4 Reasons Why You Need Buyer Personas for Your Marketplace Go-To-Market Strategy
Any successful product starts with a deep understanding of the client you’re going to sell it. This is especially true for marketplaces.
A marketplace suite has to cover a wide range of needs and has to help its clients solve actual, sometimes crucial issues. You cannot afford to approximate these issues. So you need a detailed buyer persona.
Let’s talk about that a bit.
What Is a Buyer Persona?
According to HubSpot (the company that coined the term), “a buyer persona is a semi-fictional representation of your ideal customer based on market research and real data about your existing customers.”
The best buyer personas are those that go into great detail. Assign your persona a name, a job, a background, even their favourite music.
Why got to all this trouble, you ask?
Well, here’s why.
4 Reasons to Create Buyer Personas for Your Go-To-Market Strategy
1. You Can Offer Better Products
Knowing your customers very well means that you know their needs very well. Thus, you can offer them the best solutions to their problem.
The key to the success of a marketplace is being the one-stop-shop for every software need your customers may have from the very beginning. If you don’t know those needs before you hit the launch button, your success will be far from a certainty.
2. You Can Come up with a Great Point of Difference
Yours will definitely not be the first marketplace. In fact, you have quite some competition in this area.
Why would your potential customers leave your competitors behind and choose you instead?
You cannot answer this question if you don’t know what makes your buyer persona tick. Sure, lower prices are always a good idea. But not for everyone. And how long can you maintain your prices much lower than your competitors’?
Your point of difference can be as simple as better UX/UI or adding an extra payment method. However, you need to build your buyer persona to find out for sure.
3. You Won’t Waste Money on Irrelevant Ads
When it comes to targeting, we are living extraordinary times. Gone are the days when you would cast a wide net in hopes that something will bite.
Facebook ads, Twitter ads, Google AdWords and others give us an unparalleled opportunity to target exactly those people who are more likely to buy from us. In other words, we don’t need to spend money on clicks and views that lead to no purchase or no lead generation. We can (and we should!) spend it only on engaging with people who are likely to turn into paying customers.
Again, setting all those parameters in your ads interface is contingent upon knowing them and your buyer persona.
The same goes for all your marketing and PR efforts, from content marketing to media buying. Know where your customers hang out so you can meet them there.
4. You’ll Use Your Buyer Persona in the Long Run
Don’t think about building a buyer persona for your marketplace as a one-time effort. You will have to keep on refining it as your marketplace evolves.
Buyer personas also evolve. Customers become more demanding or change their needs completely. And you have to be agile enough to respond to those needs or even generate them yourself.
Having a buyer persona from the very beginning will help you save time and shorten your go-to-market time whenever you launch a new product or a new feature.
In fact, it would be a great cornerstone on which you can build and grow your marketplace seamlessly.
The definition of a buyer persona says it’s supposed to be based on “your existing customers”. That can be a bit tricky when you haven’t launched your marketplace yet. But it can be done , also because you already know somehow your Customer Base and you should definitely start from here!
All you need to do is think about the buyer personas of the partners and the sellers in the marketplace then add a few extra features. Survey as many partner buyer personas you can think of to get an accurate picture of yours.
This is a useful guide to start building your buyer persona.