There are three, very fundamental steps in any marketing process, what others may call, The Power Triangle
The first step is getting Traffic, to get people looking at whatever you are promoting. Without raising their defenses.
The next step is Conversion, to convince the person that what you have is going to solve their problem.
The final step is Economics, to give them what they need, a service or offer, and get their money.
Traffic, conversions, and economics, form a Power Triangle that governs everything in sales and marketing.
Simple as this.
In order to sell something, you have to get traffic, then you have to convert that traffic into any kind of response, and finally economics is to make some money on what you sell, this is why you are in business.
When you make a profit, you can re-invest it into more traffic, and converting that traffic, and further improving your economics. And so it goes.
It is a spiral never-ending traffic, conversion, and economics, it is the essence of Marketing, it describes every human transaction.
Your ultimate goal while using this power triangle in your business, is to make the best out of these three steps.
To know where and how to get the best Targeted Traffic for your business, the ones who showed previous interest in similar offers as yours. Even those people, you need to take much care about the tiny fraction of them who showed the greatest interest in what you sell, or actually bought something from you. Taking much care is to keep developing them more products to solve more problems for them.
To maximize your conversions, is to know exactly what is the best thing that makes your targets want to buy, what is their best motive, and simply put this motive in front of them. Also you have to know the best way in which your offer will convert more.
To get the best of your economics is to know exactly the needs of your targets, what they are looking for to solve their problems or to get some sort of benefit, or what kind of information they desperately want to know. And simply give them what they need in exchange of something, may be money, their emails, or whatever you want from them.
To get the maximum benefit of these three steps requires a lot of research, or testing, or some trails and errors. But what you need most, is a very good observing eye on your targets behavior, and to know exactly where to look.
Let’s say you have something good you want to sell, but you don’t know how to start, first you need to know the perfect answers to these following questions:
- Who would buy this? (T)
- What can we say to persuade them to buy? (C)
- Can you afford to reach them? (E)
- Can they give you money? (E)
When you know the exact answer to these very important questions, the next very most important thing to do is to Think Backwards. i.e. start by thinking about the final step. In more detail, about exactly what your targets will get from you.
You are not you, you are them, you are not sitting on your computer, you are sitting on theirs, you are not interested in what you are interested in, you are interested in what they are interested in.
To start from the end, and working your way to the beginning.
Great Marketers always have this question in mind ” What would these people want to buy?” then create it or find it for them.
If you already have a business, probably you own a website, and let’s say your visitors land on a page that offers some free report of software in exchange for their email addresses, so:
Traffic= people who land on your page
Conversions= people who opt in, and why they did
Economics= what they get in exchange for their email address, and the value of that email to you.
P.S: The value of an email address is huge, email is still the center of the marketing universe, even with the presence of the major social media channels, the number one function of your website is to collect your visitors email addresses before they leave.
Let’s say your website is an online store, selling shoes for example, so:
Traffic= people who came to your shoe store
Conversions= emotional or practical benefits of buying the shoes
Economics= what they paid for the shoes
When you send an email to your email list:
Traffic= people who get the email
Conversions= people who do what the email asks them, and the benefits to them, even if it is not buying something, it could be watching a video, or downloading a free e-book, or likening a Facebook page etc.
Economics= Why they responded and the benefit to you
Every move you do comes down to:
Another word for economics is, The Importance of value, economics drives everything else. Because marketing is all about creating and introducing values.
Economics is the first thing you need to improve, begin with the end in mind, make every transaction more valuable.
How much you are willing to pay to get a good customer. How well you compete comes down to how much you can afford to pay, that’s economics.
Focus on the great desire of your best customers to spend money. Do upsells, down sells, sell results, not procedures, don’t just sell pieces, sell complete packages that solve the total problem.
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