Get 87% cheaper leads at the base of The Buyer’s Pyramid. Here’s how.
We’ve been talking about The Buyer’s Pyramid and how most business owners are only reaching 3% of the market with their messaging.
Source: https://chetholmes.com/attracting-new-buyers/
That’s why modern marketing can be such a bloodbath.
Think about it:
Let’s say your market is about 10,000 people. That might sound pretty big…until you realise that most marketing is targeted at only 3% of that (or 300 people).
Your market’s gone from 10K to 300 people. And because almost ALL of your competitors are targeting that same small group, it starts to feel like everyone’s shouting louder and louder in the same room.
But what if you could flip the tables?
What if, instead of aiming at the same group everyone else is, you shifted your focus to the rest of the market that’s currently unserved?
- Your message would be heard more clearly.
- You’d make a bigger impact.
- And, because no one else is targeting these people, your lead acquisition costs would be significantly lower.
The best part is, reaching this market can be incredibly simple. I have an easy strategy you can start using TODAY to get more leads at a cheaper price (around 87% cheaper, in fact!) and build up a strong relationship to make them want to buy from you.
The right (and wrong) way to speak to the untapped segment of your market
Ryan Deiss at Digital Marketer uses a great analogy to explain the deadly mistake many people make when marketing further down The Buyer’s Pyramid…
Ryan talks about a book called The 12 Steps of Intimacy. The steps that must be followed, IN ORDER, for a relationship to develop.
Let’s use the classic example of a man trying to meet a woman at a bar…
He starts by looking around the room to see if there’s anyone who seems attractive to him.
If a woman looks back at him and maintains eye contact, that’s Step 2. It’s a subtle sign that moves them one step up the intimacy ladder.
Then they proceed to Step 3, which is all about communication. He walks over, says hello, and they have a chat to get to know one another.
Feels pretty natural so far, right? That’s because our guy’s following the natural order.
What if, instead, he walked into the bar, went right up to a woman and put his arm around her?
It would be weird and uncomfortable. It might even be classed as assault.
That’s because he just skipped about five steps. He jumped over the important early phases — and in doing so, ruined his chances of getting to know this woman.
If you skip two steps in the intimacy progression, you’re done. You’ve lost your shot at a relationship.
It’s the same with your marketing.
If you’re trying to market to someone further down The Buyer’s Pyramid, you don’t want to go in with a Facebook ad saying “Buy from me now!” That’s like throwing your arm around a stranger at a bar.
Instead, you want to introduce yourself more naturally. Take a step back and have a no-pressure conversation first to give leads a chance to get to know you.
Disclaimer: Marketing to the top 3% DOES work, but…
Before we get to the juicy stuff, I want to be clear that you can effectively market to the top 3% of The Buyer’s Pyramid. I help my clients do it all the time.
But…
It might cost $40 per lead AND you’ll need to work a lot harder to make a sale.
Whereas it might only cost $5 per lead when using the strategy I share below — a savings of about 87%.
Most business owners I know want to keep lead gen costs low…which is where this system comes in…
How to speak to the bottom layers of The Buyer’s Pyramid (the super easy way)
To turn a stranger into a client, you need to do three main things:
- Attract
- Engage
- Convert
Let’s focus on the first step: Attract. (Don’t worry, we’ll get to steps 2 & 3 in the next blog post.)
What’s attractive to the top 3% of The Buyer’s Pyramid is very different to the bottom. Those at the top are looking for a solution now and people further down don’t even realise they have a problem yet.
Those different markets won’t go for the same piece of bait.
So how do you attract people further down The Buyer’s Pyramid?
Simple. You use a lead magnet.
What’s a lead magnet?
“Lead magnet” is a term used to describe a free item used as bait to generate leads.
It could be a free report, checklist, template, guide, e-book, video training…basically anything valuable that your prospect might want.
Here are a few lead magnet examples:
- The start-up guide to securing your first home loan
- 4 common real estate mistakes (and how to fix them!)
- 10 easy ways to relieve shin splint pain
- Make-your-own pet food recipe book
You ask a prospect to “pay” for your lead magnet (remember, it’s free) by giving you their name and email address.
This part is key! Their email address allows you to follow up, nurture the relationship, and move them up The Buyer’s Pyramid. (More on that in the next blog…)
How to use Facebook ads to promote your lead magnet
Most business owners approach a new prospect by shouting “HEY YOU, BUY FROM ME!” with an ad like this…
Anyone who’s not ready to hire a private agent (the bottom 90-97% of The Buyer’s Pyramid), is going to scroll right past that ad.
So how do you reach the rest of your market?
With an ad like this one:
Instead of giving your prospect a hard sell (“hire me now!”) you’re giving something much softer (a free helpful guide).
Your ad copy reminds people that they have a problem (“Got an enemy who keeps slipping through your fingers?”) And your free report offers an easy solution (“Download this free guide.”)
The biggest lead magnet mistake
The biggest mistake I see business owners make with their lead magnets…
Is not making one.
And/or trying to make their lead magnet so perfect…it never actually gets finished.
This doesn’t have to be complicated! The best lead magnets are short, snappy, and easily consumable. 1-3 pages is a great length for a free report.
You can always tweak, re-write, or optimise your lead magnet in the future. So don’t overthink this! As the saying goes, “Done is better than perfect.”
What happens next?
Once you start attracting prospects from the lower levels of The Buyer’s Pyramid with your lead magnet, it’s time to warm them up.
Thanks to the value you’ve shared in your lead magnet, you’ve started to build credibility and trust. That’s awesome but it’s not enough for a home run…yet.
In the next blog, I’ll show you how to engage and convert your leads. And the best part? There’s an easy way to do this all automatically! Keep an eye on your inbox — you won’t believe how simple this is!
There are so many ways to attract prospects at the lower levels of The Buyer’s Pyramid
(And save yourself tons of money in the process!)
Let’s explore them together in a Marketing & Sales Strategy Call.
It’s free and there’s absolutely no catch or obligation. We’re just nerds and like this kind of stuff 🙂