Small Business Marketing Tip 40 of 56 How We Raise Our Prices Without Losing A Single Customer

Posted by Dr. Karl Ruegg on 2018-04-24

New Live Streaming Event: Small Business Marketing Tip “How We Raise Our Prices Without Losing A Single Customer” by Dr. Karl Ruegg – Small Business Growth Expert – Published Author

Small Business Marketing Tip 35 of 56 How We Build A Massive Email List

Posted by Dr. Karl Ruegg on

New Live Streaming Event: Small Business Marketing Tip “How We Build A Massive Email List” by Dr. Karl Ruegg – Small Business Growth Expert – Published Author

Marketing Tip #8 How Customers Decide To Buy by Dr. Karl Ruegg

Posted by Dr. Karl Ruegg on 2018-04-23

Marketing Tip #7 How to Identify Low Hanging Fruit by Dr. Karl Ruegg

Posted by Dr. Karl Ruegg on

This presentation will complete the process of developing your target customer profile one of the most important business fundamentals that directly impact the ultimate success of your business this presentation will guide you as you revise your original physical profile to reflect the niche market you previously selected completion of this first critical business fundamental may very well turn out to be a major turning point in both the life of your business and your life as an entrepreneur let me give you a vivid example that I hope reinforces why this is so important to your business did you know the difference between steak and garbage is the presentation let me explain during an old episode of The Cosby Show Vanessa brought home her new fiance unannounced she boldly walked in and told her parents this was the man she was going to marry her fiance also happened to be 20 years her senior needless to say cliff and Claire were not happy about the announcement the fiance could easily sense the tension that was growing by the minute and when he and cliff were alone in the kitchen he confronted cliff and asked him straight out why he didn’t like him cliff asked the young man if he liked steak of course was his reply cliff began to describe and vivid mouth-watering detail the preparation and serving of a delicious t-bone steak and you could see the young man’s mouth begin to water then cliff asked him to visualize the steak being served on the lid of a trash can now how does the steak look and taste he asked not too good was the reply cliff said son that’s how you were brought into this house on a garbage can lid it all had to do with the presentation that steak being presented on a garbage can lid ruined the experience he then told the fiance it had more to do with Vanessa’s presentation of the situation and had nothing to do with him personally cliff and Claire were upset with the presentation not the person now apply this same concept to a real-life situation think about the typical insurance agent does anyone ever want to really sit down and discuss insurance when our poor friend the insurance salesman makes a pitch to someone who’s not in the market for insurance it’s garbage unwanted unwelcome smelly garbage but when the agent can provide their customers with insurance information that can improve their lives or reduce their costs at stake so how can we create more stake in less garbage one word specialized instead of being a neglected and shunned insurance agent we must strive to become the expert in our chosen niche market seriously position yourself in a specific niche market where you possess extraordinary expertise and then niche it again if you can understand precisely who you can best serve and just as important who you actually like and have a passion for working with study exactly what your customers want innovate your business so you can give them what they want and continue to find more and more ways to serve them incredibly well but while the fuss about becoming a specialist in your niche market well experts are what your prospects are looking for in fact customers not only come looking for them they practically demand them the smart insurance agent who follows this advice as customers calling them instead of them being forced to go out in hunt down customers which way would you prefer a topic like insurance can be infinitely complex it’s very hard to become an expert on every type of insurance that’s available today it’s much easier to become an expert on insurance for one particular kind of customer you can learn that customers language understand their problems and get insanely good at resolving the issues they most likely face and once you know them you can offer them additional relevant products and services if you’re a business consultant and an expert at what you do you can give your customers what they want by granting them access to your knowledge and processes by creating killer content in the form of hard programs CDs and DVDs once you truly understand the customer you want to create a relationship with start creating tons of valuable free content for that in each market start a blog create an email newsletter and front load it with a terrific autoresponder follow-up sequence record a regular podcast get a flip camera and create some quick useful faq answers to release on YouTube whatever you do make it valuable don’t try to slip in some kind of cheesy sales pitch that’s basically garbage unless you happen to hit the right person at the perfect time unfortunately you risk losing your remaining prospects but always let people know how to find you when they want to know more the more inherently valuable your content is the less garbage factor you’ll create and the more valuable your presentation will be viewed remember it’s all about the presentation and when you do make an offer it will be seen as a valued opportunity instead of an unwelcome sales pitch made by an annoying salesperson make it your mission to create plenty of steak and as little garbage as possible because the less you look like a Salesman the more you’ll sell again it’s all in the presentation selecting a specific niche market positions you as the expert and your presentation of information will be viewed as having tremendous value this is why we spent the time to previously help you define your niche market and why we must now redefine your physical profile let’s find the customers that want what you sell and sell them what they want they will become lifetime customers I hope this helps you to understand why we’ve been stressing over and over that for any business to be successful it must be unique it must offer exceptional and extraordinary value and it must be able to effectively communicate its uniqueness and the value to its prospects completing the development of your target customer profile automatically positions your business as unique instead of attempting to attract anyone and everyone are specifically targeting a select niche market with its own unique set of hot buttons those hot buttons are your keys to success and wealth by selecting your niche market you’re choosing to serve a smaller yet highly targeted market of prospects each of them wanting the product or service you provide by selecting this smaller base of prospects you can innovate your business so you can offer them exceptional and extraordinary value and the solutions you will provide to them as you solve their biggest problems frustrations fears or concerns and since you’re focused on just this one select group you can market to them in language that will appeal to them on an emotional level this is extremely important since most prospects by based on emotion in fact one of the most foremost authorities on innovation simon Sinek recently stated that people don’t buy what you do they buy why you do it when you selected your niche market we asked you to make that selection based on your own personal passion a passion that deeply resonates within yourself if you do that your prospects who also share your passion for what you do will instantly resonate with your passion and be attracted to you immediately they will view what you do as a cause not simply a product or service there are reasons why customers choose a specific restaurant over another even when they serve the exact same menu how often have you traveled to a retailer to make a purchase even though that exact same product was available at a closer location ask yourself what motivated you to take these actions it always comes down to an emotional reason that a restaurant or that retailer resonates with you emotionally it may be their customer service their variety in selection the way they prepare your meal with the little touches that just make you feel special the way the staff knows you and calls you by name and so on people respond instantly to a cause that appeals to their personal values since it resonates with them on an emotional level that’s what takes place when you select your niche market and now that you have completed that Oh step you must revisit your original physical profile that vast universe of prospects you previously identified as needing what you sell and redefine those characteristics so they fit those who want what you sell once you complete this step you will position your business for market domination you will position your business in a league all its own and your business will become the obvious choice for all prospects who are looking to buy what you sell previously we went over the basic process that’s required to help you identify your target customer profile we reviewed the process you use to discover your physical and emotional profiles then we ask you to identify and select an appropriate in each market one that caters to your personal passion while positioning your business as unique and now we want to help you revise your original physical profile to reflect your new niche market let’s quickly recap why a target customer profile is so important for your business how selecting a niche market and revising the physical profile begins to change everything about your business and how all of this will enable you to build the type of business you’ve always dreamed of having a business you can operate with total confidence and certainty you first identified your target customers physical profile the physical profile describes the universe of available prospects who need what you sell these traits are important since you will use them later to find your target customers once you begin marketing to them but the physical profile by itself is only responsible for approximately ten percent of the success equation for small business owners the remaining ninety percent of your success is determined by your target customers emotional profile the emotional profile identifies what it is that all of those available prospects in your universe want we call these emotions hot buttons hot buttons are specifically defined the problems frustrations fears and concerns that your prospects have when they buy what you sell they uncover the emotions your prospects typically experience in the sales process it’s those emotions that attract them to your to service as they look for a solution to their problem this explains why the emotional profile determines the success or failure of your marketing program since your prospects by based on emotion they look for the business that will take these hot button issues out of their lives forever for the small business owner who does that that business will have a lifelong customer that’s why the emotional profile represents ninety percent of your potential success never forget that the physical profile defines the prospects who have a logical need to use your product or service whereas the emotional profile defines the prospects who have an emotional reason to buy and want what you sell understanding their emotions lets you create a marketing message that targets these emotions it’s a message that’s very important and compelling it resonates deeply within your prospects attracts only those prospects who want what you sell and compels them to take a specific action attracting your target customers begins to change