Stop Wasting Your Resources!

by | Feb 14, 2024 | Marketing | 0 comments

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, check out our FREE test drive for the most comprehensive system of marketing tools and resources.

Written By

undefined

Related Posts

Are You Aiding & Abetting E-Myths?

Are You Aiding & Abetting E-Myths?

We are going to embark upon a journey through the world of e-myths and debunk them to help you avoid falling into the e-myth trap. First, let’s take a minute to talk about what an e-myth is. An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed...

read more
Put Them in a Trance

Put Them in a Trance

We’re going to go through the 5 essential keys to a successful and reusable marketing campaign launch. Once you have these basics down, you can use them over and over again. The 5 essential keys are: Define your Unique Selling Proposition (USP) Put an effective sales...

read more
Do It Like the Big Dawgs!

Do It Like the Big Dawgs!

Today we’ll take a look at how the kings of industry wine, dine and otherwise cajole prospects. Most of successful professionals use a series of information based ads that build emotion and a call to action. These are much more effective than a standard company...

read more

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *