August 23, 2023
As business owners and business executives, our attention naturally gravitates toward active customers — the minority of people ready to make a purchase. However, active customers represent only 3% of potential buyers, The Seekers.
The remaining 97% are unseen, but ripe with opportunity. This unseen majority comprises The Dormant, unaware of their need for your product, and The Contemplators, aware but not yet ready to buy. Tapping into this reservoir can unlock exponential growth.
The breakdown of numbers is a general rule, not a science. The concept is derived (with a revision to the naming conventions) from Jeremy Miller in his book, Sticky Branding, although we think we recall this general principle originating from one of the 20th century sales gurus, perhaps Zig Ziglar or Jim Rohn.
Regardless of origins or scientific precision, the reality is profoundly accurate. To miss this reality is to leave money on the table. If you want to grow your market share, you should start by understanding markets.
To wrap up our introduction with a touch of humor, consider this: Focusing solely on The Seekers is like searching for lost keys only under the streetlight because that's where the light is. It's time we venture into the unlit areas — the realms of The Dormant and The Contemplators — because that's where the rest of our 'keys' to growth are likely hiding.
The Dormant doesn’t dislike your product; they simply don’t know it exists. Your challenge is transforming their indifference into curiosity and, ultimately, interest.
The Dormant isn’t indifferent to their needs, just your solution. They may not realize they have a problem you can solve or hold misperceptions about your industry. Your job is to educate them, address misconceptions, and ignite their interest.
Engaging The Dormant is an art. It requires a delicate balance of education, interest, and trust.
With the right nurturing, the spark of curiosity can evolve into a flame of interest, preparing this market to buy. But remember, lighting the spark is just the beginning. You need to continuously fuel the fire to keep their interest alive and eventually guide them towards making a purchase.
With nurturing, The Contemplators' consideration evolves into demand, and they become active buyers. But that process requires tending to the relationship long before they’re ready to purchase.
The Contemplators are potential customers who are aware of your product or service but are not yet ready to make a purchase. They are in the consideration stage, weighing their options, gathering information, and waiting for the right moment or incentive to buy.
The Contemplators are not passive observers. They are actively engaged in the process of decision-making, albeit at a slower pace. They are gathering information, comparing alternatives, and assessing the value proposition of your product or service. They are not yet convinced, but they are open to being persuaded.
Engaging The Contemplators requires a delicate balance of providing value, building trust, and creating anticipation. Here are some strategies to consider:
With the right nurturing, The Contemplators' consideration can evolve into demand, transforming them into The Seekers — active buyers ready to make a purchase. But this transformation requires patience, persistence, and a deep understanding of their needs and concerns. Remember, the goal is not just to make a sale, but to build a long-term relationship that will lead to repeat business and referrals.
The Seekers are seeking a solution now but still deciding which option is right. They need reassurance they’re making the best choice. Your goal is providing a seamless experience and compelling reasons to choose you.
The Seekers are ready to buy but actively comparing alternatives. They need to feel confident in their selection and desire a simple purchasing process.
Strategies for engaging The Seekers include:
With the right incentive and experience, The Seekers' indecision turns into action. But you must first capture their attention and make the choice clear.
In the grand scheme of business growth, focusing solely on The Seekers can be likened to harvesting only the low-hanging fruits. While they are easier to reach, they represent just a fraction of the entire yield. The true potential lies in reaching higher, in awakening The Dormant and nurturing The Contemplators.
By understanding and engaging these segments, we can tap into a wellspring of growth that extends far beyond immediate sales. It's about building relationships, not just transactions. It's about creating value, not just profits. It's about seeing the unseen, hearing the unheard, and engaging the unengaged.
As we venture into this uncharted territory, we are not just marketers or salespeople, but explorers and pioneers. We are not just growing our businesses, but expanding the boundaries of what's possible.
So let's embark on this journey, armed with the knowledge and strategies we've discussed. Let's awaken The Dormant, nurture The Contemplators, and welcome more Seekers. Let's unlock the untapped potential of our silent majority and witness the exponential growth that awaits.
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