Inside the buyer's mind product businesses v2


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Inside the buyer's mind product businesses v2

  1. 1. TheBuyer’sMind…
  2. 2. - 2 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdCopyright Notices© Copyright Go4 Results LtdAll rights reserved.No part of this publication may be reproduced or transmitted in any form or by anymeans mechanical or electronic, including photocopying and recording, or by anyinformation and retrieval system.Legal NoticesWhile all attempts have been made to verify information provided in this document,neither the Author nor the Publisher assumes any responsibility for errors, omissions,or contrary interpretation of the subject matter given in this product.The Publisher wishes to stress that the information contained in this product may besubject to varying country and professional organisations’ laws or regulations.The reader must accept full responsibility for determining the legality and/or ethicalcharacter of any and all business transactions and/or practices adopted and enacted inhis or her particular field and geographic location, whether or not those transactionsand/or practices are suggested, either directly or indirectly, in this programme.
  3. 3. - 3 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdContentsInside The Buyer’s Mind….........................................................................................4The Essential Facts About Buyer Behaviour And How You Can Use Them ToEthically Manipulate Buyers To Your Own Advantage............................................4Introduction................................................................................................................4Buyers Are Only Interested In One Thing…And It’s NOT You! .............................4People Browse Before They Buy...............................................................................6People Are Attracted To Those That Give Them Lots Of Useful Information.........7People Prefer To Do Business With An Expert Provider..........................................8People Like To Do Business With People Who Keep Their Word...........................9On Average It Takes 7 Positive Contacts Before Someone Buys ...........................10Make Sure Your Contact Points Are All ‘Positive’.................................................12Buyers Are Creatures Of Convenience....................................................................14Buyers Want What They Can’t Have ......................................................................15Buyers Like To Stick With What They Know.........................................................16Buyers Care More About What They Get Rather Than What They Spend.............17Buyers Are Less Trusting Than Ever Before...........................................................18They Buy From You Or From The Competition.....................................................19They Will Buy From The Business Which Communicates The MostValue/Benefits (It Doesn’t Mean The Cheapest Wins!)..........................................20Buyers Like To Do Business With Those Who Treat Them Well ..........................21In Summary..............................................................................................................22
  4. 4. - 4 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdInside The Buyer’s Mind…The Essential Facts About Buyer Behaviour And HowYou Can Use Them To Ethically Manipulate Buyers ToYour Own AdvantageIntroduction‘Inside The Buyer’s Mind’ was created to illustrate why, in the majority of cases,business owners who sell products are unable to consistently create marketingmaterials which sell. The complex and sometimes infuriating task of getting potentialbuyers to respond to marketing and advertising campaigns is what this short report isall about.After years of research and thousands of hours ‘at the coal face’, we’ve beenable to put together an in-depth look at the behaviour patterns of buyers and howmarketing materials and marketing strategies influence their decisions.Being able to understand how a buyer thinks and behaves is not only anadvantage, it is critical if you want your marketing and advertising to work.The following pages take you ‘Inside The Buyer’s Mind’ and will help youmaximise every penny you spend on your marketing and advertising…Buyers Are Only Interested In One Thing…And It’sNOT You!When a buyer first looks at your business he or she only has ONE thought – “What’sin it for me?” Unfortunately in their marketing and advertising, nearly all businessowners selling products make a big mistake by proceeding to tell their prospects howgreat they are, how many years they’ve been in business and what a great productthey offer.The cold hard fact of the matter is that although this information is true – it’s allabout you, and not about the potential client or customer. Bottom line? It doesn’t sell.So what does?When a buyer first looks at your business and your marketing materials they areasking three key questions which need the right answers. The three questions are…1. Why should I be interested in you?2. What do I get if I take the plunge?3. Who’s already used the product?
