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Dear Business Builder
Glad you’re here.
If you’re interested to grow your business, you’re in the right place.
In this short ebook, you’ll learn how to Dominate any market, niche or industry whether you own a business or work for that business.
Now, let’s get this straight.
It’s not always easy or straight forward.
Point is, this should be your goal from the outset.
To Own Your market.
To Dominate It.
To beat your competitors.
To be the only brand your prospects think of when looking for a product or service you sell.
Now there are a million ways to skin the cat, but i’ll share some quick and dirty methods to get you give you a headstart.
So the easiest way to dominate and own a market is to create it.
Yes you read that right.
Create your own market and own it.
This can mean a lot of things, so let me explain
There so many big niches out there that you can easily create your own sub-niche and own it.
Let’s say your company provides Digital Marketing services.
You could specialize in Digital Marketing for banks and own that market.
Instead of going broad and trying to compete with a lot of people, you’d narrow down your market and try to dominate it.
It’s easier to customize your message, easier to deliver the services and easier to dominate.
But of course, sometimes you already have an established business and you can’t change the niche that you’re working in.
Or the size of your market as a whole is too small, then you can’t really take that approach.
You’ll have to deal with existing competitors but here’s the scoop.
Let that sink in for a moment.
We are talking about buying customers.
In a very simplistic way of putting things, we’re all in the business of buying customers in exchange of value.
Whenever we’re talking about customer acquisition online, the main metrics we need to focus on are Customer Lifetime Value & Customer Acquisition Costs.
If you’re wondering what a CLV = Customer Lifetime Value is, here’s a definition
In marketing, customer lifetime value, lifetime customer value, or life-time value is a prediction of the net profit attributed to the entire future relationship with a customer.
Now let’s say you are responsible to grow Dental Practice.
You’d want to know things like how long a customer will stay with you, how much would they spend on average per visit and how many times they would visit per year.
Let’s say a patient is worth at least usd 5000 to a dental practice and it generally costs usd 500 to get a customer, that will give you a rough idea of how much you should budget for your advertising campaigns.
You could potentially say that you’d need to spend at least usd 5000 per month to get 10 customers which would potentially bring usd 50 000 over time which would be a health 10x ROI.
Based on those numbers you can determine how many customers you’re ready to onboard per month and how much advertising budget you’d require to achieve that number.
This comes back to the concept of buying customers that we discussed about earlier.
When you can predict the number of customers coming in your business every month like that based on your marketing campaigns that you run, this is what we call market domination.
Now in our context, we’re talking abou how to use online channels to generate customers and dominate our market.
Look how we’ve worked the numbers backwards and there is a very good reason for that.
There is no point running any Digital Marketing campaigns without set objectives and if we have proper numbers, we can plan our market domination and Digital Domination.
Digital Domination… How Do We Do That You’d Ask…
It’s pretty simple.
To be omnipresent, you need to be seen on all media channels your customers use
Some call it omni-channel advertising.
In practice, this could mean that your ads would appear on Google Search, Google Display, Youtube, Facebook, Quora, LinkedIn etc
Let’s illustrate how that works in reality.
Let’s say you run an insurance company and you want to push home insurance products.
Now before anything else, you need to make sure you have an irresistible offer.
In another words, an offer your customers cannot refuse.
Next thing you need to do is define your ideal customer avatar.
Defining your avatar is a very important exercise and we won’t go into too much detail here today. In essence you need to know everything about your customer.
Their hopes, dreams, desires, challenges, uncertainties and fears.
As you define that Avatar, you’ll also know where they prospects hang out
It’s pretty safe to say that the audience for this particular offer will generally hangout on Facebook, Google, Youtube, Instagram & Linked.
Now as mentioned before, you’d need to know your Customer Lifetime Value and your Cost Per Acquisition ( CPA )
If you don’t have them, you’d need to go with conservative assumptions.
Let’s assume your CLV is usd 10,000 and your CPA is usd 1000 and that you have a budget of usd 100 000 / month for advertising
Here’s how I would split my budget
|Usd 50 000|
|Google Search||Usd 10 000|
|Youtube||Usd 15 000|
|Google Display Network||Usd 25 000|
We have the money and we have a media plan
We now need a strategy to spend it.
