According to Chet Holmes, (author of The Ultimate Sales Machine) buyers searching for your services fall into 3% of the total market and the rest into 4 further categories.
Yet this meagre 3% is the sole focus of nearly every sales and digital marketing campaign in your industry.
These guys are ready to make a buying decision within the next 30 days and this is your hottest marketplace.
(You know the ones, those red hot leads that come via your website or email.)
But accepting the fact that 3% are actively looking (and everyone is focused on these individuals) then according to Chet there is a huge opportunity of 67% left for you to approach.
And ask yourself:
Which would you rather have?
10% of this small ‘ready to buy‘ market share or 10% of that and the bigger chunk of the market.
If you make the decision to cultivate the bigger chunk of the market when they turn into buying mode, who are they going to be ready to do business with?
But how do we do it?
The first issue is that the more traditional model of search engine traffic, client referral sites, website optimisation and paid keywords, tend to only reach the smallest segment of buyers who are actively looking for your services.
If you only focus your marketing strategy on referrals and search, you’re only in with a chance when someone goes looking.
That means if no one goes looking you don’t get seen.
And also think of it as an auction:
When everyone is ‘bidding on’ or ‘optimising for’ the same stuff, the price and competition continues to increase dramatically.
And secondly these ‘reactive methods of marketing’ are poor at reaching prospects ‘open to buying your services’ or ‘maybe interested’, so they are not much use for creating a predisposition toward your company.
Whereas Social Media Marketing is ‘Proactive’.
You’re not at the mercy of whether people are looking for you.
When you advertise on Social Media, you can show up in front of prospects that are highly likely to be interested in what your offering regardless of whether they’ve been looking or not.
You can get in front of a much larger segment of the market which is why so many businesses see better results because they’re able to control who and how many people see their message.
- Target A Larger Market Segment To Make More Sales.
- Improved Brand Visibility To Convert More Traffic.
- Precondition Clients To Outshine Your Competitors.
And if you know who your targets are, where they are in the buying cycle, the brands they trust, their interests and passions or where they’re hanging out, and if your perfect client is a human, you can reach them first using Social Media and The Magic Overlap.
Well, the things people “like”, and particularly the brands they “follow” and the publications they read are massive indicators of their demographic bandings, social class and lifestyle preferences — and Psychographic profiling indicates their level of activity in those interests.
For example, if you was an interior designer theirs a reason why you'd want an article in a niche related magazine like Tatler, or to have a mention in the FT How To Spend It, or to be somehow endorsed by Chanel.
Now imagine promoting your services to all those avid readers who are interested in or follow all 3 of them.
You can also target your audience based on:
- How much they’re making.
- The people who have recently moved and updated there City in the last 6 months.
- High-net worth neighbourhoods and wealthy postal codes.
- Frequent international travellers.
- People interested in luxury goods or services such as, yacht’s, travel, property, retreats, experiences ect.
- High-end device users such as the latest iPhone owners.
- People who have transacted using higher than the average spend.
The point is:
If you can accurately detail your ideal client — whether ultra-affluent, affluent, mass-affluent, young, old, male, female, and so on — you can overlap their interests and location to find them.
Ask yourself (and please don’t scratch your head — you must know this stuff inside out):
- Who are the authority figures, thought leaders, or big brands in your niche?
- What are their ambitions, aspirations, interests, and attitudes and passions?
- What books/magazines/newspapers do they read?
- Which brands are already marketing to them — and winning with their marketing?
- Are their social, cultural or political beliefs relevant to them — and you?
You can then drill down with incredible specificity to identify and reach out only to people precisely matched.
But the question remains: What kind of blog content, social posts or Ads do you produce?
Well, obviously your content must chime with the opinions, activities, attitudes and values of your targets — and psychographic segmentation helps you do just that by cleverly classifying these segmented individuals on the basis of these attributes.
The trick is knowing why they are there — what content they are actively — and positively — engaging with and sharing.
And once you get a bead on these insights, thanks to Psychographic targeting you can adjust your tactics to enhance your presence in ALL those target-rich areas.