  5. 5. - 5 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdBy knowing these questions in advance you’re already way ahead of thecompetition.WHAT DOES THIS TELL US?You need to understand these 3 secret questions and how toanswer them. Here we go... “Why you?”We’re really expert, we really care and we give a personalservice: WRONG RESPONSETell them what you are offering over and above yourcompetition to make them want to begin a relationshipwith you: RIGHT RESPONSE “What do I get?”Here’s a list of the products we provide: WRONGRESPONSETell them if they decide to work with you what they canexpect, what results they will receive and how you willdeliver the product to them: RIGHT RESPONSE “Who’s had it before me?”We’ve been in business for years and we’ve got niceoffices: WRONG RESPONSEGive them the social proof from delighted clients andcustomers saying that you deliver what you say you’regoing to deliver and you keep all your promises: RIGHTRESPONSEAnswer these in the right way and you’ll have no problemrising above the competition and charging prices that createreal wealth.
  6. 6. - 6 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdPeople Browse Before They BuyWhen one of your prospects enters the market with the thought of buying yourproduct they like to browse first and buy second. Whether it’s shampoo, cars or anyother product for that matter, the same thing happens every time.And as they do this, people want to be courted. They want you to build arelationship with them before you ‘pop the question’. They want to know they cantrust you and that you can come up with the ‘goods’.Now this may take a matter of seconds, hours, days or months but it isfundamental to the way nearly all of us buy.So if people like to browse before they buy, your marketing needs toaccommodate this behaviour.Long story short… if your business doesn’t have a system for capturing abrowser’s details and then communicating back to them until they’re ready to buy,you’re making a huge mistake.WHAT DOES THIS TELL US?The initial purpose of any business’s marketing campaign shouldbe to target a list of possible buyers. There is no better list thanbrowsers who have already shown an interest in your business.You need a mechanism to make browsers give you their detailswhen in this stage of the buying cycle. By doing this you’rebuilding a very, very valuable list. You’ll also be doing somethingthat your competitors not only don’t do but don’t understand.
  7. 7. - 7 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdPeople Are Attracted To Those That Give Them Lots OfUseful InformationDuring the browsing phase the buyer is trying to decide who to buy from. And like allof us they don’t want to make the wrong decision. Because of this, they are ravenousfor information that helps them make an informed decision. They actually get excitedat the fact that this information will give them the details they need in order to makean informed decision and spend their money wisely.WHAT DOES THIS TELL US?Most of your competitors are constantly under informingprospective buyers. By providing more useful information thanthe next guy, you’re making it easier for your prospect to say yesto YOU. In many cases this process will call them to action morequickly, giving you a much more profitable relationship.For example, you need to explain how your product(s) works indetail and how it differs from the competition. Or you canregularly give your potential buyer tips and advice in relation toyour industry. Or you can send them short customer successstories of how customers have had great success using yourproducts and tell them how they can get more if they go to yourwebsite.
  8. 8. - 8 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdPeople Prefer To Do Business With An Expert ProviderAs you’ve just discovered, people want to do business with those who inform them.However, they are even more attracted to do business with an expert.Experts are people who provide a certain type of information. Thisinformation normally takes the form of special reports, white papers and educationalinformation such as mini-courses.Experts can also be found in the news and are the authors of published articlesand books.WHAT DOES THIS TELL US?It’s key to position yourself as an expert product provider in theeyes of your prospective buyer, especially if you sell high priceproducts. By providing buyers with information that proves thisfact, you are again separating yourself from the competition.Maintaining this position in the client’s mind also helps close thesale. The reason for this is an expert is a safer option in the eyesof the buyer. If you do this and take on the ‘expert status’, you’llnever be short of people who choose you over and above thecompetition.
