marketing your small business made simple - icef...you need laser-like-focus on a narrow target...
TRANSCRIPT
Learning Outcomes
Why mass-marketing could “kill” your small business?
What is Direct Response Marketing?
Apply the 2-phases and the 6-components of Direct Response Marketing
Mass Marketing Kills
Mass Marketing «kills» small business
When a small company mimics large and successful competitors
Large companies have different agenda and priorities when it comes to marketing
Large companies have a very different marketing budget
Direct Response Marketing
Focused on the prospect’s specific problems and aims to solve these problems with education and specific solutions
Direct Response Marketing
A cutting-edge marketing concept for small businesses on a small budget
An ROI that is measurable
For every $2 spent on advertising, you get $10 out in profits from sale
Designed to evoke immediate response and compel prospects to take a specific action
Direct Response Marketing
It’s measurable
As it is trackable, then you can measure how effective each ad is
It’s trackable
When someone responds, you know which ad was responsible
Direct Response Marketing
It uses attention-grabbing headlines
It looks more like an editorial than an ad
It targets a narrow target market or niche
It makes a specific value-packed offer
It aims not necessarily to sell anything
Direct Response Marketing
It calls for a specific action
It includes simple means of capturing prospect responses
It includes multi-step, short-term follow-up
It incorporates maintenance follow-up of unconverted leads
3 phases of Direct Response Marketing
After (Customer)
Get them to trust you, buy from you regularly and refer new business to you
During (Lead)
Get them to like you and buy from you for the first time
Before (Prospect)
Get them to know you and indicate interest
9 Components of Direct Response Marketing
After (Customer)
7. How I Deliver a world-class Experience
8. How I Increase Customer Lifetime Value
9. How I Stimulate Referrals
During (Lead)
4. My Lead Capture System
5. My Lead Nurturing System
6. My Sales Conversion Strategy
Before (Prospect)
1. My Target Market
2. My Message to My Target Market
3. The Media I Will Use to Reach My Target
1.
My Target Market
1. My Target Market
“Everyone” is your target market is a typical newbie marketing mistake
You need laser-like-focus on a narrow target market (Niche)
Targeting a tight niche allows you to become a big fish in a small lake
Go after Niches that are “an inch wide and a mile deep”
Niching makes price “irrelevant” as you are perceived differently by prospects
Identify Your Ideal Customer (The PVP Index & Rating)
• How much do you enjoy dealing with this type of customer?
Personal Fulfilment
• How much does this market value your service and is willing to pay?
Value to the marketplace
• How profitable is the work you do for this market segment?Profitability
2.
My Message to My Target Market
2. Crafting Your Message: One Ad, One Objective
Determine the objective of your ad (Why advertise)
Determine the focus of your ad (What to advertise)
Invite prospects to put their hand up and indicate interest
A very clear call-to-action (What should they do next?)
A very clear reward (What they will get in return?)
Give them multiple ways of response
2. Crafting Your Message: One Ad, One Objective
Stop the “Look at me!” inwardly focused messages
Stop copying a “me too” competitor message with another “me too” message from your side
Focus heavily on needs, thoughts and emotions of your target
Getting into the Mind of Your Prospect
What do they really want?
What is it that they want to achieve?
Develop a Unique Selling Proposition (USP)
Why should they buy?
Why should they buy from me?
Create a valuable apples-to-oranges comparison with competition
Which coffee will you buy?
If You Confuse Them You Lose Them
Can you explain your service and the unique benefit it offers in a single short sentence?
Create Your Elevator Pitch
A concise, well-rehearsed summary of your business and its value proposition, which can be delivered in the time span of an elevator ride (30-90 seconds)
Crafting Your Offer
Which services do you have the most confidence in delivering?
Which services do you enjoy delivering the most?
What is my target market really buying? The main problem?
What are the best emotionally charged words and phrases that will capture attention?
