How to buy customers to grow your business
Why buy customers?
Running a business involves many difficult challenges. You have to create a product or service. You have to deliver it. You also have to market and sell it – people won’t just turn up and buy it because it’s there. In some areas of business, especially but not exclusively B2B, products and services are of a price level and complexity that purchase decisions take a large amount of thought, discussion, and time, but perhaps the most difficult and time-consuming part is getting hold of potential customers in the first place. A more and more effective solution to this challenge is to buy customers.
A customer, or sales lead, in this instance is the contact details of a person or business interested in your products or services. These details will generally also be qualified with additional information regarding the contact’s position within the company, their purchasing power, and the timescale of the project concerned. By buying customers, a company can save large amounts of time and resources spent on the process of finding these people, and can concentrate instead on the important part: selling their product or service and of course creating it.
How do you buy customers?
Buying customers is a very simple process, but it is important to follow each of the following steps:
- Decide exactly what criteria need to be fulfilled in order for a qualified customer to be of genuine value. What do you need to know in order to be sure that this person is a potential customer?
- Decide how much you would be willing to pay for a qualified customer. Every business should have a clear idea of the value of a customer, but, if you have any doubts, Cost Per Lead is calculated by dividing the revenue from a sale minus your profit margin by the typical number of leads it takes to generate one. Qualified customers should convert to sales at the same, or even a better, rate.
- Decide how many customers you would like buy. This could be based on the number your sales team can process or the number you can afford. You can obviously expect to start with a test before placing a larger, ongoing order.
- Once armed with all of the above information, you can look for a customer acquisition company. Depending on your industry there are some that specialise in certain areas. Others deliver customers for many different verticals, although whichever route you choose, look for a company that qualifies customers by phone before passing them on. Most importantly, however, it is crucial to confirm all the above details in a clear and concise contract. This helps avoid most disputes, as the requirements are written down in black and white.
As mentioned above, you can of course start with a test, but the other real advantage of deciding to buy customers is that you can start and stop the pipeline depending on the results achieved and on your current business needs.