What if we 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 we 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 is where the Larger Market Formula comes in.
What is the Larger Market Formula?
Statistics have shown that in every market, roughly 3% of people are interested in doing business with your right now. About 17% of the people are still in the mode of gathering more information before making their final decision. Approximately 20% of the people know they need some form of help but they are not showing enough commitment to solve their problem and about 60% of the people in any given market are not even aware they have a problem you can solve.
So what do you need to do?
Forget the tiny 3% and instead turn your attention to the 37% of the market who are either in “research mode” or who are aware they have a problem but haven’t yet started searching.
The result will be more efficient marketing (i.e. acquiring more leads and customers at a lower cost per acquisition), AND by getting these people earlier in the buying cycle, you build trust with them, so that when they eventually move into that 3% segment, they’ll naturally choose you, and usually won’t even consider alternatives, regardless of price or “features”.
Here’s three ways you can incorporate the LMF into your marketing strategy
1. Start looking at the conversations you have
There’s a HIGH likelihood you are talking to the 37% that is Problem Aware and Gathering Information, but you are constantly looking for ways to squeeze in ‘Buy Now’ sector.
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 each level until they are ready the ‘buy now’
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 pre-emptively 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. They won’t even start!
Not only have you lost the sale due too much selling, but you will loose all the sales they would have brought with them across their lifecycle (and referrals).
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. They won’t even start!
So its important to rather focus your marketing on all aspects of your potential clients cycle and understand that most of them are not ready to ‘buy now’. They want to be wooed, taken out on a few dates, maybe have their car door opened before they decide to do business with you.
Education and information are key to converting potentials customers into purchasing customers. To reach the 97% who aren’t ready to buy now (but could be very soon), you have to educate them.
If you are just starting out, have no network, reputation and haven’t put much free information out there, how do you except people to know who you are, let alone buy from you? The more they know, the more likely they are to buy.
