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In today's world speed counts for more than anything else

Your customers are less patient these days. They care more about time than ever before. So much so that speed of response and delivery have become more important than price.
As a result you should focus your business on satisfying customers’ need for speed.
This advice comes from best-selling author Jay Baer (left). He discovered how important fast action by businesses is when he put together a comprehensive new study called Time to Win: The 2022 Customer Patience Study.

First business to respond wins

Among the surprising findings he makes is that—in spite of higher costs for just about everything these days—customers will buy from the first business to respond, even if they are more expensive.
Other findings:
• For two-thirds of customers speed is as important as price.
• Eight in every 10 customers expect businesses to be as fast or even faster than they were before the pandemic.
• Half of all customers will not wait more than three minutes in a store.
• When a business responds to customers faster than they expect the result is more sales and more meaningful loyalty to their business.
• Half of all consumers are less likely to spend money if a business reacts more slowly than they expect.
• Customers younger than 30 are likely to feel “respected” when a company responds more quickly.
• Younger people are more patient, however, than Baby Boomers who are the least patient generation.
“Post-pandemic, customers have come to realize that we each have just 1,440 minutes each day,” Baer says. Now, when interacting with a business takes longer than we anticipate, it feels like we’ve been given the gift of time.”
The full study is available here.