Small Business Coaching Strategy# 18 - The most Common marketing mistake that costs small business owners $100,000s in profits every year. You’re probably making it now. How to fix it!..in today’s video.
Hi, I’m Dillon with Social Media Top Team.
We help business owners grow their business to the next level by leveraging social media, internet and high performance marketing strategies.
Let’s get right to Today’s small business coaching tip. Many business owners want to grow their small business, set up shop and instantly start running ads. They never invest any time in developing their company's marketing and sales strategy or campaign. The result they often lose thousands of dollars and they don’t get the sales results that they’re after. We’re going to share with you a unique, POWERFUL small business coaching strategy for greatly improving your marketing effort that’s time tested and business proven. It’ll empower you to get the maximum leverage from your marketing efforts and exponentially increase your sales. It’s called “Leveraging the Buyer’s Spectrum”
Think of the overall market in your city. Your ‘potential market’ is comprised of all the potential buyers of your product or service in your city. Let’s say for this discussion that there’s 100,000 people in your potential market in your target city.
To simplify this process, we overlay a ‘Spectrum’, called ‘The Buyer’s Spectrum’, over top of your potential market. Realize that on one end of the spectrum, 3-5% of the market have a preferred vendor and they could be a family member, a business that they’ve been with for years, etc. and they will NEVER buy from you. So 3-5% of 100,00 is 3 – 5k people. So, 3-5 thousand people on one end of the buyer spectrum that have preferred vendor and will never buy from you.
On the other end of the spectrum, there are 3-5% of the market, or 3 – 5k potential customers, that are NOW buyers and respond quickly to virtually any type of marketing. It could be direct mail, telemarketers, internet marketing, tv ads, radio ads, etc. They need it now and they’re ready to buy with little resistance.
This leaves roughly 90% of the market, or 90k potential customers, that don’t want to buy what you’re selling right now…yet WILL BUY at some future date.
Amazingly enough, the majority of companies focus their marketing efforts exclusively on the 3-5% of the market that are NOW buyers. They leave the remaining 90%, a whapping 90% of the market of potential customers on the table. Their philosophy is that if a prospect doesn’t buy from them right now, then they discard them and focus on the ones that do want to buy from them right now. Many aggressive sales oriented companies operate this way. If you share this philosophy, you’re making A BIG MISTAKE!
‘Why’ do you ask? Well, think about a grove of orange trees. If you wanted to pick the ripe oranges, do you think that all of the oranges ripen at the same time? Of course not! The oranges ripen all at different times. You see we have some oranges here, you're ready to pick them right now and look there's a green one! Not ready to be picked. So more orange ones, and look there's some more green ones down there! So, all of them don't ripen at the same time. We refer to this as ‘The Customer Buying Cycle’…which we’ll cover in the next video.
So what do you do, simply pick the few oranges that are ripe and then burn down the rest of the field? Once again, NO! Yet this is what many companies do.
If you want to get more of the ripe oranges, then what you must do is water, fertilize and nurture the orange tree grove consistently. Bit by bit, the other oranges WILL RIPEN.
And when they do, you’re there pick them. Now you may not get them all yet you’ll certainly get the lion’s share. Isn’t she cute?
Now, in the same way, you're going to water, fertilize and nurture’ the 90% of your potential market that doesn’t buy right away by leveraging, once again, follow up systems. And again, this is why follow up systems are a necessity. That's what you use to nurture the 90% of the market that doesn't ready to buy right now. Follow up systems consist of email newsletters that's primarily a lot of companies use very inexpensive, direct mail, text messaging and even telemarketing. You must connect with them, instill confidence in them and build credibility with them NONSTOP until they buy from you. We call these ‘the 3 Cs’ of marketing and sales. And those C's are Connect, instill confidence and build credibility with them.
The net result? Just like the grove of orange trees, bit by bit, they too will ‘ripen’ or buy what you’re offering. If your marketing strategy addresses this, then you will get the lion’s share of the customers.
For you to get most out of your small business’s marketing and sales, your marketing strategy must address the phenomena of both ‘The Buyer’s Spectrum’ and “The Customer Buying Cycle’ to be effective and efficient. This very important small business coaching strategy will help you to lay the foundation for exponential sales growth for your small business.
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And if you’d like to learn more about growing your business to the next level with our ‘The Next Level System - small business coaching strategies’, go to www.socialmediatopteam.com or simply click on the link below this video.
I’m Dillon with Social Media Top Team. Don’t miss our next video when we cover ‘How To Increase Your Sales By 300% Or More By Effectively Leveraging 'The Customer Buying Cycle’.
See you next video!