A short YouTube talk by Nick Perry advising entrepreneurs to classify buyers into four types — hot buyers, warm buyers, price shoppers, and poor people — and to focus marketing/sales on the first two groups while excluding price shoppers and the unqualified. The piece emphasizes risk-taking buyers feeling acute pain as the best prospects.
Don't become an entrepreneur until you know this, or else you will fail miserably. Every market on the planet has four types of buyers. The first kind is the best kind. They're the hot buyers. These are the buyers with the biggest balls, the risk takers, the ones feeling the most pain right now. These are usually the best kind to sell to. Then you have your second type, which aren't as cool. They're called warm buyers. They're buyers who qualify. They don't just want what you're selling, they need it. They won't just use what you're selling, but they'll benefit from it. The the only reason that they haven't bought is because they're feeling some pain, but not enough to want to buy now. And finally, we have the last two groups called your price shoppers and poor people. They have no intention of buying, mostly because they're not financially qualified. So your job as a new entrepreneur is to very quickly isolate those first two buyers and eliminate as many of the price shoppers and poor people as you can. They aren't worth marketing or selling to.
