Dan Martell - July 17, 2017


The Audience Triangle


Episode Stats


Length

6 minutes

Words per minute

206.80756

Word count

1,282

Sentence count

58

Harmful content

Hate speech

1

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode of the eCommerce Lifestyle podcast, host Lauren Tickner talks about the importance of the audience triangle and how you can leverage the three levels of the triangle to increase your chances of getting your customers to buy your products.

Transcript

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:01.000 The audience.
00:00:03.000 The audience triangle.
00:00:08.000 Forgot to turn off my phone.
00:00:17.000 How to get over the frustration of customers not buying.
00:00:20.000 You might be running ads on Facebook and you're like,
00:00:22.000 why aren't more people interested in this?
00:00:24.000 Or you've ran ads in your local newspaper
00:00:26.000 or did a bunch of social media
00:00:28.000 and you get a lot of subscribers but you're like,
00:00:30.300 where are all the customers?
00:00:31.500 I'm gonna share with you guys the audience triangle
00:00:33.840 because you need to understand that out of 100 people,
00:00:36.400 there's only a certain percent of people
00:00:38.520 that are ready to buy today and then there's other people
00:00:41.280 in the different stages that could be brought up to purchase
00:00:44.980 and there's a very important tip that I'm gonna share with you
00:00:47.660 at the end of it on how to do your marketing the right way
00:00:49.960 to be able to harvest those people 0.87
00:00:51.920 out of your potential audience.
00:00:54.100 Now, I know this struggle firsthand
00:00:56.700 because when I was building my company Clarity,
00:00:58.060 we were a marketplace for entrepreneurs
00:00:59.500 to get advice over the phone.
00:01:00.940 And the truth was is nobody came to our site
00:01:03.240 because they were having a great day.
00:01:04.980 You know, usually our slogan was we help entrepreneurs
00:01:07.040 get unstuck by getting them on the phone
00:01:09.220 with an expert that has the experience.
00:01:11.540 And some people just signed up to check it out
00:01:13.580 and to see what was it about and just get their profile set up
00:01:16.120 but they weren't ready to buy today.
00:01:17.720 So we leverage education-based marketing.
00:01:20.920 If you've seen companies, blog, social media, clips,
00:01:24.760 video clips, this video on YouTube.
00:01:27.520 This is education-based marketing.
00:01:29.400 It's understanding your total market and thinking about ways
00:01:32.200 to create value for them so that they stick around or they're
00:01:35.600 aware of you so you can create top of mind awareness, okay?
00:01:38.300 This is TOMA, top of mind awareness, so that when they
00:01:40.840 have the need, they come to you.
00:01:42.180 But I want to share with you guys the triangle and understand
00:01:44.380 the breakdown of each stage so that you don't get frustrated
00:01:48.020 and you create the right content to deliver that for them.
00:01:50.820 We changed that in our business and all of a sudden now we had
00:01:53.380 this thriving blog that kept attracting new customers and
00:01:57.880 the ones that were in market would buy.
00:01:59.780 So the top of the pyramid, this triangle,
00:02:02.680 if I grabbed 100 people and I said, okay,
00:02:05.260 out of 100 people, how many of you guys want to buy jeans?
00:02:07.800 There'd only be three or 3% of the total market that would say,
00:02:11.700 I'm ready to buy today.
00:02:13.660 And this is normal and the cool part is it shifts all the time.
00:02:16.840 Every week it shifts.
00:02:17.840 It's a different three people because obviously they get
00:02:20.240 their needs met.
00:02:22.640 So 3% is people that are buying now.
00:02:26.140 The next level down is in market.
00:02:28.940 These are people that may buy soon.
00:02:32.020 So if you talk to them about the right opportunity
00:02:34.920 and the right deal, they would maybe buy today versus waiting.
00:02:37.760 So this is 7% of that market.
00:02:39.900 So you got 3% that are ready to buy today,
00:02:42.200 7% that may buy soon.
00:02:44.360 Now, the other levels of this triangle,
00:02:46.460 they kind of break down into three big categories
00:02:48.940 and they're 30% each.
00:02:50.600 The first one is they aren't thinking of buying today.
00:02:54.880 So this is like if you said how many people are ready or even
00:02:58.140 thinking about buying jeans, they wouldn't put their hands up
00:03:00.980 but they were, they potentially could be convinced.
00:03:03.520 I call this the could be level, okay?
