Now we’ve had some quick “wins” by running promotions to your existing prospects and customers, and adding more products and distribution channels, it’s time to look at how you attract more people who are just like those happy customers you already have.
The idea is to work out how to attract only people who are just like your ideal customers, while actively repelling people who are not a good fit.
And we do that with our marketing…
Watch this 60 second overview video before you continue:
The four primary steps in an effective marketing system are:
Step 1: Target only people who are your ideal clients or customers
Step 2: Create valuable marketing that attracts these people, and capture those prospects’ contact information for future follow up
Step 3: Use an automated, sequential sales process to convert prospects to paying customers
Step 4: Optimise your customer lifetime value by increasing the value of each sale, each customer, and the frequency at which each customer buys from you
If you can do even a half reasonable job in each of these areas, that’s all you’ll need to create a marketing system that gets the results you really want.
We’ll look at Steps 2-4 in the future, but for now, let’s look at Step 1 in more detail.
Step 1 is – Target only people who are your ideal clients or customers
Regardless of what you’ve been doing up to now, if you focus everything you do with your marketing exclusively on attracting the right type of customer, you’ll probably see the sort of results that will astound you.
And that’s because when you get this right, being successful with your marketing and growing your business gets a whole lot easier, less expensive, and more fun.
When you go after the wrong type of customers, your marketing is doomed to be ineffective, expensive, frustrating and quite often doomed to fail.
For example, I’ve seen flyers from a leading women’s gym in our letterbox on a regular basis. Since they limit their membership to women only, and more specifically their ideal prospects are women who are thinking about losing weight or getting fit, a high percentage of their flyers probably get tossed in the bin.
This just doesn’t have to happen. For just a few dollars more, they could rent a mailing list consisting only of those homes with females in their ideal age group, who buy health and fitness magazines or products who live there.
This “spray and pray” style of marketing is extremely expensive and wasteful.
Simply by focusing only on people who are their ideal prospects, they could save 40% or more on their flyer marketing costs, and increase their results exponentially.
They could cut their costs even more and increase their memberships by targeting prospects at an even deeper level.
An easy way to do this is to survey your current member and offer a the chance to win a valuable gift as a prize for participating.
The survey would ask questions about the types of classes and equipment the members prefer, along with their age range and current occupation.
This information they gather from this survey is worth its weight in gold, because it would show them which types of equipment they should have more of, and which equipment is currently under-utilised or not used at all.
They would also find out which classes to add or increase and which to reduce or eliminate.
The equipment and classes preferred by members could be highlighted in their marketing, which would attract even more paying customers without additional expenses and no additional effort.
And if they offered a 21-day free trial (with unlimited free classes during that trial) to new members as an incentive to get them to move from another gym, they could increase their response even further.
Discovering the main age range and occupations of members could reveal specific ages and occupations that make up large sections of the membership.
Those age ranges and occupations could then be targeted at a much deeper level in specialist magazines, newsletters, Facebook Groups, Facebook ads and elsewhere.
And of course, people in age ranges and occupations that don’t typically frequent a gym could possibly be eliminated completely.
This simple targeting strategy would decrease the overall costs of the gym’s marketing while increase their membership sales substantially…
By simply targeting only their ideal customers and avoiding marketing to everyone else.
Some businesses feel like they have to go after everybody because of FOMO (fear of missing out) on some business if they focus too tightly.
But in reality, the more your business appeals to a well-defined segment of your market, and the more you can connect with the specific wants, needs and desires of people in that segment, the easier it is to market more effectively, sell more of your products or services, while reducing your costs at the same time.
I hope you can see how powerful targeting only your ideal prospects and avoiding everyone else can be. It can save you a lot of time by avoiding people who aren’t likely to guy from you, and a lot of money because you can laser focus your marketing on the type of people who have proven to want what you sell.
I’d love to hear your thoughts on this and see the results you achieve if you decide to implement this business growth strategy.
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About The Author: James Huy Vuong is a CPA, Registered Tax Agent, Business Broker, Certified Exit Planner and the owner of Your Accounting Partners, an Associate of Negotia Group. Partnering with businesses from start to scale thru to sale.
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