1. Identify Your Ideal Customers
With the rising cost of paid advertising or the competition with SEO and Facebook, the digital world is so fiercely competitive that you must have a solid strategy to convert traffic into leads and customers.
If you don’t have an ideal strategy in place, you end up wasting your money and losing out to your competitors.
Most people will tell you to look for people that are most likely to buy your products or services. That is far from the truth. I will explain to you why is that so.
One of the superior ways to grow your sales tremendously is by targeting the larger market.
Let’s break down the type of customers in your market into four key categories:
- Buying Now – 3%
- Information Gathering Mode – 17%
- Problem Aware – 20%
- Not Problem Aware – 60%
In most cases, 3% of people are in ‘Hunt Mode’. If you search on Google, Watch TV ads, you’ll see ads that says “We are the best, we have the best prices!” These ads are directed at that 3%.
If you turn it into a conversation, it will sound something like this:
‘I want to be a pianist.’
‘Would you like to get piano lesson?’’
Yes, I love to!’
This is where objection are easy to handle and people are most likely to end up buying. Anyone can do it.
So why is this not the best way to grow your sales?
The problem is, you and everyone else in your market would be targeting that 3%. So if you divide the 3% between each other, you’re never going to make plenty of money.
You could target the 37% of people who are saying, ‘I want to learn a skill’, what should I learn? They are either gathering information or aware of the problem.
Even those that might not yet want to learn a skill because this market is the largest of all,
Once you understand the larger market formula, you can use it to grab the larger market that is not being targeted by other companies and turn them into your customers who continue to
buy from you.
The goal is to move up the 97% of the potential customer up the ladder faster. Creating a value chain that will turn even the most ‘not interested’ people into your customer.
The key is in the approach.
The problem is that most people treat every lead like the 3% who are ready to purchase.
There are no systems in place to capture and nurture the other 97%.
2. Convert The 97% Market Into Customers
To convert the 97% market that are not ready to buy your product or services, you have to educate them. When people are not well informed and knowledgeable on a subject, they’re sceptical and people won’t end up making a buying decision at that stage. But the more they know, the more likely they are to buy.
Imagine if you are the one informing, educating them, when they reach the “Buy Now” stage, they will more likely be choosing you over the competition.
In order to achieve that, you would need to create educational content that is insightful and amazing, not just selling your products or services.
When people read, listen or watch your content. Your position changes from a salesman to a consultant.
Instead of going out to hunting for customers, your customers will reach out and look for your services.
The key is to create a system that:
● Gets prospects to act!
When you have a system in place that takes cold traffic from Google, Facebook, or any other channel and ‘warm it up’, you’re only talking to people who are interested in your services, rather than people just looking for ‘coffee session’
You won’t be spending hours trying to educate your prospect in order to close a sale. You’re just going to close more sales and gain revenue.
This system has to move these people up the value chain fast, getting from 97% to the 3% ‘Buy Now’.
But in order to do so, your content must be better than everything else in the market and resonate with your customer. Making your offer the ‘Obvious Choice’.
One of the key ways to educate your prospects is to offer insights and education in the form of blog posts, Youtube videos, Podcasts, Trainings, Quora answers, Medium Stories to help people make a better buying decision when the time comes (and to move them up the value
the chain quickly).
Let’s based this on one of the previous Google ads we did for a music school in Singapore. Majority of the ad posted on Google is sort of a sales message ($50 Off, Best Music Class etc..), aiming to fight for the 3% buyers.
While our ad began with ‘6 Critical Things You Must Know Before Choosing a Music School’ Get Your Free Report.
Many more people would want to read our ad and find out about the free report. While our competition is trying to sell them on Google, we provided tremendous value to allow them to make a better decision.
Now that you have gotten their attention and get them to download the report, you can include content that will move them up the value chain quickly.
If you can actively and skillfully move people up the value chain you can turn a lot of the 97% of people into your customer.
