Most businesses tend to focus on approximately 3% of the customers who are ready to pay for a product or service right now.
While the “look at me and buy” idea is sensible in theory, it may not always work practically – especially if your market is saturated.
You can’t simply get the ideal customers to buy from you by just asking them to buy or by only talking about your business – you have to make your product/service more relevant to them.
The secret to getting more people to buy from you is in showing how you can help them. This step might appear blatantly obvious, but very few businesses are actually implementing it.
By embracing this approach and helping your customers and potential buyers, you can effectively differentiate your business from your competitors. You must establish your business as one that provides immense value.
What is value-based marketing?
The value-based marketing is nothing new – it remains one of the oldest strategies in marketing history. Famous copywriter Louis Engel wrote an educational ad for an investment company he was working for, the ad was published in New York Times and it drove over 3 million leads for the company, transforming it into a massive force on Wall Street.
Many companies and ad agencies embraced this new form of educational advertising in the years to follow and they ended up driving billions in sales through value-based marketing strategies.
For some reasons, the concept of value-based marketing is still being largely ignored. This is why now is the time you should consider going into value-based marketing. It is still strange to many how helping your customers solve problems instead of pushing for a sale can make your business grow.
The key to successful value-based marketing is giving before you ask. It simply means offering valuable products or services to potential customers before asking them to buy anything. Instead of asking yourself “How do I sell this product”, you should be asking yourself the question “How can I add value to my customers”.
How to use value-based marketing in your business
A common way to go about this strategy is to start using lead magnets. Lead magnets come in diverse ways: They could be free reports or free eBooks, cheat sheets, worksheets – anything that can help your potential customers solve their problems.
The goal of a lead magnet is to provide incredible value to your readers, one that directly speaks to the problem they are struggling with. Do this without asking them to purchase your product or service. If you insist on getting something in return, it should be their email address.
By showing your audience that you are dedicated to solving their problems, whether they purchase from you or not, you are successfully prepping them to become your customers in the future. People will naturally want to buy from you if they feel like they are learning and not being sold to.
It cannot be emphasized enough that the only way to leverage this strategy is to provide a meaningful value.
Tips for making an effective lead magnet
The following tips will help you put together a powerful lead magnet that will sky-rocket your sales.
- Make use of a headline that grabs attention. People will sign up for your lead magnet when the headline grabs their attention.
- Stop objections from the beginning. There are many skeptics online, hence a lot of people may think your value-based marketing strategy is too good to be true. You must let them know why you are putting your valuable information out into the world and the reasons why you want to help them. As you break down and explain each objection with reasonable evidence, you will open the minds of your readers to new possibilities.
- Tackle a burning question with each component in your lead magnet. For instance, your eBook or report should have sub-headings that are dedicated to particular issues. Doing this will ensure that those skimming through the report or eBook get valuable information from your lead magnet.
- Your lead magnet must be entirely value-based – that is, every sentence, paragraph, and line must be educational and offer value. Keep in mind that the hidden tactic here is to entice your readers to take action after reading the lead magnet; therefore, you should include a Call to Action (CTA) at the end of the lead magnet to move your readers along the marketing funnel.
Implementing these four main components will skyrocket the effectiveness of your lead magnets.
We’re not going to lie to you, growing your business using value-based marketing isn’t easy – it takes a lot of work to get everything set up for success. Even though the process of creating educational, value-packed materials for your customers might be time consuming, it’s well worth it in the long run.
The best part is, any business can implement it right away.
Ready to take your business to new heights? Get in contact today to find out how Adacted can take you there.