Customers can be categorized in two groups: a group of customers who is ready to buy and another group of customers who is looking to buy. Customers who already decided to buy products typically purchase the product/service within a short period time. They are relatively easy to approach compared to those looking to buy. These customers take more effort to convert into actual buyers so it is important to attract these in the right way. Ross Beyeler ‘09 from Growth Spark visited the Summer Venture Program and provided insightful advice on how to convert these customers.
There are many ways to influence potential customers. Businesses often ask them to join a mailing list and to sign onto their social media accounts for special offers, news or recent updates. It is important to keep in touch with them regardless of the uncertainty because people who use your products are not necessarily ones who continue to buy your products.
Beyeler shared some elements that buyers consider when they make a decision (or convert):
- Interest is the ability to speak to the customer problem
- Understanding is the ability to align a solution with the customer problem and demonstrate high level benefits.
- Authority is the ability to demonstrate capacity for providing this solution such as successes from the past
- Trust is the ability to build the right rapport so a buyer understands the promise, professionalism, etc.
Although your message is intended to be identical for your customers, it can convey a different connotation for people from different culture and styles. When you approach diverse markets, understand demographics, values, motivations, scenarios, and goals of different types of customer groups, make sure to understand who your customer is and market to them accordingly!
Posted in Babson Entrepreneurs