DESIGNING THE BUYER-CENTRIC FUNNEL

What it’s all about?  

A notably significant process while developing a product is to build a customer-centric funnel. You can consider a funnel as a customer’s voyage from exploring your product to making a purchase. The problem with the typical funnel model is they are more vendor-centric. A customer-oriented funnel is a better way to approach the funnel design. It’s all about understanding a buyer’s perspective for developing an effective funnel that helps funneling out a max number of explorers into residentials of your customer base.   

How Can I Design A Perfect Funnel For My Customers?   

David Skok, one of the partners of Matrix Partners, talks about perfecting a buyer-centric funnel in a presentation featured on his website forEntrepreneurs. He talks about;  

Understanding the Customer Attitude  

The first step is to think like a customer. As an individual, you would not prefer getting something sold that you don’t want. Instead, you would talk and listen about something that can aid any personal inconvenience caused due to the lack of a better solution. To understand the customer’s perspective, you need to address the issues faced by them. People will surely be attracted to the idea that focuses on reducing their pain points.  

Analyzing Buyer’s Personae  

The next step is to analyze your audience. Identify their key business goals, decision criteria, influential factors, and other characteristics that are relevant to the purchase. Mapping your buyer’s process into your selling steps will help you convey all the decision criteria and ultimately assist you in building an optimized model. 

Grab their Attention  

By now, you have enough data about your audience and their thinking process. Now it’s time to introduce them to your product but more subtly and less pushy about the sales. According to this presentation on forEntrepreneurs, using catchy ads, special offers, and offering free trials are some of the great ways to give a first-hand impression of your product while grabbing the undivided attention of the consumer. Once they realize how your product is a better solution for them while using them through a free trial, it would not take them much time to become a patron hence reaching the bottom of the perfectly modeled funnel. The perfect example of this model is OTT platforms like Netflix and Spotify. Everyone is familiar with their free trial plans and a very successful conversion rate.  

Snatch the Opportunity to WOW Your Costumers  

Ensure that you are offering your best as an introduction to your product. The customer must be fully satisfied by your venture to become an ardent customer. Use the wow points, i.e., what makes your customer wonder that this is what they were looking for all along. At this final stage, you need to make sure that the purchasing process is a smooth ride for your customers. They must not be caught off-guard due to a complicated technical process to make the purchase.

FLIP THE FUNNEL  

This is the model that you want to use when your customer base becomes ubiquitous. Joseph Jaffe, an author, and serial entrepreneur talks about this model in his book Flip The Funnel. This model aims for holding on to the existing customers rather than spend on resources for gaining new customers. The idea is to build new customers on top of the old customers. Jaffe says you need to find out the imbalance between sales percentage driven by the existing customers versus the new ones. And when the numbers are in favor of the existing customer base, you know that it’s time to apply the model.   

This model can be achieved by upholding the loyal customers of your company. You can do so by offering status badges, a customer of the month reward, and other free goodies. Identifying influential customers is the key. Using the referral system, they can influence a whole new base of the audience that you missed at the starting of the buyer-centric funnel. According to studies, 92% of respondents trusted referrals from people they knew. Moreover, the lifetime value for new referral customers is 16% higher than non-referrals. The important point is this approach needs a lot of patience and strategy as you are going for long-term investment and the right opportunity will grab more customers to your venture.

Furthermore, if you need any assistance with digital marketing for your business, no matter the scale, we are always there to help. Visit www.prabisha.com to know more about how we can make your business embark on a journey of full-scale visibility with a head start of higher reach and lead conversion. We are Prabisha! And we believe in Results and Growth!

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