It is a famous marketing mantra – “sell to everyone and you sell to no-one!”
When you start business, any sale is a good sale. The problem is some of us continue with that attitude.
However, while any money coming through the till is good, getting customers there in the first place is about focus, targeting and concentrated effort, not a shotgun blast of advertising hoping you will hit someone.
Your Sales Funnel, or Prospecting Sales Funnel, is the model by which you find customers.
All businesses use a Sales Funnel. The question is whether you are using it effectively, or simply ignoring it’s power.
Your Sales Funnel simply describes a predictable sales cycle: you find leads, you qualify (“make a sales pitch”) those leads, then you convert the leads who qualify.
So, at the top of the funnel are where all the leads are, as you make contact and predispose them to a sale you qualify them, and then as they become interested you convert them. At the same time your marketing messages need to be appropriate to the stage of the funnel in which your leads sit. At the top where you are attracting leads you “broadcast” messages to them; then as you start to have conversations you provide “screening” messages, and finally when they are near conversion you give “targeting” messages.
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If you read anything about marketing, you know the basic philosophy of all marketing is market segmentation.
What’s market segmentation? It’s the way you analyse your market to understand how different groups of potential customers “tick”. Why is it important? So that you can focus your attention on the group or groups of potential customers who are most attracted to your offerings, and find them in the places they gather, whether virtually or physically.
Let’s take an example. Say you sell luxury fashion items. Who is your market? You might say men and women who like to stay fashionable.
Okay that’s great but that’s still a large slice of the wider market – are you sure all of them would be attracted to your offering? If you segmented that market you might be able to come up with at least two segments – men who like to stay fashionable and women who stay fashionable. If you then looked at the characteristics of the first, men who like to stay fashionable, you might find that say as a group their majority age group is between 18 and 25 and they don’t spend their money on fashionable fashion but rather trendy tech. Whereas the group of women are between the ages of 17 and 38, buy fashion, and often buy for fashion their partners. So who’s your better target market?
From time to time we all have to make a presentation or a proposal in front of someone. It may be a proposal for a sale or a new contract, it may be a proposal to your bank or to interested investors – some time or other, formally or informally, you will need to present to someone and convince them of something.
So how can you punch out a great proposal in 20 minutes – the average amount of time someone has available (or before their attention wanders)?
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