everything in your business they spend the most money with you buy from you over a longer period of time love your product or service share your passion for what you do and send you referrals provide you with testimonials and stay with you forever it simply comes down to knowing and understanding the emotions that your target customers are experiencing but as you discovered when you developed your emotional profile your target customers often want several different things from your business problems begin to occur when the majority of small business owners try to be all things to all people the result is they become nothing to no one they look exactly like their competition and when everyone looks identical prospects have no way whatsoever to tell which business offers them the most value and that’s when prospects automatically default to the business that offers them the lowest price when you complete the development of your target customer profile you will position your business in a specific niche market and never again have to be all things to all your prospects when you try to be everything to everyone there is no way for you to prove to your prospects that your business is indeed unique and that it offers extraordinary value that’s the big advantage you gain when you select your niche market now what we want to do is complete this entire process by looking into the niche market you selected based on your personal passion and revise your original physical profile to identify the prospects who specifically want your product or service within this niche market chances are excellent that your physical profile has narrowed often dramatically this will be a huge help to you when you begin your marketing program in just a moment we’ll review our previous business examples and revise their physical profiles based on various niche markets they may select for their business but before we do I want to stress the fact that when you select your niche market there is no right or wrong decision the only criteria you should use for your selection should be based on the passion you feel as the individual business owner let me highlight again why choosing your niche market based on passion is such an important consideration once you know the various areas within your business where prospects want different things from you you need to drill down into that specific area and be sure you thoroughly understand what they really means once you do this you can look at your business to be sure you’re giving them exactly what they want but that raises another huge problem you can’t just give your prospects what they want the reason what they want is often what they expect to get from you here’s an example that highlights this perfectly one of our previous clients owned a window cleaning company his marketing informed his prospects that he would make sure their windows were absolutely spot free when the job was completed but that’s what everyone expects from a window cleaning company isn’t it and the problem is that when he delivers on that promise and delivers spotless windows the prospect will never notice that level of quality because they automatically expect a window cleaning company to get their window spotless when you take clothes to the dry cleaner don’t you expect to get them back dry cleaned when you go to a restaurant don’t you expect good service in fact the only time you actually notice the service is when it’s not good otherwise you just automatically expect it same thing for the window cleaning company the only time you will notice the quality of their work is if your windows are not spotless this example highlights one simple fact about business you must exceed your prospects and customers expectations to get them to notice you it is only when you exceed expectations that you begin to provide exceptional and extraordinary value and that’s when you have the opportunity to dominate your market that’s why every business owner must look for ways to innovate their business this window washer did just that innovated his window cleaning business by offering expected value to all of his customers he not only cleans their windows until they’re immaculate but he also cleans their screens which are often dirtier than the windows themselves as an added bonus his crew cleans the filthy window tracks and seals that never receive attention from the homeowner both the inside and outside tracks and seals he later included additional value added services for example he automatically repaired all damaged screams and provided a unique window glass coating that was guaranteed to keep windows spot free for a minimum of five years imagine as a homeowner never having to worry about dirty windows for at least five years who wouldn’t want to hire a window cleaner that did all of these things now you may think that would have had a negative impact on his repeat business after all when you can guarantee your customers won’t need your services for at least five years you would think they would be detrimental to his business in reality it actually increased his business after reviewing his previous customer records he discovered that his target customers typically contacted him for additional window cleanings once every seven years with the new five-year treatment he decides this offered him the perfect opportunity to start a customer continuity program by offering a five year warranty on his work this established a deadline in the minds of his customers they automatically assume they need to repeat the service at the five-year mark he was able to easily enroll a very high percentage of his customers into a continuity program where he automatically comes back on the fifth anniversary and repeats the process this dramatically increased his target customers lifetime value which we will cover at a later time this is why you must select your niche market based on your personal passion innovation takes work and effort it can’t be done half-heartedly or haphazardly if you choose your niche market based on your ability to make a buck you won’t have the internal desire or motivation to continuously innovate your business you will view each day as drudgery and you will do just enough to get by but when you select your niche market based on what you’re passionate about you will find that you can’t wait to get to work every day because now it’s not work it’s play you view every day as a new challenge to provide better quality or better service to your prospects and customers you continuously look for new and innovative ways to improve what you do the customer service you provide the information you make available or the personal help you offer your target customers and none of this is work or effort for you because you love what you do and you want to continuously improve we see so many small business owners every day who have absolutely no passion for what they do and it’s obvious to everyone that deals with them especially their prospects they want to do just enough to get by they constantly say just tell me what I should do they don’t have the passion to ever attempt to look forward and ask themselves what they could do in their business to provide their prospects with the ultimate customer experience don’t fall into this same trap so let’s get to work completing your target customer profile let’s revise your original physical profile by looking at our business examples so you can use them as models for your own business we have also included these in your workbook for later reference let’s start with the childcare facility and let’s go through the entire process to reinforce the steps required when developing your target customer profile physically we originally defined the target childcare customer as either male or female 21 to 45 years old single or married 1 2 3 kids between the ages of 3 months to five years old employed outside the home and with an annual income somewhere between 20,000 and 250 thousand dollars per year in other words any human being with kids under six that works outside the home and doesn’t have a friend or relative that can watch them during the day needs the services of a child care facility but then we ask ourselves this what do all those parents want what is their emotional profile what are their hot buttons what are the problems the fears their frustrations or concerns they have as they begin to face the reality of placing their young child into the custody of strangers what are they experiencing emotionally this is where you want to nurture your own ability to look at these various situations from the perspective of your target customer business owners often have a tendency to assume their prospects know what they know making those assumptions can destroy your business you must learn to think like your prospects think just ask yourself what’s really going through their minds what are they feeling and experiencing emotionally what hot-button issues are in play but problems fears anxieties for stray shins and concerns are they facing as they try to decide whether or not they will buy what you sell when looking at a child care you see that prospects want different things some want an affordable price some want a loving environment and others are looking for educational opportunities it’s imperative that child care providers define these segments but once they do they must choose the one they’re most passionate about they must select the one segment that they want to specialize in the one they want to represent their niche market which ever need to market they select they must look back at their original physical profile and revise any characteristics they may have changed as an example let’s say your child care provider selected affordable price as their knees market does that niche market have any impact on our original physical profile our original profile listed both men and women and chances are good that both genders will want low cost child care services so that physical traits stay the same but now instead of an age range between 21 and 45 years old the majority of parents wanting a low price child care facility will favor younger parents who just aren’t making as much income at this point in their life so physically we need to revise this age range to 21 to 30 years of age single or married 1 2 3 kids between the age of three months up to five years of age and employed outside the home are still valid characteristics but the 20,000 to $250,000 annual income now drops dramatically it would be more on the range of twenty to forty thousand dollars when you revise your physical profile based on your specific niche market you dramatically narrow the available prospects that fit that in each market this also makes them much easier to find when you attempt to market to them but what if this child care provider selected a caring environment as their niche market what would their revised physical profile look like the genders marital status number of kids and employment status all remain the same as the original profile but notice what changes now providing childcare with specialized services like a loving environment will be a lot more expensive than childcare that offers basic babysitting services a child care facility specializing in providing a loving environment will be required to offer a much lower staff to child ratio a nutritionist preparing daily meals mandatory staff training and safety frequent staff rotations to keep the staff mentally alert and prevent adult burnout when dealing with kids and so on instead of appealing to 21 to 45 years old a caring environment appeals to prospects who can afford to pay for these more expensive childcare services these parents will need to be earning much or discretionary income and their age will reflect that increase the revised physical profile would be 30 to 45 years of age the age of the child also comes into question most parents want childcare that offers a loving environment when their kids are three months