In my years of coaching and consulting, I’ve come across countless small businesses striving for success. And the truth is, building a thriving business isn’t as simple as it may seem. In fact, out of the 30 fundamentals needed for success, I’ve rarely seen even one of them fully in place. It’s no wonder that the failure rate for small businesses hovers around a staggering 96% within their first 5 years.
Let’s take a look at the first crucial fundamental: the “market-dominating position.” Every business must set itself apart from the competition and create a unique identity. Let’s consider a chiropractor who, like many others, treats various conditions. The challenge is that all chiropractors have similar training, making it difficult to stand out.
The solution here is to help the chiropractor carve out a “market-dominating position” by focusing exclusively on helping Fibromyalgia sufferers. I know of one chiropractor who did exactly this, then created a targeted marketing campaign. The results were nothing short of phenomenal: 137 leads generated, 37 new patients at $2500 each, and a remarkable 7,100% ROI on a $1300 marketing investment! That’s the power of a “market-dominating position.”
Now, let’s delve into the second critical fundamental: identifying your ideal customer, or client. While most small business owners have a basic demographic understanding of their ideal customers, it’s only a fraction of the picture. The remaining 75% lies in the “psychographic” profile, knowing the emotional triggers that drive their purchase decisions.
Consider the chiropractor again – he shifted from a broad demographic focus to a specific ideal client: females, aged 35 to 55, disabled with pain, and unable to work, with an income over $50,000 and 1 to 2 children. When you do this, the precise definition of your ideal customer dramatically refines your targeting.
The next step is to analyze the “psychographic” profile or hot buttons of your ideal client, or customer. For Fibromyalgia sufferers, misdiagnosis was a major concern, as it’s the most frequently misdiagnosed condition. Understanding this hot button allowed the chiropractor to craft a marketing message that delivered an astounding ROI.
When you identify your ideal customer, you gain focus. Your messaging becomes laser-focused, and you can minimize your marketing costs while reaching those most likely to buy. It’s about speaking directly to the heart of your prospects. 🎯
Are you ready to unlock the secrets of small business success? Let’s Connect and see which of those 30 critical fundamentals need improving in your business.