  9. 9. - 9 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdPeople Like To Do Business With People Who KeepTheir WordA recent study conducted by Performark (a research company in the USA) discoveredhow few companies follow up properly, if at all.They found that in a total of 10,000 enquiries from people requestinginformation about a number of products and services – 22% never received theinformation they requested, 45% received the information more than 65 days aftertheir request, for 12% it took more than 120 days to receive their information and87% were never contacted by a sales representative.Furthermore, a study conducted by Tom Rayfield, a UK direct marketing expert,discovered that companies are very poor when responding to enquiries. Havingrandomly selected 200 advertisers, he discovered that it took on average 8 days to getback to him and 17 companies (8.5%) didn’t even bother to reply!WHAT DOES THIS TELL US?You need to deliver – or follow through (if people enquire, dealwith their enquiry as promised in your marketing). Most of yourcompetitors don’t. You know this yourself. How many times haveyou rang a plumber, for example – practically begging to givethem work – only for them to ignore your call! I could havechosen many other examples in many different industries.Secondly, you need to respond QUICKLY. Do this and you havean immediate advantage over your competition.Think about it – you reply to an ad or a leaflet and then within anhour the business calls you back – that’s good. You’re pleased.The company so far has delivered.Compare that to the second company. You replied to them at thesame time – but it took them three days to get back to you.Which business are you already favouring? Yes, it’s obviouswhen you look at it like that – and that’s why reacting quickly isso important to you.You need to have what we call a pre-planned ‘sales cycle’ inplace. In other words, you need to have a system that logically‘moves’ a prospect from being interested, to becoming a buyer.This one system will increase your sales – guaranteed.
  10. 10. - 10 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdOn Average It Takes 7 Positive Contacts Before SomeoneBuysDr Geoffrey Lant, the renowned marketing and research analyst, has proven over a20-year research study across hundreds of different industries, that most buyingdecisions are made after seven contacts. He calls this the ‘Rule of 7’ and many morestudies support this.Plus a recent study by Thomas Publishing showed that most organisations giveup far too easily, regardless of the industry, as they believe the prospect isn’tinterested if they haven’t bought immediately.According to the study, 80% of sales to businesses are made by the fifth salescall and 94% by the seventh (supporting Lant’s research above), but only 10% ofsalespeople call more than three times (the diagram on the next page shows thecomplete details of the study). So after the fourth contact, 90% of salespeople havegiven up! They’ve given up because of a lack of interest from the prospect!WHAT DOES THIS TELL US?It simply isn’t good enough to follow through and respond quickly.Your ‘sales cycle’ needs to have at least seven points of contact(this could be a mixture of letters, sales calls, personalpresentations, e-mails, faxes, etc.) and it needs to be automated– so you know it’s going to happen every time.This is another simple strategy to increase sales and new clients– guaranteed.
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  12. 12. - 12 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdMake Sure Your Contact Points Are All ‘Positive’As we’ve just discovered buyers don’t buy immediately but just contacting themisn’t enough to get them to become a paying client or customer. The key is to keepadding value every time you make contact. Just put yourself in the customer’s shoes.If you kept getting really cool stuff through the post or by e-mail that lights your firethen there’s only going to be one winner.WHAT DOES THIS TELL US?First, it shows that as long as you have a system in place with 7-9contacts built in, you not only benefit from the fact that most peoplebuy after the fifth contact, but also from the fact that yourcompetitors have given up. You win on both counts.Second, at each contact you need to make sure it leaves a positiveimpression on your prospect. Not only does this lead them closer tothe sale, but it keeps them enthused, forcing your salespeople (orwhoever is responsible for sales) to continue following your system.Conversely, if one of your contact points leaves a less than positiveimpact on your prospect, their interest drops, making it harder foryou to close the sale. Although basic common sense, this is a veryimportant principle you need to understand (see diagram on thenext page).By carefully crafting each contact, you can actually speed up thesales cycle and keep more prospects in it – resulting in more sales.Eventually your persistent (but polite) communications make itvirtually impossible for the prospect to refuse you.
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  14. 14. - 14 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdBuyers Are Creatures Of ConvenienceLike many things in life, when it comes to buying or receiving a product we prefer todo business with those who make our life easier.This is such a powerful point and yet so many business owners just miss it alltogether. And here’s another important bit – the more competitive a market theeasier you need to make it for your prospective client or customer to do businesswith you.For example, look at how the selling of cars has developed.At one time the only way you could ever book a test drive with a local garagewas if you wore smart clothes and asked really nicely! If you were lucky they’d havea brochure.How different is that scenario from today where you can book test drives onlineand download brochures and even build your car from scratch using clever software.You can even buy new and second hand cars now on Ebay!WHAT DOES THIS TELL US?Be very aware of the buying process from the buyer’s point ofview. If you don’t consider all avenues and technologies thatmake it easier for your prospect to do business with you, you’remost probably losing business to those that have.