Starting with easiest, Google Search.
Advertising on Google Search is a no brainer. All you need to is bid on buyer keywords.
Here are some obvious keywords that come to mind for our campaign
home insurance quotes
best home insurance
Home insurance plans
home insurance reviews
These keywords will obviously vary based on the country you’re in so you need to do some keyword research first but you get the idea
You can use tools like Google Keyword planner which is free or paid tools like SemRush.com to get keyword search volumes, costs and variations etc.
We are not going to get too deep on paid advertising in this post, you’ll find plenty of those on Youtube.
In short here’s how it works:
1.Someone goes and types “ Home Insurance Quote” on Google
2. Your Ads show up and they click on it.
3. They land on your landing page
4. They fill up all the details on the landing page and request a quote
5. Everyone who successfully request for a quote land on a thank you page
6. We retarget everyone who landed on the landing page and didn’t request a quote with “reminder” type of Ad on Google Display Network and Youtube
7. We retarget everyone who a requested for a quote with a “reinforcement” type of Ad to make sure they see Ads so that they actually buy your plans.
8. We retarget everyone on Facebook and GDN + Youtube ( Google Display Networks ) with both “reminder” and “reinforcement” ads.
Obviously, you need to get the budgeting side of things for the different platforms split according to the initial planning.
See how we’re being present on Google Search and then cascading that on the other platforms?
Here’s how this works…
Prospects run a search for the keywords we’re bidding on and if they click on our ad, they start seeing your ads on Facebook,
Instagram, Youtube and Google Display Networks & LinkedIn.
From a technical perspective, they get pixeled and we use that pixel to remarket to everyone who has interacted with our ads.
That omnipresence increases brand awareness, gets customers to know you, like you and trust you more which ultimately increases conversions.
NB: You’ll need to add your Google Ads pixels, Google Analytics & Facebook Pixels to be able to track your numbers and re-target properly
As part of the strategy, we would retarget everyone who hits our landing page and does not request for a quote.
You’ll also need a well crafted landing page for this campaign
With Google Ads, you can get clients/leads the same day if you do it right. You’re targeting the Hot leads. ( 3% of the market who are ready to buy )
See Diagram below:
Prospects who are actively searching on Google generally have an intent to buy, that is your low hanging fruit and you should definitely tap into that audience.
The downsides with Google Ads is that competition is usually high because it’s obvious and easy, so all players want to get a piece of it.
If you need help setting all that up, you can get a free quote HERE
Facebook is a little bit more complex than Google Ads and requires a lot more effort to make it work than on Google Search but it’s much more scale-able
Carrying on with our Home Insurance campaign here.
Now before we go any further, you need to understand one very basic and important concept.
You need to understand what is outbound and inbound marketing and where do you use them.
Let’s take an example again.
When you need to find a chiropractor or a plumber, more often than not, you’ll use Google.
Instinctively you’ll click on the links that are at the top of the page or you’ll call the numbers that appear. Your actions will based on which device you’re in and the urgency of the matter to you.
So in general you’ll find a website or content which is relevant to you and get in touch with the Chiropractor.
The process of putting out content out there in view to be found is called Inbound Marketing.
Inbound leads are the best type of leads because they are warm or hot. They have intent.
They are aware…. Of their problems and the relevant solution.
They are In-Market leads who are looking for the best solution for them.
But as mentioned before, that is generally less than 3% of your market.
Hence we need an effective way to market to the other 97%.
The 97% consists of the Warm and Cold market
These numbers are approximations that have been used over decades and that you can safely use today. It has a lot to do with interpretation thought.
Eugene Schwartz tackled this in Breakthrough Advertising back in 1966.
Schwartz broke down prospect awareness into five distinct phases:
1. The Most Aware: Your prospect knows your product, and only needs to know “the deal.”
2. Product-Aware: Your prospect knows what you sell, but isn’t sure it’s right for him.
3. Solution-Aware: Your prospect knows the result he wants, but not that your product provides it.
4. Problem-Aware: Your prospect senses he has a problem, but doesn’t know there’s a solution.
5. Completely Unaware: No knowledge of anything except, perhaps, his own identity or opinion.
If you’re smart, you’ll want to market to the warm audience in general. Acquiring cold customers will always cost you more.
