In the first post about the Customer Constraints I have introduced the first factor that customers encounter in their buying journey.
I talked about time being a constraint.
But why is it a constraint?
Time is endless. Time is the past, present and future.
Time is therefor infinite.
Time surrounds us everywhere. Every moment things change.
We think things are constant but on a microlevel change happens inevitably. But if we are busy we may not notice these changes.
Time is also within us. As a living organism every moment our being changes as well.
Unfortunately we don’t have an eternal life. Often we also don’t know when our time is up.
For us time is finite.
So this awareness makes us shift our priorities in life and determine what we find important.
For instance, a young person views time and his or her life differently than the elderly.
They are still full of growth.
Full of live and willing to do new things because they want to experience what they don’t know yet.
Elderly, have grown to be more cautious.
With the years they have learned more about themselves and life.
They know their strengths and weaknesses.
More and more they realize they are becoming more dependent again. Dependent on others for care.
As they feel that being independent asks for so much effort they are not able to fulfill themselves.
So we have to realize that on a macro level certain factors play subconsciously a huge role in the life of people.
Especially when we are developing persona’s taking these factors into play aids in creating a higher degree of situational customization of our offerings.
Besides time being a factor I want to introduce the second constraint customers face.
That factor is: …money
During our lives we do our best to accumulate money and wealth.
With that we can obtain other things such as water, food and other basic necessities.
When we have a surplus amount of it we can spend it on other things such as going on vacation
and buying luxurious goods.
A research done by Credit Suisse stated that more than half the world’s wealth is in the hands of 1% of the total population.
And last year 82% of the total wealth generated went to the richest 1%.
So unless you are not part of this %1 population of richest people on earth you will experience that money is a limited resource.
And that you experience that acquiring the amount of money you want is quite difficult.
How much money is enough is a subjective feeling. But for most of us I believe that it is nice to have a little bit more than what we have now.
And it would be even greater if we have lots of it.
Because it allows us to buy freedom.
Freedom of choice. Freedom of being able to choose how we want to spend our time.
Sales people understand very clearly that money is a sensitive subject.
Often customers have difficulties to hand over the money to purchase goods.
Customers want to see the value in what they are getting. And that value has to be bigger than what money stands for.
How we get money can be a predetermined factor in how easily we spend it.
Someone that earns money very easily is more than happy to spend it and buy whatever he or she wants.
When the flow of money is slow the spending becomes slow as well. Its a simple but easily understood model.
In => out Big Saver
In = out Conscious Spender
In <= out Big Spender
Up till this point I have talked about money.
But essentially money is a reflection of value.
Value can be witnessed in many things. It is up to the eye of the beholder to determine what is valuable.
Time has value. People have value. Houses have value. Even mother Nature has value.
We are surrounded by value. Some things more than others.
But value for the most part is determined by our own believes. Of what we give value to.
We give value to that what surrounds us or is within us.
When we are working with customers ask yourself:
Is it affordable for the customer?
What is their budget?
Do they have capital or access to capital?
Even though they can afford it, are they willing to?
Modalities of money:
A lot or very little money to spend
Are you willing to spend the money?
Do you have access to extra capital?
Is there another / different value proposition besides money?
Is a decrease or increase of value a subfactor?
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