Turn Prospects into Customers Overnight!
Today I’d like to talk about how to turn prospects or leads into customers and keep them on your list for future marketing too.
While, your marketing is doing its job, and your list is growing, you need to be working on turning those leads into customers. There are a few ways to this. To have them buy your product or service and create a sale.
To be able to do this you need to be:
- Inviting
- Informative
- Enjoyable
The biggest fear of most new customers is “buyer’s remorse“. You want to avoid this at all costs and this should be lessen or decreased when you provide a quality product/service that delivers on the marketing claims you’ve made.
However, this “buyer’s remorse” isn’t always taken away by what you offer. There are two ways to deal with this and give your buyers a good feeling:
- Offer to refund money-no questions asked
- Offer a bonus they can keep, even if they return the product
These offers alone create a feeling that the customer can trust you more, just for offering these things.
There are number of other ways to turn a prospect/lead into a customer:
- Offer a special price as an opportunity for you to test the market.
- Offer a lower price with the reason of pushing inventory to pay a bill, for your kid’s’ braces, or another tangible reason. Customers love that this makes you feel so much more human.
- Offer a referral incentive.
- Offer a smaller, more inexpensive product first to build trust.
- Offer package deals.
- Offer to charge less for their first purchase if they become a repeat customer.
- Offer extra incentives-longer warranties, free bonuses if ordered by a set date.
- Offer financing options, if possible.
- Offer a bonus or discount if they pay in full.
- Offer special packaging or delivery.
- Offer “name your own price” incentives.
- Offer comparative data or other comparison tools.
- Offer a trade-up or upgrade to something they already have.
- Offer additional, educational information to help them make the decision.
The options really are as limitless as you make it. You can use these or other ideas to find what works the best for your business, products/service and target market. Remember this…
“By making it inviting, easy, informative, non-threatening, educational, inspiring and fun to do business with you, you’ll loft your company above the competition.” Jay Abraham
Stop Wasting Your Resources!
Today you’re going to learn how to find a target market of potential customers so you aren’t wasting precious resources on blitz marketing. So, the two questions you have to ask yourself are:
- What do people really want to buy from me?
- What related products are they already buying?
Once you figure this out you will know who is more predisposed to purchase your products/services. Then, you find other businesses with the same customer base who you can customer share with. Come up with an incentive and great arrangement to encourage both of your customer bases to shop at both of your stores.
The basic concept is this:
You want to find existing businesses who have the customer profile that you are looking for to market your products/services to.
Then strike up a relationship with those business owners to work out an incentive for customers to purchase from both businesses.
As a result, you have an audience to market to and they generate an added value from their current base.
So, how do you figure this out? There is a great formula from Jay Abraham you can follow with great success.
LV = (P x F) x N – MC
Here’s what it all means:
- LV is the life time value of a customer
- P is the average profit margin from each sale
- F is the number of times a customer buys each year
- N is the number of years customers stay with you
- MC is the marketing cost per customer (total costs/number of customers)
Once you know how much you need to spend to attract a new customer, you will know how much of an incentive you can offer to a business to help attract new customers.
So, here’s your step-by-step process:
- Find companies who already have the customer base you are looking for.
- Negotiate an incentive for them to share that customer base with you.
- Focus your marketing resources to this group of predisposed customers.
If you need help working through this process, check out our FREE test drive for the most comprehensive system of marketing tools and resources.