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7 Reasons Online Startups Fail

#1 -  Right Market, Wrong Customer



Written by Shawn Stone, June 6, 2017
A business owner that is entering their market with good timing is not necessarily one that will be successful. 

Many fail to outline and identify their ideal customer and end up spending way too much money and time courting the wrong customers.

One of our more successful businesses is in the personal body care area. We made a mistake of trying to market at too broad of an audience and so we attracted the wrong type of customer. We found ourselves trying to discount our products and services too quickly and it did not work. 

Because we marketed to everyone, we acquired no one...or the wrong one.

That business should have been and is now focused on a much smaller organic and fair trade specific audience within a narrower age group and ethnicity demographic.

All our messaging, headlines, advertising, packaging, etc. had to be geared to our target customer profiles. It was only when we made those changes that we began to trend towards the success we had envisioned.

The Solution:

Stop trying to market to everyone and define your target customer Avatar as quickly and as early as you can in your business planning process. 

Get as close as you can as you may have to tweak it a little as you learn more about your market but start in a tighter niche. 

Their income level, gender, attitudes, behaviors, hang-outs, fears, success level, family characteristics, buying behaviors and many more.

Once you achieve success in a smaller demographic you can always expand your messaging and change your market approach to the new Target Customer Avatar..
 
But you need to find success first..

This will also allow a business to have much more refined and meaningful split tests and be easier on advertising budgets in the beginning.

Next Up...The Value Ladder 

About Author: 

Founded by a former Business Development Executive for a Fortune 50 company, now full time as an e-commerce business owner.  He specializes in building sales funnels for small businesses and online startups. In addition to several of his own businesses where he puts his funnel building skills to use, he founded Funnel Rush as a creative outlet to share his experiences to the greater online marketing community. When he is not funnel building, he prefers to spend his time with his wife and two boys....fishing, hunting, and in the great outdoors and in fellowship with his church.   
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