I thought I journaled my entrepreneurial and marketing insights for October 2018.
Yesterday, I closed a client, however, instead of feeling elated, I felt like I lost. The prospect wasn’t in my ideal market. I intuitively guessed that he’s going to be a high time and effort client down the road. In fact, I almost felt like NOT closing him. He’s wasn’t my ideal prospect.
Here’s why that’s because I had to sell hard. Convincing marketing is the most expensive form of marketing. Marketing is about putting yourself in front of YES prospects. They also don’t make the best customers. If you offer a money back guarantee, you might find yourself being haggled by them.
The best kind of client in any industry:
- Client that is able to pay
Some companies can barely deliver, but they are able to sell high ticket items: 4K per customer. Some companies over deliver, but barely being able to raise their rates by a few hundred dollars.
- Client that values your work
If you’re working with a client that doesn’t value your work, you’re going to have a difficult time. If there’s something I know about self-esteem, you need to work with someone that values you and otherwise. Otherwise, your work will feel meaningless and it’ll chip away at your self-esteem.
- Client purchases on value, instead of cost
The client I onboarded was more a lot more cost concerned.
I made a classic mistake, charging my copywriting rates based on the ‘market rate’. However, on hindsight, I am one most diverse copywriters in Singapore. I am able to write from a search engine optimization standpoint, persuasive standpoint and a branding standpoint. I shouldn’t be pegging my rates based on ‘copywriting market rates’.
Positioning is King
I learned a new phrase yesterday, marketing is about putting your products in front of yes buyers, ready buyers. Contrary to what you think.
The majority of my clients in my dating and life training business has similar values as me.
They are somewhat entrepreneurial. One of them invests in holding companies, reads up regularly on investing and has plans to open up a nursing clinic. One of them left Singapore to Japan to pursue a career in graphic design. I caught up with another one 6 months later and I find he’s in Vietnam learning a new skill.
Last month, I ran a paid advertising campaign targetting people that have an interest in dating apps. The results weren’t stellar.
What’s the personal portfolio of people hooked onto dating apps?
- They prefer to stay online
- They aren’t into self development
- They’d rather splash a ton of cash on dating apps, trying to Tinder boost their way into dating success
- They most likely don’t believe in investing in themselves, in my case, I’m marketing education programs
This may be a mistake. Convincing marketing is the most costly. I’m going to switch up my marketing message and targeting to target the personality make up of my paying clients:
- Driven in life
- Invest in themselves based on value, instead of cost
- Have other things going for them in other areas of their life
- High performing in other areas of life such as their jobs and haven’t gotten the dating/ social skill side of things down
‘I’m not in the business of taking losers to winners, I’m in the business of taking okay to great.’
Focusing on The Right Metrics
Secondly, after nerd-ing out on Facebook advertising for a month straight, I realized that metrics can be deceiving. My first $360 advertising spent on my first Facebook campaign returned a total revenue of $2100. The metrics on Facebook were ugly. I had approximately 20 leads and around 8 showed up. Out of the 8, I managed to close 2 of them.
You can argue that my ‘conversion rate’ on Facebook sucks and I should better my Facebook marketing skillsets. However, those aren’t the right metrics.
Here are the metrics that actually matter:
- Cost per customer acquisition
How much it costs you to acquire one customer
- Return on Investment on marketing budget
Dollars in, dollars out. Simple.
- Increasing Net Profit Margin per Customer by Setting Right Price and Communicating the Right Value
Price matters. Profit is a function of price. I know of a company that constantly over delivers in value, yet undercharges on price point. I made this mistake in my own business and services, not pricing my programs right.
Secondly, if you were to increase the price point of your services, you’ll need to able to convey the value of product or services the right way to make a close. You can be the best marketer in your industry, however, if you fail to make a close. You don’t get paid. The art of sales and closing is an entirely different skill set in itself. I’ll definitely write more about this in the future.