In this talk, we explore how your customer acquires your product. We discuss the buyer personas and buying process and awareness generation.

1. MIT Entrepreneurship and
Maker Skills Integrator
Making Money, Part 1
June 12, 2017
Marina Chan, Elaine Chen

2. DE Themes, again

3. DE3: How does your customer
acquire your product?

4. Who is in your “Decision Making Unit” (DMU), and how
do they make decisions to buy your product?
• Economic Buyer
• Champion
• Influencers
• Veto powers
• Users

5. Mobile phone example
• Economic Buyer
• Champion
• Influencers
• Veto powers
• Users

6. What about robots in the factory?
• Economic Buyer
• Champion
• Influencers
• Veto powers
• Users

7. In class exercise: DMU. Who are they? What is
the process with which they decide to buy?
• Economic Buyer
• Champion
• Influencers
• Veto powers
• Users
7

8. Sharing!
8

9. Let’s talk about awareness generation

10. In class exercise: How will you raise awareness
of your product to the people who matter?
• Economic Buyer
• Champion
• Influencers
• Veto powers
• End user(s)
10

11. Sharing!
11

12. The sales funnel
12
Suspects
Prospects
Leads
Customers

13. The sales funnel
13
Suspects
Prospects
Leads
Customers

14. The sales funnel
14
Suspects
Prospects
Leads
Customers
$$$

15. The sales funnel
15
Suspects
Prospects
Leads
Customers
%
conversion

16. Turning suspects into customers
1
6
TYPE CONSIDERATIONS
SELF SERVICE Low cost, self serve model
High volume product sales
Marketing driven
INSIDE Lowest cost human touch model
Inbound / Outbound Marketing
Increasingly good for enterprise
CHANNEL Fast track geographic coverage
Low initial investment
Limited customer contact
FIELD Direct customer feedback
Expensive
Sell high ASP products
Suspects
Prospects
Leads
Customers

17. What we talked about
• Decision making unit aka buyer personas
• Buying process
• Awareness generation
• Sales funnel
• Sales processes
17

18. Questions?
18

19. Possible DMU for a mobile phone
Economic
buyer: Mom
Champion:
Avril
User:
Avril
Veto: Mom
Influencer:
Dad
• Economic
Buyer
• Champion
• Influencers
• Veto powers
• Users