Let’s talk today about turning prospects into customers then retaining them so we can market to them again in the future! If your marketing is working you will be turning those prospects into customers. Nothing else will do. Here I’ll discuss the important ways we draw them into our sales funnel/pipeline to eventually seal the deal. You’ll need to be all these things:
The big fear of nearly all new buyers is the dreaded buyer’s remorse. We should want to avoid this entirely as that result is terrible for everyone – you and them both. Buyers remorse should be unlikely if you do indeed provide quality products and/or services that consistently deliver the claims you’ve made in your marketing.
But, such remorse can still happen. There are a couple of ways to handle this well:
- Offer a no-questions-asked refund.
- Offer that they can return the product but they get to keep any bonuses that came with the deal.
These two alone will also lower the chances of buyer’s remorse occuring because the buyer will tend to trust you more because you offered these things in the first place.
Here are some other ways to change your prospective client into a valued customer:
- Present a special price as a market testing opportunity.
- Present a lower price with a reason like you are pushing inventory to pay a tax bill, to cover your teenagers gap year expenses, or any other reasonable situation. Customers often like this a lot as it makes you appear so much more human to them.
- Offer them an incentive to refer potential prospects to you.
- It may work best to offer them a smaller, less expensive product earlier on to build the trust needed for them to stump up for your main offer.
- Offer bundled (package) deals. These can be powerful if the combination is well thought out to give the perception of massive value.
- Offer to reduce the price for the first purchase if they commit to becoming a repeat customer.
- Offer more incentives like longer-extended warranties. Perhaps additional bonuses if the order is completed by a certain date.
- Provide them with financing options if that suits your business model.
- Give them a bonus if they will make full payment right now.
- Provide special packaging or delivery options at no, or minimal, extra charge.
- You could offer a “name your own price” incentive.
- Do their product comparison/research work for them using comparative data or other appropriate tools. As long as you are presenting the data truthfully they’ll appreciate the time you’ve saved them.
- Ask them if they’d like to trade-up or upgrade something they already own.
- Offer extra educational information and some space and time to help them make the decision.
As you can see the options are about as endless as you want to make them. Use these together with other ideas to discover what works out best for your business, your particular products and/or services and your desired target market. Above all remember this gem…
“By making it more inviting, easier, informative, educational, inspiring, fun, and less threatening to do business with you, you’ll lift your enterprise way above your competition.” ~ Jay Abraham.
Ok, let’s learn how you find a target market of prospects so you aren’t tempted into wasting your precious resources doing blitz, also called “awareness”, marketing. Ask yourself these two questions:
- What do my potential customers actually want to buy?
- What are the products they are already purchasing that are related?
When you know this you’ll know who is more likely to buy your products/services. Then, find other businesses having the same type of customer base that you can share clients with. Cook up a good incentive and work establishing a great joint venture arrangement that will encourage your combined customer base to shop at both of your businesses.
The underlying concept is:
Find existing businesses having the same customer profile you are looking for so you can market your products and/or services to them.
Strike up a relationship with these business people and together work out an incentive for prospects to purchase from both businesses.
Do this and you’ll have an additional audience to pitch to and your JV partner/s also generate an added value from their current base.
So, how do you work out the numbers? Here’s a great method by Jay Abraham:
LV = (P x F) x N – MC
What it means:
- LV = the customers lifetime value
- P = the average profit margin per sale
- F = the amount of times a customer purchases per year
- N = how many years customers buy from you
- MC = the cost of marketing each customer (total expense divided by the number of buyers)
When you’ve calculated how much you spend to attract every new customer, you’ll know what size of an incentive you can offer to another business to help attract new customers from their customer pool.
Here is your process set out step-by-step:
- Search out other businesses already having the customer base you want to tap into.
- Figure out then negotiate an incentive that will have them keen to share their customers with you.
- Focus your marketing efforts and resources on this group of already targeted consumers.
Go get ’em! Remember, if you want guidance working your way through the above process we’re only a few clicks away.