written by Team Results
In the Storybrand Buyer Persona (or Storybrand Customer Avatar) training we spoke a little about the StoryBrand Larger Market Formula. While StoryBrand wasn’t the first company by any means to use the Larger Market Formula, it definitely has impacted more businesses around the world than any other company when it comes to helping companies generate leads and make more sales using a narrative based marketing plan and helping them create followup strategies for clients who were not really in the “buying mode” but in the “research mode”.
The mistake most business owners are making is they are like a bunch of seagulls fighting over the one chip left on the park bench. The one chip represents the client who is ready to buy at that moment in time. This person represents about 3% of the market at anyone time. Leaving a mind blowing 97% of the market no one is speaking to, or should I say only the smart ones are speaking to.
We call this the StoryBrand Larger Market Formula.
Every time we help a client with a Storybrand brandscript the first place we start is with their customer avatar or buyer persona. They don’t expect this to happen, most think we are going to get straight into the Storybrand 7 part of framework however ever since we have been guides we have known the value of helping our clients take an hour and create this persona that will be used in all of their marketing.
You see, when you get your persona right, you will have a set of guidelines to follow for your marketing moving forward, including colours, words, graphics and more,
You will use this when moving into the StoryBrand Larger Market Formula.
This is the secret to breaking open a market and getting more leads and making more sales.
While everyone is going to tell you to “Niche Down” I am going to tell you to EXPAND first and then Niche Down.
Many times you will niche down so far that the only people you will see are the 3% ready to buy. You will put all of your energy into marketing to these people, creating ridiculous specials and making deals that are almost sending your broke.
You see the StoryBrand Larger Market Formula is broken up into 4 areas
Let’s start at the top of the StoryBrand Larger Market Formula, the 3%. This is the market you and everyone else is focusing on. They offer the quick sale, if you can get them. They are shopping around based on price and they’re generally talking to your competitors as well.
Even though this is a hot market and if you are lucky and your offer is right, you will get a percentage. But it is NOT where the market is.
This is a lucrative market. It’s more than 5 TIMES BIGGER than the 3% market and very few are working here. Most business owners spend all their time on the 3% and very little time on the 17%. This is where your email marketing and social media marketing needs to be at play.
While a lot of businesses are incorporating one of the other, they are not doing both. Some have an email campaign but nothing on social media or what they have on social media is embarrassing. Others have social but their emails are boring and lethargic.
The power comes when you incorporate both.
The market today is forcing you to be on point with everything you do. They look at you and ask a very simple question: “if this is how they show up for their company, that is how they are going to show up for me, is that what I want? “
The 17% are looking for the company/person who is going to understand them, and help them make the right choice. They don’t know who they can trust or what they need because they haven’t done the research.
This is a lucrative market and if you use the 7 Part StoryBrand Framework with your marketing then you will be the company that stands out from the rest.
This is the market no one is going after because they don’t know how. But if you look at it, it is the same size as the two hardest markets put together and it’s a market that is ripe for the picking.
The 20% actually know they have a problem and they haven’t started looking yet. But they ARE being influenced.
This market would be starting to NOTICE information about the problem they have. They’re not getting quotes, they’re not gathering information, they’re just “noticing”.
This is where your social media plays a big role.
In fact it would be the most important marketing you have.
We can’t tell you how many clients have come to us and said “We have been watching you for years”. They don’t go anywhere else because over the time they have come to trust us and the quality we bring. They have seen the results and KNOW that Results and Co is the StoryBrand Agency of choice for them.
Now when you realise that there is still 60% of your potential market who don’t even know they need you yet, this should blow your mind.
This amount is not a small number. While your competitors are all fighting over the 3% like seagulls fighting over the last chip, you can be swimming a big blue ocean all by yourself taking the cream of the clients, the most profitable and easiest to work with, leaving the non profitable hard to work with clients for someone else.
The money is with the 37% (17 + 20), this is the market no one is talking to and very few understand.
Your job is to create a marketing funnel using the StoryBrand Larger Market Formula that not only helps you sell to the 3% ready to buy now and also nurture the 37% who are almost ready.
This will stand you out from the crowd, you will never run out of leads and you will see your sales skyrocket and your profits increase.
When you do this right, you will see yourself laying on the beach sipping a Pino colada checking your bank account to see the money come rolling in.
Of course you need to get your Marketing Funnel Right. This includes: StoryBrand Brandscript, WireFrame, Website, Lead Generation, Email Campaign, Offer and Social Media. If you are not sure how to do this, then let us do it. It’s what we do every day of the week for clients all over the world.
We’ve helped them differentiate themselves from the market and we can help you do the exact same thing.
Results and Co - Part of the Rise Group
Aus: +61 402 916 266
US: +1 615 551 7163
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