A Marketing Strategy Process to Develop Your Ideal Marketing Strategy Plan…
The Little-Known Target Marketing Techniques That The Richest Entrepreneurs Hope Their Competitors Never Discover
Jesse Stoddard here and this is Seven Secrets to attract your perfect customer: The little-known target marketing techniques that the richest entrepreneurs hope their competitors never discover.
The problem is you need more customers or clients so that you can generate more revenue… But the leads you do get seemed to be the wrong people who cause problems and haggle over prices leading to low sales depressed revenue and soul-sucking customer service headaches.
Heck, you might just be happy with any leads at all during slower times of the year to avoid the constant feast and famine rollercoaster. In fact according to Bloomberg eight out of ten entrepreneurs who start businesses fail within the first 18 months a whopping 80 percent crash and burn.
This is always due to lack of sales which is usually due to lack of understanding of and communication with the right customers and the most damaging factor that the majority of entrepreneurs are guilty of is no or very poor. Market identification if you are like most entrepreneurs you’ve noticed that every advertising media salesperson seems to be able to smell when things are slow for you and that is exactly when they pounce on you with the latest and greatest advertising opportunity that will be a magic bullet for your lead generation.
That’s because most entrepreneurs do random acts of advertising just trying to hit targets in the dark. A recent Marketing Land survey showed marketers are clueless when it comes to ROI. How are those marketers defining success by the way? Return on Investment. ROI, arguably the single most important metric for gauging the profitability of a campaign, remains elusive for many marketers to measure. For each core online marketing strategy, they asked marketers what type of ROI they were seeing and the top answer for nearly every strategy was “not sure.” The only strong exception to this rule was social media marketing which 44 percent of marketers saw a positive ROI for (although I doubt they were tracking true bottom-line profit since they usually count poor metrics like “engagement”), otherwise either marketers aren’t measuring their ROI rates consistently or they don’t know how to do it.
This means that most advertising online or offline makes little or no contribution to overall profits. Those that are making headway are either having to rely heavily on only repeat business and referrals or are simply overspending in advertising in order to compensate for poor results.
So there is an opportunity—despite these setbacks some entrepreneurs are seeing record-setting top line revenue and bottom line profit growth year after year.
When I was a consultant in the fitness industry, I was working with a gym owner several years back who was struggling to make ends meet. He was trying to be everything to everybody and at the lowest price to try to keep up with the Globo-gym in his area. That’s what we call those (little reference to Dodgeball if you will).
He was failing miserably because he ended up in a price war he could never maintain and nobody could see the difference between what he offered and what the competition had. He was on the verge of closing his doors. He was making probably around fifteen dollars per hour at best before expenses and taxes.
After exploring his core competencies and what he was passionate about what the market perceived as his strengths and what his local market was demanding we made some huge discoveries.
It turns out he was very passionate about a particular line of work that was associated with one subculture of his market. He always did best and made the most money which translates to our ally when he trained groups of high school athletes with parents that had a history of supporting athletics financially.
So we redefined his market and matched his offer to that market with speed and agility cams and group athlete training. Much like an Olympic level athlete has a coach and multiple players. His market loved it. He got out of the nickel and dime a laundromat gym system and got into a highly profitable business. He went from fifteen dollars per hour to three hundred dollars plus per hour.
There are riches in niches.
A retrofit construction business I was working with was suffering from terribly high Google pay-per-click costs for any of the keywords they were after. Although they had been the first to market in their industry, they had many competitors that had gradually moved into the market and copied everything they did it was coming to the point of huge frustration and ended up putting them at danger of commoditization and price war with the copycat companies.
It was costing them millions of dollars in lost sales. A year after doing a little research we discovered that a huge part of their business was coming from a certain type of referral source: Real Estate Brokers. They weren’t paying attention to them or even trying to get them. They had never put thought into designing campaigns around them. We began actually marketing to them and creating a system of orchestrating referrals and fostering long-term relationships.
The business had to think B2B (business to business) instead of B2C (business to consumer), which they had always traditionally been in. Sometimes you have to look at the opportunities that are right under your nose and the best way is to define or redefine your best target markets.
What would your business look like if you actually found the perfect target market and could reach them with your well-crafted message in the right way at the right time?
What would your business look like if you could find underserved subcultures, subsets, and micro-niches or market segments that your competitors don’t even know exist?
How would it affect your price your position and your bottom line?
Well, that’s why I’m going to introduce to you the Seven Secrets to attract your perfect customer…
- How to determine who your real customer (highest ROI) even is
- How to find underserved sub-niches and sub-cultures so that you can profit big
- How demographics and “geographics” affect your bottom line
- How to get inside the mind of your target audience to find out what makes them give you money
- How to find out if you are on target and how to avoid being way off the mark
- How to find more customers like your very best ones
- How to make sure that you stay on track, on target, and grow your business predictably