Ever wonder how to find a target market of potential customers so you aren’t wasting precious resources on random marketing tactics?
Ask these two questions:
- What do people really want to buy from ME (what do they know you for)?
- What related services are they already buying?
Once you know this out you will know who is more likely to purchase your services.
Then, you find other businesses with the same customer base who you can customer share with, someone who offers different services that align with your service (could be that you are a ‘next step’ in the client’s growth stage).
A great plan is to jump on a call with your possible collaborative partner and come up with an incentive and great arrangement to encourage both of your customer bases to shop at both of your stores.
This should be a win-win for BOTH of you, possibly in lower marketing costs, larger leads, stronger bundled service.
The basic concept is this:
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.
Want to take it a step further in figure out the tangible win-win? 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, thus creating a natural win-win.
So, here’s your step-by-step process:
- Find companies who already have the customer base you are looking for.
- Negotiate an incentive for them to share that customer base with you. Have an open talk with them and find each-others needs and values.
- Focus your marketing resources to this group of predisposed customers.
If you need help working through this process, contact me either in email, phone, or Facebook Messenger.