You have a web site, and you’ve got products ready to go out the door. What are you going to do to attract prospects to your business? Now imagine that you sell the exact same stuff as your competition? Now what?
This situation is all too common in real life. This is what I face in my business too. What do the vast majority of business owners do in this case?
They focus on the wrong thing. They spend all their time chasing the latest fad that everyone says will reap them more money. For example, it may be the latest technological gadget, like a new i-pad application. In my last article, I talked about my new shopping cart, which for me contains a lot of new technology that I hope will make me a lot more money. But, I’m not going to say that it is the holy grail for my business, because I know it is not. It is just one small part in of the puzzle.
I liken the shopping cart to a mouse trap. It is a gadget, but it is practically worthless without some sort of bait in it to attract prospects to the page.
My question to you is what kind of bait are you using to attract prospects to your business?
I find that most business owners are lazy. They don’t put much effort into making the bait. It just isn’t something that is all that exciting. It isn’t nearly as exciting as making something that you can see results from almost instantaneously. So they put it off. And then they put it off some more. Finally, with the lack of business staring them straight in the face, and the bills mounting up, they get the hint that something is wrong. What do they do?
They have a SALE!
Having a sale is the bait of last resort. It works at drawing in prospects, but at the expense of slitting your own throat. I’ll talk about that in a different article, because it is very rare to find a businessman that sees what a disaster a sale is to the business’ profitably. And without profits, your business is dead.
But most owners don’t know what they need to do to draw in customers. They are baitless.
What kind of bait attract customers?
To be honest, there isn’t a lot of different types of bait you can use to attract customers. Here are the core ways that draw in customers to your business.
- Price – Lowest prices.
- Selection – Offering rare items, wide variety (Walmart).
- Service – Treating customers well. Educating them.
- Convenience – Location, location, location. Saving customers time and effort.
Pretty much everything else can be lumped in to one of these categories. In fact, I’d probably lump convenience into the service category. Because if you think about it, you are serving the customer by making their day a little easier.
That leaves you with price, selection, or service.
Ideally, you want to hit all three. But that is very tough. Walmart tries to do all three, but even they have a hard time doing all three well. I’ve noticed that my local Walmart is constantly out of stock on popular items, which means that they aren’t hitting on selection or offering good service. In my opinion, they are sacrificing selection and service for low prices.
It is easy to say that you sell at a rock-bottom price when you don’t have any in stock.
Low prices goes right out the window when you want to be able to offer selection and service. It takes money to do that, and you must have good profits to draw from to increase both selection and improve service. If Walmart can’t do it well, what makes you think you can?
Selection and Service
Are there really only two types of bait available for us to work with? If that is the case, then you can probably understand why most businesses have sales. What else can they do to attract customers?
On the surface, the terms Selection and Service seem to be straight forward concepts. But they mean different things to different people. And this is how the bait changes flavor, and where you have an advantage over your competitors, even if you sell the same products or services.
When I say the word “selection,” what pops into your mind? Probably something like having a variety of items? That would be like the Walmart strategy, where you can almost buy anything from one store. But what about having a variety of the same type of item? Like a candy store, right?
The point I wanted to make is that the definition of selection can be different depending on who your prospect is.
It is the same with service. To some people, service might be getting you in and out of the store in the shortest amount of time. Like a drive through at a McDonalds. But to other people, service might be more personalized, like remembering your favorite color when you are shopping for clothing.
Because the definition of selection and service are not chiseled in stone, you have an advantage when creating the bait that will attract prospects.
Know Your Prospects!
Most businesses will assume that all prospects are the same, and they have the same definition for the terms selection and service. This is the biggest LIE you’ll ever come across in business. This lie is how come consultants will try to sell you on a “one-size-fits-all” solution to your business’ problems. For example, the media types (newspapers, magazines, radio, television, and even new media like web sites) will try to sell you on the concept of “advertising exposure.” The more times your advertisement is played, the more money you’ll make. Right? Except that you already know that this concept doesn’t work. If you’re paying for exposure, you’re well on your way to becoming bankrupt.
People are not the same. They have different values, desires, and needs. It is when you recognize those differences, that you have a major advantage in creating the bait that will attract them to your web site.
The Million Dollar Question
How do you know how people define selection and service? That is the million dollar question, isn’t it?
The answer won’t cost you a million dollars. It is tied in to a person’s personality. When you can read a prospect’s personality, you can know how they define those two words. Actually, it is even more simple than that. If you know “personalities” and how each personality behaves, you can create bait that will only attract a specific type of person. It is a powerful way to make sales, because you’ve filtered out all the suspects and are only left with legitimate prospects. At that point, it is just a matter of taking their money.
This is why I create the bait for my own web site. I don’t rely on the workers that create the mouse trap. They are so enamored by the workings of the trap, that they don’t want to take the time to learn how to make the bait. I could teach them, but they don’t seem to get excited by the inner workings of the prospect’s brain. The don’t see the direct connection to their wallet. They are content with collecting an hourly wage. They don’t really have anything at risk, so why learn it?
It is a sad thing to say, but most people, and a majority of business owners, don’t want to learn how to make bait. They are hoping to pawn off the job to someone else, because it isn’t one of those high-profile tasks that is glamourous. But in reality, it is the only job that generates profits. Everyone that has a private-sector job, works for a person that makes the bait which lures in prospects.
I personally feel that making the bait is so important, that I consider it my highest priority. I try to free up as much time out of my schedule, so that I can do the ONE-THING that brings in money. In fact, my staff gets frustrated with me, because even when we’re so busy that orders are back-logging our shipping department, I’m still making more bait. They want me to slow down and take a breather so that they can get caught up.
“Are you kidding?” I ask them. I’m making bait for tomorrow’s prospects! I have to have better bait because our competitors are trying to lure our customers away from us all the time. The moment I were to slow down and rest, that is when I’d get clobbered by my competitors. You’re probably in the same situation, right?
Are You A Bait Maker?
It is totally your decision on whether or not you want to learn how to make bait. Most people reading this will be content to put this off until some day in the future. I totally expect that from them, because they are the typical business owners. You know… they are the ones that are talked about in the statistic that says “8 out of 10 new enterprises started today will be out-of-business within 5 years.” In other words, “some day in the future” really means “never-going-to-happen,” despite their good intentions.
If you want things to be different for your business, then you must make a conscious effort to do something different. You need to say: “Today, I will start to learn how to make bait. And I will do that by investing in The Personality Marketing Manual.” You have to do this, because it takes more than just a commitment. It requires a specific action. And only in the Personality Marketing Manual are you going to learn which type of bait your best prospects are attracted to.
Until next time: “Be Fruitful.”