Irresistible offers pt. 2: Chasing the right people

Your offer might not be converting because you’re targeting the wrong people.

You might have a great offer, but if it's in the wrong market, it won't succeed.

So the first step in ensuring your business's success is understanding who is your target market.

Picking the Right Audience

4 Variables for Market Selection: Key factors to consider when evaluating a market.
3 Main Markets: Understanding the primary markets and finding your sub-market.
Riches in the Niches: The importance of niching down to succeed.

4 Variables for Market Selection

Customer Pain: Ensure your customers desperately need what you’re offering. For example, selling hot dogs at 2 a.m. outside bars in a college town will likely be successful because you have a starving crowd.
Purchasing Power: Your target market must have the money to afford your product or service. For instance, targeting unemployed job seekers for a premium resume service might not work well because they lack the funds.
Ease of Targeting: It’s essential to have a straightforward way to reach your target market. If you can’t target them easily, it will be challenging to market effectively.
Market Growth: Choose a growing market. Avoid shrinking markets, like local newspapers, which have been declining for years.

3 Main Markets

Health: Helping people achieve better health through various means like nutrition, exercise, or medical interventions.
Wealth: Assisting individuals or businesses in making more money through investments, sales training, or financial planning.
Relationships: Helping people build better relationships, whether personal or professional.

Finding Your Sub-Market

To succeed, you need to solve a specific problem for a specific persona (target customer) in a unique way that addresses their biggest objections.

This involves:

Identifying your unique persona.
Solving a specific problem.
Using a unique approach to overcome their objections.

The Riches Are in the Niches

Niching down allows you to be highly specific in your marketing and offers, leading to higher perceived value and pricing power.

Example:

Generic Time Management Course: $19
Time Management for Sales Professionals: $99
Time Management for Outbound B2B Sales: $500
Time Management for B2B SaaS CEOs: $2,000

By niching down, you can increase the price of the same core product significantly, from $19 to $2,000, simply by targeting a more specific market.

Niching down not only allows you to charge more but also makes your marketing more effective.

Your messaging can be tailored to the specific needs and pain points of your niche, making it more compelling.

When writing to your specific audience and persona, remember:

The Goal of great writing - for the reader to understand.
Goal of great copy (persuasion) - is for the prospect to feel understood.
The better you can articulate their situations and their problems the better.

If you can say what they’re suffering from better than they can, then they will automatically believe that if you can article their problems better, you can also articulate the solutions to their problems better than they probably have thought of.