Start with the low hanging fruit.
Tackle the hot and the warm market head-on, you can worry about the cold piece later.
See how I use the term in general quite a lot, because every market is different so you don’t need to take what I say for the word of god. You need to adapt it to your situation.
We took a bit of a detour here, but that’s an important piece we needed to cover.
Back to Facebook Ads.
We have a campaign of usd 50 000 per month
That’s roughly a usd 1600 a day, again this number is just a random pick
This ebook is not about teaching you how to run Facebook Ads, that’s a lesson for another day so we will just assume that you know what you’re doing.
The ultimate goal is to be omnipresent in front of your potential buyer and we are already present on Google Networks through our Search campaign above.
In terms of strategy, here’s what I would test.
I would start with an education campaign using video and text to educate and warm up the audience.
I would then retarget with the main offer using a conversion campaign.
Note that you can create a custom audience of users who’ve watched at least 50% of the educational videos.
Without getting into too much detail, here are the ingredients necessary to dominate Facebook
1.Stand out in the crowd.
Facebook’s newsfeed is always busy with so many different ads and people sharing stuff, your ad should be set to stand out otherwise it will go unnoticed.
Get creative as much as you can. I will give you some tips on how to do that someday.
Sometimes just a color contrast can make a huge difference
2. Use appropriate conversion objectives. E.g If you are driving traffic to a landing page and want to generate leads, use conversion objectives so that Facebook can optimize it for you.
Too often I have seen people run Click campaigns thinking that they are cheaper but in general, that would end up costing you even more.
Look at your end goal.
Sometimes, a combination of campaign objectives can do wonders.
3. Make maximum use of the Facebook Pixel
You’ll be suprised by the power of an optimized pixel.
As far as possible, run Conversion campaigns and set your conversion pixels for different objectives like Add To Cart, Purchases, Lead Signup etc.
4. Make optimum use of retargeting options available
Create custom audiences based on video views, pages visited, engagements etc
5. Build your campaigns around your audience’s fears, hopes, dreams and desires.
The strategy is not that complicated if you look at it but both Google and Facebook are quite complex as platforms, so I would advise you hire someone with experience to run your campaigns.
But the good news is that we can help you execute this Secret
strategy from end to end.
If you have a great offer/product/service and you’d like to take over your market, dominate and get clients at will…
Get in touch with us and let’s talk.
Tired of working around the clock for that 9-5 that would replace you in a second?
Maybe you feel like you’re stuck in the job you are and it promises no real growth.
Or you are just fed up making someone else boatloads of money?
Whatever your reason for wanting to start a business is, the outcome can be a rewarding one both financially if done right and feeling like you have a sense of purpose you are working towards.
If this is the first time you are thinking about this though, you probably aren’t entirely sure what it is you want to do in terms of running a business.
And if you’re in that spot, you are most probably on the lookout for all kinds of business ideas that you can turn into a thriving business.
So here is a list of 10 ways to come up with a business idea and how you can help accelerate your inspiration on the path to finding the killer idea 🙂
#1 Do something about what annoys you
Is there something that just gets on your last nerve? Perhaps something you need to buy that feels like it costs the earth or a service you have to make use of that just rubs you up the wrong way. One of the best tells for whether something can be turned into a business idea is when it feels like there is no hope concerning said product/service. Good thing is, there is hope and it can be in the form of how you can improve on that particular item/service. Maybe where items need to be purchased for something like college, you can offer a rental service at a fraction of the cost.
Sometimes a business idea waiting to happen is something that annoys you. Use it as a potential starting point and go from there.
#2 Don’t look at reinventing the wheel
Most of the great ideas that come out these days in terms of new businesses is not brand spanking new ideas/products. Instead, they can be a (slight) improvement on an existing product. Think about it. If there is already a market with that existing product - say an iPhone - a business idea centered around a product to improve the user experience of that device can be just as big a winner.
