If you read our blog “How to Get from $100,000K to $1MM in 12 Months,” you may have seen these already. What we want to do today is lay the 6 P’s of Profit out for you in more depth.
Product Market Fit
What is the first thing that you do when you are thinking about creating a business?
Some may say you create a product or service. Analyze the market and determine where opportunities lie.
Both of those things are true. However, the first thing you want to do is focus on a niche of customers with a big enough problem or desire for something they either know they need, know they want, or that you know they’ll want based on current market conditions, and their psychographics.
In other words, the way that demographic functions on a deep emotional level. What do they aspire to do? What do they wish they could do but can’t? What are their dreams? What are their fears? Suspicions? Who are their enemies, who do they look up to?
If they desired power and prestige, what would set them up for success, or separate them from the crowd in such a way that they would be seen as superior, or better?
If they desired love, acceptance, and mercy, what would allow them to best further the lives of others and make the world a better place?
If you want to sell anything, you have to be able to persuade people to take action. To do so, you want to first connect with them emotionally, and then educate them. Not the other way around. There are phases you have to go through before talking about features and even benefits of your product.
A study was done that took the top 50 performing sales letters in the world. 4 out of the 50 outperformed the others by 100%.
What do you think separated the 4 from the other 46? The fact that they were all written at a 4th grade reading level.
That’s right. Sounding sophisticated in your ad copy and emails is NOT the way to go. Otherwise, you’re going to lose people.
Make sure your persuasive messaging connects with your market emotionally, is easy to understand, and then educates and informs.
Imagine building a skyscraper without the proper foundation. What would happen over time? It would topple over!
It’s the same thing with your online infrastructure, the softwares you use as your business foundation. If you do not have the proper foundations for an omnichannel marketing approach, your business is at a very high risk of toppling over in the future. Or, in the best case scenario, you could only reach a certain amount of revenue. Who wants to have a limit to the amount of money their business makes? No one!
Choose the right softwares for each marketing channel you are using. If you are not sure which ones to use, book a strategy call with us below.
If you could increase your average order value per customer, would you do it? Of course you would! Upsell, downsell, and cross sell offers are crucial to have in any business. When a customer is in the mood for buying, present them another offer.
Here are some key points in how to use offers effectively:
- Make sure it makes sense with what they just purchased. Don’t try and upsell something that has nothing to do with what you just closed or sold.
- Make sure it’s also not the same cost as what you just sold them, you want to make known that the customer is getting an exclusive offer to them for becoming a new client or customer.
- Acknowledge the previous positive action in your messaging or pitch. Repeat the reasoning behind why they got the first product, then tie it into the logic behind why adding this product or service will improve their previous positive decision to buy even better.
Many people know that content (imagery and videos) is crucial to success. But many people don’t realize how important it is.
Content should complement your ad copy and follow the outline we discussed earlier:
- Emotionally connect
People want to be entertained first. If your content does not entertain or connect your audience to an emotion they desire, they will continue to scroll past your ad or exit out of your email.
It is vital for your content to be consistent. An ad that follows the above formula is great, but only 1 will not do the job. You have to structure your content in a strategic way and do it consistently to create top of mind awareness in that potential customer’s mind.
So the next time that potential customer sees your ad, they remember you.
Let’s discuss branding for a bit. If you went into a store and there was dust all over the place, and a cashier lady with a hair net smoking a cigarette, what would be your first impression of that store? Gross and unprofessional right? Like they can’t trust this place.
That’s how people will feel about your store if they saw a store that looked like it was from the 1980s when the internet just came out, and no pristine branding.
Your website is part of your first impression of potential clients and customers. It is imperative that it communicates the brand feel that you desire your customers to feel when they see you.
We can have every single one of these 5 P’s of Profit, but if people are not AWARE of us then all of it is a waste of time, money and effort.
This is why we recommend using an omnichannel marketing approach. What does that mean?
Think of it this way. If I had a million dollars and I wanted to invest my million dollars, would I invest it all into one company or would I diversify my funds?
I would diversify my funds right? The reason I would diversify my funds is because I will have a higher chance of getting a profit on my investment, AND it will lessen the risk I have in losing my money.
It’s the same thing with marketing.
If I invested all of a marketing budget via Facebook ads, I risk losing out on the maximum effect that marketing budget can have because I’m only using one traffic source. When you invest marketing budget into email, text, LinkedIn, Google, and others, you increase your chances of getting a return on your investment, and lose out on the risk of Facebook not producing any results.
This also means your marketing budget cannot only be a few grand. To penetrate the market to grow a business how you want, you have to be able to invest a few grand into multiple channels.
If you’re a start up, this is obviously difficult. However, we have a formalized system that is proven to help you choose what traffic source is right based on your business lifecycle.
If you are interested in learning what step to take next in your business, book a call time with a strategist today.