So how do you create a go to market strategy.
Join me on this episode of the virtual entrepreneur. I am your host Herbert innocent. And if you are new to this podcast, a very warm welcome.
In our previous episode we talked about the second step in lead generation, and one of the few things that we covered was essentially the process of things that you need to consider such as what you're going to give. So how are you going to build your lead magnet, and we talked a little bit about the process of how you go about creating that lead magnet, the strategy, the mindset, while we didn't create a tactic. Exactly, that's gonna be something we want to tackle.
In the coming days, but today I wanted to talk about something to really solidify what we are doing, and that is the go to market strategy, because I think lead magnets are perfect and they're beautiful. But the one thing that I know for sure is, if we don't have a good assessment of the market space, we may create lead magnets that we place out there, but we don't know how to make it work properly. While modelling is perfect. Modelling what works works really well. Perfect. Sometimes it helps having a little bit of knowledge and understanding of the decisions that we make.
So in our last episode we looked at strategy and how to essentially create your lead magnet.
The process that you need, or the formula, or the recipe that you can use to create that irresistible lead magnet that you can give to your prospect, and we looked at the strategy and the mindset behind it. So if you're not going grab the note, if you missed that episode you can go and listen to that. You can pause this one goalless that will come back over here. And if you want the notes that episode, simply go to Herbert marketing help.com that is h e r b e r t marketing help.com.
With that said, let's jump into today's episode where we're going to look at the go to market strategy, right, because as business owner, we have to be very very strategic.
Right. we have to be very strategic at how we do things because if we do things is a tactical, it may work, but when it stops working, we won't be able to know why it stopped working, or what it is that we did wrong.
So I forgot who exactly taught me the next few points that I'm going to cover, Because I've been learning from so many experts who have actually done quite well. So I won't be able to cover, but this is something that I learned today and one of the few things that you have to consider is this, you need to create your own strategic map so that you can look at the market space as a landscape.
That's the first thing you want to look at the market space as a landscape. Right. Why, because it is a landscape. Some places have more opportunities, some places don't consider a landscape of a battlefield. Right. the landscape of a battlefield has several advantages. Right.
This is trees. These are places of opportunities.
Right and resources. These high heels.
These opportunities for seeing further the distance and getting more resources and maximising leveraging that altitude. And what I mean here is literally imagine the physical landscape there's mountains there's Hills there's trees there's rivers, right now, with rivers, what you have to understand is that you can get water and that's a very precious resource, and then high mountains that way you can spy or look at further plan right if you're high happ and the shooting arrows down.
I don't know if you remember the Battle of, there's a, there's an old battle that took place between I think England and France or something like that. And I think one of the armies was really, really outnumbered, but they had something they had the ball and error, right, and what they did was simply use the land, their advantage.
Right. And by shooting those error errors, you know, shooting this errors down.
They were able to take an army that was almost 10 times their size. I can't remember exactly which of the country was waiting. And the point is not so much they will but the point here is this, there is advantage in using, why do you have the tools you have even as a small business and taking advantage of the landscape. But what do I mean by landscape. So the first thing that I've learned is that there are different types of customers that you can have, Right. So let's say you're targeting professional photography agencies, right.
Now notice I said photography agencies I didn't say photographers. I said photography agents, agencies will tend to have a team. They might even have a marketing team. Right. Maybe you're also targeting financial advisors, financial advising agents, right.
Maybe you are targeting consultants, marketing consultants. Right.
Maybe you're targeting coaches coaches, but really what I mean here is all of these may be your customer depending on what you're selling, but they are different in retrospect, so your service might be more important for coaches, but not as important for photographers, or there may be fewer photographers, so it may be important for both, but maybe they are co photographers, and therefore, it makes sense to target those coaches because it's a much bigger opportunity, right.
So there are many different opportunities and opportunities or just mean different type of clients, and B clients from different types of businesses, but they need your service.
For example, I can do copywriting or business in copywriting, all businesses need copywriting, all marketing teams need copywriting, right, because they need to drive their ads they need to sell their product, they need copywriting, when a computer can provide the service for a lot of different types of clients, but some clients may prioritise my service, depending on where they are in their business cycle.
So the first thing we want to do is this.
Right, we want to assess the place where these companies are in relation to where we are right. So we create a grid. So if you have a paper create a grid. Right, you're gonna draw a box.
Right, agreed. and on the top of the green you're going to put all the different types of opportunities, it could be dentist. It could be photographers, it could be.
It could be chiropractors, it could be whatever agencies. Right, agencies, it could be coaches, it could be whatever businesses that you've assessed so when researchers many famous possible, and on the top, you in a write all of them list them down for each column you and our list at the top. Each, each, so each visit is going to take an entire column, right and then on the left side of the grid.
You got to decide where are they.
So this is going to be this idea of place just means how easy is it for you to get to them.
So for example, for some services, maybe you don't need to go to them. But where are they, in terms of between you, your business and their business.
Remember by closing the gap between you and them. That's why, that's the way the opportunity exists, right.
