Small Business Academy by Dr. Karl Ruegg » Marketing Tip #7 How to Identify Low Hanging Fruit by Dr. Karl Ruegg

Marketing Tip #7 How to Identify Low Hanging Fruit by Dr. Karl Ruegg

Posted by Dr. Karl Ruegg on February 11, 2018

This presentation will complete the process of developing your target customer profile one of the most important business fundamentals that directly impact the ultimate success of your business this presentation will guide you as you revise your original physical profile to reflect the niche market you previously selected completion of this first critical business fundamental may very well turn out to be a major turning point in both the life of your business and your life as an entrepreneur let me give you a vivid example that I hope reinforces why this is so important to your business did you know the difference between steak and garbage is the presentation let me explain during an old episode of The Cosby Show Vanessa brought home her new fiance unannounced she boldly walked in and told her parents this was the man she was going to marry her fiance also happened to be 20 years her senior needless to say cliff and Claire were not happy about the announcement the fiance could easily sense the tension that was growing by the minute and when he and cliff were alone in the kitchen he confronted cliff and asked him straight out why he didn’t like him cliff asked the young man if he liked steak of course was his reply cliff began to describe and vivid mouth-watering detail the preparation and serving of a delicious t-bone steak and you could see the young man’s mouth begin to water then cliff asked him to visualize the steak being served on the lid of a trash can now how does the steak look and taste he asked not too good was the reply cliff said son that’s how you were brought into this house on a garbage can lid it all had to do with the presentation that steak being presented on a garbage can lid ruined the experience he then told the fiance it had more to do with Vanessa’s presentation of the situation and had nothing to do with him personally cliff and Claire were upset with the presentation not the person now apply this same concept to a real-life situation think about the typical insurance agent does anyone ever want to really sit down and discuss insurance when our poor friend the insurance salesman makes a pitch to someone who’s not in the market for insurance it’s garbage unwanted unwelcome smelly garbage but when the agent can provide their customers with insurance information that can improve their lives or reduce their costs at stake so how can we create more stake in less garbage one word specialized instead of being a neglected and shunned insurance agent we must strive to become the expert in our chosen niche market seriously position yourself in a specific niche market where you possess extraordinary expertise and then niche it again if you can understand precisely who you can best serve and just as important who you actually like and have a passion for working with study exactly what your customers want innovate your business so you can give them what they want and continue to find more and more ways to serve them incredibly well but while the fuss about becoming a specialist in your niche market well experts are what your prospects are looking for in fact customers not only come looking for them they practically demand them the smart insurance agent who follows this advice as customers calling them instead of them being forced to go out in hunt down customers which way would you prefer a topic like insurance can be infinitely complex it’s very hard to become an expert on every type of insurance that’s available today it’s much easier to become an expert on insurance for one particular kind of customer you can learn that customers language understand their problems and get insanely good at resolving the issues they most likely face and once you know them you can offer them additional relevant products and services if you’re a business consultant and an expert at what you do you can give your customers what they want by granting them access to your knowledge and processes by creating killer content in the form of hard programs CDs and DVDs once you truly understand the customer you want to create a relationship with start creating tons of valuable free content for that in each market start a blog create an email newsletter and front load it with a terrific autoresponder follow-up sequence record a regular podcast get a flip camera and create some quick useful faq answers to release on YouTube whatever you do make it valuable don’t try to slip in some kind of cheesy sales pitch that’s basically garbage unless you happen to hit the right person at the perfect time unfortunately you risk losing your remaining prospects but always let people know how to find you when they want to know more the more inherently valuable your content is the less garbage factor you’ll create and the more valuable your presentation will be viewed remember it’s all about the presentation and when you do make an offer it will be seen as a valued opportunity instead of an unwelcome sales pitch made by an annoying salesperson make it your mission to create plenty of steak and as little garbage as possible because the less you look like a Salesman the more you’ll sell again it’s all in the presentation selecting a specific niche market positions you as the expert and your presentation of information will be viewed as having tremendous value this is why we spent the time to previously help you define your niche market and why we must now redefine your physical profile let’s find the customers that want what you sell and sell them what they want they will become lifetime customers I hope this helps you to understand why we’ve been stressing over and over that for any business to be successful it must be unique it must offer exceptional and