Hello friends, and welcome to this edition of The 20 Percent.
This week’s breakthrough idea is from Alan Weiss’s Million Dollar Consulting.
Marketing is the art and science of creating need […]. When you knock on a door, you have to justify why you want entry. When people knock on your door, they’re happy to pay the price of admission.
This is the difference between marketing and sales. At a fundamental level, sales are about reaching out to others. Marketing is about building rapport with your audience so that your target customers will contact you themselves.
The Concept of Market Gravity
In his book, Alan Weiss talks about the concept of market gravity, a “gravitational pull” that compels your ideal buyers to seek you out.
Everything you do in your business works towards creating market gravity. From doing a podcast interview, posting on social media, running ads, or writing a blog, everything comes down to increasing the gravitational pull your business has in the market space.
From Ideas to Numbers
The goal of market gravity is to create more leads for a consulting business. In my experience, it also works great for service-based and info-product types of business.
Imagine if your market gravity brings two new leads per week through your website. That’s 100 a year. And if half of them become seriously interested, that’s 50 qualified leads annually. Depending on your offer, market gravity can help you build a six or seven-figure business.
The Accelerant Curve Explained
At the center of the market gravity concept sits the accelerant curve. Think about it as a battle plan for your gravitational pull activities. It readily shows how everything works together to attract leads and convert them to customers.
On the extreme right is your vault, which represents your unique offer.
Parachute business is people who came across your unique offer online or through referrals and fell in love at first sight. Generally, though, most customers are the product of the accelerant curve.
People will enter from the left, where they get an opportunity to get to know you readily (a free download, podcast, etc.) and “ride” the curve toward more complex relationships. The more we move to the right, the more your offerings increase in value, and the higher the barrier to entry (not only in terms of price but also time and commitment).
In this context, your website has two goals. The first is to build trust as people move from left to right and the price/ level of commitment increases.
The second is to provide access to the right touch-points (bounce factors) that will drive people further down the curve.
How to Make Your Website the Center of Market Gravity for Your Business
Building trust can get you a long way. Even without bounce factors, building trust will move people towards greater levels of commitment. The bounce factors merely propel people farther, faster. At the beginning of a business journey, trust and parachute business are the most popular growth drivers.
You can use your website to build trust and set the stage for the first contact by A) demonstrating expertise, B) sharing client stories, and C) reflecting how it feels working with you now and in the near future.
Using Bounce Factors
Think of your business website as a hub for your marketing activities. Bounce factors are all about thinking “what’s the next step?” in everything you do, then using your website to coordinate action.
Imagine that I run a podcast on website marketing.
1st Bounce Factor:
I would promote a free chapter download of my (hypothetical) book on website marketing. Interested listeners could visit my website and leave their email to get it.
2nd Bounce Factor:
One week after the download, I would automatically send them an email offer and direct them to visit my book page. On that page, I would showcase the book value and provide a link to buy it on Amazon.
First, I asked interested listeners to increase their commitment by giving me their email and reading a chapter from my book. Then, I presented an opportunity for those who read my free chapter to increase their commitment once again by buying and reading the entire book.
The concepts of market gravity and the accelerant curve are powerful. They provide a blueprint about how digital marketing can work as a system.
In my opinion, you should use any platform that allows you to reach an audience. But every bounce factor should involve sending people to your website. There is a good reason for that. In my previous example, if I had sent people straight to Amazon before they made up their minds to buy the book, the chances are that they wouldn’t.
On my website book page, I have the opportunity to present information about the book in a way tailored to my audience. There are no ads, book recommendations, or other things to order. I have full control over the experience.