A new segment of consumers has emerged out of the pandemic, the DIY (Do It Yourself) consumer. They cross generational and demographic divides and the trend toward DIY isn’t limited to home improvements and a makers market as they have become increasingly dependent on digital tools. Consumers are demonstrating a need for Information, Independence, and Immediacy when it comes to their buying habits.
Nikhil Govindaraj, Head of Product at goMoxie notes that “Digital consumers want to get things done quickly and easily. Whether they’re purchasing a product, applying for a loan or checking their health insurance coverage, their ideal experience is one in which they get the information they need, when they need it, to make the right choice and get clear next steps.” And that drive for DIY, doesn’t stop when they get to the (home) office. Trust Radius estimates that “87% of B2B buyers want to self-serve part or all of their buying journey and 57% of B2B buyers already make purchase decisions without ever talking with a vendor representative”. Roughly 70-80% of B2B decision makers prefer remote human interactions or digital self-service due to its ease of scheduling, savings on travel expenses, and safety. (McKinsey)
A significant trend that puts into context the changing needs of local business advertisers, agencies, and reseller organizations:
- Advertisers have a need to meet their consumers where they are, whether it’s digital or in-person, and offer them the resources and information they need to make an informed purchase decision.
- Resellers and agencies have an obligation to respond to the changing needs of the consumer-turned-buyer and offer self-serve solutions that maximize efficiency without sacrificing quality.
Access to a Growing DIY Market
The global customer self-service software market was valued at $7.1billion in 2019 and is expected to grow at a rate of 22.1% from 2020 to 2027. As consumer demand for Information, Independence, and Immediacy continues to expand so will the self-serve software market.
Lower Cost of Service
According to HBR, self-service makes it possible to help large numbers of customers at a significantly lower cost: “The cost of a do-it-yourself transaction is measured in pennies, while the average cost of a live service interaction is more than $7 for a B2C company and more than $13 (or almost €11) for a B2B company.”
24×7 Sales Channel
Appealing to consumers’ need for immediacy is a significant benefit of self-serve platforms. No longer beholden to rigid work schedules and environments, B2B buyers need access to solutions around the clock. By giving buyers access to your solutions 24×7, you’re meeting them where and when they are ready.
Increase Sales Leads
Even if your solution doesn’t 100% support a self-serve model, providing potential buyers with the tools they need to make a buying decision will drive valuable leads into your business. Providing detailed information before the sales process is started empowers buyers to research solutions on their terms.
With self-serve evolving into a critical piece of both consumer and B2B sales, agencies and resellers alike have an opportunity to benefit from building out their own self-serve capabilities. Doing so, however, can require a significant investment in both time and resources. Creating reliable technology that is intuitive, scalable, and functional can come with a hefty price tag and can take years to get across the finish line. Establishing partnerships with existing technology providers can shorten the timeline, reduce the price tag, and derive the benefits of the knowledge and experience the partner brings to the table.