Key Takeaways
You have to tell a story before you can sell a story.
To build a long-term, successful Business, when you don't close a sale, open a relationship.
Sales is an outcome, not a goal. It’s a function of doing numerous things right, starting from the moment you target a potential prospect until you finalize the deal.
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People buy emotionally, and they justify their decisions intellectually.
Good content is not storytelling. It tells your story well.
Introduction
Do you want to get better at marketing and selling, whether you own a business or are just starting one? This article will teach you a proven formula for massive business growth, a strategy that giants like Apple, Google, Microsoft, and Facebook have already successfully employed. Keep reading until the end to become a master in marketing and selling – essential skills for entrepreneurship.
The book "$100M Offers" by Alex Hormozi suggests a new way to sell and make deals. It says that if you create great offers, people will find it hard to say no. Alex Hormozi is a first-generation Iranian-American who started a business in 2013 and quickly expanded it to six locations.
The author gives tips to business owners on how to make more money by coming up with offers that are hard for clients to turn down and that give them a lot of value.
Either Business is growing or dying nothing in the middle
The author says in his book about tackling the same problem that time to be alert and deeply observe why it’s happening in your businesses. If your business is not dying even if it is not growing in that situation, you have three reasons for the problem you are facing.
Maybe you do not have enough clients or not enough cash/profit. Now the question is how to solve them. You have three options to solve whenever you are facing the same issues in your business. Let’s solve them.
Get more customers
Start by concentrating on getting more customers. Use marketing strategies tailored to your specific business areas. Run advertising campaigns or promotions that attract genuine customers needing your products or services.
Increase the average purchase values of the existing customers
After you've attracted your target customers who are already using your products or services, the next step is to boost the average amount they spend. For instance, if your product or service starts at Rs. 100, try to offer more value and encourage customers to spend Rs. 500 instead.
When customers see the added value, they'll be happier to pay the higher amount. By doing this, your sales will increase significantly, and you'll notice rapid growth in just a few days.
To get them to buy more times
Now, let's shift our attention to the third option: making your product or services something customers want to use every month. Create offers that provide extra value and offer incentives to encourage them to keep choosing your product or service regularly.
For instance, if you provide a monthly solution, offer a package with added benefits and rewards for consistent use. This way, not only do customers benefit from your product monthly, but they also receive additional value and rewards for their loyalty.
The commodity problem
The commodity problem in marketing happens when businesses have products or services that seem very similar to what their competitors offer.
This similarity can lead to tough competition based on price, and it becomes hard for customers to see the differences between the offerings. This competition often leads to lower profits for businesses.
To overcome this issue, businesses try to make themselves stand out by highlighting what makes their product special. They might do this through unique selling points, creating a strong brand, providing excellent customer service, or focusing on making their product better than others in some way.
Create a Grand slam offer
To stand out from others selling similar stuff, focus on creating offers that make your product or service special. Imagine the Amazon shopping app – it has different categories for easy shopping, ensures online safety, and even includes a Mini TV for entertainment at no extra cost.
So, when creating offers, think about adding value, providing guarantees, and offering secure payment options. This way, you attract more customers, encourage them to spend more each time, and keep them coming back for more.
Organic Growth on Social Media
Let's talk about a popular marketing strategy that can help you build a strong brand using the power of social media in today's fast-paced world. Over 90% of people spend a lot of time on social media, and you can use this to greatly boost your business growth.
Examples: YouTube, Facebook, Instagram, Quora, LinkedIn, etc.
Understanding the market is more important than offer-generating
Knowing the market before making offers is super important. According to Alex Hormozi, the guy who wrote the "$100M Offers" book, it's tough to create offers that connect with people if you don't understand them well.
Understanding the market means doing good research on who you're trying to sell to—figuring out their age, what they like, how they shop, and what problems they have. You also need to know what bugs them and what they wish they had but can't find. When businesses get this info, they can shape their products or services to fit what people want.
Hormozi is saying that if you don't do this homework, your offers might not be what people are looking for. This can make your marketing not work well, and you might end up wasting time and money.
So, in simple terms, knowing your market is like the base for making offers that work. If you understand your customers and what they want, you have a better chance of selling your stuff and growing your business.
Understanding your starving crowd
"Starving crowd" is a term used in business and marketing to talk about a group of people needing a solution to a problem. Just like being hungry for food, they're hungry for an answer.
For businesses, a starving crowd is a great target because they're actively looking for a solution. They're more likely to respond to ads and take action.
Here's what a starving crowd looks like:
They have a clear problem and are actively looking for a solution.
They're frustrated because other solutions haven't worked.
They're ready to pay to fix their problem.
If you find a starving crowd, it's a big chance to sell to them. Understand their needs, and tailor your offers to them. This makes your marketing work better and helps you close more deals.
How to find a starving crowd:
Talk to your customers to know their needs.
Check online forums and social media for people talking about their problems.
Look at industry trends to see the big challenges and who's trying to solve them.
When you find a starving crowd, create offers that fit them:
Focus on solving their problem.
Show why your solution is great.
Make it easy for them to say yes.
Following these tips boosts your chances of success when marketing to a starving crowd.
The starving crowd market offers strength and persuasion
This means people who need a solution to a problem are like a "starving crowd," hungry for answers. For businesses, targeting these folks has benefits:
More Attention: Hungry-for-a-solution people are actively looking for help, so they're more likely to pay attention to ads and do something about it.
Focused Marketing: Knowing exactly what these hungry people need lets businesses aim their ads right at them. This makes communication better and more people might buy.
Ready to Spend: When people are eager to fix a problem, they're usually ready to spend money on a solution.
To market well to a hungry crowd:
Figure Out Who They Are: Do good research to understand these people - their age, what they like, and what bugs them.
Make Offers That Fit Their Needs: Create deals that solve their problems. Show how your solution is great for them.
Explain the Value: Clearly say why your product or service is awesome for the hungry crowd.
Make It Easy to Buy: Tell them exactly what to do next, like signing up or buying.
By understanding what hungry crowds want and adjusting marketing, businesses can get their attention, solve their problems, and turn them into customers.
How to create an offer?
Before delving into the mechanics of crafting an offer, it's crucial to grasp the value equation and its role in the market. Without this understanding, you might find yourself investing time and effort without effectively reaching potential customers who could benefit from your product or services.
In the realm of entrepreneurship, incorporating this critical thinking into your marketing and sales strategy is paramount for accelerating your business growth significantly. Unfortunately, many leaders in today's business landscape overlook this fundamental aspect.
According to a report by Forrester, global marketing spending is expected to reach $4.7 trillion by 2025. This is an increase of $1.1 trillion from 2021 to 2025, a compound annual growth rate (CAGR) of 7%.
Here is a breakdown of marketing spend by region and channel in 2021:
This post first appeared on How To Become Billionaire From Zero, please read the originial post: here