old up to about three years old since these are considered the critical years for kids emotionally so that physical trait changes somewhat from our original and the income level must now be revised since this type of childcare will be approximately twice as expensive as the affordable childcare the annual income increases to 72 250 thousand dollars but look at this the exact same physical profile also applies to parents who want the educational options but with one critical exception the parents who prefer a child care facility that offers educational options have kids between the ages of 3 years old up to 5 years old probably because they know their child will be starting school shortly and they want them to be well prepared educationally everything else on their physical profile remains the same as the parents who want the loving environment but let me explain the huge opportunity this now provides to the childcare provider a child care facility is a physical location that parents must drive to each day to drop off their kids no parent is going to drive 10 or 15 miles every day for child care they want a facility that’s close to their home or office so it’s more convenient for them to drop the kids off and pick them back up at night so when this child care facility begins to market their services advertising venues like the local newspaper radio and television just don’t make much sense no matter how exceptional the childcare is the majority of people seeing mass advertising won’t be interested in a facility that isn’t close by so the childcare provider would be wasting their marketing dollars using these venues the only sensible marketing strategy for a local childcare facility to use is direct mail but how easy is it to use direct mail now that we have revised our physical profile to use a direct mail strategy you must first purchase mailing lists from a list broker naturally the more names you buy the more expensive the list becomes not to mention the price of the mailings themselves but thanks to our revised physical profile the childcare provider only needs the names of prospects fitting their revised physical profile that live within a 5-mile radius of their childcare facility since most parents won’t be willing to drive any further than that each day can you see how attempting to mail to every prospective parent within a 5-mile radius that fits the description of 21 to 45 years old single or married 1 2 3 kids between the ages of 3 to 5 months up to 5 years old employed outside the home and with an annual income between 20,000 to 250 thousand dollars per year would be a daunting and expensive but look what happens to the cost of that marketing campaign when those physical traits become much more we defined well the childcare facility offering a caring environment they only need the list with the names of parents between the ages of 30 to 45 with kids under 3 years old and that makes 70 thousand or more that just eliminated ninety percent of the total potential prospects within that five-mile radius same thing for the childcare offering educational options they only need the list with the names of parents between the ages of 30 to 45 with kids three to five years old who make seventy thousand dollars or more that just eliminated ninety percent of their potential prospects as well and you see why we have spent the time to create your target customer profile and to do it properly when you select your niche market you often disqualify vast numbers of prospects that you may otherwise attract unfortunately for most of them you won’t be offering them what they want this means you waste your time and effort trying to sell your product or service to prospects that may need what you sell but don’t want what you sell selecting your specific niche market allows you to innovate your business to fit the wants of that specific market so you not only offer qualified prospects what they want but you give them more than what they want they see you as providing them with exceptional and extraordinary value and they will come to you and mass this same situation applies to the consultant their original physical profile included both b2b and b2c businesses these businesses can be in start-up mode developing but they want to develop at a much faster rate they may be stuck at a specific plateau and want help getting unstuck or they may find themselves in serious economic trouble they have fewer than 20 employees they have a viable business concept or plan if they are starting up and typically their revenue is below 3 million dollars so physically their universe is essentially any small business under 3 million dollars in annual revenue today that’s around 30 million businesses in just the US alone that’s a lot of businesses to try and market to but emotionally we know what these 30 million businesses want from a consultant or coach we know what their emotional hot buttons are some want help so they can make more money some won’t help building their business by putting into place the fundamental processes that create a long-term sustainable business others have a stable business but want to free up their time so they can enjoy their family and friends the businesses that want to build their business are typically one to five years old single unit operations run by a solo professional operating as an LLC or sole proprietorship with $250,000 to 1 million dollars in revenue and less than five employees the ones looking to spend more time with their family are typically more than 5 years old with multiple units headed up by a CEO operating as either AC or s corporation with 1 million to 3 million dollars in annual revenue and 5 to 20 employees each of these three niche markets has a specifically defined physical profile that wants what a consultant cells as a small business owner your job is to identify and define the most important emotional hot buttons that apply to your business select only the one niche market that will serve your passion and revise your physical profile to define the prospects that make up that niche market it all comes down to this all prospects today want to feel special they want to feel as though they’re dealing with the expert that can help them solve their problems concerns and frustrations once and for all for the business that does all of this your prospects will show up pay you a premium price tell everyone they know about you and never leave you the business that’s unique offers exceptional and extraordinary value and clearly communicates these benefits as the unprecedented opportunity to totally and completely dominate their entire market this is how we help small business owners all over the world build highly successful businesses all you have to do is follow the e-learning Marketing System roadmap and your chances for success will greatly increase we want you to understand that building a million-dollar business is not a difficult endeavor it does require some dedication and effort on your part but if you follow the process we’re teaching you and anyone with a passion for what they do and it’s serious and committed to building their business can absolutely do this all of us want you to achieve massive success in your business and it all starts right here by developing your target customer profile so now it’s your turn find the revised worksheet in your workbook and transfer the information from your previous worksheet on to this new one this will consolidate all of your previous work into a single document then you can easily refer back to record your original physical profile in the box at the top the emotional profile in the Box on the right you’re nice market selection in the lower box and then you revised physical information in the box on the left let’s quickly recap what we’ve accomplished in completing your target customer profile our main purpose for building this presentation series was to help you develop the solid foundation required to build a highly successful business that foundation demands that you know and understand who it is that represents your target customer we began the identification process by looking at the two major components that define your target customer their physical profile and their emotional profile knowing your target customers physical profile while very important only defines who needs what you sell it identifies the physical characteristics of your target customer the emotional profile identifies who wants what you sell it identifies your target customers emotional characteristics also known as their hot buttons when you know and understand their emotional traits you also know and understand how to compel them to buy from you by appealing to their emotions by hitting their hot buttons your prospects will pay attention to your message and want to buy what you sell because it solves a major problem concern or frustration that is intruded into their lives by creating an accurate emotional profile you have completed a key step to eventually creating and developing a highly successful business a business that’s unique provides exceptional and extraordinary value and effectively communicates its uniqueness and value to its prospects the real key to creating this type of business is for you to look over those hot buttons and your emotional profile and select just the one that most resonates with your passion that selection becomes your niche market once you make this selection you position your business as unique you stop being all things to all people and you position yourself and your business as the expert within your niche market you will eventually convey this uniqueness in your marketing program a marketing program that generates real results are providing the powerful and compelling information needed to reach your prospects emotionally and thanks to your niche market selection you have now identified qualified prospects who actually want what you sell versus need what you sell this has dramatically narrowed the number of prospects that are available to buy your product or service but you will attract all of them since you have chosen to serve this niche market exclusively then by revising your original physical profile you further refine the physical characteristics of your target customer so you know them when you see them and you can find them when it’s time to market to them completing your target customer profile is a major step and not only building a successful business but a long-term sustainable and successful one then you can operate with total confidence uncertainty and by the way you’ve just completed a required basic business fundamental that ninety-nine point nine percent of all small business owners never take the time or put forth the effort to complete so congratulations on a job well done next we’re going to take your business to a whole new level we’re going to help you map out your target customers thought process we’re going to actually step into the minds of your target prospects and determine specifically what it is they want from you and your business but we won’t stop there we’re going to look at ways to help you innovate your business so you offer your prospects exceptional and extraordinary value you will then be well on your way to total and complete market domination so remember transfer all of your physical and emotional information onto the revised worksheet in your workbook select your niche market and record your choice in the lower box then complete this form by refining your physical profile on the left to fit your specific niche market keep in mind that each and every step we take continues to build on the previous ones so take your time as you complete each assignment and do the best job you can remember that our primary goal in the e-learning marketing system is to help you quickly develop the processes that will bring more revenue into your business each presentation brings us closer to accomplishing that goal so until next time here’s to your success

