May 10, 2022
In Welcome to the Forum
If you have a love/hate relationship with buyer personas, you're not alone. According to a 2016 survey by Customer Think, 72% of marketers are familiar with these personas, and 60% created their first persona in the past two years. Unfortunately, many search marketers don't know how to Phone Number List use their personas or get frustrated that their personas aren't producing the results they expect. For this reason, buyer personas have been criticized as an exercise that, while well-intentioned, can prevent marketers from producing meaningful deliverables. So, let's be practical. A typical buyer persona Phone Number List contains a lot of “tricky” stuff: the interests, values, behaviors, and pain points that drive a particular market niche, All wrapped up in a cute name and stock photo to match. That's good, but it's often not very helpful when it comes to marketing metrics like cost per click (CPC) or return on investment (ROI). However, if you add some cold, hard financial facts to a buyer, you can immediately start using it to Phone Number List narrow down your search marketing budget. Now, I know, this isn't a typical way to use personas, but it's a great way to start using them to actually change your business. With that in mind, let's look at three financial aspects of buyer personas and how to use them to Phone Number List create a better budget: 1. Lifetime value Each buyer persona you are targeting has different goals, behaviors, backgrounds…and monetary value to your business. For example, if you sell bicycle parts, a target audience might be mechanically-minded kids who don't want to pay for repairs at a store. You should expect small purchases from this group. If you're also targeting people who restore vintage bikes, you can expect them to be willing Number List pay more to get the quality they want. However, if you're targeting bike shops, you might sell at a lower cost per product, but more than make up for the difference in volume. To make matters even more complicated, a customer's value often includes more than just one purchase. This is where lifetime value (LTV) comes in. Lifetime value includes all revenue generated by a single customer during that customer's lifetime.