Sep 9, 2023
Canmore, AB
“There was so much traffic I couldn’t get out of town!”
Can’t read the full email – click here for the online version.
That was a comment from a
former resident and now visitor to our little town over the long weekend. Visitation to our mountains is up and doesn’t appear to be waning at all.
But then there were these headlines during the past week.
“US households are
on the brink with excess savings likely to be depleted by month-end,” San Francisco Fed says
Savings built up by American households during the pandemic are all but gone, the San Francisco Fed says. US household savings have fallen from a record $2.1 trillion in 2021 to around $190 billion as of June, per their data.
“Nearly two-thirds of Americans are living paycheck to paycheck, study finds” …
Research from LendingClub finds that 61% of adults were living paycheck to paycheck as of July 2023, a two-point increase from the previous year. That comes even as inflation rates have dropped from 9.1% last July to 3.2%
this year.
More Americans are falling behind on their car loan and credit card payments than at any time in more than a decade, a troubling signal of consumer stress as higher prices and rising borrowing costs are squeezing household budgets.
~ The
Washington Post
So, which is it?
The economy is falling apart and thus so will spending – meaning there will be a shortage of customers for many businesses. Or…
The economy is booming, and people are traveling more, flocking to upscaled destinations in greater numbers and businesses are going to do great.
Well, it depends upon whom you serve – doesn’t it.
If your business depends upon the majority of people, those in the bottom half of the economy – you are going to be squeezed. Probably feel it already.
But if your customers, patients, and clients are in the top 20% or even better, the top 4%, you might even sense that things are
improving.
No matter the case, however, it is inherent that you are laser-focused on serving a narrow target within whatever group you want to sell to. And I warrant you are not targeting nearly narrow enough.
Here’s what Dan
Kennedy had to say on this topic recently:
“In one business-to-business scenario, I was consulting with a company and they were advertising heavily in one of four trade journals - but my survey of their customers revealed it to be the least read of the four.
“I like to try and determine who your best customers are, where you got them, and then go there to get more of the same. And I'll tell you something else.
“Very few businesses have the resources to advertise and market to everybody who could use their
product or service. And even fewer salespeople have the time or the resources to contact every possible prospect when everybody is a possible prospect. It's just not gonna happen.
“You need to deliberately choose who you'll ignore and who you'll focus on, and the best ways to do that is by determining who your best
customers or clients are now and let that be your guide.
“The truth is that most businesses and salespeople are overloaded with product knowledge, and of course, you need to know your product, but not to the point where that's all you know.
“‘Product knowledge’ alone isn't going to make you successful.
“‘People knowledge’ will.
“Specifically, knowing your prospect so intimately that when you communicate with them, you hit nothing but raw nerves and hot buttons and they say to themselves, “Where has this guy been hiding, under my bed or in my office? This guy really understands what I'm going through!”
That’s the kind of response you want, and it’s the kind of response you get when you really understand your customer, although most take YEARS before they figure this out.
Luckily, Dan’s group is hosting a FREE 3-Day ‘Write Like Dan’
Challenge, where they’re going to show how you can get a boatload of sales by writing “Can’t Look Away” copy — based on your market — that converts cold traffic into buyers in seconds.
Join The 3-Day Write Like Dan Challenge Here
Until next week,
Stay healthy and focus on profit!
- Hugh
The “Profit Accelerator” Expert
P.S. It’s a rare even where Dan Kennedy will offer a
3-day event – FOR FREE. This one promises to be one of his best. If you’d to guarantee your sales copy gets the responses you want, from the market you want – then this even is for you. It all starts Monday!
-> https://bit.ly/HTwritelikedan
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