Marketing Tip #6 Ideal Client and Niche Market by Dr. Karl Ruegg

Posted by Dr. Karl Ruegg on

This presentation will continue our process of developing your ideal client profile one of several critical important business fundamentals that directly impact the ultimate success of your business this presentation may represent a major turning point in both the life of your business and your life as an entrepreneur we’re going to take the final step toward carefully selecting the niche market that resonates the most with your ideal client as well as with your individual passion so why is this important let’s say you happen to stumble across your competitors marketing one day and guess what it looks exactly like your marketing in fact most of the ads say the exact same thing is yours best price excellent quality great customer service been in business for 25 years satisfaction guaranteed and so on here’s the problem when you look like your competition you’re doomed to compete on price forever you see it’s human nature to always want the best deal and it doesn’t matter what you buy everyone wants to feel like they’re getting the best deal fortunately for you the best deal doesn’t mean the lowest price seriously price is one of the last things that most prospects consider however when you look exactly like your competition prospects have no way to tell who offers the best deal so they naturally default to the business that offers the lowest price what prospects really want is value who will offer them more value in relation to the price being charged your prospects will pay you a much higher price as long as they feel the value they receive is greater than the price being charged the only way small business owners can create extraordinary value is to position their business as being unique and that requires you to stop being all things to all prospects you must position your business into a very specific and well-defined in each market once you select the niche market you will position your business for market domination you will position your business in a league all its own and your business will become the obvious choice for all prospects who are looking to buy what you sell selecting your niche market gives you the ability to pinpoint your target prospects when you pinpoint the prospects that use your products or service then you can produce far more focused advertising and promotional programs and offer far more compelling inducements to motivate these prospects to buy what you sell for example consider a personal trainer at a health club they continuously advertise their services by saying that they help people lose weight and get back into shape nothing wrong with that and that is indeed what they do but was that message compelling did that message literally reach out and grab your attention did the message practically force you to request their services probably not in fact it sounded exactly like what every other personal trainer says they do as well but what would happen if i advertised that I was giving away a free ebook titled how an extremely busy mother of three lost 19 pounds of ugly fat in just 8 weeks and how you can get the exact same results or even better think that just might grab the attention of all new mothers facing this common problem think they would respond in droves for that information of course they would and in that ebook I would highlight all the major benefits I provide that caters exclusively to new mothers such as a specialized diet plan tailored specifically for their body type and hectic schedule an exercise plan they can easily do while the baby is sleeping how my club provides babysitting services with staff that has received specialized training and newborn care and so on think some of these mothers just might want to hire me as their personal trainer but how about this wouldn’t ninety-five percent of all the content in that book lie to most people across the board especially with some slight tweaks here and there how tough would it be to slightly alter that ebook and retitle it and say the only step-by-step fitness and weight loss program designed specifically for the bride-to-be that’s guaranteed to get you in the dress of your dreams and fast think that just might attract some prospective brides to be and while we’re at it what have we altered this again and added another new title to the cover that read the only step by step fitness and weight loss program designed specifically for prospective grooms that’s guaranteed to having you look as good as she does on your big day and fast would this instantly grabbed the attention of any guy that’s about to take the big plunge you bet but why would these work so much better than simply saying I help people lose weight and get back into shape the answer is simple prospects today are looking for expertise they want to do business with the best of the best just saying you help people lose weight and get back into shape sounds just like every personal trainer on the planet so there’s absolutely no incentive for me to take action after all I can get this service just about anywhere from anyone but when you start to specify new moms or brides-to-be or prospective grooms you have now positioned yourself as the specialist in those markets and as a result you will position yourself as the dominant Authority and win the majority of the business these specific areas are called niche markets and position in your business into a specific niche market is your key to massive business success don’t forget that we have included a workbook specifically for this presentation it will help you to reinforce the information i’ll be covering and act as an ongoing resource that can quickly review in the future as we go through the presentation some of the wording on the slides will appear in big red lettering those are the key word and ideas you want to capture we formatted your workbook so you don’t have to rush to take notes just right in the keywords you see highlighted in red this should make it easier when you want to refer back to the information at a later time and help reinforce the fundamentals you’re going to need to grow your business previously we went over the basic process that’s required to help you identify your ideal client profile we discussed the process you need to use to discover your demographic and psychographic profiles and now we need to help you identify and select an appropriate niche market one that caters to your personal passion while positioning your business as unique let’s quickly recap why an ideal client profile is so important for your business how selecting a niche market begins to change everything about your business and how it will enable you to build the business you’ve always wanted you first identified your ideal client demographic profile demographics describe the physical components that make up the universe of available prospects who need what you sell these traits are important since you will use them later to find your ideal clients once you begin marketing to them but demographics by themselves are only responsible for approximately ten percent of the success equation for small business owners the remaining ninety percent of your success is determined by your ideal clients psychographic profile the psychographics identify what it is that all of those available prospects in your universe want we often refer to the psychographics as your prospects hot buttons hot buttons are described the problems frustrations fears and concerns that your prospects have when they buy what you sell they define the emotions your prospects are experiencing and it’s those emotions that are attracting them to your product or service as they look for a solution in most cases hot buttons are not dependent on an individual business they tend to be the same for every business in your market for example when you go to the dentist what immediately comes to mind that you find frustrating or concerned about isn’t it the typical long wait that we’re usually forced to endure when we go to their office for an appointment and then we get to fill out all the paperwork that we filled out hundred times before how aggravating or when something goes wrong with your car don’t you feel immediate frustration concern and possibly fear that it will cost you an arm and a leg to get it repaired or that the price you will eventually pay will dramatically exceed the estimate they gave you can you see how these hot button issues aren’t related to any specific business they’re common to the entire industry basically everyone shares in these same emotions whenever these specific situations intrude into their lives these are the hot buttons that small business owners must know understand and conquer this explains why the psychographics determine the success or failure of your marketing program since your prospects by based on emotion they’re looking for the business that will take these hot button issues out of their lives forever for the small business owner who does that that business will have a customer for life that’s why the psychographics represent ninety percent of your potential success the demographics define the prospects who have a logical need to use your product or service whereas the psychographics define the prospects who have an emotional reason to buy and want what you sell when you know and understand their emotions you can then create a message that laser targets their emotions a message that’s powerful and emotionally compelling this is a message that resonates deeply within your prospects attracts only those prospects who want what you sell and compels them to take a specific action but that message must be specific in order to be effective the dentist can’t just say that my practice offers fast service for the busy patient that’s called a platitude and no one believes them usually because they turn out to be false you may go to this dentist and find out that you wait just as long as you did previous dent disappointments when you know and understand the specific psychographics that truly resonate with your ideal client you then create a message that thoroughly convinces them to buy what you sell imagine a dentist in their marketing saying something like this I understand how busy my patients are today and waiting is the last thing you have time to do that’s why I offer a no wait guarantee for all my patients I see every patient within five minutes of their arrival or they don’t pay for the appointment how do you believe them is that putting your money where your mouth is now the question is this can this dentist deliver on that promise they better be able to and that may require them to innovate their practice in order to pull this off but can you see that if they do pull it off they will dominate their market waiting is a major psychographic trait for prospects looking for a dentist it’s a major hot button for almost every prospect who needs a dentist demographically we all need dentist at some point in our life but what we want from the dentist is to be