Category: Target Market

Your Business Doesn’t Stand Out The Way You Think It Does

Introduction

You’ve poured your blood, sweat, and tears into your business. You’re proud of it and you have a lot of great things to say about it. That’s why you tell people about it when they ask what you do for a living. But over time, you’ve realized that no one really responds to what you have to say. They nod politely, maybe ask a few questions about your industry or company, but ultimately move on with their lives without ever taking any action based on what you said.

Why does this happen? Because everyone thinks their business is unique, even though most aren’t. So how can you stand out from the crowd of businesses that are just like yours? I’m going to show you some techniques that will help make sure people remember who you are and what makes your business special!

The Hot Button Issue

A hot button issue is a topic that is of particular interest to your audience. It’s an idea or theme that they care about, and will be motivated to act on if you can help them solve their problem.

For example, let’s say you have a cleaning business. Your ideal customer for this type of service is someone who feels overwhelmed by the amount of work keeping their house clean requires. They might not be aware that there are great tools available to make cleaning easier, but if you can show them how much time it could save them (and how much less stressful it would feel), then they’ll probably want to try it out!

So what makes a hot button issue? Anytime someone cares about something so deeply that they’re willing to support people who share those beliefs—whether through buying products made by companies promoting those things or donating money directly toward causes—that’s considered a hot button issue for them at the moment; however long it lasts depends on whether there’s anything new happening with regard to those ideas/beliefs/practices etc.. Examples include: health care reform (now), animal rights activism (then), social justice movements like Black Lives Matter (now).

Benefits, Not Features

What is a benefit?

A benefit is the positive result that a customer receives from using your product or service. For example, if you sell high-end furniture, one of your benefits may be that it’s affordable for most middle class families. Another could be that it lasts longer than other brands on the market. A third might be that it looks great in any room of the house.

Benefits are often intangible (like peace of mind or better health) or hard to measure (like income growth). They’re also sometimes broader than features: although they do include elements related to what makes your business unique, such as specialized training or high-tech equipment, they don’t have much to do with what other businesses are doing at all—which makes them perfect ways to set yourself apart from the competition!

Unique Sales Position

A unique sales position is a compelling, distinctive way to tell your story. It’s what will compel people to buy from you, because they can’t get that same thing anywhere else. You’ve probably heard of the marketing concept of “unique selling proposition” (USP), and this is similar: the idea is to find your USP and use it as your primary marketing message.

But what does that actually mean? How do you define an USP for yourself? And how do you make sure people hear about it in the first place? Here are some tips for creating a unique sales position that sets you apart from the competition:

Market-Dominating Position

As you know, a market-dominating position is one that has the most value for customers and stakeholders. It offers more value than any competitor, so much so that people would rather buy from you than anyone else.

However, many businesses are unaware of their true market-dominating position because they don’t fully understand how to evaluate it. Instead of focusing on what makes their product or service unique and valuable to customers, they focus on what sets them apart from other companies in their industry.

This can be problematic if you aren’t actually different from competitors in meaningful ways—if your products or services aren’t inherently better than those offered by other businesses in your field (or if they’re not perceived as better). In this case, focusing solely on differentiation won’t help you create an advantage over the competition; instead it will just make them look like bad copies of you!

Stop thinking that your business is unique, and actually make it unique.

In the last post, we talked about how to overcome the belief that your business is unique when in reality it’s not. But even if you’ve come to terms with this idea, you may still find yourself wondering what it means for your marketing strategy.

The answer? Finding a unique sales position—a way of differentiating yourself from the competition in an authentic way.

Why? Because there are two main ways that brands can stand out: having better products or being more innovative than everyone else. The former is easier said than done; few companies ever achieve excellence across every aspect of their business (and some don’t even want to). That leaves innovation as our primary route forward.

Conclusion

If your company is going to stand out in a crowded market, you have to do more than just offer a product or service. You need to offer something that no one else can offer. That’s why it’s so important for businesses to make sure they have a unique sales position and market-dominating position in mind when they start working on their marketing strategy.

Direct Response or Bust!

Direct response marketing is a marketing that demands a direct response from your potential customers. This marketing is used to answer questions, present your branding, products and the reason you do what you do. Customers love this, as it offers them the opportunity for response, whether that be in the way of signing up for a newsletter, posting a comment on your site or blog, or purchasing a product from you.

So, what does direct response marketing look like? Well, it comes in many forms, including:

  • Direct mail
  • Print ads
  • Radio and TV ads
  • Coupons or other incentives
  • Telemarketing

Some advantages of direct marketing are:

  • A great way to use free time during lulls in business
  • Productive way to communicate and empower you to create more relationships
  • Great way to up- and cross-sell to current customers
  • Low-cost way to rustle up new business
  • Used as leverage to turn small sales into large sales
  • Supplement your current marketing program
  • Cost-effective way to reach target markets
  • Offers measurable results
  • Reach outside your local area for new business
  • Increase the effectiveness of your sales force

These are all great things that can come from just taking a few simple steps to putting
together a direct response marketing plan and executing it.

“I honestly don’t think you’ll ever find a safer, lower-risk, higher-profit method of increasing your business or profession than direct-response marketing.” Jay Abraham

Direct response marketing is one of the best ways to launch your business on a large scale and reach out to everyone in your target market whether or not they are in your local area. Our GUIDED TOUR can help you put together a great direct response marketing plan and get you on your way to heightened success.

Stop Wasting Your Resources!

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 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 outstanding success.

LV = (P x F) x N – MC

Here’s what it all means:

  • LV is the lifetime 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 on this group of predisposed customers.

If you need help to work through this process, please contact us and we’ll set you up with the most comprehensive system of marketing tools and resources.