So your new goal would be to get inside the mind of your potential clients, and teach them what they need to know to be successful.
Before they do business with you!
Becoming a trusted source of useful information allows you to cast a much wider net, as your content can be appealing not just to people already seeking goods or services but also to people seeking information on topics of importance to them.
That’s the golden rule to success in marketing today.
And the biggest secret behind that rule hasn’t changed either:
You never really understand a person until you consider things from his point of view... Until you climb inside of his skin and walk around in it*.Harper Lee (To Kill a Mockingbird)
The more you know about your market, the more effectively you can leverage these aspirational desires in your campaigns.
And here’s why you’d use it:
- People have a subconscious attraction to leaders and authorities.
- When you educate, the brain automatically assumes authority.
- If you want to make it to the top, you must become a leader with value to offer others, and proactively convey those qualities in your marketing efforts.
- Sincerity sells, so if you become genuinely interested in your prospects’ success they will do the same for you.
Think of it like this:
You need to tell them ‘Why’ and wait for ‘When’.
Need an example?
Okay, if you’re targeting a client on social media who engages with 2 or 3 relevant interests dedicated to the luxury lifestyle such as a specific influencer, or brand, or a certain celebrity and if you further overlay typical demographic data such as location, you can find The Magic Overlap to build more complete profiles of your target markets and audiences.
In other words:
You can reach these potential clients where they are and then tailor your Ads and Posts automatically fitting their preferences and tastes.
And this is what makes The Magic Overlap so spine-tinglingly powerful:
The whole "Social Media Wave" has just started ... and everyone has the potential to use it to get as many clients as you want.
Combining demographic data with psychographic data, you can uncover new, lucrative niche markets hidden from your competition and connect with them not only first but in a way that they will welcome you with open arms.
Now before I continue to the most important part of the formula, let me quickly address paid advertising.
Most businesses rely on word-of-mouth and referrals so the only way they can grow is the “slow motion” way.
Advertising has become a strategic weapon rather than a tactical one.
And businesses run ads to quickly establish a position.
Now of course you don’t actually need to invest in paid advertising.
But it’s like playing defence.
You're focusing on how much money you can SAVE instead of how much money you can MAKE.
So I’ll put it another way ...
If you wanted to lose weight fast, then you’d probably NEED TO INVEST in joining a gym.
And if you wanted improve your performance and reduce your chance of injury, then you’d probably NEED TO INVEST in a personal trainer.
I think you can see where I’m going here but same goes for paid advertising.
That is fast growth.
And it’s only possible when you are able to use advertising to grow with profitability.
And this is the math behind paid advertising.
You invest some money in to get more money back.
The trick is hiring a specialist to advertise at a profit.
There are about 3.5 billion people on the Internet.
So if you’re not finding leads, you’re either building a product nobody needs or you’re looking in the wrong place.
And Social Media is a great advertising platform to use when targeting clients.
Clients have moved much of their life online, spending a substantive portion of time using smartphone apps, and the most progressive agencies are adjusting their marketing investments to enhance their presence in these areas.
As Roy H. Williams once said,
The race goeth not to the swift, not the battle strong, but to he who hath the best advertising leaveth them all in his dust.
Caveat: But don't make this mistake.
Just getting your message in front of these potential clients once is typically not enough to earn their business.
According to John Medina, a Professor of Bioengineering at the University of Washington School of Medicine, when people hear information about your company, they're likely to only retain about 10% of that information three days later.
It takes time for people to get to know, like and trust your brand, remember your name, your offer and your message.
Couple this with the problem of time — we don’t have any — and the way we consume information — mobile — you need to stay patient and realise that you’re in this for the long-term.
According to Marketo, 96% of visitors who come to your website aren’t even ready to buy.
I mean, like seriously ..
So the trick of driving traffic to your site is not to aim for sales. (That is, unless your brand is fully established.)
So in the next post we’ll look at how to ‘keep the attention of your lost website visitors’ with ‘The Marketing Rule of 7’..
Yours for those blockbuster breakthroughs,