User: What are the 5 most effective ways to convert a prospect to a customer?
Assistant: The journey from cold prospect to loyal customer is as tricky as the alchemy that transforms a stranger into a close personal friend. While there are a thousand possible paths, a handful of methods have proven consistently effective as triggers for moving prospects down the funnel toward purchase.

The first is personal referral. A personal referral or endorsement is worth more than 10,000 words of marketing material. Knowing that someone we know and trust can vouch for a product or service counts for so much that we will instinctually lower our guard and open our ears to a sales pitch.

Second is the testimonial. Like a referral, knowing that someone else -- generally a brand we know or at least can recognize -- uses a product or service predisposes us to try it ourselves. This is especially true of unknown brands or products. Think of when you pass a new restaurant. You may not know the name, the menu or the quality but if there's a crowd inside we naturally assume it must be good. The same goes for a new brand -- when you see others are endorsing it, we relax our natural suspicion and are more willing to give it a try.

Third is the offer. It's not enough to build a great product. You have to overcome people's natural reluctance to open their wallets when you're asking them to pay full price. The offer can take many forms -- from a discount to a free trial to a bonus offer. Adding urgency -- such as a limited quantity or expiration on the offer can also help.

Fourth is the three-step. This works especially well for big-ticket items or purchases that involve a large number of people or disruption to an organization. The 3-step acknowledges that nobody buys a $2,000,000 solution without giving it a lot of thought. So first we simply get them to raise their hand and express interest. This can be done through a top-of-funnel asset like an eBook or webinar. The second step is an offer that gets them more involved with the product, such as a demo. And the third step is a face-to-face meeting with the sales team.

Fifth is third-party validation. Many prospects have an allergic reaction to anything that smells like marketing. But what if they are reading a glowing piece about your. in the Wall Street Journal? Or Gartner places you at the top of one of its magic quadrants? This kind of validation from what is perceived as an objective source carries a lot more weight than marketing content. 

In practice, most businesses use a combination of the five techniques described above. Each will resonate in different ways with prospects; and in combination they can be extremely effective at creating that aura around your company and products that cause the prospect to push the "Buy now" button.