The best way to do it is by having a sales funnel that uses this technique to shift a prospect up each stage of the value over a period of time. If you have the right funnel setup you can see your sales double without having to spend much, if not any more on your advertising.
3. Gain Traffic From Multiple Channel.
Businesses that rely on one single channel of getting new business is living on the edge. While they are comfortable gaining revenue from that method, it hits them when they least expected.
A change in Google Algorithm, changes in Facebook Ad Policy and when that happens that business will lose all the good revenue they had overnight.
That being said, it’s difficult to develop traffic from the different channel when you don’t have a ready team of marketers to lead each platform campaigns.
Instead, you should focus on one channel that you know where your customer spends the most time in and stack up the rest of the channel as your business scale up.
Starting with these channels: SEO, Adwords, Facebook Ads, Youtube Ads and Retargeting.
If you are wondering which channel to start first, I would recommend the channel which you know your customers are spending the most time at.
How do you know how much you should be spending on paid advertising or how much you should spend on paid advertising?
There are 3 key components which you have to know in order to run a successful paid advertising campaign.
Cost Per Leads (CPL): Amount Spent on Advertising divided by # of Leads received for a particular campaign or marketing activity.
Cost Per Acquisition (CPA): Amount Spent on Advertising divided by # of New Customer acquired from the campaign
Lifetime Value: Projected Net Profit that a customer will generate during their life as a customer of your business.
By know, these figures you would know how profitable is your marketing campaign and the value it brings to your business. Then you can scale your advertising campaign up based on what you have gathered and build a scalable, effective and successful business.
4. Build A Sales Funnel.
What’s a sales funnel?
Basically, it’s an automated journey where you feeds visitors into one end, usually through content marketing or advertising, and they come.
The digital world is a crowded space, your customers are getting bombarded by tons of content every single second. People are more sceptical than ever before. So how can you turn them from hard cold traffic into warm then hot leads that are screaming to get your solution that you
By offering value, and building up the trust between you and the customer. Each time a person reads an email visits your blog or watched one of your videos. You will build more trust with them. And that’s a sale funnel.
Offer High-Value Content, something that you know is worth 10x the price you offer for or give it away for free. When you continue to do that, they will end up as a customer when the time is right. In the past, it’s easy to offer something for free and direct them immediately to a high
ticket item or the main product that you are offering.
In recent years, are the digital space gets more and more crowded scepticism grew deeper and deeper. Therefore, your sales funnels have to have more levels in order to build trust.
It could be in the form of educational products or tools they can use.
E-Book > Video Course > Webinar > High Ticket Item
Or if you are in the ecommerce business it could also be
Free Item > $10 offer > Large amount offer > Upsell/Downsell
5. Knowing Your Customers Deepest Desires, Pain and Fears.
Before you start going out there and build your sales funnel, creating your ad campaigns or any other step. You need to do this crucial step otherwise it’s all for nothing…
Knowing your customers, understanding who they are and what they are looking for. When you understand this, you can craft your content directly for your audience.
When you ask most people they will be able to tell you who their ideal customer is based on age, gender, location & language but this is not enough.
You can throw whatever case studies, value discounts and more but if you don’t know your customer deep enough. You won’t be able to resonate with them and build a strong relationship.
You have to uncover all your customers deepest desires, hopes, dreams, pains, fears, barriers and uncertainties.
Work out how your audience thinks, feels and acts.
As Robert Collier said…
“Enter the conversation already taking place in the customer’s mind”
So how do you know they are your dream buyers?
They can be identified by a method that is used by many. It’s called the Pareto’s principle of the 80/20 rule.
You know that 20 percent of your customer will be the most revenue, and you take that 20% of the 20% then you will get your top 4% of customers which will provide you will the most revenue.
Now you know what’s the top 4% looks like. You can look into the persona of this 4%. You want to look at things they have in common. Age, Location, Education Level. What products or services they enquired about and how they found you or what channel they come in from.
That gives you incredibly valuable information you can use with a variety of marketing tools to find the same type of persona that has not to know about your business yet.