In the fast-moving business world, where new products and services pop up like daisies, you need to flex your go-to-market (GTM) strategy and give your new product its best chance of success. One way to do so is with the buyer persona: the ideal customer for your product.
Move your targets
A Regus study has revealed that 48 per cent of workers say that big companies could make themselves more competitive by reacting faster to market changes. What was your product’s target market last year may have moved on. Keeping up with buyers will give you the laser-sharp reactions your product’s sales need.
Refine and update
Most businesses don't use buyer personas, and yet using them substantially improves conversion rates from lead to sale. Don't throw away your existing target market data – just refine and update it to create accurate profiles of your customers. Craft a story about them, with a name, age, job and family, to bring them to life in the eyes of your employees.
Ask the right questions
If you're selling a new fitness gadget through online retailers, your target market probably includes young, male professionals with ample disposable income. Gain more detail about these guys. Find out what sports your ideal buyer likes, what films and TV he watches, and what websites he gets his news from. This will vary from country to country, and as 38 per cent of you sell your products across the globe, make sure you tailor it by region. This information will define how you brand, price and pitch your product or service.
Aim for the bullseye
Think of your buyer persona as the bullseye on a dartboard. There are plenty of customers who might consider buying your new toy, but there will be a specific type of person who’s sure to snap it up eight times out of ten. That's who you want to sell to, and knowing this should dictate the channel you use to reach your ideal buyer persona, be it a social media app or a techie website. 41 per cent of you are prioritising a higher return on investment on advertising and marketing – this targeted approach should feed into that.
Know where your personas buy
If you've chosen your channels well, you'll want to make it easy for Mr Gadget to get his hands on your new product. Your buyer persona should tell you how your ideal customer likes to buy. Converting a prospect into a buyer can be as easy as a click of the mouse, but only if you make it that way.