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[00:00:48] Tracie: Hello. Hello and welcome to cocktails, coffee and conversations. Tracie here. And today diving into. What we can do as business owners when we noticed changing [00:01:00] buyer behavior. Yeah. Also known as what we can do when people start saying things like No one is buying these days. Unquote..

Yep. We're going to talk about that today because in this community, this topic is evergreen. It's ongoing and timeless because we're timeless and owning online businesses means we're global. And something is going on for someone always good, bad and indifferently. And depending on what you are selling and how you are selling it. People will respond to you differently, including ignoring you depending on what they have going on in their world.

But this idea that quote unquote, no one is buying. Is always false. And I'll tell you why. So, let me ask you a question. Think back over the last few months. Have you spent less money? Or have you been paying more [00:02:00] attention to what you've been spending money on? And when. Can you hear that difference? Like have you gone to the grocery store and come home with half of what you needed for the week? Or have you gone and looked at different items you could buy and the different prices they were offered for?

Are you not buying any chicken breasts? Or are you looking at the five different options and seeing how many come in a pack for what price? Or just choosing to shop at a different grocery store. Most likely you're still buying the protein you and your family need. But you're careful that the value to spend ratio is in your favor.

Right? And chances are you probably fell into this new pattern naturally. Subtly. Almost like you've done it before. Because you have.

If you've been an adult for more than a couple years. You've been through personal and societal tight times. And high times [00:03:00] before. Student years. Early marriage, new parent, tight finances growing up. All the way to your first job, having your own money. A new promotion, a bigger paycheck. Going through a rewrite of your relationship with money and leveling up what you spend on and how you think about things.

Yeah. Whether social media, the news, your community, we're talking about the economy or not. In your personal life. You've ebbed and flowed. Adjusting your buying your cash to debt as you go. And you only notice when it's a big shock or wow. I didn't have to worry about it this time kind of moment. That took you out of autopilot. So you notice what was going on in the moment. And now is no different. And neither will it be next year or the next year? And, you know, why. It's because economies are made up of people. It's the collective trend of our behavior. The [00:04:00] aggregate of what we do gets labeled in hindsight as the economy. It's not some separate force or policy. It's you and me and what we do, which is why I don't give into fear-mongering nor crazy promises, like proofing your business against changes. That's why it's just as relevant to talk about this now. As it will be in a couple of months and in a couple of years, Because as a business owner, you need to understand the heart of what is going on. And what you can do about it for yourself. And your business. Okay. So let's make this a bit concrete to what you've got going on right now and what you can take action on. By looking at consumer behavior that is trending at the time that I'm recording. But it will repeat again, as it has happened before. So spending just to spend is declining. And impulse spending is [00:05:00] shifting in the online industry. But again, notice that is not the same thing as people not buying. Like we talked about earlier. Paying attention to what you spend on and thinking things through is not the same as when people start shouting and hashtagging that no one is buying anything. Okay. That type of phrase that falls into fear mongering. And we don't do that here. You are still buying stuff in your life.

Like chicken. And in your business, right? It just looks a little different than it might have a couple years ago. You're taking more time comparing options within an offer or between programs. You're asking around, you have more experience and thinking things through in a different way. And all of this, it has a name. .

It's what's called market sophistication. And you're seeing an in the moment, example of it rising in our industry. Market [00:06:00] sophistication is how much knowledge and awareness is out there about a topic or product as well as how much competition there is. So if millions entered this online space since lockdowns in 2020, and millions more digital products were created as a result. Well, then it's natural for there to be more knowledge. More awareness. And more competition in the industry.

Right.

So, what does all of this mean for your business? How do you take what you notice as an everyday human and what you've been doing as a consumer? And turn it into business tactics. Well, the first part is understanding that what we're experiencing, isn't people not buying kind of, you know, chicken, little be fearful of everything and shutter the doors.

But instead it's a rise in market sophistication. Which is beautiful.

So well done for you. You've got that one handled. We just did it.

And second it's to make an [00:07:00] action plan accordingly. Yeah, you have the realization now let's take appropriate action. So when people no more. They see more and they have more options. What do they need to see in your offer to choose it? Details. Differentiators and loyalty markers.

These three are areas you can update in your selling now. And it's also good practice to continue. No matter what is going on is it'll keep you set up as a differentiator for the long run. Right, because again, it's ongoing. And it sets you up for integrity. And it sets you up as a business that cares and knows what it's doing. So if the buyer is taking more care with how they spend. Then they need to know more about what you were asking them to spend on. You have to put the effort in to provide details.

Next, they have to know what makes you and your work different. From all the others out [00:08:00] there. Show behind the scenes. Shared detailed testimonials. If you're starting with a template. Add in tons of specificity. Keep reading over your messages, whether they're going to stay written or whether they end up being verbal. Keep reading over your messages. That you're putting out there and adding in specific details until anyone who knows you intimately would recognize the work as yours. Right.

It's to the point where you're nervous and you feel stretchy with how specific you were talking to your dream client. And since your dream client is thinking more about who to spend money with, then you need to connect with them more. And make more points of loyalty. Loyalty grows stronger in times of greater market competition. This one's completely in our favor. People pick favorites, they clean it to communities and they seek out what matches their [00:09:00] values. So show your values. Build the community. Reveal who you are and why you do what you do so people can decide if you're the business they want to rally to. Yeah. Because again, these three pieces. Our keys to business longevity. But there are also things you can act on this week. To upgrade your sales messages and change the narrative around buying trends. And their relation to your business. I know you can do this.

I know you understand this. I know you've got this right. I guide people through this work daily. It is possible. But if you do want support, And if you're a coach, a digital product creator, or a service provider committed to your vision. And you want to make more money and create a life you love with a business that supports you and you want dedicated support. Then I'm going to invite you into a new program. A speak easy sales salon. Like [00:10:00] my client. Had a great offer that sold, but we reworked it. And it's sold out. Or my other client who had a mix of coaching and courses. And there was that tension and confusion between when to sell what and just being tired all the time. Instead, we created a promotional schedule and a sales style that matched how she wanted to do business and the life she wanted to live. With the money she wanted to make. And she now knows how to bring in cash and what to do when. If that's the type of results that you want in more than the speakeasy sales salon is for you. It's four months together with one-on-one coaching from me. And all of my programs, plus collaboration opportunities. We're defining the offer.

suites. Your business will thrive in now that your people will crave. Recreating your signature sales style. That'll bring in sustainable cashflow and feel good to action. And that's just the start and, oh my goodness. I'm so excited about this one. It's a whole new coaching container style. And I [00:11:00] want to invite you to join. Just head over to Tracie patterson.com/group-apply.

The link will be in the show notes. For details and the application. I'll review every single application that comes in to make sure those who join will get the most out of our time together. Yeah. Because it's one-on-one attention with me. And any questions that you have, DME and Instagram, I will personally be there to talk to you and I cannot wait to see you inside the speakeasy sales salon. And I'm so excited to see. What you do in your business? With market sophistication and how you take details and differentiators and loyalty markers, and you really level up what you've got going on in your business. And until next time. Be well and have some fun. [00:12:00]