Expert answer / 11
Why are we only reaching people ready to buy?
Short answer
Marketing needs to reach future buyers as well as people already looking for a solution.
More detail
Questions behind the answer
Whatis happening
How many customers are ready to buy right now?
The B2B Institute's well-known 95:5 rule of thumb suggests roughly 5% of category buyers are in-market at a given time; the share varies by category and buying cycle.
Whyit happens
Why are ready-to-buy customers so costly to win?
Ready-to-buy buyers are attractive to many competitors, so demand capture can be costly and crowded if it is the only activity.
Howto fix it
How do we reach people before they need us?
- Keep conversion activity for buyers who need a solution now.
- Build awareness and useful familiarity with future buyers.
- Use consistent distinctive cues so people remember the business when needs change.
Sources: Advertising Effectiveness and the 95-5 Rule - LinkedIn B2B Institute and Ehrenberg-Bass Institute