Has this hit the mark? The target market mark?
The one thing that I feel is important in your marketing is to hit the target, and to do that you need to be testing to determine how close you are to reaching your target market so you can stop testing. That’s right, I said, “so you can stop testing!” The above picture was taken from a resent outing to the store to pick up a few things when this caught my eye.
The Esquire Magazine looks like they are doing some split testing in this months (May 2014) issue. Which got me thinking about, “do you ever stop testing your market?” If you look close at the two issues they are the same, except for the way the cover are are choosing to appeal to different sexes.
The answer to when to stop split testing is YES/NO (I’m not trying to be funny) but I’m saying that there is a point when you do stop. You stop the test! The point that you do stop is at 95% (picture below from Marketingexperiments Slideshare here )
As shown in this slide, when your “Level of Confidence” reached 95% of your “Required Samples” you can stop. So why would Esquire Magazine be doing a A/B split test? After some further review of the magazine and it’s target market (did you know that Esquire has an appeal to women) it’s not really about split testing it’s about appeal.
Does your marketing have an appeal to different targets? To try to market to everyone and everything is about your brand becoming a commodity, but when you’re marketing to appeal to your target (being both to men and women, or marketing to men or women) then you need to make sure you do your customers right by making it appeal to them specifically. Is that what your marketing is doing?
Are you stuck in the endless testing of your market and not appealing to them?
Can you clearly see the solution?
The solution to your money problems is NOT to become an Entrepreneur! In business your money problems come from NOT providing solution’s for others! Can you see this clearly now?
When you become an entrepreneur you help others see clearly that you have solutions to their problems, and for this they give you money! This is how you make money in business!
When I was with Michael E. Gerber talking about business, I asked him to share with me the “one thing” that he thinks entrepreneurs should know?
Are you ready for his answer?
“Unless your idea for a business exceeds anything you have ever imagined doing before, is bigger then anything you believed yourself capable of before this moment, has the potential of transforming a large number of people lives in the world to make a huge difference in how the worlds works, and challenges you sufficiently to risk everything you have to make it a reality, … DON’T DO IT.“
You can read more about becoming an entrepreneur in his book, “Awaking the Entrepreneur Within” starting at page 104.
The truth is that you’re not in business to make money, this is an exchange for helping others with the solutions to their problems, and if you do it right you will profit.
Want to have a business that makes money?
Here is a simple formula I still use:
LOVE + SERVE = MONEY
- 2) Serve others what they love. (because it’s a solution to their problem)
Are you ready to become a Entrepreneur?
Don’t discount, add Value.
The starting point of every sale, started with an entrepreneur that had;
The recognition of a need (problem) or
The conception of an idea (solution).
Your capacity to make money as an entrepreneur is greatly dependent on how much of a problem/problems you can solve or solutions you can offer to customers’ needs.
One way to add value: “Nothing says “I value you” like some face time. Make it a point to schedule in-person customer visits just to check in and see how things are going. This gives us the chance to troubleshoot any potential problems firsthand, and customers love the individual attention.” Says Harry Whitehouse Stanford’s associate professor with over 35 years of experience.
You can also find 4 more ways here: 5 Uncommon Ways to Win a Customers Heart
The reward of a great entrepreneur is profit. In other words, the reward of an entrepreneur’s call is to create a value-adding product/service that is profitable.
So next time you’re tempted to add a discount sign over your product or services to make a sale, think first, “what could I do to add more value?” You make be surprised to see you profits rise and your customers desire to have more of your products or services rise too.
That’s a win-win!
Did you play any “April Fools” jokes at your work?
Studies have shown that laughter is good for you and your business. There is even a wikiHow on it (here) because some people need help with the “how to” have fun or even a “LoL.”
I also found this article in Entrepreneur Magazine to be insightful and informative. I felt that it was so important that I made a video about it. You can watch here:
I had some time online to pull a few of my own lol (below) I posted this pic about what Instagram was doing with QR Codes. I had shared that, “If you post a QR Code on your Instagram and people tap on it, it will take you to the website.” (the truth was that it would only “Like or Heart” the picture.) Hey it was an easy way to get people to like my pictures on Instagram (you can see it here)
Did you have fun at your place of business? Or was it just all business?
Share your lol below!