MBA1394 Why Knowing Your Buyer’s Journey Is So Important

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It's time for Dell Tech Day's annual sales event celebrating our customers with fantastic deals and benefits. Perks include Dell rewards, free shipping, premium Support and more. PCs like the Dell 14 with Intel Core Ultra processors will help you do more faster and with a premium suite of monitors and accessories, you can upgrade your whole setup with amazing savings. Visit Dell.com deals. Hey oh. Welcome to the $100 RBA Show. Practical business lessons delivered to you daily every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the Hundred Dollar mba, a couple of business training and community online. And in today's lesson you will learn why knowing your buyer's journey is so important. Understanding where your customers are coming from, how well they're converting and if they're staying customers is critical to the growth of your business. Why? Well for several reasons not all customers are created equal. Your job as a leader of your business is to attract the right customers. The customers that love your product. The customers that will stay a customer. But how do you do that? Well that's what we get into today's episode how to Reverse Engineer a Successful Customer Acquisition. We all have our great customers, the ones that love what we do that have been customers for years. Wouldn't it be awesome to find out where that customer came from, how they came on board so that we can find more of them. Understanding your customer's journey to the purchase is so, so important. We get into all that and more in today's lesson. So let's get into it. Let's get down to business. Most of us. When we start our business, we're like, more leads, more sales. That's all that matters. If I get enough traffic, I can convert those people and those people will be customers and I'll make money and all will be wonderful. Don't we wish it was that simple? I mentioned this on other episodes, but not all customers are created equal. What I mean by that is not every customer is the perfect customer for your product, for your business. You want to find people that love what you do, love what you offer, really need what you have so that they can continue to buy from you. They can continue to become customers or stay customers. If it's a reoccurring membership type of thing, it's a lot harder to get new customers than to keep the ones you have. So you want to keep the ones you have and get more of the same. And the only way to know how to get more of the same is to know where they came from in the first place. For example, if I have a customer that is my ideal customer, I've known them for years, they. They love what we do. And I look at their buyer's journey and I realize they came from a Facebook ad. And from that Facebook ad, they took my free course. And from my free course, they joined my webinar and they were on my live webinar and they enjoyed the live webinar and they bought off the live webinar and that was the journey they went through. If I really wanted to geek out, I would find out exactly which ad they saw, what's the copy, what was the imagery, what was it targeting? How did they come about this ad, learn more about the customer and what, what they are interested in on social media. So I can tap into that journey, tap into exactly where they found me, so I can go back there and repeat the process to find people just like them. This sounds incredible, theoretically, but how do we actually do this practically? How do we actually know the journey they came from? You know, Google Analytics is great, but it really just focuses on what happens on your website. People are jumping around from Facebook to your webinar, to maybe a course that you're hosting somewhere else. How do we track all that? How do we know every step of the way? Well, I stumbled upon a product called Segment. Segment allows you to really map out your buyer's journey, find out whereabouts all over the web they have visited before they got to you. It allows you to plug in all the tools that you use, like Intercom, like Facebook, like your website, like other tools that you Use and allows you to track the whole progress, the whole journey. Now, I'm sure there's other tools like segment, but this is the one that I found that works for us. They're not a sponsor of the show. I'm not getting any kind of commission on this or anything like that. I'm just sharing what has worked. Whatever you decide to use, just make sure that you can track every step of the way from where your customer first heard of you or heard about you to a purchase. And once you have this set up, which could take a day or two, but it's well worth it because this is like gold. From now on in, every time you get a great customer, a customer that buys from you several times, or a customer that stays with you for a long time, you can look into these customers and find out exactly how they became a customer, where they went, what did they see, what content did they absorb? And basically, you're going to want to double down on those paths on those assets. Many of us as business owners, we're marketing everywhere. We're trying everything. We're guest posting, we're writing blog posts, we're, you know, on shows, we're on summits, we're paying for ads, we're paying for sponsorship booths at events. We're doing a lot of different things. But if you don't track exactly what converts, it's very hard for you to know, hey, this really works. Our best customers come from this source or these sources, and that's really what tracking your buyer's journey does for