  15. 15. - 15 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdBuyers Want What They Can’t HaveA very powerful buyer behaviour trait is the fear of loss. There are not many people inthis world who are not bothered about missing out on something they truly value.Using this to your advantage is a simple way to get more people buying what youhave to offer.WHAT DOES THIS TELL US?When making buyers a proposition you have to do two things –pile on the value and then limit the availability. This is a potentformula when making offers to potential buyers.A simple example of this is when a promoter announces ticketsare on sale for an artist like Elton John. For those that like Eltonthere’s lots of value and a limited number of tickets to be had.What could you offer that would create the same effect in yourproduct business?
  16. 16. - 16 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdBuyers Like To Stick With What They KnowOne of the most important parts of buyer behaviour is a buyer’s resistance to change.Now this can work for you and against you.As we all know people like to do what they’ve always done. And this definitelyapplies to the way they spend their hard earned cash.For example, not many of us will say, “let’s go and try something new” everytime we need to buy any type of product. So the outlets and businesses we’ve alreadytried and liked will be at the top of our list.WHAT DOES THIS TELL US?To get a buyer to try something new takes a lot of thought andeffort. Thinking they’re just going to give you a try sometime soonis a big assumption and usually a fatal mistake. Many businessowners think like this and are out of business in less than 12months.To shake the apple from the tree you need to make irresistibleoffers with strong guarantees that your potential customer can’tsay no to. For example, you could offer a FREE trial of yourproduct for the first week. If the product lives up to its billing yourrefunds will be outweighed by the extra revenue you generate.The more you think and act on this assumption, the more you’llfind buyers giving you a try.
  17. 17. - 17 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdBuyers Care More About What They Get Than WhatThey SpendOne of the most amazing things about buyer behaviour is how buyers love tospend money when they think they are getting a deal. I’ve lost count of the timeswhen my partner has come home with the bargain of the century because they havemanaged to reduce the cost of a still very expensive item by a few pounds!WHAT DOES THIS TELL US?When buyers look at the cost of goods and services they are notactually thinking about the price! Instead they are thinking abouthow much they are going to save or gain when they put their handin their pocket. In other words ‘how much value for money arethey getting’.To match your marketing to this behaviour pattern always bethinking of deals where it would be hard to say ‘no’ to. Forexample, showing the normal price against the offer price alwaysworks well. Also adding bonuses and gifts into a bundle offering,is another good technique. Remember, the better the deal themore they’ll spend.For example, a photocopier supplier could offer FREE toner andpaper for limited period worth up to £350. Not only have theyadded more value to the copier purchase they’ve also got thecustomer ’conditioned’ to buy their consumables from them. Thisincreases the lifetime value of each client.
  18. 18. - 18 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdBuyers Are Less Trusting Than Ever BeforeBuyers are more sceptical and much less trusting nowadays about giving a newsupplier a try. With high level politicians, business leaders and sports people findingthemselves in the news for corruption, perjury and cheating on their wife, it’s hardlysurprising.It simply isn’t good enough to rely on buyers believing you and your message inisolation (no matter how genuine it may be).WHAT DOES THIS TELL US?In a world where trust is at a premium, your marketing needs tocounter this with huge levels of social proof. But ‘social proof’doesn’t mean anonymous quotes on a sheet of paper. Insteadyou need to go further than this if you are to stand out anddisprove the doubting Thomas’s.The mix of proof you communicate (proving you deliver on yourpromise) is paramount when it comes to your performance in themarket.For example, if you’ve got a blend of printed news articles, videoand audio testimonials and joint venture partnerships with othersuppliers, the more you’ll reduce the barrier to entry and makebuyers think “well if all these people are writing about and areinvolved with this company, they must be OK.”
