Updated: Jun 4, 2020
Do you know that only 3% of the people in the marketplace are ready to buy? The follow up of that consist of only 7% are the people who have the need but not actively searching to buy.
The top 10% consists of:
3% Active buyers
7% intent to change/ buy
For just 10% of the pie that all businesses are fighting for in the war ground. The competition is high, and the advantages lean more towards the well-established player within the market. If you’re a new player, it can be hard to enter the market, especially without a USP (Unique sales proposition) or a proper outbound marketing strategy.
How to target the top 10% and where should you start?
You should start with your marketing tactics. Choose a couple of outbound marketing tactics such as Facebook Ads, Google Ads, Newspaper ads, Magazine ads, Radio ads and more to target directly to your customer. Your message should be sharp in communicating their internal, external and philosophical frustrations. Then you provide a solution to their problems and paint a picture of their desired outcomes. Your CTA must be clear and simple to follow through.
Now, let’s take a look at the bottom 90%,
What are they consist of and how you can use it to your advantage?
The bottom 90% consist of:
30% have a need but not enough to act.
30% do not have a need.
30% are not interested in your product.
Even the more prominent and well-established players see the opportunity within the bottom 90% of the marketplace. That’s how they able to grow to the size they are.
Engage your future customers!
Your business can target the bottom 90% of the population to build trust and rapport. Trust is particularly important when you’re starting or have little to no testimonials — taking the time to educate your audience about your USP and the benefits of choosing you instead of your competitor’s.
For small players, it helps to win customers trust early on before their initial buying process. It’s human nature to choose the first thing that comes up in our mind or something that they are most familiar with.
Taking me for an example, before my need of creating a website, I was exposed heavily through advertisement by Wix featuring Karlie Kloss then by the owner Via their ads through YouTube. Guess what web development platform I use to create my music website?
Should you still target the top 10%?
How to target the bottom 90%?
Most businesses settle for constant running ads, and this works wonderfully to keep your business relevant. Blogging is another great tactics but required effort and expertise in the field. Other clever tactics, which a handful of business used beside blogging is to offer the audience something in value; This can be E-Book, Guide, Samples, discounts, free downloads for subscriptions and more!
The goal is to nurture, educate and inform your prospect. Customer will not buy simply because they don't KNOW enough to act, if they have enough information to why they need the product, they will buy (Zig Zigler).
Split your budget accordingly
You can split your campaign into three by allocating your budget accordingly:
Top 10% (30% of the budget)
They already know their problems and desire; therefore, you must finetune your creative to explain to them why your product/ service can fulfil their wants/ need.
Bottom 90% (70% of the budget)
Because they don’t particularly need your product and service, you need to start with the foundation of any business “Trust”. Then, depending on your audience, you must create content that shapes their desire or get them to acknowledge their problems and how it can be beneficial once’s eliminated. The idea is to engage your customer before they need your product/ services.
You must know your market size and the intensity of the competition. If customers being overwhelmed with choices, you must back away and engage with the potential audience instead. Use this time to identify the gaps and what can be improved while building a group of followers that you can expand on.
Jeremy Miller, 3% rule: Engage customers before they need your services, Sticky Branding, 05/05/2015, https://stickybranding.com/3-rule-engage-customers-before-they-need-your-services/
Chunka Mui, Five Dangerous Lessons to learn from Steve jobs, Forbes, 17/10/11, https://www.forbes.com/sites/chunkamui/2011/10/17/five-dangerous-lessons-to-learn-from-steve-jobs/#27436d103a95
Donald Miller, Building a story brand, HarperCollins leadership, Nashville, TN, E-Book, ISBN 978-0-7180-3333-0, https://books.google.com.au/books/about/Building_a_StoryBrand.html?id=b3xDDgAAQBAJ&printsec=frontcover&source=kp_read_button&redir_esc=y#v=onepage&q&f=false
Most businesses settle for constant running ads, and this works wonderfully. Blogging is another great tactics but required effort and expertise in the field. Other clever tactics which a handful of business used beside blogging is to offer the audience something in value. This can be E-Book, Guide, Samples, discounts and more for the customer to try out the products