It’s time for a reality check when it comes to your marketing tactics.
There are a few questions you need to answer—seven to be exact—that will either make you feel really good about your marketing or they’ll confirm some harsh truths you may finally need to face.
Here are my questions. Answer them honestly, then get ready for a breakthrough:
1.) Have you ever had days, weeks or months go by in your business when there is no foot traffic, no new inquiries and no revenue coming in and you can’t understand why?
2.) Does a chunk of your customer base seem to be disappearing?
3.) Have you spent hours per month at networking events, handing out cards and following up with complete strangers to no avail?
4.) Do you advertise in the media but only get mediocre results?
5.) Are you putting in hours each week trying to market your business to your customers through email or direct mail marketing only to get a very small response?
6.) Are you the BEST at what you do but still it seems as though the people you market to just aren’t as excited about your service or expertise as you are?
7.) Are you frustrated by people constantly beating you down on price and always trying to talk you into discounts, deals, bartering or the “hook-up?”
If you answered yes to most of these questions, then something BIG is about to change in your business right now. That’s because you may have just tapped into this reality:
Are you reaching the right market?
The market that you’re marketing to might be telling you they’re really NOT your market.
Look at your product or service then take a very close look at the people you’re marketing to. Have you effectively conveyed how you can make their lives easier or better? Have you effectively shown them how you can solve their problems? If so, and your audience is still not responding, THEY ARE NOT YOUR MARKET.
If you know your prices are competitive yet you have to constantly explain why you “charge so much,” THEY ARE NOT YOUR MARKET!
Sure they may NEED you but they don’t want or value you…THEY ARE NOT YOUR MARKET!
How I came to this reality in my business
A few years ago, I started using the internet to expand my market and grow my brand. Being rooted in Chicago my whole life, it was kind of scary to spread my wings. Yet, almost immediately I noticed that my message of “publicity power” was resonating with people all over the world. I was attracting clients from as far away as Australia and the UK.
They didn’t haggle with me on pricing. It wasn’t difficult to do business with them. They valued and wanted what I had and I gave it to them. Win-win situation.
This experience opened up a whole new world for me. It told me that while I may have been comfortable marketing to a certain group (because they look like me or have things in common with me), that doesn’t necessarily mean that they are truly my market.
Let me give you a perfect example:
My MVP Academy (formerly the Visibility Bootcamp) is one of the most powerful and practical business development events in Chicago. I give participants resources, tools, scripts, templates and a whole new understanding of the unlimited potential of their business during a 1-day collaborative mastermind workshop.
Super early-bird pricing was $399. Now the event is at $499. Now, past participants have valued this event at $2,000 because it provides you with an immediate and dramatic shortcut to success.
Yet, I get feedback like this posted to my blog:
Toni said: $399? I got bills to pay!
Selenia said: Let me know when you have something cheaper…
Cheaper?!? Their statements made two things clear:
1.) They’re not my market
2.) They will be right where they are now, come this time next year because they don’t see value in investing in themselves and their businesses.
I know you may feel like rescuing these people from themselves–I’ve spent countless years doing this– but you can’t. Stop trying to be their hero. If you keep trying to save a market that doesn’t value your brilliance, you will go broke.
The only way you can help them is if they have a mindset shift. Once they have that, they’ll come and find you.
So if you know your product or service is phenomenal and you know you’re positioning yourself well but your business has yet to breakthrough, it may be time to get honest with yourself and re-examine your market.
So how do your solve this problem?
Take a real close look at your strategy. If you’re doing the right things to position yourself in the marketplace and you’re not getting great results, you need to re-assess who you’re marketing to. This is also an opportunity to tighten up YOUR game. Invest in some expert insight from a marketing strategist. Get some recommendations on what you can do differently or better.
You should also consider upgrading your product, service (and overall vision) and start targeting new potential markets with:
1.) higher incomes
2.) different zipcodes – in different communities, cities, states, countries
3.) within a certain age range exclusively
4.) within a specific gender
5.) a certain lifestyle
6.) certain aspirations
In other words, find the people who are looking for you. Don’t keep beating your head against the wall with a market that doesn’t appreciate what you have to offer.
The definition of insanity is doing the same things over and over while expecting different results. That saying applies to your business. If you keep marketing to a deadbeat market your current situation will NOT change.
So today, what are you willing to do differently to get a dramatically different result? Could it be time to change your market?
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