Posted by Colin Noonan | February 20, 2017
You’ve designed a great product, launched it, and waited for prospects to line up for it…
But few people are buying, or even showing interest.
What went wrong?
Did you target the wrong audience? Was the price too high? Bad timing?
It’s easy to make excuses for why quality prospects don’t convert, but in our experience, it can usually be boiled down to one common mistake…
A mistake that guarantees most of your qualified prospects will ignore your sales message entirely…
You haven’t created enough demand for your solution.
In other words, you haven’t made the problem your product solves a top priority for your prospects.
And if someone doesn’t perceive that problem to be a priority, how likely are they to pay attention to your sales messages, let alone buy your product?
No demand = No buyers.
It may sound obvious, but very few businesses are actually trying to build demand before going in for the close.
So in this post, we’re going to talk about how you can increase demand before the sale. But first, you need to understand that there are three types of buyers, each of which need you to establish demand in different ways.
NOTE: You can also listen to the episode here, or download the episode to your device (right click and save).
The 3 Types of Buyers
When you break it all down, there are three types of buyers:
Buyer #1: Prospects who realize they have a problem that your product solves and it’s a priority.
Buyer #2: Prospects who have a problem that your product solves, but they either don’t realize it’s a problem, or it’s not a priority right now.
Buyer #3: Prospects who have a problem that your product solves, but they’re working with a competitor and believe they have the problem taken care of.
The first buyer is the “low-hanging fruit” of the bunch; these are the ones you’re probably already converting into customers.
But the other two pose a sales and marketing challenge. You may know and believe you have a superior product that solves a specific problem, but these types of buyers will require a little more convincing before they’ll pay attention to your sales pitch.
Until then, there won’t be much of a demand for your solution.
The Role of Demand Generation Videos
Demand generation videos help you do a few things:
- They introduce and explain the problems or desires your product solves or fulfills
- They make the problem painful so that it becomes a top priority to your prospect
- They discredit your competitor’s solutions by pointing our their shortcomings, thus creating an entirely new set of problems that create demand for your solution
Whether it’s by magnifying your prospect’s problem, or discrediting your competitor’s solutions, the demand for what you’re offering will increase when you can help your prospects see how much they need your product.
And, as we’ve talked about before, video is the best way to convince and convert your audience.
Videos are easier to consume than text, and studies have shown that prospects are up to 85% more likely to purchase a product after watching a video about it.
Want some examples? We’re glad you asked…
Using Video to Magnify a Prospect’s Pain
Let’s talk about how to address buyer #2…
Remember, buyer #2 either doesn’t realize they have the problem your product solves, or has not put a high priority on finding a solution.
Either way, your video needs to identify the problem or pain, then magnify it to the point where the prospect would be foolish to put it off anymore.
If you develop a toothache, you may decide to just grin and bear it. It may not hurt that bad, so you put it off and maybe even hope for it to eventually go away.
But then you see a video that explains what could happen if you don’t get your tooth fixed. In it, a dentist talks about how painful it will become, and shows a few pictures of people who ended up experiencing tooth decay — not to mention the costs of oral surgery and gum disease that were discussed.
All of a sudden, your minor toothache isn’t so minor anymore, is it?
That video accentuated the need for a dental appointment by magnifying the problem (a toothache) and pain and consequences of not addressing it (pain, tooth decay, oral surgery).
The more painful a problem becomes, the more of a priority it becomes to solve it. And video is a great way to convey emotion, which helps magnify the pain your prospect may be experiencing.
Example: Redirect Health
When Redirect Health was ready to roll out their new healthcare model, they knew they had a great solution to a serious issue that many small business owners have:
They’re required by law to offer healthcare plans to their employees, or they will face Obamacare penalties.
So part of their marketing strategy included videos that not only explained their solution, but magnified the problems that many small business owners are currently facing:
- “Most business owners don’t realize that insurance isn’t the only way to provide for minimal essential coverage”
- The healthcare plans your company is required to offer are wasting money since they prioritize the services that employees don’t often use
Using Video to Introducing Problems with Competitor Solutions
Another way to create demand for your product is to compare and contrast your solution alongside a competitor’s.
Remember the 3rd type of buyer? They’re already working with a competitor to solve the problem they have, so they’re content for the moment, and aren’t actively shopping for a solution.
But what if they knew there was a better solution? One that was better suited for them, or addressed their problems in a unique way?
Or, alternatively, what if your competitor’s solution creates entirely new problems… problems that don’t exist with your product?
If you can make your prospect feel as if their adopted solution isn’t as great as they thought, they’re more likely to consider yours.
This could be anything, like:
- Having a better pricing model
- Offering a more complete solution
- Identifying gaps or problems with a competitor’s product
- And more
Example: Emory Genetics Laboratory
Emory Genetics took this approach when we helped them create a video about their genetic testing laboratory.
Recognizing that the majority of their target customers are already using a lab, they didn’t start by focusing on the value of genetic testing, or emphasize their superior technology.
Instead, they focused on the most painful problem with most of their competitors: comprehensiveness:
By identifying and agitating the problems with other labs, Emory is able to create demand and encourage their target customers to switch:
- “Most laboratories don’t offer all the required testing under one roof”
- “With more than 45 years under our lab coats, EGL has more experience than any other clinical laboratory.”
- “Unlike many other clinical genetics laboratories, we’ll provide you with one cohesive report.”
It’s important to understand that without a demand for your product, your sales will suffer.
Prospects must know that they need your product, and why they need it, before they even consider buying. Otherwise, your prospects won’t even pay attention to you.
Latest posts by Colin Noonan (see all)
- How to Increase Demand for Your Product Using Video - February 20, 2017
- How to Increase Conversion Rates Using Explainer Videos - January 17, 2017
- How to Use Video to Generate More Leads - December 15, 2016