It can be a bit confusing out there for business owners as to which resources are important to invest their time and money in. It is the old 80/20 rule where we need to understand that 20% of our business activities create 80% of our results within our business. So the big question is where are you investing your time and energy into?
Today we are focusing on how to find a target market of potential customers so you aren’t wasting precious resources on blitz marketing. So, the two questions you must ask yourself are:
Once you figure this out you will know who is more predisposed to purchase your products/services. Then, you find other businesses with the same customer base who you can customer share with. Come up with an incentive and great arrangement to encourage both of your customer bases to shop at both of your stores.
The basic concept is this:
You want to find existing businesses who have the customer profile that you are looking for to market your products/services to.
Then strike up a relationship with those business owners to work out an incentive for customers to purchase from both businesses.
As a result, you have an audience to market to and they generate an added value from their current base.
So, how do you figure this out? There is a great formula from Jay Abraham you can follow with great success.
LV = (P x F) x N – MC
Here’s what it all means:
Once you know how much you need to spend to attract a new customer, you will know how much of an incentive you can offer to a business to help attract new customers.
So, here’s your step-by-step process:
If you need help working through this process, check out our FREE test drive for the most comprehensive system of marketing tools and resources.
Go to : www.hp-businesscoaching.com.au