Rifle vs. Shotgun Marketing Approach® How to close a conversation with a customer

What is a typical response to close a conversation with a customer?

Welcome to Part 5 of 10. Top Ten Tip of Week by Dale S Richards. This week we will address: Rifle vs. Shotgun Marketing Approach®

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This marketing method helps to discover high-value segment opportunities that are often overlooked or not researched. This has the potential to significantly increase revenue at a controlled cost compared to an open general marketing/sales plan.

My key formula takes into account segment growth rate, market opportunity, and margins to discover this common untapped rifle marketing technique that can significantly raise revenue and profits. Continued below…

Hear what others have to say about Dale’s presentations. Sam Phillips Monterey, CA learned key business concepts from Dale S Richards’ presentation on Business Valuation Principles – How to Increase Your Business Revenue, Profits and Value

Our RIFLE VS. SHOTGUN MARKETING® training teaches you how to use a powerful formula that combines industry segment growth rates and the segment gross margin to determine the optimum high potential success business segments that you serve. This will help determine the highest value segments to concentrate on within your marketing program; thus the RIFLE VS. SHOTGUN MARKETING® strategy that works to increase revenue 20% to 200%. Naturally, different industries will require a different marketing focus. For example, this canna marketing guide suggests businesses in the cannabis industry should focus their efforts on other types of marketing. Nonetheless, everyone with an interest in business growth should read on.

What is the value of a high-growth industry? Some examples will help explain.

What if your industry’s growth rate is 2% per year but your financial projections show a 20% growth rate? Where do you get the 18% growth from? (20% projected growth vs. 2% industry growth). It must come from the competitor’s market share. It is very expensive to take market share from competitors. Therefore, your projections will have more doubt and less value to a potential investor or buyer.

What if the industry is growing at 20% and your projections are at 20% growth? You can obtain that growth from the industry growth rather than taking it from competitors. This is a more probable scenario and would have a higher value component.

One CEO in New York was in a 2% growth industry but discovered a sub-segment that was growing at 200%. He shifted his marketing efforts to that segment and for the last three years, they grew at 150% without taking market share from others. This is something that can be tapped into via SEO, as many have opted to try here before.

Examine your product lines, market segments, and find the segment(s) that have the highest growth rate. Then times that by the gross margin. Make a list of the combined scores from highest to lowest. The highest value segment has the highest potential company financial return. Focus the marketing and promotion efforts and expenses in that area. This will give the greatest return on the investment and higher value probability. Read more