THE LARGER MARKET FORMULA [this changed the game for me]
What if I told you there is a HIGH chance that 97% of your communication is misdirected?
Jump onto any marketing campaign and you’ll see the vast majority of their communication is all driven around the immediate sale…
Buying now
Enquiring now
Acting now...
NOW, NOW, NOW
What if I were to tell you that only 3% of your audience (on average) is actually willing to buy now?
How would that shape your next conversation?
This brings me to the Larger Market Formula
As you can see, there are layers to this process, and even the sales that have felt quick, have undoubtedly gone through each stage before they came to you.
Knowing this now, how would you map out your messaging?
The problem is, if the only tool we have is a hammer (pushing the sale), we’ll only see problems as a nail (or a loss of sale).
If we only have the immediate close in mind, we begin to act from a place of scarcity and will use cheap tactics and discounting* to get them across the line
*stay tuned for an article about the perils of discounting…
However, if you want to actually grow your business and have a healthy flow of good customers, you need to understand that educating them is part of the process.
It allows you to step back and understand their position, and what they need to get on the same level as you.
To give them an experience worth raving about.
Value is reciprocal - give them the information they need, frame it in a way that taps into their desire for an outcome, show them the pathway - and that value will come to you in the form of dollars and loyalty.
Here’s three ways you can incorporate the LMF into your marketing strategy
1 - Start taking stock of the conversations you have
There’s a HIGH likelihood we are talking to the 37% that is Problem Aware and Gathering Information, but we are looking for ways to squeeze in Buy Now vernacular.
Give your prospects the space to give you the information you need to help them move forward.
The aim of the game is to provide them with the pathway within our marketing strategy to walk them through.
Which leads to,
2 - Use strategic messaging to enter the conversation that is already occurring in their mind.
This part is super simple;
If they’re problem aware, create specific awareness on the problem (go deep on this).
If they’re information gathering, help them gather good, relevant information
If they’re ready to buy, utilise a method like the 4 x 6 to preemptively walk them through any objections they have and motivate them to make the decision.
3 - Develop seven content pieces as touch points relative to the LMF
On average, our future customers need seven touch points before they buy - if all seven of those are telling them to buy now, they’re not going to actually make it through.
Not only have you lost the sale due to misidentification, but all the sales they would have brought with them across their lifecycle (and referrals).
The effect this can have on the bottom line is astronomical.
Negate these losses by creating campaigns around Awareness, Education, Connection, and Valuation to link in with any sales driven categories.
Hope these were helpful and you can put them into action, reach out if you have any specific questions and happy to give more insight :)
If you do what you’ve always done, you’ll get what you’ve always got (more on this here)
Zac
Ps. I’ve got two articles coming out, let me know which one you want to see first
The profit lever that your marketing needs to be focused on (hint: it’s not sales volume) - and it’s going to help you understand how to avoid discounting
Walking through the flow of traffic (essentially how to map out messaging based on the LMF)