Today Sarah, Isaac and Aleks are going to talk about a very important concept for all growing businesses: The ideal buyer!
This is different from normal buyer personas, which are fictional representations of the types of buyers that may purchase your product (or that you already have), divided by different habits. The ideal buyer, on the other hand, is an overall concept of the sort of buyer that perfectly matches your company and product. Both are important, but the ideal buyer represents the most value for your company!
Knowing your ideal buyer is very important for lead management, targeted marketing, and branding…but there are still a lot of businesses that haven’t really thought about it yet. To help out, we’re going to look at size different questions you can ask to help better understand what your ideal buyers are like. Be sure to listen to the full podcast to hear the team roleplay as a small building manufacturer for these questions – which you can find summarized below.
1. What Size of Company is a Good Fit – Or a Bad Fit – For Your Product?
Think about your scalability, your shipping costs, your inventory levels – and the sort of needs that you are best set up to meet. What sort of company is the best fit? What sort of company do you most enjoy working with? Some companies may be too small to make ideal, long-term purchases, and it’s important to identify that (otherwise, it becomes easy to waste salesperson hours and marketing efforts). Also, some companies may be too large and have too many demands when it comes to pricing or shipping, so you’ll want to wait before accepting those kinds of clients.
2. How Do You Define Company Size?
If you found the first question tricky, this is a great follow-up! Do you define size by purchasing power, as we largely did above? Do you think of size as a largely regional issue, focusing on the area that a company serves? Or is size more associated with the number of people at the company? Perhaps size is even closely related to diversity of products in your eyes. It’s a good idea to repeat the first question for each of these considerations to better narrow down the ideal company to sell to!
3. Which Industry Verticals are Ideal and Not Ideal?
A vertical market is a market highly focused on a particular industry, and typically a particular type of company. All goods and services are designed for this narrow sector, and the companies exist in a very tight ecosystem – a more common occurrence in the B2B world, of course. So what specific vertical goods and services are needed in your industry? How do you supply them, and what sort of companies require them?
4. What Use Cases are Ideal for Buyers – and Which are a Bad Idea?
Let’s drill down even further. A use case is a specific situation where a product or service is used to solve a particular problem/need. So, which use cases are a dream come true for you? Also, are there any use cases where your product could be misused, mistimed, or misconstrued? Think about both sides!
5. Which Geographic Locations are Ideal or Not Ideal for Your Product?
Companies are limited by their reach – how far they can deliver products (and to a lesser extent, services). Sometimes products will also be limited in the locations they can be used, due to geography or project type. Even weather can affect the viability of some products. Find the geographic areas that are most ideal for you!
6. Are Companies that Sell to Businesses Better Than Companies that Sell to Consumers?
This is more of a thinker. What are your opinions of B2B and B2C? How do you think the two markets are different, and which brings the most advantages to the table? Think about the purchase process, points of contact, research, marketing, re-ordering, customer service, product customization, and other important considerations. Once you have formed some pretty clear idea here, think about the sort of buyers that would agree with your perspective on these matters. Those are probably the type of buyers you want!
Next, the team is going to tackle the importance of buyer personas, if you need them, and how many you may need! But for now, we’d love to know if you have already identified your ideal buyer, and how you define them. What do you think of our six questions to help you understand your target buyer personas? Drop us a line on social media @21handshake and let us know! Additionally, if you enjoyed this episode, we’d appreciate you taking a moment to rate us 5 stars. Thanks!