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 has impacted more businesses worldwide than any other company. It has helped companies generate leads and make more sales using a narrative-based marketing plan and helped them create follow-up strategies for clients who were not in the “buying mode” but “research mode”.
Most business owners are making a mistake because they are like a bunch of seagulls fighting over a chip. The chip represents the client who is ready to buy at that moment in time. This person represents about 3% of the market at any one time. Leaving a mind-blowing 97% of the market no one is reaching, or should I say only the smart ones are reaching.
We call this the StoryBrand Larger Market Formula.
Every time we help clients with a Storybrand brandscript, we start 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 the framework; however, since we are guides, we know the value of helping our clients take an hour and create the persona that will be used in all of their marketing.
You see, when you get your persona right, you will have an asset 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 will tell you to EXPAND first and then Niche Down.
You will often try to 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 you broke.
There are 4 areas to the StoryBrand Larger Market Formula
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 a 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, you will get a percentage if you are lucky and your offer is reasonable. But it is NOT where the market is.
We are in a lucrative market. It’s more than 5 TIMES BIGGER than the 3% market, and very few work 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 do have is embarrassing. Others have social, but their emails are dull 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 will understand them, and help them make the right choice. These customers 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, 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 most challenging markets put together, and it’s a market that is ripe for the picking.
The 20% know they have a problem, however, 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 significant role.
In fact, this would be the most crucial 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 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 60% of your potential market still 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 in a big, blue ocean all by yourself taking reeling in the most profitable clients who are the easiest to work with. This leaves the non-profitable ‘hard-to-work-with’ clients for someone else.
See how our team can drive an insane amount of highly targeted traffic to your website and then convert it.
Most websites don’t convert, your’s will.
SEO that ranks:
Get on the first page of Google, guaranteed.
Ads that work:
Clear predictable returns.
Our team will create the images, write the articles and grow your brand.
The Real Money
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, but 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.