We all know new customers are critical to growing your business.
Finding them, enticing them and converting them is the hard part.
Trying to find them is a big business, in fact, the advertising market is a $2.8b market. Of course, it is much bigger than that when you factor in all creative work that goes into production.
While that is an eye-watering number, at any one time, that number is only talking to 3% of the market.
That is because the rule of thumb is that the market is divided into four major categories.
- 3% who are active buyers. These are the people and companies that have a need and are actively shopping. They want to purchase in the next thirty days.
- 17% who are information gathering, getting ready to be an active buyer
- 20% who are problem aware but aren’t active in trying to solve it
- 60% who are problem unaware, however, either they don’t know they have the problem, or it isn’t a big enough issue to address
Back to that $2.8b advertising spend, that is only addressing 3% of the market.
To grow your business, you need to play the short and long game. Sure, you need to be in front of customers when they are ready to make a purchase but, you need to be with them as they move through the stages of problem unaware, problem aware and information gathering.
Because consumers may search online for 30 days, but, ironically they buy close to what they found on the very first day of searching.
So, to play the long game you need to do three things.
- Connect with their worldview and solve their ‘broken bone’ issue
- Consistently add value and
- Consistently be in market
If you need help playing the long game drop me a line.