Follow this Simple yet Powerful method to segment your prospects and build a balanced sales and marketing approach.
There are three segments of prospective customers :
I Need it and Can’t Wait : Irrespective of the Product you sell of service you offer, there will be people who need to buy your product / service to come out of a situation or avoid going through a painful process.
Ex : Mobile phone is Broken / Vehicle Battery is Dead / Wedding was Postponed and now it needs to happen
I Want it and Can Wait + Can Research : Most people are worried because of this segment. These potential customers will surely convert. But it is going to be a matter of time. We never know when this will turn into a Sale. They are prospects who have a requirement, but can put the purchase decision on hold or even evaluate other alternatives and thus can take more time to buy.
Ex : Thinking of Changing the Car, Mobile performance is Slow
(These customers don’t need to buy immediately but will wait, think, process information and decide on things. They will inquire but will buy slow)
I Love it and Can Pay: This would be a highly untapped market if we don’t strategize and position ourselves well. They are going to be the top 20% of the market who are strong buyers. They have enough resources and want to grab the chances to purchase they favourite products or services in times like these because bank interests may give them low returns or great products could even be bought at a low offer price.
Ex : Someone having more money and wants to Buy BMW as the offer seems to be very good. Someone having more money and finds Real Estate investment better than Fixed Deposits. Someone just have a Matured Chit Funds amount and wants to spend it on home furnishing.