What is a Buyer Journey and How Can You Apply It?

What Is a Buyer’s Journey?

The buyer’s journey is the process a potential customer goes through when discovering, evaluating, and ultimately deciding to purchase a product or service. It typically involves three stages:

1. Awareness Stage: The buyer becomes aware that they have a problem or need. During this phase, they are researching and gathering information to better understand their problem. At this point, they are not necessarily looking for specific solutions but are seeking to define the issue.
2. Consideration Stage: In this stage, the buyer has clearly defined their problem and is exploring potential solutions. They begin comparing various products, services, or approaches to solve their need. They are considering which options best fit their situation.
3. Decision Stage: The buyer has decided on a solution approach and is now evaluating specific brands or vendors. In this phase, they are making final comparisons, reviewing pricing, reading testimonials, and ultimately deciding which product or service to purchase.

Understanding the buyer’s journey is essential for businesses because it helps in crafting marketing strategies that address the buyer’s needs at each stage, moving them from awareness to purchase.

Now lets apply what we know about the Buyer’s Journey to Hosts and Users.

The “Host” Buyers Journey

• Awareness: The journey begins when a potential host realizes they have unused space that could be generating income. This realization might stem from seeing competitors list their spaces on platforms like DropDesk or simply becoming aware of the growing demand for space. They might search online for ways to rent out their space, coming across listing platforms through search engines, social media, or referrals.
• Consideration: Once they become aware of platforms like DropDesk, potential hosts enter the consideration stage. They may explore different solutions, including listing their space on multiple platforms, working with real estate brokers, or managing rentals independently. During this stage, they’ll consider various factors when evaluating their options:
  • Revenue Potential: Hosts want to understand how much they can potentially earn by renting out their space.
  • Marketing and Support: Attracting customers is crucial for hosts, so they’ll assess the marketing support provided by different platforms.
  • Ease of Management: Hosts seek platforms that streamline the rental process, offering automated bookings, communication tools, and comprehensive dashboards to manage listings and bookings.
  • Flexibility and Control: Hosts value the ability to control their listings, choosing the days, times, and type of inventory they make available for booking.
  • Additional Services: Hosts might be interested in value-added services like Host+, which offers scalable marketing services for hosts.
• Decision: In the final stage, potential hosts have narrowed down their choices and are ready to select a platform to list their space. To encourage sign-ups, platforms might offer incentives like free trials, discounts for specific spaces, or guarantees of a certain number of leads. Factors influencing their final decision include:
  • Trust and Credibility: Hosts will choose a platform they trust to deliver on its promises, provide excellent customer support, and ensure secure transactions.
  • Social Proof: Positive reviews, testimonials, and case studies from other successful hosts can sway their decision.
  • Ease of Getting Started: A simple and straightforward onboarding process encourages hosts to sign up quickly.

The “Customer” Buyers Journey:

• Awareness: The customer’s journey begins when they realize they need a space to work, collaborate, or host an event. This need could arise from various situations, like seeking an alternative to working from home, requiring a professional meeting space, or looking for a venue for a team gathering. Customers might discover platforms like DropDesk through online searches for “coworking spaces,” “meeting rooms,” or specific types of event venues.
• Consideration: Once aware of platforms like DropDesk, potential customers will evaluate different spaces and platforms based on their specific needs and preferences:
  • Location: Finding a space in a convenient location is often the top priority.
  • Type of Space: Customers will look for spaces that meet their needs, whether it’s a private office, a shared coworking desk, a conference room, or a unique event space.
  • Amenities and Features: Access to amenities like Wi-Fi, printers, meeting rooms, and kitchen facilities is essential for many customers. DropDesk encourages hosts to highlight their space’s amenities to attract bookings.
  • Pricing and Flexibility: Customers appreciate transparent pricing and flexible booking options, such as hourly, daily, or monthly rates.
  • Reviews and Ratings: Reading reviews from other customers can help them gauge the quality and suitability of a specific host or space.
• Decision: In the final stage, customers have shortlisted their preferred spaces and are ready to make a booking. Factors influencing their decision include:
  • Ease of Booking: A seamless booking experience with secure payment options is crucial.
  • Communication and Support: Responsive customer service and clear communication from the host can positively impact their decision.
  • Special Offers and Discounts: Promotions, discounts, or loyalty programs can incentivize bookings.

By understanding the customer journey for both hosts and customers, you can target your marketing efforts based on what stage or consideration phase your leads are in.

What Are Warm and Cold Audiences?

Warm Audiences:

Definition: Warm audiences can be defined as:

• Users who are aware of your Brand or Service
• Have expressed interest/subscribed to Email Lists
• They might be existing customers, past customers, social media followers, email subscribers, or people who have previously interacted with your content.
• Relevance to Buyer Journey: Warm audiences are generally further along in the buyer journey than cold audiences. They’ve already shown some level of interest in what you offer, whether it’s renting out their space or finding a space to book.
• Examples:
  • Hosts: A host who previously listed a space on DropDesk but hasn’t used the platform recently would be considered a warm audience. Similarly, a host who follows DropDesk on social media or subscribes to their newsletter would also fall into this category.
  • Customers: A customer who has previously booked a space through DropDesk or has created an account on the platform but hasn’t made a recent booking would be considered a warm audience.

Cold Audiences:

Definition: Cold audiences are individuals who have not yet interacted with your brand and are unfamiliar with your platform or service. They have not given explicit permission to be contacted.

• Relevance to Buyer Journey: Cold audiences are typically in the early stages of the buyer journey, in the awareness or consideration phases. They might be aware of a problem they have but haven’t considered your platform as a solution.
• Examples in Context:
  • Hosts: A potential host who has never heard of DropDesk and is simply researching ways to monetize their unused space would be considered a cold audience.
  • Customers: A potential customer who is looking for a coworking space or meeting room but hasn’t encountered DropDesk in their search would be a cold audience.

Summary:

Understanding the buyer’s journey and the distinction between warm and cold audiences is crucial for effective marketing. By recognizing the stages a buyer goes through, from awareness to decision, businesses can tailor their messaging to meet the specific needs of potential customers at each phase. Additionally, knowing the difference between warm and cold audiences allows businesses to approach prospects with the right level of engagement—building trust with cold audiences through education, while nurturing warm audiences with solutions that guide them towards a purchase. Ultimately, this knowledge leads to more targeted marketing efforts, higher conversion rates, and stronger customer relationships.