business setting? We have to set expectations up front, something as simple as pricing and then throughout the entire process. You need to set the timeframe in which they can expect to hear from you. If you don’t set the expectation of your time to deliver a product or service then you’re fighting to meet the expectations set by technology, Amazon and Uber. Be up front with the customer on the time to get your product, price or service to them.
Make sure you allow for a longer time frame than your best case scenario. Then if it comes in early you look like a hero and they are ecstatic. Think about it. Has this happened to you? Kind of like an early Christmas present.
Filling the time gap. What do you do while your customer is waiting for their product? Do you provide periodic updates? Let them know you just checked and the progress is moving right on time. Or all is moving along well. It will make them feel at ease and taken care of. It also eliminates the mind wandering for the worst case scenarios.
Send a small thank you gift while waiting. One of the best ways to let a customer know you’re thinking about them is sending an unexpected gift during the process. After so many days in the waiting process a gift could automatically go to the customer.
If you’re wondering about what type of gifts, or more about gifting, I wrote a post on gifting called Everyone Loves a Gift a few months ago. This reminds them that you haven’t forgot about them. Plus it’s a great gesture and customers always appreciate it. Who doesn’t love getting a gift?
Loyalty does still exist. How do you keep a current customer loyal? How do you turn a new customer into a returning customer? You need to take whatever the situation is and make it a pleasant experience. Use the tips above to make you and your company stand out whatever you’re selling. People will always remember a pleasant buying experience no matter what it is.