How to build your online business by turning online prospects into long term clients
Building customer relationships must be a win/win relationship where both sides are receiving value doing business together.
As time goes on the relationship grows stronger as trust is created while the both sides see value working together.
In order to have success growing an online business you must develop online marketing and educational material that assists prospective customers to learn more about the value you provide.
There are five important stages or buckets that clients evolve through as they identify that you offer them value and your relationship builds:
3. Trial Product
4. Core Product
5. Vertical Product
When a prospective customer raises their hand to let you know they are interested in learning more about your business they want immediate response. A prospective customer’s interest decays quickly unless they are shown immediate value. There are many competing products for their attention. So it is important to show value and ask for permission to send them more information via a subscription service.
Once a prospective customer allows you to send them valuable information on a regular basis their interest no longer decays. A prospective customer is able to determine the value that you provide and if it fits their needs over time. The longer a subscriber receives information from you the more value they are able to place on your product since they know it more completely.
3. Trial Product
A trial product allows a prospective customer to sample or test drive your service or product for free or nearly free. At this point they become a customer and are able to determine if the service or product that you offer is worth their time and money.
4. Core Product or Service
Once a customer tries your product and sees the value in it is greater than their cost then they are willing to buy your main product or service.
A customer sees the value and sees that it is worth their time and money.
5. Vertical products or services
If the customer had a valuable buying experience then they are more likely to buy other products and services from you since they received value from their first experience. This is sometimes referred to as up-sale or vertical sale. This is where a business is able to produce the best return as the cost is much lower since the infrastructure already exists for the primary product but the value given is the same.
A business that is able to show real value to customers through this process will turn prospects into customers and customers into long term clients.
A successful online sales operation maintains balance and keeps each bucket full and customers happy by focusing attention on their needs when they need it rather than pressuring a client before they are ready.
Next week in Part 2 we will show how to use inexpensive Internet marketing tools to educate prospective customers and show the value of your product or services.