Customer Research: What They Want to Buy

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Knowing what your customers want to buy and pay is key to a profitable business marketing strategy.

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  • That's why I created my four-part Online Marketing Training Program. It's set up to help you get up and running -- with all you need firmly in place. 
  • Customer Research: What They Want to Buy

    1. 1. HOW TO KNOW WHAT YOURCUSTOMERS WANT TO BUY & PAY
    2. 2. Step 1: Pricing Your ProductAnswer these questions first: What are best customers willing to pay What price will the market bear Are there unique advantages that raise the perceived value How many other similar products are on the market
    3. 3. 4 Essential Elements1. Reaching the right customer at right time • Pacing is important • How long will it take customers to finish your product • Will you have your next product ready when they finish • Avoid pushing new products too soon • Keep in touch & remind customer when it’s time for next step
    4. 4. 4 Essential Elements2. Make it easier to buy than to leave • Is your offer irresistible • Is your sales message easy to understand • Are you telling them what you want to hear • Is your sales process easy & foolproof • How many steps are in your sales process
    5. 5. 4 Essential Elements3. Deliver what you promised • Deliver good value • Deliver product exactly as described • Deliver above expectations4. Excel at customer service • Anticipate questions • Include contact info • Train staff or team members
    6. 6. Your Ultimate Goal To attract loyal, repeat customersConcentrating on just 1 sale is short-sightedMake more money from recurring sales from loyal customers
    7. 7. Check Competitors’ Pricing• What similar products are on the market• What is their price• Why is that their price• Analyze the benefits of THEIR product with the benefits of YOUR product• Print out worksheet & get started!
    8. 8. Step 2: Identifying Competitors• What’s your niche• What products does your market want• Analyze local & online competitors• Analyze “big chains” or the big companies who can give lowest prices
    9. 9. 2 Questions To Answer WHO are your competitors & WHY do people choose them?Do you want customers with “lowest price” mentality?Is your site or store easier to find?Do you have easier online payment system?
    10. 10. Analyzing Big Competitors• Go to Quantcast.com• Enter URL of biggest competitor who matches your focus closely• Analyze demographics• Repeat with Alexa.com• Demographics show WHO the competitors’ visitors are
    11. 11. Using Quantcast• Check the “audience also likes” section• This tells you other immediate competitors & types of sites your market visits
    12. 12. Using Quantcast• Use this information to research • Which products interest them most • What’s hot or trending currently • What sells most• You can also use Amazon.com in your research
    13. 13. Step 3: What Customers Want• Ask them • Surveys or questionnaires • In-store ballets (with or without prizes) • Email questions to your list • Use mobile or social network apps• Visit forums & read comments• Visit niche sites & read comments
    14. 14. What You’ll Learn• Problems with competitor products• Needs that aren’t being met• What they love / hate• Difficult or frustrating features• Where their interests lie• Whether they pay for the type of product you offer
    15. 15. Do They Pay Now?• Do your customers find free information or pay for it?• Make your product unique & you might find some buyers
    16. 16. Check Latest TrendsInstantFormPro.com or Jigsaw.com  Survey appsCheck magazine racks or Magazine.com  If there are a lot of magazines in a niche, it’s popular with readersAdvertisements  Look at 1st page of Google, Facebook, magazines, newspapers, kids’ cartoons
    17. 17. Check Latest Trends• Amazon.com • Look at your category & subcategory
    18. 18. Trends on Amazon.comNarrow down categories & competitors even further
    19. 19. Trends on Amazon.comFinal results show trends & preferences
    20. 20. How To Interpret Your DataPay attention to what customers are sayingBiggest mistakes are  Developing products based on YOUR preferences  Ignoring what customers are asking for  Ignoring what is “hot” & selling quickly
    21. 21. Step 4: What Motivates Them• WHY are customers looking for a certain product • Do they need a pink leotard for class? • Do they need a striking costume for a competition?• Keep asking customers why they need these products• Never make assumptions
    22. 22. Testing Price PointsDo you have a big benefit or feature over a competitor’s product?  This will determine if you can charge higher or lower than the competitorAlternate pricing strategies  Payment options  Create a “lite” version  Run a beta test
    23. 23. Have A Strong Mindset• Beware of “I’m a newbie” mindset • If you have a product people have been begging for, price it accordingly • It doesn’t matter if you’re new or not…you have a product people are willing to pay for!• Once price is set, PROMOTE your product!
    24. 24. I can help• Solid Business Strategy• Online Branding• Back Office Automation
    25. 25. Free Consultation • 15-30 minute call via phone or Skype • tanyasmithonline.com/ meet-with-tanya

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