Do You Know The 10% Rule In Sales & Marketing?
According to Sticky Branding, only 3% of any marketplace is ready to buy from you. This is considering the people that are even remotely interested in you.
The other 7% are active buyers, which means that they have a need and a problem that needs to be solved however they are still searching for options.
That leaves the remaining 90% of the people you are marketing to will not be interested in your service.
It’s nothing personal really, but simply social science and a fact that the majority of people you market to will not be initially receptive to your product.
However, if you only focus on the 10% of the people that are interested in you but neglect the other 90% of the marketplace, you are potentially leaving big amounts of money on the table.
But why go through the hassle of twisting and turning, aggressively marketing to people that do not want to hear from you, see you or do not look interested in you?
That’s a really good question, it really comes down to belief.
The first person that needs to be sold on your product or service; the first customer that needs to be sold first is yourself. If you believe truly, that your product or service can and will help transform your customer’s lives – then you will keep on trying again and again no matter the circumstances.
By doing so, you will reach your ideal clients that at first may seem unreachable to you
Most customers do have a need, however they just do not know they have a need..
Imagine the smoker or drinker in your life that believes that he does not have a problem. These are your prospects.
Remember, rejection simply means “not now” – it has nothing to do with you, or your service but everything to do with the prospect’s timeline and schedule.
Think about it! They do not know you, your business, your vision, or anything about you – so how can anyone judge you based on a few minutes of interaction?
So what can we do about this, how do we capture the 90% of the marketplace that are just not interested in you right now?
Understand The Marketing Landscape
There are usually three phrases in any business that results in a deal being closed.
Marketing handles the lead generation. While booking appointments and further involves your sales team.
Most businesses out there, focus on the lead generation, but they neglect nurturing their leads.
The result is only 3% of the marketplace buying from them. It’s our job as a business owners, marketers and copywriters to nurture those leads and build a relationship. This means following up and creating valuable content.
Grant Cardone, sales influencer and multimillionaire says that applying this advice would result in 6-figure business potentially turn into a 7-figure one, an 7-figure into an 8-figure, in a few months just focusing on nurturing your leads.
So what are the reasons why prospects are not interested in buying your product at any given point of time? The two main ones are because of the lack of trust, and the lack of a need.
Lack of Trust – Think about it, if a person does not know who you are. They CANNOT and WILL not buy from you. You have to build trust with them, first by being seen, second by adding value and third by showing a proven track record.
Lack of a Need – Maybe your prospects do trust you, but they simply do not have a need or a problem that needs to be solved. Would you go to the doctor for a broken leg, if you do not have a broken leg? But what if you had a broken leg 5 years from now. A lack of a need simply means not now, nothing more, nothing less.
Bridging The Gap Between Businesses And Consumers For Massive Paydays
Well, there are two ways to nurture your prospects. Firstly, it’s understanding that this is a long-term game you are playing. You are not going to win anyone over today, tomorrow, or even next week but over a period of time you are creating an unstoppable snowball effect.
Here are some practical advice to nurture your leads.
Post valuable content to share marketplace insights.
As you can see here at jeettancopywriting.com and on my LinkedIn, I’m constantly sharing insights on what I’ve learnt and market insights that are useful.
These are content that are easily consumable, friendly and personable.
It also puts me as an authority figure but more importantly than that is that it allows me to build a relationship with my potential clients.
Money is in the follow up.
Most of my clients I have worked with so far, not limited to small online banks to influencers, coaches to other digital marketing agencies. I did not acquire them in a vacuum. In fact, many took an average of 4-5 months to even get on their radar.
But it doesn’t mean I stop trying to follow up with them.
In Facebook ads, we call these retargeting ads. Building ads that retarget users that have already browsed your content.
Whichever terminology you call it, the concept is the same. You have to follow up and be on the top of mind with your leads.
However, every time you hear a “no”, there’s an “objection” in their head. Your goal is not simply to follow up like an automaton machine. You want to find out the reason why they are not buying right now and offer them a solution to that. This solution will be future oriented.
Understanding the follow up delves right into business development. You are developing long term business partnerships and relationships.
Here are some no-nos in nurturing your lead:
1. Being Spammy.
The first mistake I see my clients make is aggressively marketing to someone. When someone says no, go away and come back at a later date. You are not going to change people’s minds right now. However, time and a change in your business will
2. Not Being Spammy.
The second mistake I see my clients make is NOT being spammy enough. These are the ones that just ask once, hear a “no” and quit like a quitter. Don’t be a quitter.
You have to take action and pull the trigger and sometimes be disliked by other people. Not being spammy is also as bad as being spammy, so finding a balance in your approach is key.
3. Not Prospecting Enough.
If nurturing your leads is the 2nd most important thing you can do in marketing. I think finding new leads and getting seen in as many places as possible is the most important thing you can do to affect your business bottom line.
You see, you do not want to be seen as someone that has a lack of options. You have to constantly put in the time into prospecting and to be seen by as many new people as possible.
When you are able to do this, you eliminate any neediness into yourself, which is the number one-killer in sales. This also cultivates an abundance mentality, the mentality that there are more than enough leads and cash out there to fill your business for decades to come.
The more new leads you approach – the more you subconsciously tell yourself that there are an infinite amount of clients that you can acquire at any given point of time.
Follow the moto of AWP (Always Be Prospecting) – find new opportunities and be open to new opportunities in places that you never expect.
Summary
To wrap things up, we discussed about at any given point of time 3-10% of any marketplace will be ready to buy from you. This leaves the 90% out there that will not be receptive to your offer.
That’s a 10% closing ratio which seems horrendous at first sight, but is the reality of doing business in today’s environment. To overcome this, you need to be focus on follow up and nurturing the 90% of the marketplace. It’s not sexy, it may even take months to achieve. But you are playing the long-game here and you will reap the rewards for it.
1 Comment
עיסוי אירוטי בנתניה-israelnightclub · September 15, 2022 at 4:34 am
An intriguing discussion is definitely worth comment. I do think that you should write more on this subject matter, it may not be a taboo matter but usually people dont discuss these issues. To the next! Many thanks!!