So where are they. So you're gonna list the places maybe a local town, maybe your local your nearby towns maybe your nearby cities. So you want to list all the places that they are these agencies. And then the next thing we want to do is we want to feel the grid. So what do we feel the grid with. So we're going to feel the grid by calculating the opportunities and then you're going to feel them. So how do you calculate the opportunities. So the first thing we do is we're going to count how many types of, let's say, photographers, are there. And then we're going to count how many of them can we close.
Now close is where this is where the money is not sell, but close, you can sell all you want, but if you don't close the deal, then the reason you haven't really made much, and this is the biggest difference that I've learned, because in the past.
I got so good at selling people something they energise get them invested, but how do you close a deal. Right. So how many of them can you close what is the percentage of them that you can close.
And then the last part is, what is the size of the deal. So how much will they be willing to pay that because you have to understand that some of these are going to have a different perspective in terms of value. So for each of these you may need to add the value a little bit slightly differently because of their priorities.
Right, so for example if you're targeting. If you're targeting, decision makers, then some of their priorities may be increasing revenue. Some of them.
Some of them if the decision makers are technical, then their priorities may be in increasing usability, right, if you're targeting marketers then their priorities may be PR and generating.
What do you call that publicity. So it really depends on who you're targeting. So you're going to be selling, you're going to be showing them how your result can give them what they want, depending on what you're targeting, right. So that's going to create a different size of value sometimes, or sometimes it's the same.
But whatever it is that you're selling, what you want to do is, for now if you just assume the same price for each one of those, because the same product and same service. So we can say let's say we have 50 photographers for one CD, multiplied by let's say 10% quote, closing ratio and the product is let's say 15k Right, that's how much you're charging. So if you multiply those together. And then on the block. So if you go back to your grid on the block where you have that, that's you're going to put down that value.
And then you're going to do that for all of those until you're done, and what you end up having is you end up having a map. A map of numbers, which will show you that some numbers are much more, much larger than others. Right, some numbers are much much higher appear than others. And just by looking at that, you essentially have in landscape.
Even market space landscape.
Right, so the next thing becomes, what do you do how do you tackle that. Well, obviously, the most logical thing thing to do is going to be to pick the highest number.
And to go after that market space first.
Right. Because that's like standing on the top of the mountain. It's like, it's like going to the river. In the real life is going to the river, because by going there, not only do you get more resources, but you can concentrate your efforts in places where you know you're going to get your return.
And then once you've done there, you can leverage other forms of distribution to go other pieces of land of land of land.
Other species of, of what you call that makerspaces right there you can have a step by step targeting either makerspaces. But the idea here is you have a strategic plan.
So now as you're creating a lead magnet, It makes sense to create a specific lead magnet to that market share because now when you're targeting them it's more relevant to them, whatever you're putting in front of them is more consistent, whatever you're doing, is a much much better approach, because not only are you targeting them because they're profitable to you, but he also creating content, everything you're doing is much more effective and you're straight, you're doing everything strategic, and you're not just going blindly.
Because modelling people is great, but here's the one thing that I've learned about modelling people is some companies are very, very big. For example, big companies like Coca Cola and other companies, they don't run ads.
The same way, a small business would run ads for some of them, they love, They run ads to get exposure. So they'll be willing to put a very big billboard sign, they'll be willing to brand, a big sidewall. But for small business owners, you can't afford that just yet.
Right, big brands can do that because they've already achieved market penetration, but now they just want to be. They want to just dominate the minds of the buyers by for small business. Your goal is to grow revenue fast.
Your goal is to first tackle the revenue problem of security over coming of security in a strategic manner. Because by dominating those key big numbers, you can assure that you can have, you can. There's a very unique phrase I learned today that I am super proud I learned. So what you can do is you can assure that you have a space there. Right.
Right, so you can be consistent and committed to making sure that you know what you do and how you do it is obsolete, that's the phrase I want to share with you, and that I learned from Jay Abraham. What he said was you know he learned a while back, he said, you know, if you're not consistent, and committed to making sure that what you do and how you do it is obsolete. Right, you can make sure that your competition, consistent and committed to do it for you. Right, they will be making sure that you are obsolete.
Right, so this is what I learned today and I think it's a very powerful method, because I've always believed you need to assess the landscape, but nobody quite taught, until I learned today, I knew you have to look at it as a landscape it makes more sense.
You need a map of how you're going to go about capturing the market space, so that if you make a mistake, you can see where you make, where you made a mistake visually on your grid map, which you made right. So that's what I've learned and I wanted to share that with you.
And look, I want to thank you so much for tuning in on this episode, and a tonne of value this is what I do I go and learn this stuff and I come and share with you in hope. we know we help each other build, build stronger bigger businesses together. So thank you so much for, for tuning in on this episode of the virtual entrepreneur, the notes for this episode will be founded Herbet marketing help.com That is HBr B E RT marketing help.com As always,
I will talk to you in our next episode of the virtual entrepreneur, and have a wonderful evening.