Think about authentically attracting your ideal customer without wasting money on the latest social media platform. The fundamental questions you have to ask yourself are:
- What do people really want to buy from me?
Once you figure this out, you will know who is more predisposed to purchase your product or services (your ideal customer avatar).
- What related products are they already buying?
Think about other businesses that serve the same customers.
Together, you can create an ecosystem that supports customers and makes it easy for them to purchase from all of you.
The basic concept is this; you want to find existing businesses who have the customer profile that you’re looking for.
Once you do, strike up a relationship with those business owners to work out an incentive for customers to purchase from all your businesses.
As a result, you have an audience to market to and the other business owners generate added value from their current customer base.
So, how do you figure this out and become a success? There is a great formula from brilliant business strategist Jay Abraham you can follow.
LV = (P x F) x N – MC
Here’s what it all means:
- LV = the lifetime value of a customer
- P = the average profit margin from each sale
- F = the number of times a customer buys each year
- N = the number of years customers stay with you
- MC = the marketing cost per customer (total costs/number of customers)
Once you know how much you need to spend, you will know how much of an incentive you can offer a business to help attract new customers.
Here’s your step-by-step process:
- Find companies that already have the customer base you are looking for.
- Negotiate an incentive for them to share that customer base with you.
- Focus your marketing resources on this group of customers.
If you need help working through this process, check out our free online educational videos for the most comprehensive system of marketing tools and resources.