Are you on a mission to convert ‘the low rates, freeness people’ because you feel like that small percentage of good clients are as rare as unicorns in a desert?
Are you resentful that this subset of buyers prefers to give their business to the jokers in your industry?
Well, what I’m about to share will flip the way small service businesses in Trinidad and Tobago see opportunity to reach new buyers but also highlight what service provider behavior is hindering those opportunities.
Disclaimer: The numbers you are about to see are only to support my argument on what’s possible for your services in a market like Trinidad and Tobago. Do further research to tailor these numbers to what percentage of the local buyers are actually buyers.
What Does 9% Look Like?
Let’s talk numbers for a moment. In Trinidad and Tobago alone, there are 1.5 million potential clients. That’s a lot of people, right? Here’s the kicker: we’re not trying to convert everyone into clients because some of them aren’t our clients. Instead we’re looking for that percentage of people who have a problem they know they have, that you can solve — those willing to pay top dollar for your services.
Of this group of potential buyers, 9% comprises 3% of people who are ready to buy now and 6% who are open to doing business with your company.
Based on how many people live in Trinidad and Tobago, that means 135,000 people (in any industry) understand the value you provide and are poised to invest in it.
According to statistics, a further 10–20% will buy in the future. That’s 150,000 to 300,000 people, just waiting to discover you, so when they’re ready to buy, you’re top of mind.
But there’s more. Of the 60% of buyers left, you can capture the attention of the 30% who think they aren’t interested because they’re not clear on what you do and who you do it for.
= 30% of 1.5 million people living in Trinidad and Tobago = 450,000 people.
In total, 885,000 people, or 59% of your buyers comprise to some degree your ideal clients, while the last 615,000 people, or 30% are made up of ‘the low rates, freeness people’ you can leave for the jokers of your industry because you don’t want to work with them anyway!
Surprise, You Don’t Have To Twist Anyone’s Arm!
The misconception that a larger subset of the buyer’s pyramid belongs to your competition is wrong! But what are you doing to embrace the right opportunities now and build awareness in the long term for the 50% of buyers left you now know belongs to you too?
This is where service providers drop the ball!
The problems associated with putting themselves online stems from not knowing where to start. Some are making the wrong investment because they believe the sale hinges on their technology. Others are jumping into marketing activities without first understanding themselves as a brand, with the misguided belief that their bombardment isn’t pushy, salesy or tone-deaf.
If you don’t know how to create that spark in your ideal client’s mind that tells them why you’re different from the jokers in your industry, guess what? You’ll stay stuck with beans, resenting the wrong people. Because buying is an emotional thing, and the jokers are doing their job to attract ‘the low rates, freeness people’. Low input high gain — they know what their ideal clients care about! What do your ideal clients care about?
Too many founders are caught up in the noise of laughing at what someone else is doing because it’s easier than focusing that attention inward. For example, arguing that it takes you weeks to research and message out something you’re happy with, while someone else charges $75 to have it ready in 1 hour is a weak attempt at differentiating yourself. ‘Time’ is a result some buyers consider valuable.
Don’t Be Like The Fox That Could Get The Grapes!
Knowing what makes you stand out is a crucial part of how you connect with the 9%s. I’ve experienced this firsthand, the impact of knowing what makes me different. When the CEO of XN General didn’t have the words for the “something more” she was looking for out of her One-Page Project, I was able to intuitively tap into her needs and offer perspective that truly resonated with her. That’s the advantage of differentiation.
This is what most service providers in Trinidad and Tobago lack — something that sets you apart from each other. That’s why you’re fearful of giving advice. Let your freak flag fly because the cost of not being able to create that experience for whether it’s your audience or a prospect can cost you a client.
Learn about: Opportunity, Costs
The implied belief is that it’s a buyer’s market in Trinidad and Tobago— as a small business owner, 3% of the population is all you’ve got to work with because the other 97% belongs to the competition.
This research of The Buyers Pyramid claims that’s a bunch of bull. And it was very enlightening and encouraging for me and I know it will help the business owner who feels like they’re in a dead-end career.
Still, the only way to benefit from it is to do our jobs; brand, and market our services.
In conclusion, I typically stay away from hypothetical examples — I know there might be readers of this article who have issues with articles like this one. I get it! But research states hypothetical examples are accepted once there’s a presumption that can be refuted.
Learn about: Null Hypothesis and Alternative Hypothesis.
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