I know, you probably hate to be spending all that money on marketing every month. But based on your experience as a business owner, you know that once you stop spending that money, business stops coming in.
Even with 20 years of marketing behind me and a deep passion for all things marketing, it still hurts to have money going out to pay advertisers, whether it’s my own or my clients’ money.
But here’s the good news for you: there are some insider tricks you can start employing to massively reduce your marketing cost, so you have more money each month to spend on yourself and your family.
I will use the example of one of my recent clients, who runs a seminar business.
Before coming to me, he was spending $150 to get one attendee to register for his seminar. This was a tried and tested system he had been refining over the past 8 years.
I’d wager that you’d think that a good result is that if I helped him reduced his acquisition cost by $75 per head right? I mean that would be a massive 50% reduction in his marketing cost.
After working with him for 2 weeks, in my first marketing campaign, I did for him. I reduced his cost per acquisition per registration to $66.61 per head.
After another 2 weeks, cost per registration dropped further to $52.65 per head.
That’s a whopping 64.9% reduction in his acquisition cost in 30 days!
I’m sure as we go forward, I can help him reduce his cost per registration even more.
Simply because we would be able to refine our ads and approach going forward.
Assuming the current statistics remain as it is, my client would still save over a million dollars a year on advertising!
That’s a lot of holidays for his family…or even a new investment home each year!
Better still, if he is smart and reinvests that money in his marketing, his business could potentially more than double quickly!
Ok, so maybe I’m trying to impress you here since you probably hardly know me.
But more importantly, I’d like to impress upon you that your marketing can be WAY more effective than it currently is.
But I digress, let’s get down to it…how did I achieve this? And what can you do in your business to start getting similar results?
Here’s the first tip:
Grab your pen and paper…
The first tip is to clearly define your target market.
We drilled down to the perfect age, the interest, the income level, the gender and family composition. Even what job they worked in.
We got as clear as possible who these people are.
In this case, we defined our market as the following:
– Singaporeans
– Income range: SGD$6,000-$20,000 household income per month
– Married with young children
– Male and female
– Interested in investing, kids education, self-improvement
Sounds like common sense, but I have met hundreds of business owners, and when asked about their ideal target market, 95% of them are not clear who they are targeting. That’s a recipe for money wasting!
If you tell me you are targeting everyone in a certain location, everyone between 50-65, or everyone who has a pet, it tells me that you are not clear about who you really want to work with.
And that’s probably why you are spending big dollars or lots of time to acquire new clients.
Here’s a simple process to identify who your ideal target market is:
1) Analyse your customer database, find out who are your top customers. Top customers are those who pay you the most and are the easiest to work with.
2) Identify the characteristics of your top customers based on that. Find their common traits and you’d get a clearer picture of your ideal customer.
3) Spend some time visiting and talking to your ideal customers. Find out more about, their background, business, interest, fears and aspirations.
Doing this exercise will help you get a whole lot clearer about your ideal target market.
And of course, out of that 5% who have got their target market clear, most of them do not know what their prospects’ hot button is.
The next step then, is to identify your market’s ‘hot buttons’…. what is it that really triggers them?
Because as you know, without the right hot button, we are not going to get our prospects to take notice of our ad, much less take action!
So in the next article, I’ll reveal to you the exact process I used to identify powerful hot buttons for my client.
Hot buttons that will help you draw your prospects attention like a UV light attracts insects at night time.
Click here to read part 2 of this article.
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