Are you studying the consumer process?
(So You Can Make A Lot More Money!)
So you think you really know and understand the consumer buying process? Really? Is it worth betting your companies entire future on?
Because that’s in essence, precisely what your (we’re) doing you know. Which means, you’d better have a pretty good idea, of exactly what your target market wants or else (entrepreneur) your proverbial goose gets cooked. And how…
What You Should Know About The Consumer Buying Process Before You Even Getting Going…
If ever there was a major (pre step) blunder, that causes any number of otherwise savvy small business owners and or service providers to ultimately go down in flames.
This one major misstep would surely be right up there near the top of the list! And that would be confusing what buyers wants – vs- what buyers need!
You see, as far your typical consumer is concerned, they may not need that 65 inch surround sound complete entertainment system, but they sure as hell want it!
Translated: you’d better be laser focused on what your specific target (niche) audience wants (and more) importantly, is prepared to buy.
And give it to them, or be prepared to get steam rolled by your major competitors that will.
You’d Better Take The Consumer Buying Process Very Serious!
There are basically six major areas (and a gazillion) sub areas within in them for you to concentrate on.
So just as a broad overview let’s cover the six majors first.
And hopefully, as you read and re-read them, your own unique creative juices will keep in, so that you can properly identify several new previously unexplored areas to create thriving profit centers in.
(Note: remember, the real purpose of this broad overview is to jump start your creative thinking process. They’re not edged in stone. Just use them as a starting (gateway) to other more practical, personally customized ideas and concepts.
That pertain to your particular business, product or service.
1.) Try to conduct enough meaningful research, so that you really understand your customer (and clients) wants and needs!
Try and answer these four simple questions as precisely and as thoroughly you can. That way you can tailor your products and services specifically for them!
A.) What are your target market’s /customers primary reasons for buying you or your major competitors products or services?
What major problems (or needs) are they trying to solve or meet.
B.) What type of major researching buying habits do they have? Meaning- where do they typically go to conduct their research. Is it online, TV or local or national news publications etc.
C.) Who typically makes the major (and or) final buying/purchasing decision(s)? Is it the wife or husband? Or the purchasing agent (if it’s) a business related buying decision. Or is it the secretary etc?
You definitely need to know and adjust your sales/marketing process accordingly.
This Ties Neatly Into The Long Term Consumer Buying Process!
D.) How does your consumer typically buy similar products or services etc? Is from the web or offline retail store and or magazine mail order etc?
2.) You need to pick a specific niche. For several reasons.
But the main reason is , think of your overall market as the ocean. Would you not agree, that’s it’s pretty hard (if not) impossible to make a giant splash in the ocean?
But it’s a whole lot simpler to make huge waves in a puddle (niche!) So you want to become the recognized expert and leader within a smaller segment (niche) or sub niche of the overall giant market.
3.) Spend some time and thought, so you can develop a powerful (meaning) effective marketing message.
Perhaps work on two separate marketing messages. The first one being your all important (short and sweet) so called “elevator speech.”
You know, the really short (benefit orientated) one you use, whenever someone asks, “So what exactly do you (or your business) do?”
And you can rattle off a cohesive answer in 30 seconds or less!
Effectively Understanding The Consumer Buying Process Lowers Your Upfront Out Of Pocket Costs!
And your second one goes a little deeper, because it goes on your stationary, letterhead, business cards, flyers and or your WordPress blog etc.
And it basically answers how your business, product or service, solves their major problems and or concerns, better than your major competitors can!
(Again, your using this partially list, just to kick start your own thinking process.
So don’t feel you have have this all figured out by the time you finish reading this post.)
4.) Determine which marketing mediums you’ll use initially to deliver your marketing message to your target audience.
And obviously, you want to choose the marketing mediums where your target audience frequents!
5.) Set some initial (yet totally) realistic sales goals! Meaning- if your currently starting from scratch, don’t project an increase of $25,000 dollars, in the next 90 days or less!
If you’re not familiar with the so called (SMART) goal setting formula, you may want to use it initially, until you’ve had a chance to get your feet wet and develop your own.
(S) Set sensible goals initially. (M) Make sure your goals are measurable.(A) And they’re achievable!(R) And let’s not forget realistic.(T) And they need to be time specific.
6.) And finally…. Develop your main marketing budget based on the short and long term “total lifetime value of your customer base! (Read the post for that link!)
Not just some arbitrary figure like 30% etc.
You follow and implement this sound advice entrepreneur, and you’ll have a much better overall understanding on the all important consumer buying process.
As always, if you got any value out of this post, please Digg or tweet this. Thanks!
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And help you master your effective communication in marketing skills.(No matter what your particular target market is.)
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