What do you do when your business needs to get cash in hand as quickly as possible?
First, you need to target the right target demographic for the kinds of things you sell.
Now, you may have already gone through a target demographic exercise in the past and you know, for example, you are selling software products to computer programmers in medium-sized non-profits. That is your old target demographic. Now that you need a quick cash infusion, you have a new target demographic from this point on: people who are likely to give you money as close to now as you can get.
Let’s talk about those people in detail, and how you can bring them in as clients and customers. You want to start looking for customers who have built-in urgency. And if they don’t have enough built-in urgency, you’re going to make some.
Here’s how it works. Think of what you are selling and think of the kind of person who buys those things. Now look for situations in which they might need to get those things right away. Look for the moments of urgency. If you’re an artist, perhaps these customers are people who need an anniversary gift in a hurry because they’re a procrastinator. A well-timed email or physical mailing that positions your art as the perfect gift for the hard-to-shop for person and requests rush shipping is available may be a slam dunk. If you’re a retirement planner, you will think of those people who have been putting off retiring for so long that they need to get started yesterday. They are most likely to buy now.
I want you to start putting on the blinders and only looking for the most urgent buyers. These are the people who require a lot less work to get in as clients and customers, and this is just what you need. So think of what you sell, think of the people who need it urgently, and start brainstorming how you are going to position your products and services to appeal to those people. Three examples of the lowest hanging and most easily pick-able fruit for your business are:
- “Birthday gifts in a hurry”
- “Immediate pain relief”
- “Last-minute retirement planning”
There are also the people who need a little urgency added to the pot. These people are sitting on the fence. They’ve been thinking of buying products and services like yours; however, they just haven’t made the decision to do it. Perhaps they just do not have $500 for professional head-shots, or they don’t have the time to drive across town to get a massage, or they love your painting but they are not sure. They want it, but they are on the fence. It is time for you to start tipping them to your side of the fence. Imagine the reasons why people might almost-but-not-quite buy from you and find a way around it that adds urgency to the situation.
Those ways usually involve discount or convenience. This is where you do the head-shots for $350 but this week only. This is where you get a portable massage table and you say, “I will come to you.” This is where you pull out the free shipping.
The compelling offer tips them over the fence, and while it may cost you time and money, you have to look at it as a viable option. Of course, you don’t want it to be too big of a negative for you. You are not going to do something that makes you lose money or spend too much time driving about town. But it may be time to see just how special your special offers can become. These discount or convenience customers will not necessarily line your pockets with profit; however, they can give you a quick cash infusion when you need it most. And they can give you one thing that can make a difference for you in the short term – personal referrals.
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