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Biz-Growth Part 02 – Why People Buy From You And When?

Can you predict when your clients are buying and why?

You will learn about:

Why should people buy from you

The benefits of using a performance scorecard

Different diagnostic tools to really hone in on your hot prospects

The importance of under promising and over delivering

What you might be doing that is devaluing your brand. Context and Why

Summary

As markets become more competitive, getting in front of your decision makers will become increasingly difficult. People are less likely to pick up the phone or know who to turn to when they Google your industry. Remember timing and accurate targeting can be everything!

You will learn in this episode a few of the basic skills needed to not only identify when people are going to buy from you, but more importantly: WHY!

Join Alex and Rupert as they talk about the steps you could take right now to increase your chance of getting in front of your decision makers … maybe without having to be there at all.

Transcript:

ALEX:                   

Hello everyone, welcome back. As you know, I’m Alex and this is Rupert from Business Growth Bureau. Thank you very much for joining us on the second part of what we’re bringing to you value-wise from the top questions we’ve been asked.

Today’s video is actually going to be focusing around why people buy from you and actually when they buy from you, and what gets them to that point. Obviously on the last video we were talking about who your ideal clients are and how you find them out there in the market. Are they right in front of you or are you leaving money on the table by going after the wrong ones? We covered that.

Now, we’re going to be talking about specific companies and when do they buy from you, and why, which is also a really important question. Why do people actually buy from us? So I suppose the why question is quite a deep one, so we’ll tackle that in just a second, but Rupert, a great way to start this would be, when do people buy from us? Is it when they’ve got a perceived number of value, when we’ve exceeded their expectations? When do people actually buy from us? (0:56)

     RUPERT:

That’s a really great question and the thing is, we don’t always know. What I would say is, if you get your targeting right, it can make a massive difference. So, for example, people have the perception that there is a much larger number of businesses actually out there than there are. For example, in the UK alone and I think it’s very similar in other markets, 76% of businesses in the UK are just one-person businesses.

  ALEX:                   

If you could just repeat that. For people at home, this is quite an important figure because a lot of people think that the market’s a lot more diverse than it is. But it’s actually a lot more controlled by the top kind of 4%. (1:31)

  RUPERT:

That’s right. So if you flipped it the other way round, 76% are one-person companies…

  ALEX:                   

Say that a bit slower for the people at home. (1:38)

   RUPERT:

76% are one-person businesses. Another 18% employ between 2-10 people. So they’re still very small businesses.

  ALEX:                   

So that essentially means, if my maths is correct, 96% of the businesses in the UK… (1:50)

  RUPERT:

94%, we’ll split 2% between friends though.

  ALEX:                   

94% are less than 10 employees. (1:59)

    RUPERT:

That is correct.

  ALEX:                   

So, that’s a really important thing to think about. When people buy from you, are we going after the wrong companies by trying to target the bigger companies? Because that only makes up 6% of the overall market, people that employ more than 10 people in the UK. So that’s a really important thing to think about. (2:22)

    RUPERT:

And it’s very similar in other territories. The numbers will be different but the percentages won’t be, especially in the US or other territories, the numbers won’t be too dissimilar. And of course the companies which employ, say, more than 250 people may be in the top 0.5% or top 1% of businesses in that territory or market. So it’s really important to understand that, which then leads in very nicely to some of the other things.

  ALEX:                   

The original question was, when do people buy from us? I know from past experiences that I’ve done in terms of running my own business, getting the people to the point where they actually want to buy my product, it was really frustrating for me at the start. It felt like I was banging my head against a brick wall in terms of getting people to the point where they not only want my product but they actually want to spend money on my product.

So, how do you think you can test when people actually want to buy your product or service? (3:09)

     RUPERT:

I think it’s really interesting because of course if you’ve got to the point where people are wanting to buy your product right now, in many instances you could be hitting them almost when they’re too late. Because at that stage, they may have already started looking at lots of competitors, especially if it’s a larger contract where things might be going out to tender, you’re in a highly competitive situation.

What we tend to recommend to potential clients, or if you do this yourself, is that you try and find people a bit earlier on in the process, and what you’ll find is, if you get your targeting right and you start engaging with people it’s also very important to accelerate the relationship of trust, which we talk about a little bit later on in some other programmes. But then, as part of that, you’ll find that as a rough guide about 4% – 6% of people will actually want what you have to offer now, as a very rough guide. So you just have to have got the time exactly right.

