Let’s talk about strategy, growing profits and winning more business. The purpose of this blog and video is for you to see why you’re not closing more sales and what you can do to fix this.
Where are you going as a company from a profit standpoint? Obviously, you want to be more profitable, but can you define what winning is? Can you tell me where you’re going, because where you are right now and where you want to go to are two different things? And if you tell me, for example that you want to go from say, $10-million to 15-million, that’s going to require you to develop a different strategy. The strategy you use today has gotten you to $10 million. But it’s not necessarily going to get you to where you want to go without at least evaluating it.
Let’s explore and consider change. I’m not asking you to change, but I am asking you to consider change. Your strategy must be evaluated because strategy is what you do to win profits. I’m going to show you a strategy that you might want to consider.
Today, when you look at your marketplace, you see people. You see tall, you see short, you see male, you see female. You see age, income, where they live. You see demographics.
In 2018, demographic targeting isn’t going to get you where you want to go. Look at this screen. Each one of these people are right now searching for a product. They’re actively pursuing a purchase of multiple products.
We use behavioral targeting to find the people that are actively pursuing a purchase of what you sell.
When we say, “actively pursuing”, we mean that they’re doing research. They are visiting authoritative web sites, they are doing key word searches, they are talking to friends and relatives. They are in the market for what you sell, and we know that because of their behavior, not their demographic.
When you look at this screen, you don’t need to see male or female, old or young, rich or poor. Now, the color represents behavior. Your job is to understand that there is a set of behaviors that lead up to a purchase, and your strategy is to figure out the path that leads to your purchase.
If I’m buying a car, as an example, there is a series of things that I can do before visiting a car dealership. Every company has that, including yours. And once you understand what you’re looking at, you will not just see demographics, you’ll see behaviors.
Let’s say the red represents the behavior of people that are actively pursuing hiring a financial advisor. Those are typically the 3% of your marketplace that are actively looking and ready to buy right now. What we call “now buyers”. They are your greatest probability of profit, your quickest path to profit, your best use of your company’s resources for profit, and the largest opportunity today for your company to profit.
If your idea is to advertise to everybody on this screen hoping to hit the red, that’s a failed strategy. Yes, every now and then you’re going to get a sale, but your hope is that you don’t waste too much money on all the other colors in the search for the red.
I want you to show you how to leverage the behavioral data to identify “now buyers” and to only advertise to them. The, people that are in market and actively pursuing a purchase of what you sell.
Those are your high-probability-of-saying-yes prospects.
We have the technology to show you how to look at that screen and not see anything but the red and only the red.
In turn, the screen becomes only red. There is no more advertising to the haystack to find the needle. The best use of your resources, the greatest probability of profits, the quickest path to profits, is to only advertise to the people that are in market. Only advertise to the red.
You need to be doing that starting yesterday. People-based marketing is the ability to recognize and run ads to either a past customer or a prospect on all their devices at any marketing platform online and offline. That technology exists and that’s the marketing that you should be doing, because it’s going to find the red and it’s only going to advertise to the red.
And when you can target people by name, meaning you know who they are, not in the ad, “Hey, John, how are you?” I’m talking about know who you are, meaning you start with a manifest of people, a list of names that you advertise to, then you can compare the sales at the end and you could give proper attribution to see that every single dollar at every single channel on every single device, online or offline, is being utilized. When I say to you “only targeting people who are in market,” what I’m saying to you is that this is the best use of your limited resources because, at the end of the day, this is the formula that matters.
For you to be profitable, it’s price minus cost. If you’re advertising to the haystack, your cost goes up. If cost goes up in this formula, your profits go down. If you’re advertising to everybody when you should only be advertising to the people that are ready to make a purchase right now, and you don’t have a system who can tell you when those people are coming in to the marketplace to buy that are actively pursuing the outcome that you sell, you’re not going to be able to get a premium price. Because if somebody else gets to them first, they’re going to have what’s called frame control. They’re going to be able to control the perspective of how that person sees the problem, and therefore, the solution. Your competitor is going to define what the value is. They’re going to set the buying criteria for that prospect and you’re going to struggle to get premium price. Now, the definition of competitive advantage is either get premium price or lower cost or both. It’s possible for you to get both. In every instance, you can do this.
As you can imagine, I love talking about marketing, sales, lead generation and helping my clients to grow profits.
If you’d like to talk about your business, just use the link below to schedule a brief Discovery call. Thanks for listening and I hope to talk with you soon.
We promise it will only take 15 minutes and if it goes longer, it’s because you want to keep talking.