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The one thing many personas miss, unfortunately, is a summary description of why that persona buys.
Targeted OfferingsJust recently we logged into our Bank of America (BofA) account and were offered a BofA credit card. Look, let’s be frank… a credit card is a credit card, right? Not in this case.
The same credit card product addressed very specific customer wants: cash back, travel rewards, pay down balances faster, and low APR. These sound a lot like a summary description of why different personas buy.
In addition, the bank offered different incentives to sign up for one of the cards:
By narrowly focusing on a key buying motivation, the bank is in an ideal position to do highly targeted promotions.
- $100 for those wanting cash back
- 10K bonus points for people wanting travel rewards
- $25/quarter for people wanting to pay down their balance
- A low APR for people seeking a lower interest rate
(The bank also included a phrase on the credit card indicating whether this was a cash back, travel rewards or other type of card.)
The TakeawayBy narrowly focusing on a key buying motivation, the bank is in an ideal position to do highly targeted promotions – of bank products, of partner products or even local vendors’ products (where local can mean down to the branch or most frequently used ATM).
The lesson should be clear: Make sure your SaaS buyer personas are well targeted so it is easier to understand what drives the buying decision. Once that is done, you can design software offerings that fit their needs and resonate with your customers’ reasons to buy.