Recently, I was on the phone with a potential client for the Eliminate Cold Calling Case Study group. We’ll call him Pete … that’s not his real name, but that’s what we’ll call him for the sake of our conversation today.
Pete wanted to know if the program was right for somebody who is having trouble getting traction with the “whales.”
You know, the REALLY big companies that are damn near impossible to get into especially for someone new to the industry who doesn’t have a large database already built.
While the program is perfect for someone in Pete’s situation, that’s not the point of this.
I want to step back a little from Pete’s core problem a bit to examine the reality of the buying cycle at any moment for any industry. To do so, you can reference the Pareto Principle (aka the 80/20 Rule).
If you take the Pareto Principle out to its third iteration, it would look something like this:
The Reality of Any Market in Any Industry
While the graphic may be a bit hard to read due to size minimizing requirements, it’s basic premise is something I refer to as the “Reality Diamond™.”
At the top, you see 0.8% are actively buying right now. Another 3.2% are in the final stages/due diligence phase. These are “hot” prospects, but you’re likely too late to the party if you haven’t gotten involved before now. If you have been involved up to now, risk reversal and differentiation are the keys to getting a deal closed.
Stepping down from the top into the next section, 16% of the audience is aware of a solution yet haven’t made a purchasing decision yet. These folks know there’s a problem to be solved and the various potential solutions. They’re focused on weighing out the pros and cons along with the risks and rewards of each. To push them off the fence so-to-speak, concentrate on showing how others have fared with your solutions. Case studies, testimonials and answering FAQs and SAQs are key.
Next you have 51.2% of your target audience that is aware a problem exists or is looming, but they haven’t figured out exactly how to resolve the problem yet. To move these prospects up the chain, focus on providing more education on how to solve the problem along with questions to ask that position you as a logical conclusion.
Moving further down the diamond, you have 25.6% who are oblivious to a potential problem. Status quo is comfortable, and there’s no reason to explore solutions to a problem that doesn’t exist, right? This is where you can mold prospects to preferring you through solid education about potential dangers looming around the corner. Proactively educating prospects is one of the best ways to gain an advantage over your competitors without them ever knowing you’re even involved.
Finally, 3.2% of your desired target audience is never going to be interested no matter what you offer or how much quality education you provide. It’s like trying to sell jock itch powder to women or feminine hygiene products to men. It’s the wrong product at the wrong time aimed at the wrong market. Luckily, it’s not a massive number, and you already knew there were bad fits so chalk this group up as part of the bad fit crowd.
Where Most Get It Wrong
To make a long story short, you’re likely wasting a lot of marketing horsepower by focusing on the top of the diamond because they’re already far enough along in the decision making process. The best way to attract a bigger audience is to offer educational and helpful lead magnets, content and advice for prospects within each segment of the “Reality Diamond™” as they navigate toward buying solutions like yours.
How You Can Get It Right
You can offer lead magnets on your website in exchange for basic contact information such as first name and an email address. This, in turn, allows you to follow up with prospects who have demonstrated an interest in learning more about your solutions. You can also use them to warm up your cold calls by mailing a physical copy to qualified suspects then following up with them either via the phone or email.
All of this begs the question: how can you be more educational in your marketing to draw more people into your world?
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