On today’s episode of Sales From The Street, we talk to global entrepreneur Doyle Buehler about monetizing your brand.
Doyle helps businesses organize their work and their strategies so they can do good work.
Many sellers don’t actually own their own businesses but they operate a business within a business. They are intrapreneurs, and many salespeople miss this truth.
Many entrepreneurs who utilize online marketing make a mistake that Doyle calls the “3 percent.”
Businesses out there assume that everyone wants to buy from them, but that’s far from true. Many studies suggest that about 3 percent of people at any given time are interested in purchasing your product or service.
By understanding the buying process, you may find that 30 percent of customers will never buy from you, but that means that about 67 percent of customers will eventually buy from you when the time is right.
The salesperson’s job is to tap into that 67 percent to figure out where the customers are in the process. How far away from buying are they?
You may find that 3 percent are ready, 7 percent are really close, and 60 percent can be moved toward buying from you.
Expand your market
We thrive on instant gratification. It’s a natural tendency for us as humans. But our buyers are like us in that they probably aren’t going to buy something until they’ve done a lot of research on it.
It’s important for us to get past the instant gratification and stay aware of the 67 percent who will eventually buy from our business.
We must keep our eye on those people:
- The ones who are getting ready to buy
- Those who are learning about the product
- The ones who are defining their needs and challenges
Those are the people you want to start talking to. Those are the people whose attention you want to get.
Getting their attention
The know, like, trust triangle is the essence of getting their attention.
Do they know you and understand who you are? This is where personal branding comes into play.
Do they like you? Can they sync with you? Do you have synergy with your audience? Accomplish this by producing great content.
Do they trust you? This component isn’t always as important for widgets but it’s vital for larger purchases.
How do you talk to the 67 percent of people who are starting the journey? If you’re providing content and a platform and ecosystem to support them in their journey, they’ll come to you when they are ready to buy.
If, for example, a listener is regularly engaging with a podcast, where do you take that conversation next? You can promote it all over the place and get people to listen to it, but what’s the next step?
There’s a whole schema to this: what gift can I give to a potential customer so they’ll get to know, like, and trust you?
A gift is easy because there’s no risk. How will you create a community and get them involved?
How do you continue to scale and escalate that conversation?
A lot of people don’t have these in place.
Zero moment of truth
Google did research about 10 years ago that revealed that your buyer behavior breaks down into the need for 7 hours and 11 touch points. Some people would add four platforms.
So how do you get your prospects to spend that much time with you?
It’s a cool concept because it says that if you can spend more time with them, you’ll move them toward a final sale.
Many times, companies don’t have a core strategy or a workflow to their advertising. When they don’t get the results they want, they spend more money, which isn’t always the right answer.
Companies must be smart about how they spend their money.
Doyle’s recommended structure, described in his recent book called Breakthrough — Unleash Your Remarkable Brand Value, Influence, and Authority: Evolve Your Strategy and Marketing, lists seven workflow steps to help companies organize their digital ecosystems. They will end up with a platform that helps them build the know-like-trust triangle with their customers.
Keep your eye on the longer term, strategic mission of your business and what you’re offering in terms of value.
If you don’t understand your own strategy or your brand value, you’re going to spin your wheels because you won’t know what to do.
Build a strong platform but start with a strong strategy.
“Monetizing Your Brand” episode resources
Grab a copy of Doyle’s book, Breakthrough — Unleash Your Remarkable Brand Value, Influence, and Authority: Evolve Your Strategy and Marketing. You can also go to www.breakthrough.digital to check out the book.
This episode is brought to you in part by prospect.io, a powerful sales automation platform that allows you to build highly personalized, cold email campaigns. To learn more, go to prospect.io/tse. It will help you with your outbound to expand your outreach and it allows you to set it and forget it. Your prospecting will never ever be the same.
We’ll use prospect.io in the upcoming semester of TSE Hustler’s League to focus on prospecting. We’ll give you insights and tools that will help you gain new customers. In addition, we’ll provide training and strategies that you can implement today to ensure constant flow in your pipeline.
Check out our new semester of The Sales Evangelist Hustler’s League. We’re taking applications for the semester beginning in January, and we can only take a limited number of people.
This episode is also brought to you in part by Maximizer CRM, personalized CRM that gives you the confidence to improve your business and increase profits. To get a demonstration of maximizer, go to the sales evangelists.com/maximizer.
Click on the link to get a free demo of what Maximizer CRM can do for you. It integrates your marketing campaign as well as your CRM, and it works whether you’re a small organization or a large one.
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