MBA1439 How Do Your Customers Decide to Buy?
Welcome welcome to the hundred dollar. PODCAST gives you more value each minute with our daily Hammond business lessons for the real world. I'm your host your coach or teacher Omar's at home. I'm also the CO founder of the hundred dollar. NBA A complete business training and community online. And in today's lesson you will learn. How do your customers to decide to buy? This is as a question. I've been asking for our business for bit recently. What's the process of buying our product or service for our ideal customer? How long does it take for them to actually make that decision to buy? From the moment they heard about us. Why so important well understanding how your customer revis allows you to really maximize that process rather than going against the grain doing things that really go against that process? You're going to do things that go along with that process that helps them through that process with us changing your homepage nurturing them through an email sequence offering a free trial or free move. You're not going to know what to do if you don't know how they buy in today's listen I'll be sharing with you some strategies. I'm implementing an ARP Asus. We're GONNA find in order to get into our customers heads and really understand the experience of becoming one of our customers. This is going to be incredibly insightful and helpful for you to increase your. You're sales so let's get into it. Let's get down to business. Today's he's episode of the show is supported by portia. Putting helps thousands of creators earn money from their passion. It's an all in one digital storefront that you can sell courses memberships and digital downloads in one place. It's the most creator friendly platform on the market with zero transaction fees and a super friendly twenty four seven seven life support team no matter what player on. So they're going to take care of you even if you're just getting started what's great about cody. Is it eliminates all the technical headaches. It takes care of every aspect of selling your course membership for digital download. If you've got video courses they do the video hosting for you if you want to charge your members on a reoccurring basis for a membership put. It takes care of it. You want to secure way for people to download your products. When they pay for them they take care of that to the also offer? Free Migrations on their Shaker plan. Best of all podium puts her money where their mouth is. They have a thirty day. Free trial with no credit card required. See they don't love it. You don't pay a penny if you're looking for a online course S- any kind of digital product or start a membership site. Check them out and support the show by GONNA PODESTA DOT COM slash NBA. Okay that's P. O.. D. I A. dot com slash. Mba think about the last time you shopped for something when you made a decision about a purchase this could be a personal purchase. This could be a business purchase. It could be a pair of sneakers. It could be a piece of furniture your next car or a piece of software to help you in your business. I want you to think about it. Write it down right down those things that you bought and I want you to remember. What was the process that you went through to make that decision to buy that product? Let me give you an example. re-run these thirty day H. Challenges at Webinar Ninja. The are basically a thirty day. Online course which allows our students have an actual result at the end of the thirty days are colonel is it's called the automated Webinar Challenge. If you're interested in checking it out it's Webinar. Ninja Dot com slash W. C. and in order to run this. I needed a course platform while I needed a solution to host this course so I can have an access area for all our members when they sign up for the challenge so they can watch these videos download unload materials and go back to it. Whenever they wanted now had a few options? I could have built it myself. I could've used some sort of wordpress plugin on top of our site or four. I could have went with any of the course platform options and I was looking at a few there was teachable. There's think if there were Podesta and at the end I chose to go with podium but I had to ask myself for this exercise. What were the steps that led me to that decision as a buyer did just google course platform or or core software and just click on the first thing I saw on Google and bought immediately no and actually took me weeks to make this decision and for many businesses and products weeks leaks is actually a short amount of time and yet many of our websites are asking people to buy from the moment they land or website were asking for the sale really quickly win? The reality is is not going to buy the moment they land on your website. Why are we asking this? This is a little bit counterintuitive. We know that's not help. You will buy. But what do they do together information. And that's what I did. I actually had a list of must have that a list on my notebook. I need to have these options these features so I can be able to who run my course properly need to drip feed the content. And you'd be able to have email notifications need to build the videos in one place shortlisted all the different options and I landed on pottier decided on cody because at the end after I looked at all my options the fulfilled my needs the best and to be quite honest. It took me a bit of time in a bit of work. ORCA had to research and go to feature pages and Look the whole science sometimes even show the customer support. Get some information for me that decision now even though Podesta and the other course ars platforms. Have a free trial. I never signed up for the trial to make the decision. I actually signed up after I made the decision to go with Podesta. Very interesting. Getting right you think the free trials purposes it gives people a chance to try it out and see if they like it but that's not what happened. My process didn't include. Hey try these things out and see. Would I lie because it's a lot of work to try it out actually put my course on their platform and I wanted to make the decision. I wish platform to go with and then do all the work. This is really An important point here look at your own business your own product. How much time and effort would it take for your customer to try you out? If it's going to take some time to set it's GonNa take more than thirty minutes to get going then. It's an investment of time and effort. And maybe your idea of a free is not really necessary or needed it. This is something that you need to understand about your product. How long it takes to setup? Are People really going to be using this retrial. Most people at sign up for products that take a while to set up like a course platform or in my case women our niche a Webinar platform. We have a free trial but does it make sense. This is something I'm questioning now. Maybe we're better off with a free plan or maybe a sandbox area people can try out the software. The point is is that is my product is my website aligned with the way people by I know how do you find out what that processes. Well somebody like polio. Would love to hear my story to know how I got to that point and you need to do the saint so one of the things we're going to be implementing is a automatic survey that's