The Weekly Sales Funnel Challenge is a week-long challenge for business owners to focus on a specific aspect of their sales funnel for one week. It’s a fun way to keep you focused on one of the most important parts of your business. A new Weekly Sales Funnel Challenge is published every Monday and a wrap-up post is published every Friday.
In a previous Weekly Sales Funnel Challenge, I challenged you to identify at least one of your target markets. Now we’re going to take it a step further – it’s time to think about your buyers.
There’s a difference between your target market and the people who buy from you. Do you know what that difference is? (Hint: the answer isn’t JUST that the buyer is the one who gives you money!!!). Your target market is broad and your buyers are a much narrower group. Understanding the difference between the two is critical to helping you hone your sales funnel into a profit-producing machine.
Often, I’ve noticed that businesses have several types of buyers coming out of a single target market. A few years ago, I had three very specific kinds of buyers – those in the financial industry who were selling digital content, those in the real estate industry who were trying to market their name to a local audience, and small business owners serving a B2B market. My target audience was broad but those were three buyer profiles that came out of my larger target market.
So what are your buyer profiles? For this week’s challenge, I’d like you to think about who is buying from you and I’d like you to define them as specifically as you can.
Here’s how to do it: Look at your sales over a given period of time (one quarter is a good chunk, unless you do A LOT of small transactions, then look over a smaller period of time). List out the demographic qualities and try to find common points. You’ll probably see that you have a couple of different kinds of buyers. Try to group them together to identify them as narrowly as possible.