The Formula for Market Dominance™ Step 7:

Assume the Risk

Despite successfully persuading prospective buyers that what you offer is a better deal than what your competitors provide, some people will still have cold feet when it comes time to take out their credit card. Generally, the higher the ticket item, the more hesitant prospects are to move forward. The reason is usually perceived risk. Therefore, if you can reduce the risk to a point where it is the obvious choice to proceed with the purchase, you will find yourself more new customers. What may work best is encouraging your prospects to wade in a little before they are ready to make that big purchase. Invite them to receive a taste of the value you provide.

Offering a free initial consultation, discounts on the first purchase, or a written money-back guarantee are the right avenues to establish an initial buying relationship with your prospects. Doing so will allow the highest percentage of those who are ready to purchase your services to take the plunge and buy something. Then, if you provide them with excellent service and have an effective, well-organized, follow-up program in place, a higher percentage will move forward with that bigger purchase.

 
Maintain Communication with Prospects​

When your prospective clients are not ready to move forward even with the smallest possible commitment you can make, you can still eventually turn them into buyers, if you provide them with additional valuable information from you on a continual basis. Thus, capturing their contact information and regularly reminding them of the value you offer is imperative. Think educate and remind. Your plan, for example, could include a combination of direct mails, emails, webinars and teleconferences. In most cases today, however, the most effective tools are gaining followers to your social media pages, or subscribers to your YouTube® channel.

 

Still, prospects may need to be nudged with a direct communication by phone or in person. When you do, remind them of the value you provide and offer the lowest-risk option possible when they indicate they still are not ready to make that big purchase. 

Keep in mind there is a buying cycle, which consists of gathering information and proceeding through objections to moving forward to being ready to buy. We call this The Buying Decision Progression. In our marketing consulting business, for example, we have had prospective clients whom we remained in contact with for over five years before they were ready to hire us and then did. Some became long-term clients. If we did not keep in touch with them, chances are they would have gone elsewhere. 

 

Create Social Media Groups
and Invite Your Prospects​

Hosting groups on Facebook, LinkedIn or other social media, can be effective for various types of professional service providers. How to promote memberships to your groups and nurture them into turning into buyers is an entire subject in itself. For now, we will just say this. Effectively apply the steps of The Formula for Market Dominance to expand membership within your groups, and keep communicating with your existing members. If you do, your audience will grow and clients will emerge.

 

When to Let Go

Our advice is you create a database and enter all prospects in it. Continue educating and reminding prospects until either they buy from you or ask to be removed from your list. Always be there to nurture them and provide advice, if you can. The worst thing that could happen is that many will never turn into a client. However, some will, and that will make it worth the effort

 

The Formula for Market Dominance Step 1

The Formula for Market Dominance Step 2

The Formula for Market Dominance Step 3

The Formula for Market Dominance Step 4

The Formula for Market Dominance Step 5

The Formula for Market Dominance Step 6

The Formula for Market Dominance Step 7

Learn What You Need to Do to Dominate Your Competitors 

Receive a Personal FREE One-Hour Consultation. During this session, our marketing strategist will help you sort out what the most effective strategy is for your business. Schedule a phone, Skype®, FaceTime®, face-to-face meeting.

Strategy vs. Tactics

How Business Builders Rose Above Its Competitors

Stop Guessing with Your Marketing

How to Avoid Mistakes in Selecting Media

The way to ensure your advertising dollars are well spent is through diligence and research. If you follow these steps you will avoid throwing money away and get better results from your ads. Use this approach for all online and traditional media. 

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Learn What You Need to Do to Dominate Your Competitors 

Receive a Personal FREE One-Hour Consultation. During this session, our marketing strategist will help you sort out what the most effective strategy is for your business. Schedule a phone, Skype®, FaceTime®, face-to-face meeting.

Strategy vs. Tactics
How Business Builders Rose Above Its Competitors
Stop Guessing with Your Marketing
How to Avoid Mistakes in
Selecting Media

The way to ensure your advertising dollars are well spent is through diligence and research. If you follow these steps you will avoid throwing money away and get better results from your ads. Use this approach for all online and traditional media. 

Links to Other Marketing Related Sites

The following are the sources that helped enable us to develop our strategic marketing approach. We deeply appreciate them all.

 

Arizona State University W.P. Carey

School of Business

Jim Collins

 

Peter Drucker

 

Mitch Meyerson

 

Jack Trout

Michael Gerber

Richard Harshaw

Hubbard College

Tom Peters

Jay Abraham

Steven W. Brown

Michael Porter

Al Ries

Jim Rohn

Seth Godin

Tom Vassos