extraordinary value and it must be able to effectively communicate its uniqueness and the value to its prospects completing the development of your target customer profile automatically positions your business as unique instead of attempting to attract anyone and everyone are specifically targeting a select niche market with its own unique set of hot buttons those hot buttons are your keys to success and wealth by selecting your niche market you’re choosing to serve a smaller yet highly targeted market of prospects each of them wanting the product or service you provide by selecting this smaller base of prospects you can innovate your business so you can offer them exceptional and extraordinary value and the solutions you will provide to them as you solve their biggest problems frustrations fears or concerns and since you’re focused on just this one select group you can market to them in language that will appeal to them on an emotional level this is extremely important since most prospects by based on emotion in fact one of the most foremost authorities on innovation simon Sinek recently stated that people don’t buy what you do they buy why you do it when you selected your niche market we asked you to make that selection based on your own personal passion a passion that deeply resonates within yourself if you do that your prospects who also share your passion for what you do will instantly resonate with your passion and be attracted to you immediately they will view what you do as a cause not simply a product or service there are reasons why customers choose a specific restaurant over another even when they serve the exact same menu how often have you traveled to a retailer to make a purchase even though that exact same product was available at a closer location ask yourself what motivated you to take these actions it always comes down to an emotional reason that a restaurant or that retailer resonates with you emotionally it may be their customer service their variety in selection the way they prepare your meal with the little touches that just make you feel special the way the staff knows you and calls you by name and so on people respond instantly to a cause that appeals to their personal values since it resonates with them on an emotional level that’s what takes place when you select your niche market and now that you have completed that Oh step you must revisit your original physical profile that vast universe of prospects you previously identified as needing what you sell and redefine those characteristics so they fit those who want what you sell once you complete this step you will position your business for market domination you will position your business in a league all its own and your business will become the obvious choice for all prospects who are looking to buy what you sell previously we went over the basic process that’s required to help you identify your target customer profile we reviewed the process you use to discover your physical and emotional profiles then we ask you to identify and select an appropriate in each market one that caters to your personal passion while positioning your business as unique and now we want to help you revise your original physical profile to reflect your new niche market let’s quickly recap why a target customer profile is so important for your business how selecting a niche market and revising the physical profile begins to change everything about your business and how all of this will enable you to build the type of business you’ve always dreamed of having a business you can operate with total confidence and certainty you first identified your target customers physical profile the physical profile describes the universe of available prospects who need what you sell these traits are important since you will use them later to find your target customers once you begin marketing to them but the physical profile by itself is only responsible for approximately ten percent of the success equation for small business owners the remaining ninety percent of your success is determined by your target customers emotional profile the emotional profile identifies what it is that all of those available prospects in your universe want we call these emotions hot buttons hot buttons are specifically defined the problems frustrations fears and concerns that your prospects have when they buy what you sell they uncover the emotions your prospects typically experience in the sales process it’s those emotions that attract them to your to service as they look for a solution to their problem this explains why the emotional profile determines the success or failure of your marketing program since your prospects by based on emotion they look for the business that will take these hot button issues out of their lives forever for the small business owner who does that that business will have a lifelong customer that’s why the emotional profile represents ninety percent of your potential success never forget that the physical profile defines the prospects who have a logical need to use your product or service whereas the emotional profile defines the prospects who have an emotional reason to buy and want what you sell understanding their emotions lets you create a marketing message that targets these emotions it’s a message that’s very important and compelling it resonates deeply within your prospects attracts only those prospects who want what you sell and compels them to take a specific action attracting your target customers begins to change everything in your business they spend the most money with you buy from you over a longer period of time love your product or service share your passion for what you do and send you referrals provide you with testimonials and stay with you forever it simply comes down to knowing and understanding the emotions that your target customers are experiencing but as you discovered when you