seen at our exact appointment time the potential impact this type of marketing message can have on your business is enormous and immediate it’s a message that instantly attract your ideal clients and they’re the ones who spend the most money with you buy from you over a longer period of time love your product or service share your passion for what you do send your referrals provide you with testimonials and stay with you for ever if you find an auto mechanic who has extremely fair pricing has always provided you with excellent service and honest estimates and has never overcharged you in your life do you ever leave that business to go try someone else of course not that’s because each of these services our hot-button issues for all prospects who need repair work done on their cars if they find a business that takes these hot buttons completely out of their lives they will never leave it simply comes down to knowing and understanding the emotions that your ideal clients are experiencing but as you just witnessed with the automotive mechanic quite often your ideal clients want several different things from your business you may have discovered this same thing in your business when you completed your own psychographic worksheet unfortunately as we said earlier most small business owners try to be all things to all people the result they become nothing to no one they now look exactly like their competition and when everyone looks identical prospects have no way whatsoever to tell which business offers them the most value and that’s when they automatically default to the business offering the lowest price that’s the purpose of this presentation to help you stop trying to be all things to all of your prospects if you try to be everything to everyone there is no way for you to prove to your prospects that your business is unique and that it offers extraordinary value selecting your niche market will change all of this for your business forever previously you completed your demographic psychographic profile form on the psychographics I’d you recorded everything your universe of prospects could conceivably want from your product or service you may have listed just one or two things they want or you may have listed ten the number doesn’t matter what does matter is what you want when you operate a business and you spend your valuable time speaking with prospects and working with clients day in and day out shouldn’t you enjoy every minute of that time you owe it to yourself to be happy and to capitalize on that unmistakable passion you have for what you do this in turn provides your clients with a unique experience and extraordinary value this presentation will help you take the psychographic information you listed on your form and from the list of hot buttons select the niche market that matches and resonates with your true passion let’s look at our five previous business examples and discuss the potential niche markets that exist for each business if you recall three of our example businesses sold to consumers a daycare center a jeweler and a consumer attorney and the other two businesses sold to other businesses a business attorney and the consultant we also promised that we would discuss the obedience dog trainer as an added bonus example so let’s begin with our daycare business and let’s go through the entire process to reinforce the importance of developing your ideal client profile demographically we earlier identify the ideal daycare client as either male or female 21 to 45 years old single or married one or two kids between the ages of 3 months up to 5 years old employed outside the home and with an annual income somewhere between 20,000 and a hundred and fifty thousand dollars per year in other words any human being with kids under six that works outside the home and doesn’t have a friend or relative that can watch them during the day needs the services of a daycare center but then we asked ourselves this what do those parents want what is their psychographic profile what are their hot buttons one of their problems the fears the frustrations or concerns they have as they begin to face the reality that their situation is forcing them to place their young child into the custody of strangers what are they experiencing emotionally actually ask yourself what would you be experiencing I want to stop here again strongly and emphatically emphasize a major point we constantly tell small business owners every day that one of the most important skills they can learn and perfect is the ability to temporarily suspend their mindset and step into the mindset of their ideal client this is crucial to the success of your business that you master the skill one of the biggest factors for small business failure is what I refer to as the curse of knowledge as a business owner don’t you know every facet of your business that’s often a curse because you know too much and you tend to make assumptions you assume your prospects know what you know making those assumptions can destroy you as a small business owner you must learn to think like your prospects think just ask yourself what’s really going through their minds what are they feeling and experiencing emotionally what hot-button issues are at play what problems fears anxieties frustrations and concerns are they facing as they try to decide whether or not they will buy what you sell when you created your demographic profile we ask you to consider three different types of clients we ask you to define with your youngest possible client then a client that fell into the mid range of your age bracket and finally a client in the upper age bracket if you sell to other businesses we ask you to consider the age of the business and the size of it both in terms of revenue and employees the reason we ask you to segregate them in this manner is the simple fact that often these different segments want completely different things from your business and daycare look at the demographic profile the available universe of human beings that need daycare you see entirely different age levels represented here and they each want different things the young parents have just gotten started in the workforce and find themselves in entry-level jobs making entry-level wages the total annual income may be in the range of forty thousand dollars or so young parents as a rule don’t have a lot of money so they want a daycare that’s affordable emotionally price will be their main consideration that’s their top hot button but if you’re a 30 year old parent with a child three months to three years of age you have recently been promoted to a manager at your company and you have an annual household income of 70 thousand dollars or so you would want a daycare that would treat your child as if it were their very own you would want to day care that provides a loving nurturing and caring environment and you would be willing to pay more to acquire that type of daycare however if you were 40 year old male or female business owner or executive making a comfortable six-figure annual income and you had a child that was three to five years old and a rapidly approaching preschool you would want your child to some form of preliminary education that would give your child a head start on her education you would love to see your child received beginner reading skills beginner math skills or even basic computer skills the point is when it comes to daycare there is this single demographic universe that needs daycare but within that universe lies a multitude of psychographic and emotional want that divide that universe into specific segments it’s imperative that you define these segments as they apply to your specific business but once you do you must make a choice you must select the one segment that you want to specialize in the one you want to identify as your niche market it’s time for your business to stop trying to be all things to all people as a daycare owner it’s time to stop trying to say you offer all three segments everything they want because you don’t in fact you can’t how can you hire staff members with the skills necessary to provide a loving nurturing environment for kids and an entirely different staff certified in preschool education and then still claim to be the low-price provider in your day care market that’s absolutely no way but that’s what daycares do every day all over the country they advertise saying that they have the highest quality the lowest prices and well-trained staff and then they can’t offer definitive proof that they do any of it even worse all of their competition says the exact same platitudinous nonsense and daycares prospects don’t believe any of it prospects pick up the phone and call around then quickly discover that most daycare prices are the same they have the exact same staff to child ratio they serve the same bland foods and the TV acts as the primary babysitter it’s not what these parents want if you were the owner of this daycare you must realize there are three different and entirely distinct groups considering your services each one wanting something completely different from the others by selecting just one of these three groups and then creating a daycare that specializes in serving only that one specific group you now have a day care that you that stands out that has differentiated itself from all the others yes you’re deliberately choosing to leave the other two groups on the sideline but for those prospects who fall into the group you selected you will attract every one of them after all you have exactly what they want none of the other day cares do now here’s your dilemma which of the three segments do you select as your niche market which one becomes the single focus of your business although this is always an individual choice based on the preference of the business owner here’s our personal recommendation never make this decision based solely on the amount of revenue you make from a specific niche market revenue is an important factor just don’t let it become the sole factor in your final decision look over the available niche markets on your list and select the one that most resonates with your individual passion which one excites you the most which one are you willing to dedicate your life to that you will wake up every morning and can’t wait to get started which one will cause you to wake up thinking about what you do and go to bed each night thinking those same thoughts passion is the key to select in your niche market without it you will hate what you do and resent those you serve if you let money alone dictate your choice you will feel no passion for your labors life is simply too short to sacrifice your joint happiness or a few extra dollars as a rule when you follow your passion money often comes along for the ride when you’re passionate about what you do you’re constantly thinking up new ways to improve and build upon your business this in turn attracts more and more clients and adds additional revenue and profit to your bottom line if you were this daycare owner you need to ask yourself