According to Marketing Personified, a ‘buyer persona’ is an example of a real person who may purchase or have interest in your products and/or services. This is beneficial to organizations when implementing targeted marketing strategies to gain advantages over their competitors. As part of a bankruptcy law firm, you will know the importance of using such personas to increase your confidence when developing your marketing campaigns. After all, you don’t want to waste time and money marketing to the wrong people.
There are 9 general characteristics to consider when profiling a buyer persona, ranging from gender and age to profession and educational background. But perhaps the most important factor to consider in the bankruptcy industry is financial situation, as the reason people are using your services is because they are struggling in this area.
As you can expect, buyer personas have a wide range of distinct personalities, and knowledge of these will help you to tailor and adapt your marketing strategies to meet the expectations of a wider variety of personality types. There will be proactive and impulsive buyers, skeptics, the ones who analyze each purchase in great detail, those who mimic purchasing patterns of their friends…the list goes on. Ultimately your customers are the decision makers, so it is crucial to implement a sales and marketing strategy to give them a ‘nudge’ in the right direction. In doing so, you must match the buyer persona you are targeting. Think like they do. This gives you a greater understanding the buying styles of your target market, meaning you you can more easily market your product or service in the way that most appeals to them. This, in turn, will result in more sales for your firm!
So what does this look like in practice?
Once you have completed a detailed analysis to identify your buyer personas, here are the 5 top ways to market to them. In summary, be more specific in the way you address people and their problems and beliefs. What people believe to be true will govern their buying decisions. Address these beliefs. And, as we already mentioned, pay significant attention to your price range, given that your target market are those in financial distress. There is no point featuring high prices, as in doing so you are eliminating most, if not all, of your target market.
Secondly, identify your value proposition. This is what sets you apart from the crowd. What unique concept, product or service, are you offering that competitors are not? Identify what each of your offerings means to your consumer’s; what is your significance? For example, at Affordable Bankruptcy Courses, we pride ourselves on our affordable, convenient online Credit Counseling and Debtor Education courses. There is no phone call required for certification, further enhancing the convenience of our low-cost service.
So…once you have your detailed buyer personas, know how to market to them, including what you can offer of value…you’re all set! Make sure to check back tomorrow for our next post, though in the meantime feel free to leave us a comment below.