January 6, 2016

Your biggest waste of marketing time and money: focusing on your ready-to-buy customers

As a business owner, you are always trying to sell something. That something might be a product, that something might be a service. Whatever it is, your number one goal is to capture enough of your audience’s attention and time to get them interested in buying into the thing you are selling.

But here’s the thing… At any one time, there is a good chance that only a very small percentage of your potential market are actually ready to buy your product right now. We’re talking three, four, maybe five percent at best.

Depending on your particular product or service, the rest of your potential market will fall into one of two categories: not at all interested in your product or service at the moment, or interested but not ready to buy into it just yet.

The big mistake that most business owners make is focusing all their marketing attention and budget on trying to convert the small percentage of consumers that are ready to buy. While this presents a short-term benefit, you are only appealing to a small fraction of your potential market.

For the small percentage of people that are ready to buy your product or service now, hard-selling techniques will work. They want to find out everything about your product; the benefits, costs, colors, everything. But for the larger market (that will hugely outnumber your ready-to-buy consumers), this kind of approach will do absolutely nothing to capture their attention.

So how do you advertise to the larger audience that aren’t immediately interested in investing in your product or service?

Position yourself as a passionate industry leader and innovator

Take the time to show people you have a genuine interest in, and passion for, your industry. Not just your product, but the industry in which your products or services are being used.

Produce free content that is of genuine interest and benefit to your not-quite-ready-to-buy market, demonstrating that you are an innovator and leader in the industry.

Build your business core story

Invest marketing time and money promoting the core story of your business. Bring some transparency to how and why your business came into the industry.

Things to remember

You do need to have the appropriate marketing framework in place to convert your three percent. If you completely neglect this area, you will lose out against your competition, fail to convert your ready-to-buy market and struggle to pay the bills.

But don’t focus all your attention and budget on this small market.

Building the core story of your business and positioning yourself as a passionate industry leader will have far greater reach and long-term benefits for your business.

While you may not have converted every single consumer in your three percent, ready-to-buy market, you will have planted the seed in the minds of a far greater audience. And when they are ready to buy your product or service, they will.