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Are you ready to learn how to find your target market and potential customers without wasting more of your precious marketing dollars? Your resources are valuable so it is vital to figure out how to maximize them! Begin by asking these two key questions:
What do people really want to buy from me?
What related products are people already buying?
Utilizing the answers to these questions will help you to narrow your audience down to those who are predisposed to purchase your product or service. You can even seek out related businesses with the same customer base to work with! Often, these types of strategic relationships can be incentivised to encourage your mutual customers to become clients.
Simply put, you can:
Find existing businesses who have the customer profile that you are looking to market your products/services to.
Strike up a relationship with those business owners and work out a mutually beneficial incentive for customers to purchase from both businesses.
As a result, you have an audience to market to and they provide added value to their customers. This is a win-win-win because the customer wins, the partnering business wins, and you win. Everyone’s needs are met.
So, how do you figure out how to implement a strategy like this? There is a great formula from Jay Abraham you can follow:
LV = (P x F) x N – MC
Here’s what it all means:
LV is the lifetime value of a customer
P is the average profit margin from each sale
F is the number of times a customer buys each year
N is the number of years customers stay with you
MC is the marketing cost per customer (total costs/number of customers)
Lifetime Value = (Profit Margin x Number of Customer Buys) x Number of Years Customers stay – Marketing Cost per Customer.
It may sound complicated, but once you know what you spend to attract customers, you can calculate what incentive to offer a strategic referral partner to help both of the organizations attract new customers.
Let’s break it down, step-by-step:
Reach out to businesses who already have the customer base you are looking to reach.
Negotiate an incentive for them to share that customer base with you.
Focus your marketing efforts on this group of predisposed customers.
To get help working through this process, click the button below to reach out to Coach Karl to discuss your next steps!