Create an Irresistible Offer
• What is the most valuable thing you could do for your customer?Value
• Learn the language and jargon used within your target marketLanguage
• Why you are offering a great deal?Reason why
• Packing in many bonusesValue stacking
Create an Irresistible Offer
• Offer a complementary servicesUpsells
• Absolutely critical for high-priced servicesPayment plan
• Make dealing with you a risk-free transactionGuarantee
• A reason why people need to respond immediately “play with fear-to-loss emotion”Scarcity
3.
The Media I Will Use To Reach My Target Market
Customer Acquisition Cost: An Example
You do a direct mail campaign and send out 100 letters
The cost of printing and mailing the 100 letters is $300
Out of 100 letters, 10 people responded (10% response rate)
Out of the 10 people who responded, 2 people end up buying from you (20% conversion rate)
What is your Customer Acquisition Cost?
Customer Lifetime Value
The net profit contribution of the customer to your company over time
Front-end profit
• Profit we make up front on a campaign
Back-end profit
• Profit we make on subsequent purchases
Social Media: Pros & Cons
A great place to create and extend relationships
A great place to test customer emotions
It “humanizes” your business
A form of “hype” media
It is not an ideal selling environment
Owned by the social network and not you
A time suck
Email Marketing: Do’s & Dont’s
An asset you own
Use a commercial e-mail marketing system
Don’t spam
Have a compelling subject line to get your e-mail opened
Email Marketing: Do’s & Dont’s
Email regularly
Give your prospect value (3 value-building for every 1 offer)
Automate
Be human and not a robot
Postal Mail
Underutilized form of marketing media
It could move people “emotionally” due to its physical nature
Has a much longer lifespan
Significantly less cluttered (noisy) than email marketing
It complements email marketing
4.
My Lead Capture System
What is the purpose of your Ad?
To sell?
To find people who are interested in what you do?
The Market of Your Service
• Ready to buy3%• Very open to buying7%
• Interested but not right now30%
• Not interested30%• Wouldn’t buy
even for free30%
Transition from «hunting» to «farming»
Making cold calls to generate new business
Try to close a sale as soon as possible
Discounting and competing on price
Pestering people who are not interested
Find people who are interested in what you do
Offer them values and education
Regular communication and inclusion in your database
Sales comes eventual, if it is right for them
Mining for Gold with «Ethical Bribe»
Never treat all prospects equally
Ethical bribe is a “free” offer to your prospects that address their problem
Offering “Ethical Bribe” to get them identify themselves as a “high-probability prospects”
How to be seen as an expert?
When you educate and teach them in advance, you are seen as an expert
When you build a relationship and trust
When you demonstrate authority in your field of expertise
You are no longer questioned, you are obeyed!
5.
My Lead Nurturing System
Build an irresistible lead nurturing model
Contact #489.8% of salespeople have given up
Contact #379.8% of salespeople have given up
Contact #265% of salespeople have given up
Contact #150% of salespeople have given up
Build your marketing infrastructure
Free report on studying in certain destination
Video series on what to look for when studying abroad
How to assess the right University for your education abroad
Pros & Cons in studying in…
Interviews with…
A newsletter on…
Lumpy Mail
Lumpy mail is an attention-getter and will be opened immediatly
A 3D object sent to your prospect and represents amazing value
It positions you as an expert and trusted authority in your field
It moves your prospect further down the buying cycle
6.
My Sales Conversion Strategy
How to reduce the perceived risk when buying from you?
Salespeople have negative image (guilty until proven innocent)
Proper positioning is crucial as part of your trust-based conversion process
Delay the sale to accomplish your position as an “educator”
How to reduce the perceived risk when buying from you?
Present your business in a larger and more professional manner
Offer an outrageous guarantee that reverse the risk on you
Offer “value pricing” and don’t discount
9 Components of Direct Response Marketing
After (Customer)
7. How I Deliver a world-class Experience
8. How I Increase Customer Lifetime Value
9. How I Stimulate Referrals
During (Lead)
4. My Lead Capture System
5. My Lead Nurturing System
6. My Sales Conversion Strategy
Before (Prospect)
1. My Target Market
2. My Message to My Target Market
3. The Media I Will Use to Reach My Target