developed your emotional profile your target customers often want several different things from your business problems begin to occur when the majority of small business owners try to be all things to all people the result is they become nothing to no one they look exactly like their competition and when everyone looks identical prospects have no way whatsoever to tell which business offers them the most value and that’s when prospects automatically default to the business that offers them the lowest price when you complete the development of your target customer profile you will position your business in a specific niche market and never again have to be all things to all your prospects when you try to be everything to everyone there is no way for you to prove to your prospects that your business is indeed unique and that it offers extraordinary value that’s the big advantage you gain when you select your niche market now what we want to do is complete this entire process by looking into the niche market you selected based on your personal passion and revise your original physical profile to identify the prospects who specifically want your product or service within this niche market chances are excellent that your physical profile has narrowed often dramatically this will be a huge help to you when you begin your marketing program in just a moment we’ll review our previous business examples and revise their physical profiles based on various niche markets they may select for their business but before we do I want to stress the fact that when you select your niche market there is no right or wrong decision the only criteria you should use for your selection should be based on the passion you feel as the individual business owner let me highlight again why choosing your niche market based on passion is such an important consideration once you know the various areas within your business where prospects want different things from you you need to drill down into that specific area and be sure you thoroughly understand what they really means once you do this you can look at your business to be sure you’re giving them exactly what they want but that raises another huge problem you can’t just give your prospects what they want the reason what they want is often what they expect to get from you here’s an example that highlights this perfectly one of our previous clients owned a window cleaning company his marketing informed his prospects that he would make sure their windows were absolutely spot free when the job was completed but that’s what everyone expects from a window cleaning company isn’t it and the problem is that when he delivers on that promise and delivers spotless windows the prospect will never notice that level of quality because they automatically expect a window cleaning company to get their window spotless when you take clothes to the dry cleaner don’t you expect to get them back dry cleaned when you go to a restaurant don’t you expect good service in fact the only time you actually notice the service is when it’s not good otherwise you just automatically expect it same thing for the window cleaning company the only time you will notice the quality of their work is if your windows are not spotless this example highlights one simple fact about business you must exceed your prospects and customers expectations to get them to notice you it is only when you exceed expectations that you begin to provide exceptional and extraordinary value and that’s when you have the opportunity to dominate your market that’s why every business owner must look for ways to innovate their business this window washer did just that innovated his window cleaning business by offering expected value to all of his customers he not only cleans their windows until they’re immaculate but he also cleans their screens which are often dirtier than the windows themselves as an added bonus his crew cleans the filthy window tracks and seals that never receive attention from the homeowner both the inside and outside tracks and seals he later included additional value added services for example he automatically repaired all damaged screams and provided a unique window glass coating that was guaranteed to keep windows spot free for a minimum of five years imagine as a homeowner never having to worry about dirty windows for at least five years who wouldn’t want to hire a window cleaner that did all of these things now you may think that would have had a negative impact on his repeat business after all when you can guarantee your customers won’t need your services for at least five years you would think they would be detrimental to his business in reality it actually increased his business after reviewing his previous customer records he discovered that his target customers typically contacted him for additional window cleanings once every seven years with the new five-year treatment he decides this offered him the perfect opportunity to start a customer continuity program by offering a five year warranty on his work this established a deadline in the minds of his customers they automatically assume they need to repeat the service at the five-year mark he was able to easily enroll a very high percentage of his customers into a continuity program where he automatically comes back on the fifth anniversary and repeats the process this dramatically increased his target customers lifetime value which we will cover at a later time this is why you must select your niche market based on your personal passion innovation takes work and effort it can’t be done half-heartedly or haphazardly if you choose your niche market based on your ability to make a buck you won’t have the internal desire or motivation to continuously innovate your business you will view each day as drudgery and you will do just enough to get by but when you select your niche market based on what you’re passionate about