You’ll also then find about another 14% – 18% or so actually are wanting what you have to offer but there’s a slight timing issue, so for example, you and I might see someone tomorrow but actually they then need to get sign-off from someone else or it might need to wait till a new financial year. It doesn’t mean that, because they don’t give you decision now, they won’t be a very good client. They’ll highly likely be a very good client.

And then there’s a much bigger percentage who actually don’t know what they don’t know. They may not know that you exist, they may not understand the benefits you actually have to offer. But if those relationships are built on over a period of time, they too will also become potential clients or a percentage of them become potential clients.

  ALEX:                   

That’s interesting, because it would probably be worth telling everybody watching, and once again thank you for joining us today, we actually introduced – and you may have completed one for us – a scorecard, a Business Growth Bureau scorecard. In a brief overview, why did you bring that into the market, why did you encourage our clients or potential clients to actually fill that in? (5:05)

   RUPERT:

That’s a really good question actually. What you’ll find is, as you start to develop a relationship with people and especially as the lead flow starts to increase, it can be very difficult to determine how best to nurture those relationships to the point where they ultimately want to buy from you.

  ALEX:                   

And more importantly, you can also quickly determine through it about whether people are actually right for your product. Because if they’re too small, too big, you don’t want to pitch to them because they can’t afford your product anyway and you might be wasting your time. Or they don’t actually need your solution. So I suppose to take away from that would be the importance of things like scorecards or some form of questionnaire, not so that you can rule out who’s going to buy and who isn’t, but so you can know who actually needs your products or solution.

That brings us nicely to, why do people want to buy from us? (5:52)

   RUPERT:

Just before we move on from that though, if it’s okay with you, I’d like to pick up on the crucial point, when you’re asking people to take part in these things, obviously you are asking them to invest time. It’s about making them feel that when they complete that, they’re going to get some immediate quick fix. We all want quick fixes and solutions. So if the questions are asked in the right way, people are then kindly providing that information, make sure that in their inbox they get immediately a copy of what they’ve just submitted and then what you can also do is offer to share the anonymised results a bit later on.

So, all the way through, think about how you can reward the participants for their time, and that way you’ll get a maximum engagement and some really good results.

  ALEX:                   

Time is pressing on and we understand that time is precious to you, so we’ll start to wrap up soon, but I suppose in 30 seconds or a minute maybe, Rupert, the most important question: why do people buy from us? Sometimes it’s down to price, we understand that. You get into Dutch auctions or you start bidding wars, I understand that. But why do people, why do you think people buy from us specifically? Not us as an organisation, but me as a person? Why do people buy from us and me as a person? (7:05)

  RUPERT:

I think a lot of it actually is going back to this element of trust, but it’s also making sure you meet the needs that that potential client actually has, and then putting in place the correct follow-up process afterwards so that they feel really valued, so they actually want to stay with you.

  ALEX:                   

I suppose the best way of summing the whole thing up would be, under-promise and over-deliver. So, not only is qualification key, not only finding out what your clients actually need and whether you can provide that solution, but going above and beyond their expectations. And I suppose that would be quite a nice way to some up why do people buy from us and when do they buy from us. For people listening at home, what would be the one thing that they should be taking away from this video right now? (7:54)

  RUPERT:

The bottom line is, don’t give up too soon. For example, what we’ve seen people do is to actually start the whole engagement process off and they may get part of the way through the journey or possibly a quarter of the way through the journey and then what happens is, they give up because they feel that nothing has happened, but actually they haven’t realised that it takes a while for that engagement process to build up. And as a consequence, they either leave money on the table, because that potential customer never buys, or worse still, they’ve warmed that person up to the point where they’ll go to a competitor. So you’ve actually got the double whammy there. You’ve made a competitor stronger, yourself weaker. So it’s very important.

  ALEX:                   

The thing you’ve missed there is, you can actually potentially devalue your brand. (8:32)

    RUPERT:

You can.

  ALEX:                   

Because if your product is good enough, you will want to get it into people’s view, you want to get the brochure in their hand, get them consuming the content. You think your product’s good enough, you need to get it into people’s hands. You leave that money on the table, it could devalue your brand, which we’ll get onto in a later session.

Let’s wrap it up there. Thank you so much for watching. Once again, I’m Alex, this is Rupert at Business Growth Bureau. Thank you so much for watching. Like I said in the last video, and I’m sure you watched that, your feedback, your comments, are our oxygen, you’re the reason we’re going to carry on these videos, if you like it, let us know.

If you need any tips or advice, get in touch. We’re always happy to have an introductory, an exploratory conversation, and the link will be on our description. So, thank you so much for joining. Enjoy the rest of your day and we’ll speak to you very soon, hopefully. (9:22)

  RUPERT:

Cheers.