90% of The Purchasing Journey is Complete before you Connect with Prospect
Isn't it surprising that only 5% of your brand marketing efforts are effectively reaching potential active buyers? This is worrisome!
Out of all the prospects you engage with, just 5% are actively seeking a solution right now. However, remember the remaining 95% who may require your product in the future!
Your Ideal Customer Profile (ICP) represents a vast market that may not be actively searching for a solution yet, but indications suggest they will be soon!
Studies indicate that when buyers begin exploring options, they usually have a shortlist of brands in mind - typically the ones they are familiar with. This is where branding comes into play! Enhancing brand awareness is crucial to be on that shortlist. Did you know that 95% of the individuals you reach through branding efforts are not currently looking to make a purchase? Nevertheless, they might consider your solution when the time is right!
Another study indicates that when potential buyers are aware of solutions, they tend to conduct independent research before making any contact with vensors. By the time they reach out, they have already developed 90% of their opinions about you and other options.
The essence of branding lies in creating awareness among that 95% so that they will think of you when they become active buyers and consider you as part of their evaluation!
Think of it as a funnel - the broader your messaging and target audience at the top of the funnel, the more awareness you can generate!
You aim to reach people, educate them on the problem you are addressing, so that you can be "considered" when they are ready to make a purchase!
When the "Active cycle" commences, you will want a salesperson to lead with personalized messaging for potential customers.
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The primary goal is to receive signals as potential customers progress through the lead funnel, guiding them smoothly towards the appropriate resources! The wider the audience that recognizes your brand, the greater the volume of leads and the more successful you will be in moving them through the funnel and converting them.
This brings me to my point for Startups.
Startups typically focus on customers and revenue generation, a focus that I understand and have covered throughout my career. There is a limited time frame to demonstrate results and secure funding - which keeps the startups viable.
Identifying trends, validating assumptions, messaging, and defining the Ideal Customer Profile are critical tasks that rely on the first 5-10 customers. Understanding your customers is essential before establishing your brand with full blown marketing, making these initial customers of utmost importance.
After acquiring the first 5-10 customers, that is when mindsets need to shift. Equal attention should be given to nurturing the top of the funnel:
Branding is absolutely essential! It plays a crucial role in fueling your sales funnel and ensuring that your product is top of mind during the consideration phase. It is a key element for long-term success!