I had an interesting question at an AMA session recently. A refractive surgeon asked: “Why don’t great prospects (like referrals) become consults?”
My answer was simple: only 3% of the market is ready to buy.

Understanding the buying process

Here’s a breakdown of how people fit into the buying process, according to Chet Holmes:

• 3% are ready to buy now.
• 7% are open to it but not actively looking.
• 30% aren’t thinking about it yet.
• 30% don’t think they’re interested.
• 30% know they’re not interested.

When you look at your target market this way, it may change the way you think.

3% are ready to buy now

The top 3% will feed your short-term revenues (think: this quarter). They’re the most receptive to buying right now. Good (or even bad) ads will convert them because they’re actively searching. They will educate themselves, engage with your free content, and likely book a consultation.

7% are open to it but not actively looking.

The 7% aren’t searching for a provider. But you can reach them with ads that interrupt their routines. If your ad is great, they may pause to engage with your content. They may visit your site and take a self-test, and then it is down to the quality of your funnel, including your follow up material to engage them enough to eventually book a consultation (they’re unlikely to book “right now”.)

These are the ones you nurture with email follow up.

30% aren’t thinking about it yet.

The top third isn’t against it, not for it, but just “not thinking about it”. They are likely aware that they have some frustrations, but often unaware that something is available to fix those frustrations. If you run an ad just inviting people to book an initial appointment, this 30% would not respond because they’re not thinking about vision correction right now. But that doesn’t mean you shouldn’t interact with them.

These are the ones you provide engaging free content that portrays people similar to them experiencing the same frustrations / problem they currently have. You need to help them see that there are ways to fix these frustrations and they don’t have to live with it. This is where offering easy, low-obligation quizzes works very well.

30% don’t think they’re interested.

The next third “think they’re not interested”. They’re not neutral. If pressed, they might say “I don’t think I’m interested in eye surgery”. They might be open to valuable education, but not to advertising.

These are the people that are unclear about the value that sugery provides. They also might be magnifying the effort and sacrifice involved in getting the surgery. These people can move up to “thinking about it” through engaging free content that increases the value of the surgery (by showing all the emotional and functional life improvements), while decreasing their perception of pain, pricing (financing offers help with this), and ease of achiving their outcome (show how quick and easy it is to achieve their desired outcome!).

30% know they’re not interested.

The final third is “definitely not interested.” These people are happy with glasses and contact lenses. To them, they’re not a problem, so why fix it?

These are the people to ignore and not pursue with your marketing efforts.

Chet believesthe toughest challenge today is catching potential buyers’ attention and holding it long enough to guide them to purchase. Educational content is a powerful way to attract more buyers and enhance credibility. You also move people from the bottom 30% up to the mid-level 30% up to the top 10%.

Remember, the path to converting prospects isn’t always immediate. By building these relationships with the 70% now, you will become the first surgeon they think of when they bubble up into the 10%. This could happen days, months, or years from now.

The lesson?

You’ll attract far more buyers by offering valuable educational content geared for their unique situation, rather than just trying to sell your product or service.

By recognizing that only 3% of your market is ready to buy immediately, you can tailor your strategies to engage each segment according to their current readiness and interest levels.

If you need help understanding how to engage prospects at different stages of their buying journey, take our Practice Marketing Assessment quiz. With this tool, we can explain how to effectively reach and convert each segment of your market, helping you attract more consultations. Or, if you want to have a quick chat, book a free 15-minute compatibility call with Laura today!