Take a look at what some of the big names in industries are doing and what they are missing out on and go from there. In other words, search for new niches within already established markets.
And luckily, there are new niches popping up every single day. All you have to do is think outside the box and make sure your idea serves a purpose.
#3 Recycle your skills
Sounds funny but think about it. You have a particular skill set and most likely you are concentrating those skills in a particular field. Why not try putting your skills to use in another way that serves a purpose. If you’re a writer, always concentrated on writing for the marketing field, what would happen if you turn your skills towards another market.
You could be the next greatest children's book author without even knowing it and you could turn your skills to work for you in another direction. There are loads of ways that people with all kinds of skills can refocus their attention to a different sector or towards a different niche, you just have to give it some thought.
#4 Find a market that needs some pep
If you’re struggling to find that killer idea for a business, do some research.
Look at industries that have not really had much innovation in recent years, then put on your thinking cap and find something to create that innovation.
Again, this is not about reinventing the wheel or having to create something from scratch, it can be as simple as making something work better or helping solve another problem that no-one has been able to yet.
#5 Make something that already exists but make it cheaper
Again, we are not talking about creating something from scratch. You need to keep in mind that there are different spending levels of people and that just because a product costs X does not mean everyone can afford it at that price.
By taking something that is used frequently or a popular item, and making a cheaper version of it, you can be catering to a whole untouched market.
But by all means, please do not read cheaper as lower or unsafe quality. This is where you need to be clever about how you bring down the cost of the item. Maybe it involves using a different material or varying the way in which the product is presented but it should always be safe for the market it will serve.
Don’t make the mistake of cutting corners just to make it cheaper, be innovative and think about how to do it the right way.
#6 Conduct some field research
What better way to find out what the market is looking for than to talk to the market?
If you are looking for ways to come up with a business idea, you need to get a feeling for what people are looking for and expecting, that way, you will not only be getting first-hand market research but you will be able to come up with a way to solve whatever issue they may be having.
Maybe you don’t need to talk about what products they’d like to have or what services they need but ask them what frustrates them and look for a pattern over a number of people.
Also, try to stick to a particular niche so that you are talking to a market of the same or at least similar people. For example, if you talk just to moms you may be able to come up with something that can make a mom’s life easier. You will have found a niche and it narrows your scope which helps you zone in on a solution for them and ultimately come up with a business idea.
#7 Make use of your particular skills
This should go without saying but your best starting point is to stick to what you know best.
If you are good with your hands, you are not about to go into creating a solution for accountants or the motor industry…
Also, don’t only concentrate on those skills but reflect on your hobbies or passions because these are something you care deeply about and are interested in. Chances are you able to learn really well when it comes to them so take time to explore that too.
Maybe you are interested in watercolor painting. You never know how that passion can turn into either you offering your skills to help teach others or turning it into some kind of product.
Keep your mind open!
#8 Take your ideas across borders
Look for inspiration and ideas that are working in other countries and see if you can adapt them to your home base.
Chances are, you may need to tweak it a bit to make it work for your country but the good thing is that you can probably do that because you understand your home market and what it would need.
Always look at things that are not being done in your neck of the woods that will either solve a problem or create a new niche market.
The internet is a wonderful place and luckily you don’t need to be fortunate enough to travel to be able to find all the info you would need to be inspired.
#9 Don’t only settle for perfection
Maybe you’ve had some ideas that you were like, “this would work, if…” but then you tossed it aside and continued looking for that perfect idea.
Go back on all those maybe ideas and see what is most executable right now.
Because sometimes those are the ideas that are work in progress and work really well in the end because the develop and grow into something really great.
Things are not always going to go as expected, count on things to develop in their own way and go with it.
#10 Never stop looking
Keep your mind, eyes, and ears open all the time.
Keep a notebook with ideas and review it every so often because you never know when an idea can be as simple as starting a website and getting it off the ground.
Do not limit yourself to thinking you need to have large stacks of cash to get an idea off the ground either because there are loads of things you can find that need solutions that you can offer.
Most of all, never stop looking for ways to improve on things or to make life easier because chances are you will have a few pretty decent ideas. Staying inspired keeps your mind open to discovery always.