Sales & Marketing Authority, Bestselling Author & Business Motivational Speaker

The theme these past few days has really been about understanding your customer. You may know your product inside and out but none of that matters if you know nothing about your prospects.

When you first launch a product you’re going to feel really excited about it. Often times this excitement is clouded by a bit of disapointment when the salesperson realizes that not as many people are as excited about his product as he is. Very few people will make a purchase.

This is because the people who purchase products can be broken down into five specific categories:

• The first 2.5% of your sales will come almost immediately. These purchasers are innovators. They want the latest gadgets the moment they hit the market.
• Lagging behind them will be the next 13.5% of your sales market. These are the early adopters. They’re not quite as quick to move as the innovators, but they still want to be amongst the first to have a new product.
• Behind them will be the early majority. Approximately 34% of your sales will occur after the product has been on the market for a short period of time. These people will recognize the product through advertising or word of mouth and then rush to check it out for themselves.
• The late majority, making up another 34% of your market, will wait until the others have purchased the product before buying it for themselves. They’re willing to let others test the product before they determine whether or not they want to spend the money.
• The last 16% of your market is comprised of laggards. They’ll simply take their time and have no real motivation to make a purchase either way. They’ll eventually see that the product is necessary or effective and will at some point get around to making a purchase. They’re slow moving, but they’re still there.

Understanding that not all customers have the same mindset will give you a different perspective as you approach your sales and marketing campaigns. There are obviously points in time in which you should increase your advertising instead of decreasing it. Carefully track these trends and you’ll soon have an effective way of determining when and how you should modify your own campaign.

Sean

Sales Expert - Marketing Consultant – Motivational Speaker