“How do I get bigger deals?”
It’s a question I often get from clients, and it’s a good one.
I had a meeting with a client the other day and they asked me… “How do I get the bigger companies contacting me, without having to deal with all the noise?”
So, here’s the thing… Think of the total market as a triangle.
This triangle represents the total size of the market.
At the top of the triangle (the smallest section), you have the biggest spenders in the market.
Let’s call this segment ‘the elite’.
At the bottom of the triangle you have the greater majority – this is the biggest part of the market and it’s the people who spend the least, on average.
As you can probably guess, it’s a lot easier to target people at the bottom of the triangle… and it gets exponentially harder as you move to the top.
But here’s the thing… The people that can create a marketing strategy designed to attract the elite, are the ones who are going to make the most amount of profit in the market.
Here’s what it boils down to… Your marketing needs to be a lot more sophisticated the higher up the triangle you go… especially if you’re a B2B marketer.
You see, from a B2B perspective, the larger the companies you want to attract, the higher up the triangle you are.
The big part to realise here is that the difference in the size of the sale can be huge – I’m talking 100x to 1000x the value.
So, with that in mind… What does a marketing strategy start to look like the higher up the triangle you go?
Well, here’s a quick example of how I’d approach it…
Let’s say that you’re a telco focusing on the corporate market.
You know that it’s far more profitable to attract companies that need 100 connections because one sale of 100 connections is worth the same as 100 sales of one connection each.
So you can advertise on Google, but there’s no way to limit what kind of companies see your ad.
You might strike lucky, here and there, but it’s likely that most of the people who click through your ad are going to be the one or two connections, not the 100 or more that you’re after.
You see, here’s the challenge… At the top of the triangle, most of those companies are not searching on Google.
So how do you find them?
Well, to get in front of them I’d advertise in places like LinkedIn (with Matched Audiences and Company Targeting) and Facebook (with Custom Audiences and Workplace Targeting).
But it’s not as simple as throwing up some ads trying to convert them.
You really need to be creating content like case studies and videos to connect with them instead.
Then use retargeting, landing pages, email marketing and whatnot to move them through the customer journey.
The higher up the triangle you go, the longer your marketing approach needs to be.
I’m talking years, not months.
Think about it… most larger companies sign one or two-year contracts.
Your job is to make sure that they think of you as soon as their contract is up.
Like I said, most of the profit is at the top of the triangle… So if you can create marketing strategies that attract these types of people you’ll have far more profitable campaigns than you do right now.
About the show
Web Profits is a full service online marketing agency with over 80 data-driven specialists. Built on a culture of innovative, strategic and intuitive thinking, Web Profits focuses on achieving successful, performance-based results online.
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