you will find that you can’t wait to get to work every day because now it’s not work it’s play you view every day as a new challenge to provide better quality or better service to your prospects and customers you continuously look for new and innovative ways to improve what you do the customer service you provide the information you make available or the personal help you offer your target customers and none of this is work or effort for you because you love what you do and you want to continuously improve we see so many small business owners every day who have absolutely no passion for what they do and it’s obvious to everyone that deals with them especially their prospects they want to do just enough to get by they constantly say just tell me what I should do they don’t have the passion to ever attempt to look forward and ask themselves what they could do in their business to provide their prospects with the ultimate customer experience don’t fall into this same trap so let’s get to work completing your target customer profile let’s revise your original physical profile by looking at our business examples so you can use them as models for your own business we have also included these in your workbook for later reference let’s start with the childcare facility and let’s go through the entire process to reinforce the steps required when developing your target customer profile physically we originally defined the target childcare customer as either male or female 21 to 45 years old single or married 1 2 3 kids between the ages of 3 months to five years old employed outside the home and with an annual income somewhere between 20,000 and 250 thousand dollars per year in other words any human being with kids under six that works outside the home and doesn’t have a friend or relative that can watch them during the day needs the services of a child care facility but then we ask ourselves this what do all those parents want what is their emotional profile what are their hot buttons what are the problems the fears their frustrations or concerns they have as they begin to face the reality of placing their young child into the custody of strangers what are they experiencing emotionally this is where you want to nurture your own ability to look at these various situations from the perspective of your target customer business owners often have a tendency to assume their prospects know what they know making those assumptions can destroy your business you must learn to think like your prospects think just ask yourself what’s really going through their minds what are they feeling and experiencing emotionally what hot-button issues are in play but problems fears anxieties for stray shins and concerns are they facing as they try to decide whether or not they will buy what you sell when looking at a child care you see that prospects want different things some want an affordable price some want a loving environment and others are looking for educational opportunities it’s imperative that child care providers define these segments but once they do they must choose the one they’re most passionate about they must select the one segment that they want to specialize in the one they want to represent their niche market which ever need to market they select they must look back at their original physical profile and revise any characteristics they may have changed as an example let’s say your child care provider selected affordable price as their knees market does that niche market have any impact on our original physical profile our original profile listed both men and women and chances are good that both genders will want low cost child care services so that physical traits stay the same but now instead of an age range between 21 and 45 years old the majority of parents wanting a low price child care facility will favor younger parents who just aren’t making as much income at this point in their life so physically we need to revise this age range to 21 to 30 years of age single or married 1 2 3 kids between the age of three months up to five years of age and employed outside the home are still valid characteristics but the 20,000 to $250,000 annual income now drops dramatically it would be more on the range of twenty to forty thousand dollars when you revise your physical profile based on your specific niche market you dramatically narrow the available prospects that fit that in each market this also makes them much easier to find when you attempt to market to them but what if this child care provider selected a caring environment as their niche market what would their revised physical profile look like the genders marital status number of kids and employment status all remain the same as the original profile but notice what changes now providing childcare with specialized services like a loving environment will be a lot more expensive than childcare that offers basic babysitting services a child care facility specializing in providing a loving environment will be required to offer a much lower staff to child ratio a nutritionist preparing daily meals mandatory staff training and safety frequent staff rotations to keep the staff mentally alert and prevent adult burnout when dealing with kids and so on instead of appealing to 21 to 45 years old a caring environment appeals to prospects who can afford to pay for these more expensive childcare services these parents will need to be earning much or discretionary income and their age will reflect that increase the revised physical profile would be 30 to 45 years of age the age of the child also comes into question most parents want childcare that offers a loving environment when their kids are three months old up to about three years old since these are considered the critical years for kids emotionally so that physical trait changes somewhat from our original and the income level must now be revised since this type of