The largest secret to skyrocketing your sales is by appealing to a larger market.
This strategy is called the Larger Market Formula (LMF).
It basically breaks down your entire audience of potential buyers in your market.
This Breakdown basically consists of 4 categories:
- People buying now (3%)
- People in information gathering mode (17%)
- People who know they have a problem (20%)
- People who don’t even know they have a problem (60%)
Research shows that in your market, right now there are about 3% of people in buying mode (Ready to buy your product or service now).
If you think about it, just about every single one of your competitors is going hard after that 3% in buying mode.
What about the other 97%?
If you actually look around at your competitors ads, or marketing, It all shouts out “Buy me now”.
Now if you ask me, that 3% of people in buying mode basically gets split across everyone of your competitors and now you, Unless you change your ways and start marketing to the other 97% that these competitors of yours seem to have forgotten of, or are just dumb and think 100% of people are in buying mode now and that is why they market as if everyone is in buying mode.
The top 3% in buying mode are basically saying “I’m thirsty and I want water now”. These are the guys your competitors are going for. The guys that you want to get are the next ones in line, like the 37% that are saying “I’m kinda thirsty, what should I drink”.
That 37% breaks down into the the 17% that are in gathering mode and the 20% that know they have a problem.
And the leftover 60% don’t even know they are thirsty to begin with. Once you understand this LMF concept, you can start creating content to market to the people who are being ignored by your competitors.
The best part when you do this, is that when you do successfully convert one of those in the lower part of the funnel into buying mode, they automatically come to you and you transform them into loyal customers.
The goal here is to not only focus on the 3% in buying mode. The goal is to focus on the 97% in the lower part of the funnel and move them up. Many companies fail because they market to every single lead like they are the 3% that are ready to buy now.
With that mindset of treating every lead like they are in the buying mode, you have no systems in place to capture and nurture the other 97% of people. All you do is sell, sell, sell. I see it all the time on business accounts on Instagram, Facebook, and other profiles. Why do you think their engagement is so low. Who wants to receive just sells or offers. Only those who are ready to buy. Its time we grab the other 97% of potential buyers.
How do we get the 97% of customers from “just looking” to “shut up and take my money”?
You have to get systems in place that nurture and educate them. When someone is not educated they are unsure. and when they are unsure, that is not a buying phase. That is simply a gathering mode phase. The more they know, the more they likely they will buy. Make sense?
So, if you are the one educating them, you will be at the top of their mind, you will be seen as an expert in their eyes, and when they jump into that top 3% of buying mode, they will most likely buy from… yup you guessed it, YOU!
Your content must be education based and not just a promo piece about your company. When you start doing this you are changing the dynamics and psychology between you and your customers. You no longer chase sales, instead your potential customers come to you asking questions and requesting to speak with you, the expert!
They start wanting YOU to help them. They then start calling you to inquire about your products or services. It should definitely be the best way to look at business
To do all of this make sure you install a system that Attracts, Educates, Nurtures, and gets prospects to act quickly.
This system will work like this:
You get COLD traffic from a source like Google, FB, or another channel with traffic and you turn it WARM via email, videos, etc. You are actually teaching interested prospects at this time, not those time wasters that everyone hates.
At this point you just close and collecting cash since your system should be doing all of the hard work for you of teaching and nurturing your prospects. They will be calling you and at that point these are people who have learned through you, are pre-qualified, ready and willing to do business with you.
Here’s what you need to do:
- Educate your prospects so they know more about the exact process to solving their problem (you do this using a freebie, report, webinar, etc.)
- Take your FAQ, and objections clients usually have and put them forward by turning them into assets that nurture your prospects on autopilot. At the same time of doing this, you are moving them up the pyramid and closer to the buying mode.
- Position your service or product as the obvious solution to their problem.
- Make them an irresistible offer they can’t refuse.
If you can successfully do this, you should be able to move many of the bottom 97% up to the buying mode. The best part is that you are doing this before you even give them a chance to learn on their own and potentially land with your competitors stealing more of the market share.
I hope this helps you think about your system more and you start implementing it today!
If you need help with implementing this process please feel free to reachout to me via email at firstname.lastname@example.org