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The most Common marketing mistake that costs small business owners $100,000s in profits
every year. Youíre probably making it now. How to fix it!..in todayís video.
Hi, Iím 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.
Letís get right to Todayís 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 donít get the sales results that theyíre
after. Weíre going to share with you a unique, POWERFLU small business coaching strategy
for greatly improving your marketing effort thatís time tested and business proven. Itíll
empower you to get the maximum leverage from your marketing efforts and exponentially increase
your sales. Itís called ìLeveraging the Buyerís Spectrumî
Think of the overall market in your city. Your ëpotential marketí is comprised of
all the potential buyers of your product or service in your city. Letís say for this
discussion that thereís 100,000 people in your potential market in your target city.
To simplify this process, we overlay a ëSpectrumí, called ëThe Buyerís Spectrumí, 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 theyíve
been with for years, etc. and they will NEVER buy from you. So 3-5% of 100,00 is 3 ñ 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 ñ 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
theyíre ready to buy with little resistance.
This leaves roughly 90% of the market, or 90k potential customers, that donít want
to buy what youíre selling right nowÖyet 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
doesnít 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, youíre making A BIG MISTAKE!
ëWhyí 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 ëThe Customer Buying CycleíÖwhich weíll 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, youíre there pick them. Now you may not get them all yet youíll certainly
get the lionís share. Isnít she cute?
Now, in the same way, you're going to water, fertilize and nurtureí the 90% of your potential
market that doesnít buy right away by leveraging, once again, follow up systems. And again,
this is why follow up systems are a neccesity. That's what you use to norture 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 ëthe 3 Csí 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 ëripení
or buy what youíre offering. If your marketing strategy addresses this, then you will get
the lionís share of the customers.
For you to get most out of your small businessís marketing and sales, your marketing strategy
must address the phenomena of both ëThe Buyerís Spectrumí and ìThe Customer Buying Cycleí
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.
Enjoy this video? Then do us a HUGE favor and share it with 2 or 3 of your closest friends
or colleaguesÖor more. Theyíll definitely thank you for it. Plus, make sure you subscribe
to our channel right now so you donít miss outÖon our WEEKLY videosÖwhere you learn
unique, innovative ways of getting more customers and growing your business to the next level.
And if youíd like to learn more about growing your business to the next level with our ëThe
Next Level System - small business coaching strategiesí, go to www.socialmediatopteam.com
or simply click on the link below this video.
Iím Dillon with Social Media Top Team. Donít miss our next video when we cover ëHow To
Increase Your Sales By 300% Or More By Effectively Leveraging 'The Customer Buying Cycleí.
See you next video!