Customers make or break your business. You can have the best business idea, with the best products, with zero pay clients, you’re still going to fail horrible. I learned this the hard way where I entered a dating and relationship coaching market in Singapore.
Here’s the huge subtlety:
There’s a huge demand for relationship advice. However, there’s almost zilch demand for social skills coaching.
Your paying clients should have:
Filter 1: Ability to Pay
When I first started my business, I was getting emails from national service men and men in their early twenties. I soon realized whilst these people were enthusiastic about learning more, they had no ability to pay.
They’d rather scrimp and use the free information that can be found on the web. Nothing wrong with that. However, I needed to switch target audiences.
Filter 2: Willingness to Pay
Secondly, your clients must have the willingness to pay. Yes, according to Google reports and some market research, relationship advice has a surmountable demand in Singapore. However, do these people who read relationship advice have a willingness to pay for professional coaching?
Not really. Yet again, market research backs this up.
This is why defining your target audience way head of time helps with your positioning and copywriting.
The Teardowns of my Digital Marketing Company
Here are the possible markets and target audience:
- Employees of small medium enterprises
They come to training under these SMEs. These SMEs have an ability and willingness to pay.
- Want to be entrepreneurs
These people are probably employees looking to become entrepreneurs themselves. SEO is a great skillset to have for an entrepreneur.
- Real estate agents
Real estate agents can target keywords on Google to generate leads.
- Start up founders
Start up founders are often cash strapped, and require low cost marketing activities. SEO is a great way to market their products and services.
- Established small medium enterprise who have a clear Google demand and value digital marketing
Notice, I didn’t say start ups in this section because most start ups do NOT have the ability pay for a 6 month retainer fee when it comes to SEO services. I also included: clear Google demand, arguably there are businesses that do NOT require SEO or digital marketing for business growth.
Lastly, I also wrote: that value digital marketing.
That’s because many traditional SMEs in Singapore do not see the value of digital marketing. If you don’t see the value of something, it’s highly likely that you’re not going to pay for it. Hence, these companies aren’t part of my target audience.
This was so crucial as an SEO consultant. I needed to find businesses that VALUED digital marketing, and wouldn’t underprice or under value my work.
How can You Write Mouth Watering Copy to Persuade them to Purchase?
Once you understand who your paying clients are, you can write your sales pages to persuade them to purchase from you.
This is MUCH MUCH more efficient as compared to writing for EVERYBODY.
This is also done by frontloading your work, and understanding who your target audience is: namely, your paying customers! You can figure out their pain points, hopes and dreams. You can get specific about their issues.
For example, an office furniture retailer in Singapore is only able to close huge one time projects, instead of having consistent cash flows from regular customers.
That is his pain point. Hence, SEO is able to provide consistent leads and cash flow for his business.
How about the business owner is consistently innovating on her product, as opposed as focusing on marketing?
He/ she doesn’t understand the value of digital marketing, and hence, will not be willing to shell out for digital marketing services. However, through education, persuasion, she MAY be more open to my services.
However, she isn’t my target audience. That’s because her primary focus is on product innovation, and not marketing. She has the ability to pay, but not the WILLINGNESS.
When you create a business, you should be addressing the hopes, fears and dreams of people who have the willingness AND ability to pay.