00:03:06.080 And the could be is 30% of the market.
00:03:08.160 That's why great education based marketing works so well is
00:03:10.620 that you're continuously communicating with them to make
00:03:13.960 sure that they think of you if the need arrives or maybe you
00:03:16.560 position your content in a way that addresses a need that gets
00:03:20.160 them to want to at least check out your products.
00:03:22.500 This is the could be.
00:03:23.460 The next level, which is the fourth level, is to convince.
00:03:26.260 These are people that believe they're not.
00:03:28.260 They literally say, are you looking to buy jeans?
00:03:29.840 They're like, nope, nope, I'm good.
00:03:31.440 I'm like, I've got my three pairs of jeans
00:03:33.440 and that's all I need and I'm good.
00:03:34.780 And they don't think they need to buy jeans.
00:03:37.520 But if you came along, these are the same people
00:03:39.840 that if they go to like a farmer's market
00:03:41.480 and there's some guy there trying to sell like a slap shot,
00:03:43.520 you know, like those kind of like hype-y cut dice,
00:03:46.360 slice and dice and automatic timer.
00:03:48.660 Like those are the people that essentially
00:03:50.600 were not even in market, didn't think they have a need,
00:03:53.540 but somebody convinced them to buy.
00:03:55.560 So those are the two convinced, that's the fourth level.
00:03:57.560 The fifth level, which again is 30%, 30%, 30%,
00:04:01.100 is aren't interested at all.
00:04:02.800 These are maybe people that don't wear jeans, right?
00:04:04.780 Maybe they wear pantsuits, maybe they wear shorts,
00:04:07.540 maybe they wear jogging pants every day.
00:04:10.440 But there is definitely, out of 100 people,
00:04:12.580 people that are not gonna buy.
00:04:14.420 So your goal is to create great content,
00:04:17.020 education-based marketing because if all you're doing is
00:04:20.160 creating ads or content that only addresses the top 3% of the
00:04:24.160 people that are ready to buy today or the 7% that could buy
00:04:28.460 and you're letting the other 60% of the people,
00:04:31.960 the people that believe they're not ready to buy or they need
00:04:35.300 to be convinced to be in market, that's a huge opportunity,
00:04:38.640 especially a great return on your marketing dollar.
00:04:41.080 Now, here's the trick is you want to set up your marketing to
00:04:44.920 always be nurturing the market.
00:04:47.220 So it's consistent and what you do is every once in a while
00:04:50.500 inside that marketing, you harvest, you introduce an
00:04:54.260 opportunity for them to get on a call with you.
00:04:56.040 You offer them something unique that you haven't talked about
00:04:58.760 before, you give them potentially some kind of
00:05:01.000 discount or you run a contest.
00:05:02.380 But there's actually ways to take your marketing, right?
00:05:05.400 And it takes care of itself.
00:05:06.600 See, great marketing will take care of the market for you.
00:05:09.540 That's the way I look at it, is if you set up this nurturing
00:05:11.580 process correctly, then the marketing will take care of
00:05:14.580 the market and when they're ready for you, you harvest,
00:05:17.620 you get the customer, you over deliver and your business
00:05:19.860 continues to grow.
00:05:21.120 So understanding the audience triangle will just probably
00:05:24.220 relieve your frustration of having some of your marketing
00:05:26.420 not work and realize that it's the long game.
00:05:29.040 You gotta create education based marketing to help your
00:05:32.300 business grow.
00:05:33.140 So I wanna hear from you, what are the five biggest pains
00:05:36.300 that your customers are having in your business?
00:05:38.300 I wanna hear the five, if you can't tell me what the five
00:05:40.800 biggest pains that you solve for your customers,
00:05:43.140 then you don't know your business.
00:05:44.580 Leave a comment below.
00:05:46.380 Let me know your answer there.
00:05:47.840 Can't wait to read and engage with you.
00:05:49.740 Although, as per usual, I wanna challenge you
00:05:51.640 to live a bigger life and a bigger business,
00:05:53.480 and I'll see you next Monday.
00:05:54.840 If you like this video, be sure to subscribe to my channels
00:05:57.020 for other tips and strategies on how to start
00:05:58.720 and grow your business, and I'd encourage you
00:06:00.720 to join my newsletter where I share exclusive invites,
00:06:03.960 free entrepreneurial training, and other community contests,
00:06:06.760 and if you're ready to keep going,
00:06:07.900 I've got two videos queued up ready for you right now.
00:06:10.940 See you next week.