March 29, 2022
Customers Value Their Time
“No one will buy a $250,000 machine online”! “But this is a relationship business!” I’ve heard those 2 comments repeatedly. First, Ritchie Brothers and Bidadoo have sold Billions (with a ‘B’) of equipment online, as-is where is. The crowd that clings to those two statements are missing the greater point: the shift towards online transactions is due to customers placing more value on their time than ever before. Why fly to an auction site when I can bid or buy the machine online without any interruption on my daily routine? I was reminded of this the other day when I was speaking with a construction contractor who owns his company. His insight is incredibly relevant since he started his career as an equipment salesperson and therefore knows both sides of the supplier/consumer dynamic personally. When we were discussing the growing influence of technology in the equipment industry, he mentioned to me:
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