When starting a new business or trying to grow your existing business, the sheer amount of people out there as “consumers” can be extremely overwhelming. How will you get your product or service out there? How do you stand out and get people to care about your product? The truth is, everyone is not your customer. Your company’s offering is not right for everyone and thinking that it is means doing yourself and your business a disservice. Even if you offer a product or service that almost everyone uses, there are differentiators between your product and your competitor’s product that cause people to choose one or the other. Don’t waste money trying to target everyone. Think about who your ideal customer is and focus your efforts on targeting them. They are who matter to your business. The right buyers.
How do you sell your product or service by telling the right things to the right people? Crafting the correct story, creating a compelling visual experience, marketing where your customer will be most likely to see it and closing things off by servicing your customers is all important. Considering the differences in your customers and their goals will help you interact and market to these different groups and try to influence them to purchase.
We have talked about targeting your ideal customer in several other blogs because of its level of importance in your overall marketing strategy. What is your company’s target customer demographic? Narrow down information like gender, age, income bracket, level of education, etc. What are they interested in? What are their values or preferences? What are their challenges or pain points? Marketing towards pain points is sometimes a hot topic, but at the end of the day doing so tactfully is necessary. Your business exists to satisfy a want or need and solving that problem or fulfilling that desire is why you are in business.
In this particular blog we are going to dig deeper into the specific purchasing behavior part of buyer personas. What are some generalizations we can make about a few common buyer categories that can help you determine your customer’s common buying behaviors? Let’s look at where you think your customer falls:
These customers watch their spending and price is of the utmost concern. They are likely to stick to small purchases and watch every dollar. They want deep discounts and use as many coupons as possible. Ever seen those shows with the extreme couponers? Well, not everyone in this category will be taking it to that level, but these customers pay attention to places to go for the best sales, certain times of year that are better to buy certain products and anything they can do to get the most bang for their buck. If you are selling a $2,000 name brand purse, these are not likely the customers you will want to target. If you are taking a name brand product and re-creating it to be more affordable for the general consumer, these may be your people. Consider placing a coupon in the paper, targeting local consumers through a sheet in a money mailer, sending a direct mailing boasting a killer special or flashing your best deals out on your business sign on the road.
This group is an unpredictable. They are not concerned with delivery time windows and their purchasing behaviors make it harder to anticipate patterns. These people are not going to be as bargain focused as our first category, but they also won’t always be the ones going back to a certain brand like our next group of shoppers. The other three groups may make more sense to target, because the casual buyer is harder to nail down a strategy around. The marketing that catches their attention is likely to flip-flop between marketing you are doing to target the other types of consumers. Just go with it and let that work for you.
Brand Loyal Shoppers
Brand matters to these people. Certain name brand clothes, top of the line branded foods and household products, for example. These brand buyers are male, more often than not. They are generally in a higher income bracket and not price sensitive. These customers are the most expensive to acquire and gain their loyalty through repeated marketing efforts, but then they buy the most per purchase and keep coming back for more. They are also likely to provide strong referrals of your product. Whether it’s the absolute best product out there or not, is it the sneaker every kid needs before they go back to school this year? Is it the hottest toy on every wish list for Christmas? Is it the trusted name in alarm system company’s that everyone on your block is using or the SUV that all of your mom-friends are trading their vehicles in for? How do you get your product to be the latest, greatest, thing that everyone needs to have? Need help with strategy around creating a strong brand and marketing it to build brand loyalty? The team at 10twelve can help.
Shopping for Convenience
These higher income shoppers are not likely to care about price or only shop special sales. They value convenience in delivery and purchase over anything. This group is very likely to refer you to friends and keep coming back if well serviced. Does your functional, new coffee table include quick delivery and you’ll even put it in their home right where they want it? Is your new product placed up front by the check out line where they can be reminded to make a quick and easy impulse purchase? Is your online ecommerce store designed so your customer is recommended accessories that they need to go with your product right within that product’s page so they don’t have to do additional research or browsing? These customers want quick, easy and convenient and are willing to pay for it.
Core Values or Lifestyle
Is it important to your customer to shop organic? Local? Vegan? Eco-friendly? Fair Trade? Some consumers will go out of their way to research products that align with their core values and goals. Did you create your company with one, or a few, of these in mind? How will you reach these people who share similar goals and beliefs? At this point price is not always as much of a factor in the decision.
Can you determine which group the majority of your customers fall into? This is important because then you can think about what is important to them. Is it brand name? Cost? Convenience? Something else? We all want to attract customers and keep them coming back as much as possible, but based on your product who will that customer be? Let’s meet or jump on a call to discuss your business and strategize around target marketing to bring you more revenue.