Have you ever heard of the Five Rings of Buying Insight? They are the five things that will determine if you have proper buyer personas -- ones that will positively impact your content creation, lead generation, and sales. It has occurred to me that these rings of insight could be easily associated with Customer Success.
Armed with these five insights, Adele Revella explains that your buyer personas will “reveal the buying decision you need to influence – telling how, when and why the buyer engages to choose you or a competitor or to stick with the status quo.”
The Five Rings of (Buyer) Insight – the five things that will determine if you have customers that will positively impact your product, relationships, and growth.
Priority Initiatives – “What caused the customer to invest in your solution, and how are they different than your existing customers?” What are the three to five business goals that your customer is trying to achieve with your product? It’s not about you or your product but rather, their outcomes.
Success Factors – “What operational or personal results does the customer expect from your solution?” To understand the customer’s Priority Initiative, identify what tangible or intangible rewards he or she associates with success.
Perceived Barriers – “What concerns cause your customer from fully adopting your solution?” What could prompt the customer to question whether your company or solution is capable of achieving his or her Success Factors?
The Buyer’s Journey – “…reveals the behind-the-scenes story at each phase of their lifecycle.” What process does this customer follow in using your solution, that can overcome the Perceived Barriers and achieve the Success Factors for adoption and retention?
Decision Criteria – “Which aspects of your offering do your customers perceive as most critical, and what do they expect from each one?” What aspects of your product will the customer assess in evaluating your solution, and what growth opportunities are available?
As we are aware, SaaS and other recurring revenue models have three core stages that are critical to their success – acquiring customers, retaining customers and monetizing customers. For each of these core stages, the five rings of (buyer’s) insight can be applied. To piggyback on Revella’s explanation, your customers will “reveal the buying decision you need to influence – telling how, when and why the buyer engages to choose you or a competitor, or to stick with the status quo” – “you” as in growth opportunity, “your competitor” as in churn or status quo as in retention.
Your organization should be constantly thinking about your product, your prospects, your customers and the five rings. After all, you can be rest assured that these five things are on your customers’ minds.
Do the five rings reflect how you determine your buyer personas?
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