where your passion lies do you have a passion for wanting to help young parents faced with the bleak prospect of placing their young child into a daycare situation would you find unbridled pleasure in providing low-cost option to young parents that even though you’re forced to provide them with just the bare essentials in order to keep the price low you’re able to offer them enough services to provide those parents with complete peace of mind however consider one other variable besides passion when choosing your niche market ask yourself if you have any special advantages to offer that in each market these advantages should take into account your education do you have some form of special training or degree that your competition doesn’t possess what about your past experience have you done something in the past that gives your business of substantial advantage over your competitors are there any price advantages you have access to such as special deals an exclusive wholesale supplier or some form of acquisition that your competition can’t match as an example let’s say you have a passion for providing low-cost daycare option to young parents you find that you actually have a competitive advantage when it comes to offering this low-cost option you recently inherited a two story brick building from a deceased relative and the building is mortgage free and as an added bonus this building requires little to any modifications in order to house a daycare center since you have no mortgage payment that must be factored into your expenses you have an economic advantage that other area daycares don’t enjoy on top of that this building sits squarely in the middle of our of a major office complex where the location alone will bring you as many clients as you can handle without incurring any advertising expense these competitive advantages matched up with your passion for wanting to provide a low-cost daycare service to young parents in your community offers you the best of both worlds but what if you have a passion for wanting to provide a loving nurturing environment as your niche market ask yourself what competitive advantages do you possess if any in this area perhaps you have a degree in health and nutrition and you have the unique talent and ability to create a daycare that specializes in nutritionally designed meals you also have the means to offer a daycare with low staff to child ratio it ensures the kids get more individual attention and because of your specialized training you’re able to offer a daycare that requires the staff to attend monthly safety and CPR training classes you’re capable of teaching in this case you considered your passion first but then your background and past experience act to complement your passion by giving you a competitive advantage that other daycares simply can’t match what parent looking for a loving nurturing environment wouldn’t want to daycare run by a certified nutritionist and health care practitioner but what if your passion was to provide a daycare that specializes in educational opportunities in this case you may find a competitive advantage exist since you have a degree in primary educational development and you know others in this field who are themselves young mothers mothers who would be delighted to have an opportunity where they could teach part-time earn some additional income for their family and never have to spend time away from their own child if their child could attend the same day care and have other kids their age to play with matching your passion with your competitive advantage would give you a huge competitive edge in this market but please remember selecting your niche market should always take into consideration your passion first and foremost only then should you look at the competitive advantages you may possess as a secondary consideration let’s look at the jewel or who deals primarily in diamonds such as watches rings and bracelets demographically their universe is made up of both men and women 21 to 80 years of age single or married generally employed with an annual income ranging anywhere from twenty thousand dollars to millions this describes the available universe of humans who want at some point in their life need to purchase a diamond from a jeweler now let’s ask ourselves what do they want what is their psychographic profile what are their hot buttons what are the problems frustrations fears and concerns they have as they contemplate buying a diamond what are they experiencing emotionally just use the same process as before let’s start with our youngest demographic what do they want from a jeweler doesn’t it seem logical that once again price and affordability will be the primary hot-button issue for them in fact they would not only be concerned about the price but they also want an affordable payment plan since most prospects in this younger demographic probably can’t afford to pay in full for even inexpensive items but consider a 40 year old married woman or man preparing to celebrate their 15th wedding anniversary you may want to get his wife a diamond tennis bracelet or she may want to get her husband a diamond watch they’re older with more discretionary income and they may be in a position to easily afford a higher priced item they want to know they’re receiving the highest quality with the most value for the price they pay they’re not looking for the lowest priced diamond and looking for the diamond with the most value as long as the value is worth the price that’s what they want but now consider a 65 year old married man preparing to surprise his spouse with a diamond ring for their 40th wedding anniversary or his spouse who wants to surprise him with a diamond watch what do they want over the years they have probably given each other several different diamonds in various configurations rings bracelets earrings watches and so on they both want something different something completely unique perhaps something custom-made or one-of-a-kind price to these prospects will be way down the hot button list in fact for something one of a kind they will be expecting to pay a premium price that’s what they want three completely different types of prospective clients all wanting different things from a jeweler again we see a single demographic universe that needs the services of a jeweler but within that universe lies a multitude of psychographic and emotional wants that divide that universe into specific segments the smart jeweler doesn’t try to serve all three markets but instead selects their niche market from this list of three diverse segments affordability quality and vow are you or unique custom made one-of-a-kind items again passion should be the driving force followed by any competitive advantage they may have in one area they select for the jeweler with a passion for providing the lowest price to their prospects they may have a relative who was a diamond wholesaler and who would sell to them at cost or they sell their products from a home office that allows them to completely eliminate any costly overhead the jeweler with a passion for providing high quality high value diamonds may have specialized skills in analyzing certain unique high quality traits and diamonds that other jewelers can’t match a skill that gives them the ability to recognize and bid on these diamonds and pick them up at a favorable price the jeweler with a passion for uniqueness may have years of past experience designing and producing one-of-a-kind items for specific industry such as the entertainment industry and is now offering that talent to the consumer market in every case just mentioned the passion background and past experience of each jeweller gives them a competitive advantage that other jewelers simply can’t match remember the attorney who offers legal services to consumers demographically their ideal clients are both men and women 18 to 80 years of age single married divorced or widowed employed or unemployed and a household income between twenty thousand dollars and million dollars annually so essentially everyone of legal age at some point in their life will need an attorney but what do our individual groups young middle and older prospects want from an attorney what psychographics apply to this universe of prospects the 18 year olds are still raising hell as they transition from teen to adult they will want the services of an attorney primarily for traffic violations and DUI arrest for those that fall between the age of 25 and 40 they want an attorney to review the terms and conditions and their mortgage and real estate contracts as they buy their first and sometimes second homes the 40 to 50 year olds won an attorney to create their wills and set up trust funds for their kids and the over 50 crowd wants an attorney who can help set them up with proper financial planning that provides them with long-term security when they retire and about half of all of these different groups often want the services of an attorney to handle a divorce here again we see a single demographic universe of consumers that needs the services of an attorney but within that universe lies a multitude of psychographic and emotional wants that divide the universe into specific segments the attorney who selects a specific niche market based on their passion background and experience instantly positions themselves as unique and since they will specialize in just that one in each market they will be able to offer extraordinary value to their clients along with any competitive advantages they may have as well the exact same situation applies to the attorney who offers their legal services to businesses to business owners let’s review the demographics for them what type of businesses need the services of an attorney at some point they could be businesses just starting up from scratch or they may have been around for a hundred years for the ones just starting up they may have zero revenues whereas the 100 year old business may have a hundred million dollars in revenue the startup may be owned and operated by a solo professional with no employees and a single location where the older business may have a CEO 3000 employees and located in 20 separate states the startup may be a sole proprietorship or an LLC the owner of a majority corporation they may sell a product or service or in some cases both so demographically any business on the face of the planet at some point may need the services of an attorney but what will all of these businesses want from an attorney what are the psychographics that apply to this large and diverse group what needs markets do they need to look over and select from if you sell business-to-business begin with the most relevant factors that we’ll have the most influence when those businesses by what you sell those factors will include the age and size of the business both in terms of revenue and employees a start up with zero revenue and 0 to 5 employees will want an attorney to help them set up their corporate structure and create a business plan a one year old business with a hundred