Evan Carmichael explains how understanding your customer's buying cycle helps you identify who's ready to buy. Michael Dell sold newspaper subscriptions to newly married couples moving into neighborhoods, earning $18,000 in commissions as a high school student by targeting the right moment instead of cold calling everyone.
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Understand the buying cycle of your customer. In business, if you want to get more sales, it's important to understand that before your customer is buying from you, they're buying from somebody else. And you can either make a partnership with that person so they can pass you new leads, or it also just tells you who is now ready to buy from you. So if you understand your customer's buying cycle, it's a lot easier to know who your next customer is going to be. I love modeling success. I love looking at famous entrepreneurs and how they became successful. And one of my favorite stories is of Michael Dell. You know, now he's this multi-billionaire, founder of Dell Computers, but one of his first ventures was selling newspapers for a local paper. He wanted to sell subscriptions. And he didn't want to do what everybody else did. He didn't want to go door-to-door, knock on the door and say, "Hey, do you want to buy a subscription to our newspaper?" He thought it was really inefficient, big waste of time. So what he did was try to understand the buying cycle of his customers. And what he found out was the people who were most ready to buy were newly married couples moving into the neighborhood. Those are the people who wanted to buy subscriptions to his newspaper. So what he did was he went down to the city and got a list of all the people who were recently married and moving into the neighborhood, and he created a targeted direct mail campaign towards them. 'Cause he knew these are the people who wanted to buy his newspapers, so he just reached out to those people only instead of trying to blanket the whole neighborhood. What happened? By his senior year in high school, he was selling $18,000 worth of commissions. He made $18,000 worth in commissions in his senior year of high school, went out, bought his first BMW, paid cash for it. All of this happening because he understood the buying cycle of his customers. So instead of beating your head trying to target everybody, not having a great approach, not getting results in your sales efforts. Understand who your customer is buying from, what actions they're taking before they buy from you. Those people that they connect with before you could again be referral partners for you, but as a worst case, if you know they're buying from them, then the next step is they're ready to buy from someone like you. So make it you instead of your competition. Believe. Those of you watching, you like this video, please support me by clicking on the link below. Let me know what you have to say. I'd love to hear your comments on buying cycles. Leave a comment below or ask a question. I'll make a video response. And click on my face, subscribe to the channel. Thank you so much. I'll see you soon.
