The Joy of Statistics
Did you know, according to notable statistician and otherwise worthy gent, Vic Reeves, 88.2% of statistics are fabricated on the spot?
Often, I believe this to be true, especially when attempting to read telecoms industry publications. Percentage uptake on ‘x’, percentage rollout on ‘y’, percentage virtualisation of ‘z’ – none of these numbers mean anything to me in and of themselves.
With that in mind, it’s nice to encounter some meaningful statistics every once in a while. This time it’s a double header, because there is also a groovy comparison with some of my favourite metrics!
As you will know from my other blogs (which you are reading, right?), the breakdown of communications goes like this: -
60% Body Language
For the outsider, the lack of emphasis on ‘words’ is often something of an eye-opener. Amazingly, it is quite possible to have a reasonable exchange of ideas by just grunting in different intonations and the odd hand gesture. If you doubt this, try it.
Now, for the smart part. Compare this to statistics on how people make buying decisions: -
38% Products / Services
9% Price / Cost
Once again, the variable that most people would put at the top, Price, is in fact at the bottom of the list.
This came as a surprise to me as it may do to you. I hear regularly that price is the reason we didn’t get a deal across the line, when in fact it is the last consideration a customer has before signing the paperwork. How can this be true?
Forcing my synapses to fire, I find the answer quite easily. It’s to do with ‘cheapness’. I love semantics (shocking, I know) and this word actually has three meanings that all humans consider simultaneously: -
- Shoddy / Tatty / Poor Quality
- Unfair / Signifying a lack of effort
Think of a restaurant. You are there with your significant other. You want to order wine; which bottle do you pick? Even the most price conscious individuals would think twice about ordering the cheapest option, the dreaded ‘House Red’, and instead opt for the one just above it. I have quizzed several sommeliers on this – the last-but-one bottle is indeed the most popular. Therefore, the breakdown of figures above seems to track well.
So, now that we can trust the legitimacy of these figures, what do they teach us?
For me, they tell me that people are at the heart of the sales process. Someone who can take a technical product and translate its features into tangible benefits for your business will give me the best chance of a sale. Someone who helps you understand the value of your purchase and how it gives an ROI will be more successful than the man with the cheapest product.
And, I’m pleased to say, this is how the chaps here at GT do it. People first – build the relationship, convey the knowledge, reach an understanding and let the products speak for themselves.
Why not give us a call and see it in action for yourself?
GT – Genuine Telecoms