thousand dollars revenue and no employees will now want to start adding employees they will want an attorney to create their employee handbook legal employment contracts and protect their at-will rights a five year old business with 1 million dollars in revenue and five to 15 employees may want an attorney to set up profit-sharing for their employees provide guidance as they create an HR department and set up a retirement plan a ten-year old business with more than 3 million dollars in revenue and more than 15 employees will want an attorney to assist with their plans for expansion trademark advice securing their patent rights and implementing and exit strategy so when a business-to-business situation is present we still see a single demographic universe of business owners that need the services of an attorney but within that universe lies a multitude of psychographic and emotional wants that divide that universe into specific segments by selecting their niche market this attorney positions themselves as the specialist and if they have additional competitive advantages to offer as well they’ll be viewed as an expert in fact business owners demand specialization with those they deal with even more than consumers do the product or service of business owner purchases often has a direct impact on their clients and that impact reflects directly back on them as an example if a small business owner hired a business attorney to develop a binding contract requiring another business to purchase a product on a scheduled basis and the contract contained misspelled words and incorrect terms and conditions that in competence reflects back on the business owner not on the attorney who wrote it this is a major reason business owners like to deal with businesses trying to be everything to everyone they want the expert the specialist this same situation applies to the consultant their job is to help small business owners to build the business of their dreams their demographic profile includes businesses that sell to both consumers and other businesses the businesses that come to them for help can be in start-up mode developing but they want to develop at a much faster rate they’re often stuck at a specific plateau and have no idea how to take their business to the next level or in the current economy they may find themselves in serious economic trouble and quickly going down for the count the typical consultant sweet spot would be business with fewer than 20 employees they have a viable business concept if they’re just starting up and the gross revenue in most cases is zero to three million dollars so demographically a consultants universe is essentially any small business under 3 million dollars in annual revenue today that’s around 30 million businesses in the US alone but psycho graphically they have to know what these 30 million businesses want what are the emotional hot buttons that are creating their problems frustrations and concerns as they operate their businesses every day what is it they want the consultant to do to solve their problems or eliminate their fears and concerns well the startup and the one year old business usually need to bring in some quick revenue at this stage of business each day is a struggle to simply survive so they want the consultant to help them make more money that’s their psychographic hot button the mid-sized business around five years old with 1 million dollars in revenue and five to 15 employees once the consultant to help them build their business now that they’re established they want help developing a sustainable process that sets their business up for long-term success but larger and older businesses often have their systems and processes in place this business owner wants the consultant to help them replace themselves so they have more free time instead of living on the job 24-7 in order to ensure their business doesn’t implode if they aren’t there are you starting to see a pattern here for both consumers and businesses in each and every case there is a single demographic universe that needs what each of these specific businesses sell but within that universe lies a multitude of psychographic and emotional wants that divide their universe into specific segments these segments are what we refer to as a niche market as a small business owner your job is to identify and define the most important hot buttons that top the list of your business in other words the top needs and wants that attract prospects to look to your business as the solution to their major problem frustration or concern this is what we asked you to do several modules earlier and then in our previous module we asked you to review your hot buttons prioritize them and begin to make this all important decision as to the niche market that serves your passion be sure to take into account any competitive advantages you may have for that niche market the smart business owner will list all of their ideal client psychographic components and then select just one that resonates the most with them personally in other words the one the business owner feels the most passionate about this is absolutely crucial that you do this if you truly want to create a highly successful business it all comes down to this all prospects today want to feel special they want to feel as though they’re dealing with the expert that can help them solve their problems concerns and frustrations once and for all they want a business that stands out from everyone else who offers a similar product or service in other words they want a business that’s unique they want a business that feels understands them caters to them and often offers them extraordinary value they’re also willing to pay a higher price to get this special treatment as long as the value they perceive they will receive exceeds the price they will pay and finally they want a business that clearly communicates to them the uniqueness and value they will receive for the business that does all of this your prospects will show up in droves the business that’s unique offers extraordinary value and clearly communicates these benefits and has the unprecedented opportunity to totally and completely dominate their entire market if I’m a parent with a child currently attending a local daycare and every day when I pick up my child I noticed they’re sitting in front of the TV watching Barney that begins to concern me as a caring parent I begin to wonder if that’s all they do with my child all day but the TV act as the babysitter if my child is old enough to talk I may ask them what they did all day and day care if the child says they watch TV all day that now confirms my worst fears no parent wants that type of situation for their child at the very least I would want the staff to take time out throughout the day and at least read to my kid or to have them engaged in playing games knowing this is happening at this daycare most parents would now actively begin checking out other day cares looking to find one that would provide a more stimulating environment for their child but when they call various daycares all the parents will hear are platitudes and generalities the daycares will say things like we read to the kids frequently throughout the day we serve the most nutritious meals or we have a very caring staff if you press them for specifics they can’t provide any that’s because they don’t specialize in any of these areas remember most daycares compete on price so they hire staff members that aren’t much older than the kids they watch the staff members haven’t received any specialized training in fact the majority of the staff will be kids straight out of high school who can’t find any other type of work they’re going to basically be present during the day and that’s it that’s not what parents want it’s not a daycare that’s unique it’s not a daycare that offers extraordinary value or that knows how to come indicate its true benefits in a compelling way but for the daycare that follows the process of just outline and that you have just completed for your business this daycare now knows there are three major hot buttons prospects look for in a daycare price loving environment and educational opportunities if I chose education as my niche market I have just become unique i have just separated my daycare from all others who are competing on price I have made the decision that I won’t compete on price in fact my daycare will be twice the price when compared to others when they call my daycare you will hear specifics not platitudes you’ll hear that my daycare limits TV time to a single hour each day with the remaining time spent teaching your child things like basic math skills basic reading skills and begin our computer skills and you’ll hear me back up that claim by telling you that my day care actually offers a guaranteed to our parents that their child will be reading at a first grade level prior to entering kindergarten or they receive a full refund of all fees they paid over the past year do you think that’s the daycare they now want and will price be much of a consideration these prospects want the daycare that specializes in education when they know that’s all I do and I communicate my benefits to them in specific terms rather than generalities then they know they’re working with the expert now I have that prospects undivided attention my message and uniqueness and value fully resonates with these clients the price shopper is no longer in this group I am aiming my sights on this specific niche market a niche market that demands an educational environment for their child and with my value-added services and my competitive advantages if any exist I’ll immediately begin to attract the entire universe of prospects who are interested in this niche market do you now understand why over the past several modules I’ve been stressing the importance of psychographics stressing that they are ninety percent small businesses success equation psychographics identify what your ideal clients really want when they go to buy what you sell and when you not only give them what they want but you give it to them in a unique way that’s loaded with value you’ve just made your business the obvious choice a decision to use your business over all of your competitors is now a no-brainer decision this is how we help small business owners all over the world build highly successful businesses all you have to do is follow the process I’m teaching you I also promised you I would apply the same process to our dog trainer he was a he has a deep love and a true passion for dogs he has a unique gift for working with animals many of his clients where this guy’s a dog whisperer he can absolutely get a dog to do anything he wants them to do and he uses love instead of intimidation to do that when he first came to us he was literally walking dogs for ten dollars an hour he said his true passion was obedience training but he didn’t know how to go about getting started in that type of business there was simply too much competition in that market and he didn’t have