  19. 19. - 19 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdThey Buy From You Or From The CompetitionWhen a prospect decides to buy and begins the buying cycle, one thing is certain –they either choose you or one of your competitors. It’s that simple.This means you have to be ‘in the mind’ of the prospect. If they don’t know youexist, you haven’t got a chance of even competing. That doesn’t necessarily meanthey know of you right this minute, but if they need to find suppliers and they knowwhere to look – you need to be easily found.For example, let’s say a prospect living in Croydon has just had a stroke andthey need to buy mobility equipment. They’ve never used this type of product before,so they go to the Yellow Pages®and look in the ‘Mobility’ category or they mayGoogle “electric wheelchair croydon”.It stands to reason, therefore, if you don’t have an ad in the Yellow Pages®or awebsite that comes up on Google, you have ZERO chance of being contacted.WHAT DOES THIS TELL US?To make sure you’re either already ‘in the mind’ of yourprospects, or they can easily find you, you have to have anumber of marketing strategies in place which are strategicallyactivated when answering these two questions…1. When a prospect wants to buy my type of product, wherewould they find us?2. Where can we find our target market?The answers to these questions will trigger which strategies youdeploy to ensure you are ALWAYS in the mind of your prospect.When you activate your marketing strategies (and they’reexecuted properly – there are right and wrong ways to doeverything!) you’ll leave your competition standing!
  20. 20. - 20 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdThey Will Buy From The Business Which CommunicatesThe Most Value/Benefits (It Doesn’t Mean The CheapestWins!)Product based business owners often make the mistake of thinking that price is themain issue in the mind of their prospects, clients or customers.Okay, maybe 5% of people will always buy on price (you don’t want thesepeople as customers or clients anyway!), but the rest, the huge majority, buy on valueand the benefits you provide. In other words, if you provide more value and benefitsthan the competition, people will buy from you – plain and simple.Of course, value and price are completely dependent on each other. Added valueis the difference between the price someone pays for the product and what they aregetting over and above the price.When we meet I will explain this in more detail, but for now just remember, ifall you do is add so much more value than your competition, you’ll completelytransform your business!WHAT DOES THIS TELL US?If you don’t add value to your proposition, you will give a ton ofbusiness to your competitors.It may surprise you to learn that there are some simple, low-costmethods you can use that add incredible value to your businessoffering – methods very few people are even aware of.Also note that ‘value’ isn’t just derived from your product. Itincludes how you manage the transaction with the client orcustomer and how you then deal with the ongoing customerrelationship. When you succeed in all three areas, you can makesignificant gains, very easily.Also please note that a ‘benefit’ by its nature adds value, sowhen we talk about ‘value’ it includes any benefits associatedwith your company, products and service.
  21. 21. - 21 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdBuyers Like To Do Business With Those Who TreatThem WellThe previous ‘buyer behaviour principles’ mainly focus on winning new customers.But what about once they’ve bought? How can you keep them buying time after time?The good news is, as long as you treat them like your closest friends, they willremain customers. In other words… don’t neglect them, keep in contact with them…keep educating them on other products you sell… keep treating them to specialcustomer offers… make sure each contact they have with your business is a fantasticexperience… keep them close… very close. Do this and your competitors don’t standa chance of luring them away.I’ll be discussing the strategies you can employ to keep your customers close,when we meet, but even doing the basics well, will elevate you above yourcompetition.WHAT THIS TELLS US:Just providing great value on the first sale isn’t enough to keepclients coming back for more. It takes much more than that. Thekey area for any business is making sure they maximise thesales and profits from existing customers. In the UK an obviousexample of a business that has done this extremely well isTesco’s.But you can do it too. The ‘real money’ and wealth in anybusiness is its customers or clients and when you treat them likeyour closest friends and you make sure every interaction withyour business is met with huge satisfaction – you are well onyour way to making your business a ‘Wealth Creating Asset’.
  22. 22. - 22 -INSIDE THE BUYER’S MINDCopyright  Go4 Results LtdIn SummaryIn order to create marketing material and build a business that dominates its marketthere are four starting positions…1. You must understand the buying behaviour of your prospect andmatch your marketing systems to it2. Make sure you can be ‘found’ by having a number of structuredand well thought-out marketing strategies in place3. Provide more added value than your competition could everdream of offering and you’ll attract customers to you like ahighly charged magnet4. Treat your customers as lifelong friends by building a personalrelationship with them, so they are immune to the advances ofyour competition and they keep buying from you year after yearWe will of course discuss these areas in greater detail when we meet.