Over time I have found that in the rational decision making process, people will defend their purchase of most business goods and services for one of four reasons: speed, quality, value or commitment. Executives like everyone else make purchases for a variety of personal and emotional reasons, but they DEFEND their purchases primarily using one of the four reasons below.

Speed: The ability of an organization to get something done faster than it is being done now. This takes all kinds of forms including speed to start up, to report, to process, to deliver, to bill, to provide payment, etc. There used to be a belief that “haste makes waste,” and that speed causes errors and mistakes. The modern belief is that process allows for speed to occur without the same level of risk or errors that once existed.

Quality: Often people think of quality as synonymous with brand and high price. This is not the case. Quality is the ability to deliver the desired outcome consistently over time. Consistency of high perceived value is where quality matters. Looking at ACCENT’s quality initiatives, the focus is on improving performance to the level set by the client. We recognize outstanding performance, but an entire department is dedicated to coaching to achieve consistent achievement of the standard first and then on to the exceptional. This commitment to standard, consistent expectations of our quality practices focuses on both quality and quantity of the end-to-end process. We utilize many practices to ensure a high level of quality assurance throughout our company, including accountability measures and performance reporting.

Value: This is not just a cute way of saying price. Value is the exchange of something for something else in which both parties feel they got something they wanted. How much value or how much of what you have that you are willing to exchange for what you want is what negotiation is all about. Everyone wants to give up the least amount to receive the greatest amount. The easiest way to think about this is that what the customer values is what they are willing to pay for. Everything else is just ‘nice to have.’

Commitment: When I first started thinking about what motivated people to buy, the concept of brand was elusive to me. What value does the brand history make to companies? Certainly, the image of a firm was a strong contributor to the evaluation process, but what about it could be leveraged in common conversation to make the relationship more attractive? Commitment is the promise the brand makes to its customers and actually may encompass speed, quality and value. However, it may be harder to define when it uses things like technical competence or is invested in the community as the arbiter of the commitment.

Tags: Customer Engagement, Thought Leadership