Do your marketing campaigns target only those who are ready to buy?
ActionCOACH Director of Marketing, Jodie Shaw, estimated that at any given time, only 5% of your target market is ready to buy today – now – right away. The other 95% is positioned at some point in the buying cycle.
“This means your prospects range from people who have never heard of your product, to those who have done their research and made a decision, through to the 5% who walk through the door with cash or card in hand,” she said.
“If your marketing campaign could reach out to that 5% AND the absent 95%, you could tell them about your product earlier, so when they were ready to buy, they came to you,” she said. “You’re on your way to convincing them that it is the real value of your product that matters – not just the price.”
Just how do you do that? ActionCOACH, the world’s number one business coaching firm, suggests that the answer lies in ‘Education Based Marketing’.
“When you use this strategy, you provide your target market with information about why they need your services,” Shaw said. “When they buy from you, they need to know they made a great decision and secured the best combination of product, price and service that meets their needs.”
The success of Crest toothpaste illustrates the point. The firm’s marketing strategy consistently educated people on the importance of good oral hygiene, the benefits of their product and that many dentists recommended it. They used an ‘Education Based Marketing’ strategy to provide people with lots of information about important dental hygiene issues. It positioned them as the top brand in the marketplace.
Small-to-medium sized businesses can do the same thing. In their advertising, they can ask the right questions for prospects to think about. They can tell them why their products and services are unique. ‘Education Based Marketing’ starts from this point.
ActionCOACH Business Coaches believe that people who simply put a product, price and their name in an advertisement are in danger of throwing marketing dollars away on the 95% of customers who are not yet ready to buy.
“Give customers a reason to go through your door,” Shaw said. “If they already know you can give them what they want, they will come searching for you. If you need a fresh perspective on where your business is going and how it is perceived by your target market, a Business Coach can help.”
A recent survey by ActionCOACH revealed that one in eight business owners would consider using the services of a Business Coach. They are key players in an industry that is the second fastest in terms of growth, with ActionCOACH securing a large slice of the market.
