When it comes to your audience who really matters?
Seems like an easy question right?
One that I thought I could answer for a long time. That is until the truth hit me in the face.
Only 1% of your audience matters to your business. Let that sink in for a few. Yep, I said it, only 1% of your audience matters when it comes to growing your business and creating new products and services.
At this point, you might be thinking I have lost my mind. I would have to agree with you, but not for the reasons you think.
I would agree with you because:
- For years I wasted time trying to create content and services that didn’t matter.
- For years I tried to make everyone I dealt with happy
- For years I traded time with my family trying to figure out how to accommodate everyone’s situation
- For years I thought I was a failure because I would lose clients
Let me tell you first off, don’t waste another minute trying to make everyone happy or worry about a client that you lost. You are better off pissing off a few people along the way and actively firing clients who are not the right fit for you.
When it comes to your family, family first always. That is the rule my business partner and I live by. If someone doesn’t like it then they can always find another company to work with. But in our business and our lives, family first always.
So why am I saying 1% of your audience is all that matters?
The answer is simple. If you cater to your top 1%, I mean your true believers. Build products and services that you know they will want to purchase. Then your business will grow because they are the ones that read all of your blogs, stories, social media posts and emails. They are the ones that tell their friends about how great you are and how you helped them solve a problem they were having. They are the ones that will promote your company for no other reason than to promote it.
The problem with most business owners, especially new business owners, is that they feel everyone that might use their product is part of the audience they want to capture. So they attempt to cater to everyone only to cater to no one and then they don’t understand why they failed. You need to learn when to say no and when not to cater to people. It is one of the hardest lessons to learn and one that took me years to learn. But once I made the switch business and family life got easier.
I deal with lots of sales funnels. They are kind of my thing. I love the complexity of them, how the littlest changes can make a difference in sales, how you have to build them out, and how you have to try and think like a purchaser to make sure that my clients will make the most out of each funnel.
When building a funnel the hardest part is to figure out exactly how much traffic will come from each of the sources unless the client actually has past data on this. So how do you know what percentage will come from Facebook, Instagram, or Emails? It takes some work but you can figure it out (more in a future blog post). The reason you need to know this is so you can project how much money the funnel will make each month, pretty easy to understand right?
Now here is where most business owners mess up. They figure just because they have a 10,000 person email list with an above average, we will say 64% open rate, and a solid clickthrough rate of 28% that when they send someone into the funnel that there is a 28% chance they will buy without even a second thought. This is far from the truth the will get lots of people looking to see what is going on but he will get very few people who will just purchase it because he put it out there.
The one thing that is for sure though, his loyal 1% of super fans. This group is powerful because if you created your product or service based on them. You will get sales from them guaranteed if you did your part they will buy from you just because it is from you.
Just by knowing this you should be doing everything you can to grow your audience. Because the bigger it grows the more of these super fans you will get. And at some point, you will hit a number of these folks and you will explode because you will have so many people praising what you do that they will be dragging more sales to you.
So what am I getting at? That you need to be creating new products or services. Not really, but if you can rolling out new things is always a good idea if it will help your business grow.
Am I saying you need to be using a funnel? I think if you are selling anything online and not using a funnel you are losing money, and I have the numbers to back this one up. So yes I am saying in a strange way that you need to be using a funnel but only because I used the funnel in the example did this even come up.
The message I am trying to convey to new business owners, business owners who are struggling, and even to business who are thriving but looking at other avenues is simple. Focus on your 1%, ask them what they would like to see next, talk to them, get to know them, build your avatars around them, and you will see more success than you know. Don’t waste your time trying to cater to everyone, focus on what matters.