Tuesday, October 18, 2022
Strategically invest most of your time and money in talking only to those people identified and who have identified themselves as most likely to respond favorably to what you have to offer. The earlier in the game you narrow your focus to just these high probability prospects, the better.
If you had to list all the assets of your business in their order of cash value, including buildings, your equipment, your inventory, your account receivables, your patents and trademarks, which are more valuable than the others.
If you are like most business people, you left out the number one most valuable asset off the list, YOUR CUSTOMERS.
The only industry that properly values its customers is the mail order industry. That's probably why reputable mail order firms take much better care of their customers than most other types of businesses, because they appreciate the full cost of acquiring a customer.
And they actually do carry them as assets and their financial records, so lost customers diminish their balance sheet as well as their income statement, as it should be.
You can take away my corporation's equipment, even my personnel, but leave me my customers and I'll have it all back in six months. It costs a tremendous amount of money to get a customer.
Most businesses actually lose money on their first sale or sales to a customer. If you cross the full customer acquisition cost against the profit on the first transaction, your business has an investment in each customer.
The key to keeping customers long enough to derive maximum return on investment is a marketing concept called the top of the consciousness principle, using it to your advantage relies heavily on direct marketing.
Here are the 3 keys to growing your customer list, and your initial outreach to them, and tomorrow we’ll continue our list with additional steps to make your direct marketing profitable over the long term.
#1 - Targets
Most business people and marketers are playing blind archery, a most dangerous game. Instead just about everything I recommend to you is around accurate precise targeting. This means having a very clear picture of who your current best customer is, who you want as a new customer, and who your particular mix of product, service, price, or value is best matched with.
It’s surprising that most business owners really do not know their customers well, and cannot describe that customer in great detail. But if you cannot clearly see your target, it's hard to hit.
#2 - Lead Generation
This means the acquisition of leads through some method of advertising, direct mail, trade shows, consumer shows, whatever, acquiring well qualified prospects that match your target descriptions for follow up.
You'll learn that in many cases using lead generation advertising, you do not advertise your product, service, or business. Instead, you advertise for exactly the person you want to respond. You advertise for the target.
#3 - Lead Generation Magnet
This is the little extra that makes lead generation advertising most productive. A lead generation magnet is most often made up inexpensively out of paper and ink, often a free report of informational value to your target market that also serves as a long form sales letter, a next step in your process.
Here is the most important objective serviced by these first three items we've discussed. Strategically invest most of your time and money in talking only to those people identified and who have identified themselves as most likely to respond favorably to what you have to offer. The earlier in the game you narrow your focus to just these high probability prospects, the better.
A related objective is to spend your personal selling time, only with those people who are predisposed to buy. When you have a good multi-step marketing process that forces prospects to jump through multiple hoops before they get to you automatically filters out the low probability prospects and pre-sales that remain, your person to person selling time reaches peak productivity and value.
One of the most important things that you can learn is how to use the tools to do your spade work for you instead of you doing it all with manual labor.
Just a few quick questions for you to consider.
- How much do you know about your customer?
- How would you describe the person you'd most like to attract to you via advertising in comprehensive detail?
- What information can you offer that will be irresistible to your target and compel him to respond to you?
Tomorrow I’ll go into creating your marketing message, the media you should use to advertise, and the sales letter you’ll use to grab their attention.
If you’re already a NO B.S Letter subscriber, then this training is available to you right now for FREE inside your member portal in your bonus course: “Midas Touch - Direct Marketing.”
If you’re not a member of the NO B.S. Letter yet, you can subscribe here (and I’ll give you the “Midas Touch - Direct Marketing” course - a $297 value - for free).
Join The NO B.S. Letter Today (And Get The ‘Most Incredible Free Gift Ever’ - Plus over $19,997 Of Pure Money Making Information