a clue how to position himself in order to attract more clients and build a viable and sustainable business he didn’t know his ideal client profile and he was paying a steep price now because of it he found himself trying to sell the services to people who expected him to walk their dog for free and because he was taking on any client that would hire him he was having trouble collecting payments from many of them in fact several of them felt they were doing him a huge favor just hiring him they didn’t see the value in what he was offering he found himself being talked down to and several clients just paid him whatever amount they felt like paying at that time even to the point they were paying him far less than the set price they had both agreed to again since these weren’t his ideal clients the value of the service he was providing wasn’t being realized and that was obviously very frustrating to him this was not the business or the life that he had envisioned and he felt there had to be a better way that 20 finally called us for help and his frustration isn’t unique we hear this same sad story over and over on a daily basis from small business owners when we assess the current condition of their business this all stems from a lack of developing and ideal client profile and especially the psychographics with no ideal client profile he was only attracting individuals who needed his services once he took the time to create his ideal client profile only then was he able to identify who it was that truly wanted his services so he followed the exact process you have been following let’s take a look at his demographic psychographic form at the time he completed this he was walking dogs so who on the planet needs the service of a dog walker what would their demographic profile look like this group could be male or female eighteen eighty years old single or married typically employed which is why they need a dog walker or they could possibly be a retired elderly person who’s not physically capable of walking their own dog obviously they own one or more dogs and they have an annual income of twenty thousand dollars and up to whatever in other words every human being on the planet that’s of legal age on the dog works or is retired needs a dog walker but psycho graphically what does this universe want depending on your specific situation you may want several different things from him you would want someone to walk your dog if you got stuck at work or had to work late you would want a well behaved pet that has had obedience training you would want someone you knew you could trust to board your pet if you were going to be out of town for an extended period of time you might even want someone offering transportation services where they pick up your pet in the morning and drop them back off in the evening like a doggy daycare these are all potential niche markets for him and he had to make a choice from all of these possibilities and select just the one that resonated the most with his passion naturally he chose obedience training that one decision changed his life forever within 12 months of making that decision his monthly income went from six hundred dollars per month not per week per month to more than 12,000 dollars per month he recently purchased his dream home on five point two acres and due to the demands of his ideal clients added Kimmel’s on his new property so he could offer boarding services these new services along generated enough revenue in his first 30 days to cover his mortgage payments on his new home for six months he now works with clients who not only respect what he does they’re thrilled with what he does they pay him premium prices because he has a business dedicated to giving them what they want not what they need they send bill continuous stream of referrals in fact he doesn’t bother to market his services anymore he can’t keep up with the demand being produced from the referrals he’s getting and of course his clients are providing him with tons of unsolicited testimonials his goal for this year is to reach five hundred thousand dollars and more than a million dollars next year he’s presently working with an attorney to begin franchising his obedience training centers all over the world our process helped him take a six hundred dollars per month dog walking business and turn it into the business of his dreams a business that feeds both his passion and his bank account now if a dog walker can do this do you think you might be able to do it too this is how we help small business owners build successful businesses I emphasize this not to impress you but to impress upon you that building a million-dollar business is not difficult yes it does require some dedication and effort everything in life that’s worth wild does but anyone with a passion for what they do and who is serious and committed to building their business and do this this is the process I’m training you on as we work together using the marketing development program we truly want you to achieve this same success in your business but you must start here you must develop your ideal client profile your previous assignment was to identify each and every one of your ideal clients psychographics also known as their hot buttons if you did you revealed the potential niche markets that exist for your business your business may have only one hot button or it may have 10 most often there are multiple hot buttons present in that case it’s your job to select the one that you have a true passion for serving and make that hot button your niche market I want to go back and review your previous demographic profile and then review the list you created for your psychographic profile I want you to feel comfortable that you have identified every available niche market for your business use the examples are included in your workbook and then transfer both your demographic and psychographic information into the updated worksheet in this week’s work book list the demographic traits on the left and the psychographic traits on the right just like we did in the examples if you’re struggling to identify the hot buttons for your ideal client then try asking them directly interview them and ask your current client what they want from a business like yours or ask prospective clients if your startup and currently don’t have any actual clients ask them to tell you their biggest problems frustrations or concerns they have when they buy what you sell even if you believe you do know what those hot buttons are consider verifying them with your ideal clients you may discover that you are off the mark in the first place or you’ll discover you had the hot buttons in the wrong order of priority most small business owners list low price as hot button number one only to discover after speaking with their clients that price wasn’t even a factor in their decision making process once you feel comfortable that all the hot buttons are properly listed look deep within yourself and select the one hot button that you feel a passion for providing to your clients that hot button is your niche market the moment you select it you separate your business from every other business that sells what you sell you become unique and you stand out from the crowd you no longer belong to the me to club everything will now begin to change in your business you will market your business differently you will create entirely different messaging messaging that will laser target the one specific hot button for your ideal client versus messaging and says you’re the same as everyone else the way you talk to prospects and clients will also change and all of this will begin to attract ideal clients in mass in our next module will complete the development process for the ideal client profile by revising your demographic information to reflect your new ideal client in your selected niche market this will be the final step in identifying your ideal client and it will massively benefit your business when you complete it let’s quickly recap what we’ve discussed as always our main purpose for this presentation was to help you continue to develop the solid foundation required to build a highly successful business that foundation demands that you know and understand who it is it represents your ideal client we highlighted the two major factors that identify your ideal client their demographic profile and their psychographic profile knowing your ideal clients demographic profile while very important only identify who needs what you sell it identifies the physical characteristics of your ideal client the psychographics identify who wants what you sell they identify your ideal clients emotional characteristics also known as their hot buttons when you know and understand their psychographics you also know and understand how to compel them to buy from you by appealing to their emotions by hitting their hot buttons your prospects will pay attention to your message and want to buy what you sell because it solves a major problem concern or frustration that has intruded into their lives having an accurate psychographic profile is the key step to eventually creating and developing a highly successful business one that’s unique provides extraordinary value and can effectively communicate its uniqueness and value to its prospects the real key to creating this type of business is for you to look over those hot buttons in your psychographic profile and select just the one that most resonates with your passion that selection becomes your niche market once you make this selection you position your business as unique you stop being all things to all people and you have now positioned yourself and your business as the expert within your niche market you will eventually convey this uniqueness in your marketing program a marketing program that generates real results are providing the powerful and compelling information needed to reach your prospects emotionally and upcoming modules will continue to build on this foundation and information please remember that we’re developing a process for your specific business a process that you will be able to duplicate over and over far into the future take your time and transfer all of your demographic and psychographic information onto the revised worksheet in your workbook select your niche market and then record your choice in the lower box on the right of that worksheet next we’ll complete this form by refining your demographic profile to fit your specific niche market will be continuously coming back to this information and future modules so don’t misplace your workbook each and every step continues to build on the previous ones so take your time as you complete each assignment and do the best job you can remember that a primary goal in the marketing development program is to help you quickly develop the process that will bring more revenue into your business each presentation brings us closer to accomplishing that goal so until next time here’s to your success

 

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