childcare will be approximately twice as expensive as the affordable childcare the annual income increases to 72 250 thousand dollars but look at this the exact same physical profile also applies to parents who want the educational options but with one critical exception the parents who prefer a child care facility that offers educational options have kids between the ages of 3 years old up to 5 years old probably because they know their child will be starting school shortly and they want them to be well prepared educationally everything else on their physical profile remains the same as the parents who want the loving environment but let me explain the huge opportunity this now provides to the childcare provider a child care facility is a physical location that parents must drive to each day to drop off their kids no parent is going to drive 10 or 15 miles every day for child care they want a facility that’s close to their home or office so it’s more convenient for them to drop the kids off and pick them back up at night so when this child care facility begins to market their services advertising venues like the local newspaper radio and television just don’t make much sense no matter how exceptional the childcare is the majority of people seeing mass advertising won’t be interested in a facility that isn’t close by so the childcare provider would be wasting their marketing dollars using these venues the only sensible marketing strategy for a local childcare facility to use is direct mail but how easy is it to use direct mail now that we have revised our physical profile to use a direct mail strategy you must first purchase mailing lists from a list broker naturally the more names you buy the more expensive the list becomes not to mention the price of the mailings themselves but thanks to our revised physical profile the childcare provider only needs the names of prospects fitting their revised physical profile that live within a 5-mile radius of their childcare facility since most parents won’t be willing to drive any further than that each day can you see how attempting to mail to every prospective parent within a 5-mile radius that fits the description of 21 to 45 years old single or married 1 2 3 kids between the ages of 3 to 5 months up to 5 years old employed outside the home and with an annual income between 20,000 to 250 thousand dollars per year would be a daunting and expensive but look what happens to the cost of that marketing campaign when those physical traits become much more we defined well the childcare facility offering a caring environment they only need the list with the names of parents between the ages of 30 to 45 with kids under 3 years old and that makes 70 thousand or more that just eliminated ninety percent of the total potential prospects within that five-mile radius same thing for the childcare offering educational options they only need the list with the names of parents between the ages of 30 to 45 with kids three to five years old who make seventy thousand dollars or more that just eliminated ninety percent of their potential prospects as well and you see why we have spent the time to create your target customer profile and to do it properly when you select your niche market you often disqualify vast numbers of prospects that you may otherwise attract unfortunately for most of them you won’t be offering them what they want this means you waste your time and effort trying to sell your product or service to prospects that may need what you sell but don’t want what you sell selecting your specific niche market allows you to innovate your business to fit the wants of that specific market so you not only offer qualified prospects what they want but you give them more than what they want they see you as providing them with exceptional and extraordinary value and they will come to you and mass this same situation applies to the consultant their original physical profile included both b2b and b2c businesses these businesses can be in start-up mode developing but they want to develop at a much faster rate they may be stuck at a specific plateau and want help getting unstuck or they may find themselves in serious economic trouble they have fewer than 20 employees they have a viable business concept or plan if they are starting up and typically their revenue is below 3 million dollars so physically their universe is essentially any small business under 3 million dollars in annual revenue today that’s around 30 million businesses in just the US alone that’s a lot of businesses to try and market to but emotionally we know what these 30 million businesses want from a consultant or coach we know what their emotional hot buttons are some want help so they can make more money some won’t help building their business by putting into place the fundamental processes that create a long-term sustainable business others have a stable business but want to free up their time so they can enjoy their family and friends the businesses that want to build their business are typically one to five years old single unit operations run by a solo professional operating as an LLC or sole proprietorship with $250,000 to 1 million dollars in revenue and less than five employees the ones looking to spend more time with their family are typically more than 5 years old with multiple units headed up by a CEO operating as either AC or s corporation with 1 million to 3 million dollars in annual revenue and 5 to 20 employees each of these three niche markets has a specifically defined physical profile that wants what a consultant cells as a small business owner your job is to identify and define the most important emotional hot buttons that apply to your business select only the one niche market that will serve your passion and revise your physical profile to define the prospects that make up that niche market it all comes down to this all prospects today want