Transcription
Hey guys, Sudbury Subi here, and in today's video, I'm going to be answering Elvis's question. He's written, "Hey Sudbury, first of all, thanks for the great videos. So here's my question: How do you create demand for your service in your market? Thank you."
Yeah, this is a question that I get quite a lot, and there's a very important distinction to make. And that is that you really don't want to be in a market where you're trying to create desire. You simply want to be channeling desire that is already present in your marketplace to your offers.
Now, that can be a little bit esoteric, and it can't give you the grassroots, tactical, in-the-trenches, no-advice that you come to this channel for. So I'm gonna try to make it as real and tactical as I possibly can. If you boil business down to its first principles, it is simply about getting attention and then solving problems in a compelling way. That's the kind of building blocks, the way that I look at it, and the frameworks and the lenses that I look through it for.
So then, first of all, you want to make sure that you are in a market where the desire is already present, but you still need to get attention, right? So you can channel some of that desire towards your marketplace and then create demand. And ideally—well, not ideally, it's actually, you know, it's a prerequisite—you have to do this: create much more demand for what it is that you're selling than you can possibly supply. And that's the way that you really get asymmetric returns. That's when you can start to increase your prices and you start to earn more money and you start to catapult your business forward. It's all really about channeling that desire and then getting lots of attention.
So when we look at, okay, how do we create demand, right? It's more about channeling the desire to then create demand for our services. That's the lens that I'm going to look at it through. You've got, you know, what are called query-based marketing, which is people that are jumping on Google and they're searching, looking for solutions to problems that they're always—that they're experiencing, right? And this is a finite market. It's the best place to start because these prospects are the easiest to convert because they, what we call, have a bleeding neck. They already are on Google with an urgent problem, looking for solutions to solve that problem. It's not very difficult to convert those people into customers. And this is where most people start. They get a bit of wins, they run some Google AdWords, they get some results, then they try SEO. Most of the time, they don't get results because they go with two-bit agencies that don't know what they're doing, but that's a whole nother topic for a whole nother video, right? But then they do that, and they get some success, and they grow their business, and they get their team, and then they plateau. And I see them plateau there for long sustained periods of times—um, months, if not years. And then maybe they—they try their hand, and they try Facebook or Instagram or YouTube, and then they're like, "Oh, these leads aren't as hot, or this traffic doesn't channel—doesn't work for my business," and they come up with a whole bunch of excuses as to justify their decision not to continue advertising on that platform.
But that—it's those channels, which is intent-based marketing, and where you're pushing out a message in front of somebody based on some level of intent, whether it's other interests they're in, market, it's a look-alike list, something of that description—that's where the biggest opportunity to create enormous demand for your product or service lies. Because let's just say that you're operating in a market that has a thousand, maybe 10,000 searches per month on Google, you're only ever really gonna get four to five percent of that traffic coming through to your landing pages, right? So it's a really small subset. Your car—you can't control—they're just the kind of limitations that exist within those marketplaces. So you're going to reach a point of saturation when you go down that avenue for long enough, and you're going to be like, "You know, my search impression shares at 90 plus, meaning that 9 out of 10 times when someone searches for something on Google, I'm appearing on there. No matter how good I write the ads, I'm only gonna get, you know, four, five, six, maybe ten percent CTRs if you're just in some weird obscure niche. And then you're just throttled by how many people are searching for that. And that might be enough to get your business to where it is that you want to get to."
It's also an environment that largely is predicated on competing on price because, by definition, people are online looking for solutions, and there's multiple people that are coming up for those solutions. But when you advertise on something like Facebook, you're not in direct comparison with 10 other advertisers right there at the time when that person's reaching out to you. So realistically, you want to get good enough as a marketer to be able to craft messages to what we call cold traffic—people who don't know you and aren't looking for you—and then convert those people into customers. And in order to do that, and to do that at a wild scale, you need to move into a medium where you're not relying on people searching for you, and that you're able to actually put a message and a piece of stimulus in front of your prospects in your marketplace and get people to respond. And then have a sales funnel that takes those cold people and educates them and provides value to them and has multiple steps throughout your funnel and a huge lifetime to kind of run that lead through and prospect to run that person through to get them to a point where they are actually ready to reach out to you and engage in a sales conversation. And you want to keep doing that until there's too many leads that you can't call them all, right? And then there's too many people that want to do business with you, you can't possibly service them all. So then you increase your prices, and you basically tip the scales where there's more demand for what it is than you can supply, and you're able to further continue to grow your business and change your pricing and kind of move up that value ladder, so to speak. That's really going to allow you to create wealth and to grow your business and to hire a team and have more impact in the world.
So I hope that helps you. Hey guys, if you're enjoying these videos, please like, subscribe, and hit the bell button, as we're dropping a video like this every other day on YouTube. And if you've got any questions, just leave a comment below with "Hey Sudbury," and I'll do my best to get to it. [Music]