Category: Target Market

5 Business Growth Strategies Used By Top U.S. Companies

I was asked by a friend and client, Matt Sonnhalter of Sonnhalter, the pre-eminent business-to-trade focused agency, about what tips I’d give on some easy to implement growth strategies any business could implement.

In short, these are the five business growth strategies:

1) Define Your Company’s Ideal Buyer Profile
2) Know When a Lead is Engaging With Your Company
3) Provide Your Leads With a Solution to Their Unique Problems
4) Separate Yourself From the Competition
5) Modernize Your Marketing Techniques

To get all the details and dive deeper, click on over to the Sonnhalter blog to read more.

7 Key Marketing Tactics For The Small Business Owner

Are you a small business owner looking for ways to market your business more effectively that doesn’t cost anything and actually WORKS? That’s one of the most common things I hear when talking with small business owners daily. It just doesn’t work.

However, with so many different marketing tactics out there, it can be difficult to know which ones are the most effective.

So if you’re looking for some new ideas to help your business succeed, keep reading……

One thing I’ve noticed is that many of the very marketing agencies pitching their solutions to small business, many don’t work and I know why.

👉👉👉 It’s because those very agencies don’t understand small business marketing. 👈👈👈

They learn and sell institutional marketing which are for the big brands with deep marketing budgets. But not for small businesses.

In this tip sheet, I dive into seven key marketing tactics that small business owners can use to boost their sales and grow their businesses without spending a penny on additional marketing.

So if you’re looking for some new ideas to help your business succeed, click here to find out what they are on LinkedIn.

Here’s the recipe of how you, a small business owner, CAN sell into a large dream client

If you’re like most others out there, you’ve spent countless hours and dollars perfecting your product, and you’re now ready to make your move into the big leagues.

What do you do next?

How can you make sure that your product is successful when selling to a large company?

I’m going to show you how one small software company successfully did this….so read on!

Step 1:  Know your product CAN make a difference.

Step 2: Study your competition and find their weaknesses and how your strengths map with the prospect.

Step 3: Identify the right people at the prospect where you can have the most impact.

Step 4: Be patient and look for small wins.  Aim to land a small deal first to prove yourself.   Position yourself as the “can-do” company and string together a track record of results.

Step 5: Leverage the small wins to larger and larger results.

The big problem where I see most companies fail is that their focus on the client’s transaction, instead of getting the client value that meets or exceeds expectation.

But because this one company had a good product, great strategy, a fantastic implementation process, and the right team members, they were able to sell into a large dream client that generated multi-million dollar revenues year after year.

Follow me for other tips and case studies on how you can transform your company to increase the effectiveness, efficiency, and profitability of your business.

Niches Aren’t Meant to be Skins We Don’t Want to Wear

Spend any time on social media as a small business owner and you’re likely to have encountered the “bro marketer”. The “goo-roo”. Or the “Internet Marketing Millionaire.”

These guys….and they’re typically almost always guys… have all proclaimed to have found the silver bullet to success. Just sign-up for their online program and the riches are just around the corner.

Probably the most common “bro marketer” piece of advice is to “niche in” and, in my experience, the guys who overstate that don’t often have a deep respect for what it means. It’s not just a value proposition and an avatar. In addition it’s about: where does the person who is designing and running the business feel most comfortable?

I’ve seen people sell “wanting to bridge the retirement gap” when they really should be selling cryptocurrency. I’ve seen butchers try to find a niche in “prime” without the right suppliers or a staff that can support it, and no real interest from anyone including the business owner, in training.

Niches aren’t just marketing positions—they are comfort positions.

Not just “what do we say in an ad” but, where can we execute excellence? And, therefore, who is looking for that excellence?

If a town doesn’t have a butcher selling “prime” you might do well to become that person—if there is demand for it, and you have interest, and passion for it. But if you really like burgers and hot dogs and love to plan backyard barbecues with people when they come into your shop—“prime” isn’t your niche. Perhaps you want to be known as the backyard barbecue butcher instead with everyday cuts of meat and all the accompaniments to have the best back yard barbecue.

And it’s very costly, I find, for business owners to misunderstand this. Entire marketing plans—client avatars—everything gets set around a business plan someone advised the owner they can “sell” but don’t want to “do.”

That’ll haunt you.

Niches, to me, ask a more fundamental question: where are you most comfortable, and who do we need to market to, to bring the people to you, in your comfort zone.

If your leads are not converting, you might want to look at this one part of your approach.

One of the difficulties a lot of my clients go through is how to frame out their services in a way that other people understand them.

After all, a confused buyer is one that does not buy.

Butchers, for instance, have both hamburger meat and prime meat; you don’t want to give up the client who is having a large barbecue because you only advertise that you have prime.

You can’t be everything to everyone; but……

What I’ve found is that you can speak to different market niches if you have select service lines or offerings that serve those niches.  “The barbecue counter” and the “wine with dinner” counter for instance.

That way, the customer doesn’t have to know a lot about meat to know where they should start asking about options.  No need to say “can you tell me if porterhouse is good enough for a kids are away date night.”  It’s predetermined, and the conversation can be deeper, quicker:  would you do smaller porterhouse on a grill or thicker filet?”

If you segment the messaging for different markets, you give the customer control of context.  This allows them to make meaningful decisions about what is best for them, and ask the best questions for their situations.

“How can I help you” is a very different question if the customer is in context to information or isn’t.

And, if you have packaged products thoughtfully “this is our barbecue platter for 5, for 10, for 15” it makes it easier for the customer to just say “yes” knowing that you’ve solved all the details.

Turn Prospects into Customers Overnight!

Today I’d like to talk about how to turn prospects into customers and retain them for future marketing to. While your marketing is doing its job, you need to be working on turning those prospects into customers. There are a few key ways to draw them in and seal the deal. You need to be:

  • Inviting
  • Informative
  • Enjoyable

The biggest fear of most new customers is the dread buyer’s remorse. You want to avoid this at all costs and this should be mitigated if you’ve provided a quality product/service that delivers on the marketing claims you’ve made.

However, this can still occur. There are two ways to deal with this:

  • Offer to refund money-no questions asked
  • Offer a bonus they can keep even if they return the product

These offers alone will also mitigate buyer’s remorse because the customer will trust you more, just for offering these things.

There are a number of other ways to turn a prospect into a customer:

  1. Offer a special price as an opportunity for you to test the market.
  2. Offer a lower price with the reason of pushing inventory to pay a tax bill, for your kid’s’ braces, or another tangible reason. Customers love that this makes you feel so much more human.
  3. Offer a referral incentive.
  4. Offer a smaller, more inexpensive product first to build trust.
  5. Offer package deals.
  6. Offer to charge less for their first purchase if they become a repeat customer.
  7. Offer extra incentives-longer warranties, free bonuses if ordered by a set date.
  8. Offer financing options, if applicable.
  9. Offer a bonus if they pay in full.
  10. Offer special packaging or delivery.
  11. Offer “name your own price” incentives.
  12. Offer comparative data or other comparison tools.
  13. Offer a trade-up or upgrade to something they already have.
  14. Offer additional, educational information to help them make the decision.

The options really are as limitless as you make it. You can use these or other ideas to find what works the best for your business, products/service and target market. Remember this…

“By making it inviting, easy, informative, non-threatening, educational, inspiring and fun to do business with you, you’ll loft your company above the competition.” Jay Abraham

Need help with figuring out the best strategy for converting prospects into customers? Our FREE test drive gives you exclusive access to the mountain of resources and tools, along with information from some of the greatest marketing minds on Earth.

Make it Pop!

There are 5 major components to good advertising copy: (The order of these is essential to success)

  • Command Attention
  • Showcase Benefits of Products/Services
  • Prove the Benefits
  • Persuade People to Embrace the Benefits
  • Call to Action

Advertising is sales in print. So, you need to think about the unique benefits your products/services offer and showcase that in a persuasive way. You need to emphasize results, not features.

Let’s take a minute to talk about each of these components:

  1. Command Attention: This is usually accomplished with the headline. You need an attention-getter that makes people want to know more about your products/services. The best headlines give a vivid portrayal of the benefits or show how a problem can be avoided with your products/services. The headline is the advertisement for the advertisement.
  2. Showcase Benefits: You have to showcase the benefits of your products and services and, more importantly, show how they will solve or prevent a problem. They need to know what’s in it for them. Include useful, factual and clear information to show precisely what the benefits are and how they are going to help the customer.
  3. Offer Proof: This is where you prove what the advertisement is offering. You need to establish you have a method to deliver. Consider information that establishes credibility and past performance.
  4. Persuade: You need to add compelling reasons for your potential customers to purchase your products/services. Use a hard sell approach and create scarcity. This will enact your potential customers to feel like they have to act now. Which leads into the last component.
  5. Call to Action: You need to compel your potential customers to DO something. They need to check out your site, sign up for your newsletter, purchase your products, contact you about services…something.  Offer a freebie-a booklet, sample, product, bonus, demo, consult, limited time price…the list goes on. There are lots of ways to get potential customers excited about ordering and help them feel like they are getting an amazing deal.

Good advertisements include all of these components and are not complete without any of them. You can sit down and think through any one of these components, then figure out how to best place them together for the most effectiveness.

We can help you with this too. Try our FREE test drive to learn how to put together great advertisements from some of the best in the business.

Stop Wasting Your Resources!

Today you’re going to learn how to find a target market of potential customers so you aren’t wasting precious resources on blitz marketing. So, the two questions you have to ask yourself are:
  • What do people really want to buy from me?
  • What related products are they already buying?
Once you figure this out you will know who is more predisposed to purchase your products/services. Then, you find other businesses with the same customer base who you can customer share with. Come up with an incentive and great arrangement to encourage both of your customer bases to shop at both of your stores. The basic concept is this: You want to find existing businesses who have the customer profile that you are looking for to market your products/services to. Then strike up a relationship with those business owners to work out an incentive for customers to purchase from both businesses. As a result, you have an audience to market to and they generate an added value from their current base. So, how do you figure this out? There is a great formula from Jay Abraham you can follow with great success. LV = (P x F) x N – MC Here’s what it all means:
  • LV is the life time value of a customer
  • P is the average profit margin from each sale
  • F is the number of times a customer buys each year
  • N is the number of years customers stay with you
  • MC is the marketing cost per customer (total costs/number of customers)
Once you know how much you need to spend to attract a new customer, you will know how much of an incentive you can offer to a business to help attract new customers. So, here’s your step-by-step process:
  1. Find companies who already have the customer base you are looking for.
  2. Negotiate an incentive for them to share that customer base with you.
  3. Focus your marketing resources to this group of predisposed customers.
If you need help working through this process, please contact us and we’ll set you up with the most comprehensive system of marketing tools and resources.