Mining for Gold with the Ethical Bribe Even in a narrow target market, all prospects should not be treated equally. All other things being equal, the more money you can spend marketing to high-probability prospects, the better your chances are of converting them to a customer. Remember the proverbial archer we discussed in Chapter 1? He has a limited number of arrows and similarly you have a limited supply of money for your marketing campaign, so it’s essential you invest it wisely. For example, if you have $1,000 to spend on an ad campaign that reaches 1,000 people, you’re essentially spending $1 per prospect. Now, assume that out of the 1,000 people the ad reaches, 100 are potential prospects for your product. By treating them equally, which you would have to do with mass marketing, you’re wasting $900 on uninterested and unmotivated prospects to reach the 100 who are interested. What if, instead of treating them all equally, you could sift, sort and screen so that you were only dealing with high-probability prospects and not wasting valuable time and marketing dollars on uninterested and unmotivated prospects? You could then spend the whole $1,000 on the 100 high-probability prospects. That would allow you to spend $10 on wooing each of them instead of the measly $1 per prospect you’d have if you treated them all equally. With ten times the firepower aimed at the right targets, do you think we’d have a better conversion rate? Of course. But how do we separate the wheat from the chaff? The short answer is, we bribe them into telling us! Don’t worry, there’s nothing underhanded here. We offer an “ethical bribe” to get them to identify themselves to us. For example, our friend the photographer could offer a free DVD telling prospective brides exactly what they should look for in a wedding photographer and showcasing some of his work. A very simple lead-generating ad could be headlined: “Free DVD Reveals the Seven Costly Mistakes to Avoid When Choosing a Photographer for Your Wedding Day.” Anyone requesting this “ethical bribe” would be identifying themselves as a high-probability prospect. You now have at least their name and address, which would go into your marketing database. Remember, the goal is simply to generate leads. Avoid the temptation of trying to sell from your ad. At this early stage you just want to sift out the uninterested and unmotivated so that you can build your database of high-probability prospects. Here’s the other big reason you want to avoid selling directly from your ad: at any given time (on average) about 3% of your target market is highly motivated and ready to buy immediately. These are the prospects most mass marketing hopes to convert. However, there’s a further 7% who are very open to buying and another 30% who are interested but not right now. The next 30% are not interested and finally the last 30% wouldn’t take your product, even if it were free. 'Subscribe' to the '60 Day Startup Launch 🚀 Blueprint' Podcast. Also check out 'StartupBhaijaan Umran' on YouTube https://youtube.com/channel/UCDdSLyAKaD_w5cBC0X4Pxkg Want me to Help you Launch your Startup: Book a Free One-on-One: https://onecallbusinesssolutions.as.me/schedule.php Check out www.onecallapplications.com
