Hey everybody, Sean here at Campaign Creators.
I have a special talk in-store for you today. We are going to talk about Buyer Personas. We’re not just getting into the basics of buyer personas. We’re actually going to talk about Buyer Personas in the context of your funnel, and in more particular, your campaign funnel.
This blog post is part of “Your Definitive Guide to Lead Generation” blog series.
So let’s start off with some high level stuff. What is a buyer persona? Well, there’s a couple words up here that I’d like to emphasize. One, it’s a general representation of your ideal customer. Ideal customer, right? As marketers, we don’t just want to target anybody. Maybe you’re selling to people who might not be necessarily your ideal customer, and what we want to do is we want to do constantly be understanding, learning more about that persona. So that we can focus our marketing efforts and be more in tune with that persona. So, really here we want to focus on not only a customer, but an ideal customer.
Now, moving along, personas can be tough, but by the same token, we want to do everything we can to be aligned with them. We want to know what gets them up in the morning, what keeps them up at night. Basically anything that’s crossing their mind that might help or hurt a buying decision. We want to be able to effectively understand hat, and reflect it within our marketing.
Now I know a lot of the old school people are thinking about target market. What’s the difference between buyer personas and target market? Well, buyer personas are a one to one conversation, it’s a little more specific than a target market. When you make things more specific, you are able to really understand them at much more tangible level. When things are general it can be more vague, and a little bit harder sometimes to understand those concepts. In addition, a lot of times we’ll think about the difference between socio-demographics vs. demographic information vs. psychographics. If you see a general persona, typically what it will entail is just having the demographics. But, what we want to think about when we think about personas is both socio-economics and psychographics as well. It’s a little more of a sophisticated way of thinking about these people.
LEARN TO ACQUIRE AND RETAIN MORE CUSTOMERS BY REGISTERING FOR OUR MAY 2019 WEBINAR: THE PERSONA IS NOT DEAD
Now I’ve marked a couple things in orange as we go through this talk. These are the kind of the gems or the nuggets. Right here were looking at a little bit different way of thinking about buyer personas. One of the most important things that I like to communicate to clients when they think about buyer personas is what is the lifetime value of a particular customer. And we have an equation here, it’s a little bit complex initially when we look at it. But once we break it down, it’ll start to make a little bit more sense.
So, first what is the average value of a sale? You take that number and then you multiple it by the number of repeat transactions. Once you multiply those two numbers together, then, finally, you look at the average retention time. How many years or how many months is within a typical number of transactions that your persona will actually engage with you for. So you take those three numbers, look at them, and that’s going to be the lifetime value of a customer. Which is a much better number to look at, than just the average transaction of that particular persona. As we’ll get into a little bit later, which is another gem we’ll talk about evangelists. Evangelists can be great because they start to spread the word, and they might have a higher lifetime value than somebody who just buys the product one and done, and that’s it.
Need help creating buyer personas for your business? Register for our May 2019 webinar, where we'll teach you how to create buyer personas for your target audience, to acquire more new, and retain old, customers.
Check out the upcoming part II of this series here!