Many business owners simply set up shop and instantly start running ads. They never invest any time in designing their marketing or sales strategy. The result is that they lose thousands of dollars and usually don’t get the sales results that they’re after. We’re going to share with you a simple marketing strategy that’s time tested and business proven. It will empower you to get the maximum leverage from your marketing efforts.
Think of the overall market in your city. Your ‘potential market’ is comprised of all the potential buyers of your product or service in your city. To simplify the process, we overlay a ‘Spectrum’, called ‘The Buyer’s Spectrum’, over top of the potential market. Realize that on one end of the spectrum, 3-5% of the market have a preferred vendor (a family member, a business that they’ve been with for years, etc.) and will never buy from you.
On the other end of the spectrum, 3-5% of the market are NOW buyers and respond quickly to virtually any type of marketing. This leaves roughly 90% of the market that doesn’t want to buy what you’re selling right now yet WILL BUY at some future date.
Amazingly enough, the majority of companies focus their marketing efforts exclusively on the 3-5% of the market that are NOW buyers. They leave the remaining 90% of potential customers on the table. Their philosophy is that if a prospect doesn’t buy from them right now, then they discard them and focus on the ones that do want to buy from them. If you share this philosophy, you’re making A BIG MISTAKE!
‘Why’ do you ask? Well, think about a grove of orange trees. If you wanted to pick the ripe oranges, do you think that all of the oranges ripen at the same time? Of course not. The oranges ripen all at different times (we call this ‘The Customer Buying Cycle’). So what do you do, simply pick the few oranges that are ripe and then burn the rest of the field? Once again the answer is no. Yet this is what many companies do.
If you want to get more of the ripe oranges, then what you must do is water, fertilize and nurture the orange tree grove consistently. Bit by bit, the other oranges WILL RIPEN. And when they do, you’re there pick them. Now you may not get them all yet you’ll certainly get the lion’s share.
In the same way, you ‘water, fertilize and nurture’ the 90% of your potential market that doesn’t buy right away. And like the grove of orange trees, bit by bit, they too will ‘ripen’ or buy what you’re offering. If your marketing strategy addresses this, then you will get the lion’s share of the customers.
For you to get most out of your marketing and sales, your marketing strategy must address the phenomenon of both ‘The Buyer’s Spectrum’ and “The Customer Buying Cycle’ to be effective. Make sure to read our article “How To Increase Your Sales By 300% Or More By Effectively Leveraging Follow Up Systems”.
Question about business
How do I start a successful retail business?
I need assistance to get my questions answered regarding starting a retail business:
1. Which retail business would be best to start and why: a) Specialty retail business or b) Mail order business?
2. Which type of business is more predictable and does not change often: Specialty retail or mail order?
3. Many people say that PASSION is important when it comes to starting a business because the owner will have to work long hour to make his or her business a success. I agree with that but can you explain to me why there are many people out there who started their successful businesses outside their PASSION?
4. How can I choose products and services to sell that fit my personality and are part of my values?
5. I took a Myers-Briggs personality test and the result of the test shows that my personality type is an ISFJ (Introverted, Sensing, Feeling, Judging). Would someone like me who possess this personality type can become successful in operating his or her retail business?
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