to feel special they want to feel as though they’re dealing with the expert that can help them solve their problems concerns and frustrations once and for all for the business that does all of this your prospects will show up pay you a premium price tell everyone they know about you and never leave you the business that’s unique offers exceptional and extraordinary value and clearly communicates these benefits as the unprecedented opportunity to totally and completely dominate their entire market this is how we help small business owners all over the world build highly successful businesses all you have to do is follow the e-learning Marketing System roadmap and your chances for success will greatly increase we want you to understand that building a million-dollar business is not a difficult endeavor it does require some dedication and effort on your part but if you follow the process we’re teaching you and anyone with a passion for what they do and it’s serious and committed to building their business can absolutely do this all of us want you to achieve massive success in your business and it all starts right here by developing your target customer profile so now it’s your turn find the revised worksheet in your workbook and transfer the information from your previous worksheet on to this new one this will consolidate all of your previous work into a single document then you can easily refer back to record your original physical profile in the box at the top the emotional profile in the Box on the right you’re nice market selection in the lower box and then you revised physical information in the box on the left let’s quickly recap what we’ve accomplished in completing your target customer profile our main purpose for building this presentation series was to help you develop the solid foundation required to build a highly successful business that foundation demands that you know and understand who it is that represents your target customer we began the identification process by looking at the two major components that define your target customer their physical profile and their emotional profile knowing your target customers physical profile while very important only defines who needs what you sell it identifies the physical characteristics of your target customer the emotional profile identifies who wants what you sell it identifies your target customers emotional characteristics also known as their hot buttons when you know and understand their emotional traits you also know and understand how to compel them to buy from you by appealing to their emotions by hitting their hot buttons your prospects will pay attention to your message and want to buy what you sell because it solves a major problem concern or frustration that is intruded into their lives by creating an accurate emotional profile you have completed a key step to eventually creating and developing a highly successful business a business that’s unique provides exceptional and extraordinary value and effectively communicates its uniqueness and value to its prospects the real key to creating this type of business is for you to look over those hot buttons and your emotional profile and select just the one that most resonates with your passion that selection becomes your niche market once you make this selection you position your business as unique you stop being all things to all people and you position yourself and your business as the expert within your niche market you will eventually convey this uniqueness in your marketing program a marketing program that generates real results are providing the powerful and compelling information needed to reach your prospects emotionally and thanks to your niche market selection you have now identified qualified prospects who actually want what you sell versus need what you sell this has dramatically narrowed the number of prospects that are available to buy your product or service but you will attract all of them since you have chosen to serve this niche market exclusively then by revising your original physical profile you further refine the physical characteristics of your target customer so you know them when you see them and you can find them when it’s time to market to them completing your target customer profile is a major step and not only building a successful business but a long-term sustainable and successful one then you can operate with total confidence uncertainty and by the way you’ve just completed a required basic business fundamental that ninety-nine point nine percent of all small business owners never take the time or put forth the effort to complete so congratulations on a job well done next we’re going to take your business to a whole new level we’re going to help you map out your target customers thought process we’re going to actually step into the minds of your target prospects and determine specifically what it is they want from you and your business but we won’t stop there we’re going to look at ways to help you innovate your business so you offer your prospects exceptional and extraordinary value you will then be well on your way to total and complete market domination so remember transfer all of your physical and emotional information onto the revised worksheet in your workbook select your niche market and record your choice in the lower box then complete this form by refining your physical profile on the left to fit your specific niche market keep in mind that each and every step we take continues to build on the previous ones so take your time as you complete each assignment and do the best job you can remember that our primary goal in the e-learning marketing system is to help you quickly develop the processes that will bring more revenue into your business each presentation brings us closer to accomplishing that goal so until next time here’s to your success

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