These Types Of Business Problems Are Consistently Multifaceted.
Consequently, simple solutions seldom offer effective results. That said, I think considering 7 business fundamentals may help you outthink, out-market, and outsell competitors’ who use deceptive advertising practices.
Before you review these fundamentals, would I shock you if I told you that your consumers could care less about price? As I mention in fundamental #5, what buyers really want is the best “value” for the price they pay. In fact, it’s been my experience that consumers ache for value because it’s rarely passed on.
Let’s quickly review these fundamentals. You will want to commit these to memory for the rest of your life as a business owner. They’re based on fundamental human nature, and will always be applicable when it comes to marketing.
FUNDAMENTAL #1 – EVERYONE WANTS THE BEST DEAL.
Your customers, no matter who they are or what it is they’re buying, always want the best deal. That doesn’t mean the lowest price; it means the most value for the price they pay. They will gladly pay twice the price, as long as they perceive they’re receiving four times the value when they compare it to the price.
FUNDAMENTAL #2 – ALWAYS MARKET TO THE NEGATIVE.
Never forget that the vast majority of human beings will do anything to avoid pain, but very little to gain pleasure. Show them the solution to these so-called “hot button” issues, and they will buy from you forever.
FUNDAMENTAL #3 – CONSUMERS BUY BASED ON EMOTION.
This one is really important to remember. Human beings make buying decisions based mostly on emotion. They only use logic to justify their purchase. This ties in directly with marketing to the negative. Consumers either want out of pain or they want to avoid pain, and that resonates with them emotionally.
Market to the negative, and make it as emotionally compelling as possible. Hit your buyers squarely in their hot buttons, and you automatically make an emotional connection.
FUNDAMENTAL #4 – MAKE YOUR BUSINESS UNIQUE.
One of the biggest problems business owners face when trying to make that emotional connection is that different consumers have different hot buttons. That’s why it’s critical that you separate your business from your competition.
You must find a way to stand out from the crowd. The best way to do this is to create a “niche” market for your business. That means your business has to stop trying to be everything to everyone. When you try to be everything to everyone, you’re nothing to no one. When you select a niche market, a niche based on your passion for what you do, you instantly become “unique,” since your competition is trying to be all things toall people.
FUNDAMENTAL #5 – CREATE EXTRAORDINARY VALUE.
As I mentioned, consumers could care less about price. They shop price because they’re forced to. What consumers really want is the best “value” for the price they pay. They want to know how they will benefit from what you sell. How will their lifeimprove if they purchase your product or service?
If what you sell solves a problem in their life, or if it removes a major frustration, fear or concern, then they see your product or service as “valuable.” Better yet, they see your business as their best choice.
Your job as the business owner is to make sure your business offers them exactly what they want, and that means positioning yourself in a niche market, and then innovating your business to give that niche exactly what they’re looking for.
That creates “extraordinary value.”
FUNDAMENTAL #6 – BE ABLE TO COMMUNICATE YOUR UNIQUENESS AND EXTRAORDINARY VALUE.
You must create a highly targeted, laser-focused message aimed specifically at the consumers in your niche market so you can tell them you have exactly what they want. We refer to this message as your “elevator pitch.” It’s basically a ten to thirty second mini-commercial for your business.
When you say your elevator pitch to a buyer, and they respond by saying “how do you do that?” then you know you have a consumer who wants to know more about your business. That’s a buying sign.
FUNDAMENTAL #7 – CONSUMERS BUY WHAT THEY WANT, NOT WHAT THEY NEED.
Consumers may or may not buy what they “need”, but they always buy what they“want.” Where needs are based on logic, “wants” are based on emotion. If you can create marketing messages that hit these major fundamentals, you will absolutely dominate your competition.
So how do you use these fundamentals to create persuasive marketing? To make this really simple, remember this one important fact. You have to express why your business is the consumer’s best choice; price is your expression of value.
If business owners are unable to express why they are the consumers best choice, then sale transactions tend to follow confident business leaders who can express their value with clarity. This is one of our core competencies!
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