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four Methods to Cease Attracting Individuals Who Can't Afford Your Companies

December
7, 2020

7 min read

The opinions expressed by the entrepreneur's contributors are their own.

As an entrepreneur, there's nothing worse than investing all of your efforts into building a service and marketing strategy to continually attract people who say they can't afford it.

While many business owners turn their attention to making sure they have an obvious "foolproof" plan in place to get people involved, they can still come across audiences that are not right for them. This can be frustrating because people don't understand why, despite being good at what they do, prospects don't buy or, worse, ask for discounts on everything.

The good news is that there is a way to stop attracting those who can't afford your services and shift your attention and marketing efforts to attracting prospective buyers. It all boils down to having and implementing a branding strategy that resonates deeply with your target group and enables you to appear authentically every time.

1. Make it clear who you want to attract

In order for your business to thrive and attract the right people, you must first understand who your ideal customers are on a detailed level. The more effectively you can connect with the right audience and address their problems and needs, the more revenue you will generate.

To be very clear about who your ideal customers are, you need to go beyond demographics to understand the psychological and emotional elements that affect their lives that, in turn, determine their buying decisions.

The better you understand your audience, the more effective your messaging will become, as you will be able to speak to them directly and they will finally feel seen and heard. Pricing becomes less important when they see you as the best solution to the specific problem or need they have.

For example, saying that you are selling a program for women who want to lose weight that is very general is nowhere near as effective or effective as saying that you are helping busy women over 40 who are frustrated after they tried low carb. High fat diets with no permanent results will lose weight. Not only is the latter version much more detailed, but it also addresses a very specific pain point, which means these women experience an immediate sense of appreciation and understanding.

2. Stop underutilizing your services

Many entrepreneurs pay too little for their services because they believe they need to build a solid reputation or have a large audience before they can charge premium prices.

In practice, however, lowering your prices can primarily hurt your reputation. If you are building an audience based on people looking for a cheaper solution, it will be very difficult for you to make sales once you increase your prices.

If you want to attract customers who can afford your services as an online coach or consultant, you need to charge the right price instead. Trying to sell a service by being the cheapest option out there is going to be a straight race to the bottom. After all, there will always be someone in the market with a lower price.

Instead, you want to set your price based on the value you have supplied. To do this calculation, first determine what the value of the result of the results you are generating will be.

3. Position yourself as an authority

Also, to attract the right people, you need to be able to position yourself effectively as an authority or leader in your field by developing a powerful branding strategy that you can use to target your marketing.

In order to build an effective branding strategy, you need to be absolutely clear about who you are, what you stand for and what kind of experience you can get from contacting your company.

It is fundamental to have a well-defined brand message that clearly communicates your value by showing the actual result you are helping your customers. What you need to ask yourself as a business owner is, "What am I really selling?" because I can assure you that it is much more than the service you give them. It's really about the transformation, the outcome and the results they get by hiring you.

Focus your brand communication on them, not you. Many service providers make the mistake of simply saying things like “I'm a web designer” or “I'm a fitness trainer” to explain to others what kind of service they offer. In doing so, they concentrate on themselves and not on the needs of their audience.

Instead, you want to change your messages to reflect the outcome of helping others. For example, if you say things like, "I create websites that drive conversions," or "I help women lose those stubborn 10 pounds," it will be more specific to the results you will get.

4. Real brand differentiation

While market saturation seems to have peaked, it is really just an illusion.

The real problem is not that there are too many vendors and competitors in an industry, but that most entrepreneurs don't know how to effectively differentiate themselves from others.

To attract the right audience, it is important that you position your offering as the best solution and need the ideal vehicle prospects for success. One of the best ways to do this is to create a framework, methodology, or process that is unique to your business. This signature system sets you apart and sets you apart from the rest.

In addition, according to the theory of George A. Akerlof, winner of the 2001 Nobel Prize in Economics, and Rachel E. Kranton, Professor of Economics at Duke University, in their book Identity Economics, people make economic decisions based not only on financial incentives, but also on their identity.

This is important to you as a business owner because if you want to attract the right people, you have to effectively differentiate yourself while standing up for something. Today's consumers are increasingly making choices based on their identity and the way that others' identities shape their own. This means that given the many different options, we are more likely to choose the one that strengthens our beliefs the most.

If your brand isn't doing an excellent job of clearly communicating who you are, you're making it way too difficult for the right people to choose you.

Put the parts together

Ultimately, it comes down to attracting the right people to ensure that you are very deliberate with your message and the way that message is being conveyed. In this way, you can change your audience's perception of you while also involving the right people in your company. Taking the time to develop your full branding strategy can also help you get more effective results from your marketing plan.

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