08 Feb Myth 3: Quick closes are better, so forget the buyer’s journey!
What is all this talk about the buyer’s journey?
It is true that the day of the quick sale is likely behind most business owners. Why is that? Because consumers are now more informed and have more options, options which they likely know more about than ever, thanks to social media and the growth of UGC or user generated content (think reviews, testimonials, etc.
Combine information access with the younger generations’ growing disdain for “salesy” approaches and you have yourself a different marketing space than we did even 10 years ago. This has created two distinct changes that I think are great for small business owners like yourself.
The first is that you have to create a relationship with your potential customer or client. That may not sound like a good thing until you hear the second big change – you can reach the people that you want to in more places and in more personal, specific ways than ever before. You may not be able to run a “quick” campaign but you can do a little bit of planning and reach more of the right people for less money than you ever could have before.
Gone are the days of high risk, undefined reward marketing strategies
reserved solely for businesses with thousands of dollars a month to invest. The game has changed but the good news is that everyone can play it!
It’s all about relationships…but isn’t everything?
When you build a relationship over time you also build loyalty, which is more valuable than any old new client acquisition.
As mentioned in myth one, it is easy to calculate the success of business, or really anything, by looking at the immediate bottom line, like how many sales your new marketing campaign generated from new users only this week or month. And again, just like in myth one, we would be missing some important stuff if we thought of the value of your marketing results this way. Let me explain.
Good Relationships Take Time
Myth three is all about the change in length of the buyer’s journey and how to adapt to it. One of those ways is through building relationships. Since it takes people longer to make a decision you will have to engage them for longer. This means that you might end up being more than mere acquaintances with potential customers…and that is a GREAT thing!
So how do these two pieces come together – calculating customer value by more than immediate sales and building relationships to gain sales? With the many touch points (interactions) you will have with a customer before they engage in your services or buy your product, you will build a relationship with them. If you have done your job well, your new customers will have had a good experience based on you predicting their questions and answering them in a helpful way. They will have bought not only your product but your brand. This is where customer loyalty comes into the picture.
Customer Loyalty is Where Business Gets Done
When you create a relationship during the onboarding process your new customers will be more loyal. If you have a product you can sell more than once then this means future purchases. Even if your product is a one time purchase, this customer who got to know your business will be more likely to remember and refer you.
When we are calculating the value of a marketing campaign, we not only consider immediate sales but all of the revenue that the sale can or will generate in the future. So, through building better relationships during the client journey you also up your customer loyalty dollars that you can count on from each customer. Here is a small statistic on customer loyalty: In the U.S., 40% of online shopping revenue comes from repeat customers, who make up only 8% of site visitors.
That is a BIG win! If you have questions, send me an email and I will explain a bit more about lifetime customer value, a next-level metric that we use when strategizing for our clients!
Spend time now. Save heaps of time later.
By creating resources that help people feel comfortable making a decision, you will not only gain more sales but you will have an educated consumer that gained their education without needing any of your time! How cool is that? Rather than seeing all of the content and resource needs for the newer, longer buyer’s journey as a nuisance, see it as an opportunity to get yourself ahead of the curve!
Let’s take a look at an example. You have an appliance repair company and you want to gain new customers. What questions do you think that people will have when they are shopping for your services? They will want to know if you fix the type and brand of appliance that they have. A potential customer might also want to know what happens if the appliance cannot be fixed or how long it will take to get the parts in.
By creating a website that makes it easy for people to find answers to their questions and optimizing that website so that your company profile comes up in Google searches, you are more likely to gain that customer AND spend less time educating them when they reach out!
Really, the buyer’s journey is helping you to be a more efficient business!