Category: Target Market

Five Questions to Consider When Creating Your Irresistible Offer…

Posted on by Wally Carmichael

Is the offer for your service or products so irresistible that your ideal clients / customers would say to themselves, “I would be an absolute idiot to do business with anyone else.”

When your offer and service looks just like your competition, you force people to shop on price. If you’re not the lowest prices in town, there is no advantage to being the second lowest. So, you can serve the masses or you can serve the classes. I assure you, the latter is much more exciting and profitable.

Remember, people do not shop on price first. Most of us are looking for the best value. I also look for the best service and experience. And I’m willing to pay for the best experience.

There are two types of offers which have a dramatic impact on your marketing results.

1. The first is the Incentive Offer (such as “buy one, get one free”). This offer only targets that 1% to 3% of the population who are ready to buy what you sell. The disadvantage to this offer is that you can sacrifice price and profitability, and it’s easy for buyers to price comparison shop. It also trains buyers to only respond to this type of offer. When was the last time you paid full price for a pizza? The pizza industry has trained us to look for coupons and specials. Just as the auto industry has trained us to look for dealer instant rebates.

2. The second is the Informational Offer (such as a free report or self-assessment, etc.) This offer builds trust, establishes you as an expert, builds relationships, and appeals to the other 97% to 99% of future buyers… BUT, this offer, will also attract those 1% – 3% who are ready to buy now! Offering appealing information is the KEY to getting an immediate and direct response.

 

What questions should you consider as you build your irritable offer?

✅  Does your current marketing make your prospects a compelling offer – one that is so irresistible that they can’t refuse it?

✅  Does your offer provide unparalleled VALUE to your target prospects?

✅  Are you currently using risk-reversal in your offers so that your prospects find it nearly impossible to buy from anyone else but you?

✅  Would you expect to see a dramatic increase in sales if you created and implemented a compelling offer that was risk-free?

✅  How much of an increase in sales, would you estimate, an irresistible offer would add to your business?

Wally

Your Business Strategist

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Stop Wasting Your Resources!

Posted on by Wally Carmichael
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.