you. Now, when you don't do this, what happens is that you are just relying on numbers. You're just like as many customers as possible instead of the right customers. It's better for you to have 25 customers that love what you do, that are evangelists that talk about you on social and continue to buy from you. Than have to have 50 customers where 40 of them really don't love what you do, will cancel after a month, or only buy from you once and really have you leaving depressed because you're like, man, I'm getting a lot of refund requests. What I learned over the years is that when people ask for refunds, they're just not a good fit. They misunderstood what they were getting somehow, and you got to take ownership of that and say we attracted the wrong person somehow, somehow they got the wrong message. Whether it was an ad, whether it was some way that we marketed to them, an email. And what's great about tracking your buyer's journeys, you can Find out. You can find out where you went wrong. So you don't do that anymore. So you don't track the wrong customers anymore. Did you ever go on TripAdvisor and look at reviews for a place that you were looking to visit, like a resort or a hotel or something like that, and There'll be like 10amazing reviews, glowing reviews that are saying this place is like a paradise. It's amazing, we had a fantastic time, the staff are wonderful. And then you'll see a review with like a one star or a one circle like TripAdvisor does. That totally bashes the place. It says, this place didn't meet my expectations. It's horrible, I would not recommend it. And it's like, what's up? What happened to this person? Why are they giving such a bad review when there's 10 other amazing reviews? Many times it's just a bad fit. Everybody's happy in the other reviews because they expected a boutique experience, a small resort, cute and quaint, and that's what they got. They actually got what they expected. The person that slammed in with a bad review Maybe was expecting 24 hour room service and a huge resort with a lot of property and huge pools. And for some reason their expectations were just misaligned. And therefore when they got there, they were disappointed. The resort itself may not be a bad resort, but it was a bad experience. And the same can happen to your business. You can have a great product or great service, but because your customer was misaligned was not the right customer for you. Somehow they got the wrong information or they were misled by something, maybe not your fault, but the only way you can find out is to know where they came from, how they came about. And people like that, they don't want to talk to you one on one. They don't want to get a phone call most of the time, or even answer an email or survey. So by knowing exactly where they came from through this tracking system, this allows you to know, hey, that ad that we're running, it's misleading, is bringing us bad customers, customers that we don't want to have. Ones that are better suited for a different competitor or different product. I shouldn't say bad customers, but bad customers for you. Really, this can solve a lot of problems, including getting bad reviews for your product on review sites. And like we mentioned, lower churn, lower refund rates and attract the right customers.

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Technology is amazing, and the fact that we can track and see where our customers are coming from is really a modern miracle. We really should take full advantage of this. It's expensive to market to our audience, so it's best to know what's working, what's attracting the best customers. So we can double and triple down on those sources of marketing. Instead of dumping thousands of dollars in marketing, let's try everything. You know, spray and pray. No, let's try things. Let's experiment. But let's evaluate what's working, what's not. Not all customers are created equal. Let's attract the best customers for our products and services. Thank you so much for listening to today's episode. If you love what you hear, why don't you leave us an itunes rating and review? We'd love to hear what you think of the show. Your favorite episode, your favorite takeaway. I read every single one of them. And when you leave us a review, you enter our weekly random draw we call free ride Friday. Leave us a review and you a free ride to one of our programs. We're giving away easy course, our 30 day course on how to build your own online course. It's our way to say thanks for leaving us love on itunes. Before I go, I want to leave you with this. Some of us, we try to survey our customers and ask, hey, how did you hear about us? How did you come about to understand who we are before you bought? And we take that information and we act upon it. We actually, you know, start dumping money on marketing in those areas. The problem is that as human beings our memory is not that good. We can't remember our first point of contact where we first heard about a product, where we actually first saw information on the web about it. The data is never wrong when it's in black and white, right? So by having this buyer's journey, by tracking them through segment, you'll know exactly without needing to ask them or rely on their memory. Thank you so much for listening and I'll check you in tomorrow's episode Q and A Wednesday. I'll see you then. Take care. If you, your parent or spouse served in the military, you could join our family. Our members saved an average of $70 a month on auto insurance when they switched. Tap the banner or visit usaa.com join today to check your eligibility restrictions apply.