going to be offered to our users inside their APP after they've been a customer for a week after week we would love to hear whilst fresh in their head how they became a customer. So we're going to offer a survey we're going to offer an incentive like a ten dollar gift card if they do this survey just you know thank them for their time and it's going to ask them questions like how did you hear about us. How long did it take to make the decision to go with us after after you've heard about us? What did that process look like? What was the deciding factor questions like this is going to be a short five six question survey just so I can understand hand what happened? Had I acquire this customer. And what was the buyer's journey. One of the other things you want to find out is how long it took for them to actually become a a buyer and you can actually find that out through data so you can actually tag your customers in your crm when they become customers and just find out. When was that tag applied lied? If they're on your email list because you're on your newsletter of they joined a Webinar or they signed up for some sort of Freebie they could have been on your list for a year or more before. They've converted it to a customer. You need to know how long it takes them to get acquainted with your pocket before they become a customer because this is GonNa affect the way you nurture them and get them to become a customer and double down on what works a lot of us were trying so hard to disclose the sale when. Hey this is how long it takes his how long it takes get more people in nurtured them and make sure they decide to go with us. and not a competitor's another thing I've done in the past what I'll do more of is customer interviews. It's just reaching out to random customers have been with us for a bit of a time not that long maybe a few weeks or a month and asking them having a conversation ten minute conversation about why they chose us. What was your buying journey like in taking down notes and understanding how they become customers a lot of us? We don't want to talk to our customers because we don't WanNa bother them or we feel like it's maybe some sort of Faye interaction. We're trying to avoid because of confrontation. What if they're They give me feedback on. That's going to hurt me. It's okay it's always a pleasant experience in my experience They may give you some feedback. But that's great that makes your product better and you'll be surprised how willing your customers are to speak to you. You the founder of the company to give their advice to give their feedback. There's nothing like talking to your customers directly to find out why they chose you when you're collecting this information getting calls you want to make it as easy as possible for your customers whether it's a multiple choice question whether there's only one or two open ended questions you want to make sure that they don't have to jump through hoops to fill out the surveys. Like right inside of your APP or you're a product or via email sending him to call us a simple counter APP Cowley only acuity scheduling with. Just click on a link and they book a time with you and please show up early for those meetings. You don't want them waiting. Video calls are super simple these days and you can set that up with your calendar APP. You want to hear from a good number of your customer so even if you hear from one percent of your customers so say for example one thousand customers. That's ten people understanding their journey and how they become a customer. That's a valuable information. Ten thousand one hundred customers again through a survey a great but you want some critical data. Data is a huge stress. Relief fly because it backs up your decisions. You know that the next move your your next decision exchanged your website or you're buying process or if you offer free trial or not or a free plan is backed by data by information actually gathered that that you know for a fact. This is how people by this is going to be a huge stress reliever for you guys got more on today's topic but before that let me give love to city sponsor. This week's episode is presented by personal capital offering financial tools and wealth management. Are you ready to purchase a home. Are you saving for college. Tuition talk with personal capitals registered advisors. Who can help you build a personalized plan or download the personal capital APP and user? Free money tools to get a three hundred sixty sixty degree. View of all your finances says just credit cards same and saving stocks 401k located all in one place and because it's never too early to think about retiring personal capitals retirement. Planner can help you easily manage Infield your retirement plan for more information go to personal capital Dot com personal capital Invest S. with logic plan with heart understanding. Your buyer's journey is incredibly important. Yes you can find out something through a software off where they're using somebody like segment or heat maps or like I mentioned Tagging in tools in your crm. But there's a lot of things you can't know because because they're not taking actions that you can track you for example you could say. Hey I know exactly how long it takes somebody to become a customer. From the moment they join our email list. But what about before the join knowing your email list. What am I wonder just browsing your website? What about when they just heard about you at a conference? What about when? They're just googling you reading things or reading forms or reading reading reviews or watching a video reviews or whatever it is there are certain things you just don't know unless you talk to a customer. Somebody could have heard of you and thought about you. Heard you speak in an event a year ago but only decide to buy last week and you think they just heard about you and checked out immediately because they just bought last week. No aw you got to get the full story. And that's why getting information straight from. Your customer is so important. Thank you so much for listening to the hundred. Mba Show lobby. We hear hit subscribe right now. The best thing you can do for us to keep the show going because hey by hitting subscribe you show your support. Show the PODCAST APP. That you're using the I I love this show. Give me more of it when the next episode is available. Also if you have a minute lead us on I tunes reading review or redesign. Whatever APP you love to us before I go want to leave you with this with every customer base are going to have some raving fans people that love your product and love giving you feedback love communicating with you? Don't be afraid to tap into that well and more than once you may ask some other questions about your product may have questions about their on boarding experience or their overall satisfaction with the product or service. They are willing to help so gopher ask them questions find out. These people are loyal all happy fans and say ask until they say. Hey I'm too busy. It's all good especially when you make it easy on them when you're asking those questions when you're asking for for their input for their journey through a survey through a call you're making that effort to take minimal time from them. Thank you so much for listening and I'll take you in tomorrow's episode. I'll see you then take care