It’s difficult to increase your sales exponentially without making your business appeal to the larger market. With the larger market formula, you will not only widen the share of prospects you can appeal to, but you will also propel your business ahead of your competitors.
What is the Larger Market Formula?
Statistics have shown that in every market, roughly 3% of people are interested in doing business with your right now. About 17% of the people are still in the mode of gathering more information before making their final decision. Approximately 20% of the people know they need some form of help but they are not showing enough commitment to solve their problem and about 60% of the people in any given market are not even aware they have a problem you can solve.
How to implement the Larger Market Formula in your business
The larger market formula involves a two-step strategy. The first strategy is to find ways of generating and directing more traffic into your marketing and sales funnel.
You can’t just rely on a single traffic source to drive your sales. For example, in addition to Google Ads, you must also explore traffic from affiliate marketing, SEO, and Facebook Ads.
It could happen that for some reason, your Google Ads account may be shut down – and if that is your only source of traffic, it could become a disaster for your business.
With multiple sources of traffic, you will be able to direct continuous traffic into your sales and marketing funnels which will automatically grow a larger audience for your business. Even if one source of traffic is not working out, others will, hence your business will not slow down.
Starting small with traffic generation is the key to success. You might want to begin with a single channel that will hopefully generate more sales than you are spending. Of course, you need to work out the Cost Per Lead (CPL) and Cost Per Acquisition (CPA) for the marketing funnel first.
Transitioning from one traffic source
As you are making a profit from your marketing funnel, channel some of the profit into growing your other channels. Repeat this strategy for all your marketing channels and compare them to see which ones are more profitable.
Once you know which traffic sources give higher conversions by calculating their CPL and CPA, simply go for the top 3 best-performing ones and allocate your resources among them. With this strategy, you can always rely on one or two traffic channels if one of the three runs into a hitch.
The steps highlighted above are just the first part of the entire larger market strategy and once you have completed those, simply move to the next phase. The next strategy is creating an impression and appealing to a larger share of the market than your main rivals are.
Keep in mind that your main competitors will mostly focus on the 3% of people who are likely to make a purchase right now. That means you shouldn’t make the same mistake of focusing on that 3% to exponentially grow your sales.
When your focus is on the 3%, you will leave the other 97% up for your competitors to grab. If you want to grow revenue, focus on the 97% of the people who have not made up their minds and ensure that they are 100% ready to buy from you when they eventually make up their minds.
Don’t ignore the 3% who are ready to buy now – you should dedicate some time and energy to convince them too. The key idea here is to appeal to the larger group of 97% who you want to move closer to you.
How do you ensure that the larger market share of 97% trusts you?
You can achieve this by becoming a key authority they will refer to in your chosen niche. You can become an authority in your niche by publishing lead magnets regularly.
Also, publish guest posts in top blogs related to your industry, and consider answering tougher questions on general public forums like Quora. Also don’t forget to go on social media channels like Facebook to answer questions from audiences. Your goal is to be visible, provide value, remain relevant, and build more trust.
When you become an authority in your niche you will appeal to all prospective customers within the buying cycle. The 3% who are ready to buy will surely want to buy from the best in the industry and even the 17% who are still gathering information will see your value and likely choose to do business with you.
For the 20% who are aware of their problems but never start researching for solutions, you will give them valuable resources to start with and for the remaining 60% who are unaware of their problems, you will help them become aware and you will likely be able to provide the solution to their problems.
You can consider the larger market formula a bullet-proof strategy because it has been proven to be highly efficient in many different industries. It is designed to generate more leads for your business and in the process grow your sales and return on investment.