Bait Marketing Overview
The secret to business growth at scale is to use Bait Marketing to monetize your value proposition and circulate it through digital media, wrapped in lucrative language your prospect can’t refuse. The result is more naturally-attracted prospects becoming customers based solely on your service value to their bottom line.
What is Bait Marketing? Bait Marketing is a demand generation sales strategy that delivers hot leads that buy sooner and more often.
Bait Marketing is designed to sell technology services to SMB companies. It is ideal for selling complex offerings with longer sales cycles and larger deal sizes.
Demand is generated from the financial advantage of the monetized value proposition (MVP) of the technology seller to the SMB buyer’s bottom line. Bait Marketing utilizes the MVP as “bait” to create interest. The “bait” is cast near the target customer with personally-lucrative language to “lure” the prospect to take the bait based on financial interest.
Bait Marketing can be used to drive demand for both new lead generation, and upselling to existing customers.
Bait Marketing offers many benefits over direct sales and prospecting. They include:
Personally-Lucrative Approach
Instead of a general sales call to action, Bait Marketing uses personal messaging that is too lucrative for the prospect to ignore. Messaging is tailored to meet the customer’s business drivers, showing an immediate financial value.
Shorter Sales Cycles
The MVP is generated early to create immediate interest. It prequalifies prospects by showing them a predetermined value. The MVP shortens the sales cycle as prospects quickly self-qualify sooner and more often.
Clearer ROI
Because Bait Marketing is a demand generation approach, its effect is precise and measurable and can quickly be adjusted to provide the highest ROI of all B2B marketing tactics.
Fewer Wasted Resources
Bait Marketing eliminates the need for expensive sales executives.
Bait Marketing is affordable and optimized on the most lucrative customer types.
Bait Marketing exists independently of effort, is non-intrusive, persistent, customizable, and scalable.
Other Benefits of Bait Marketing:
- Bait Marketing provides a showcase of company samples, examples, and thought leadership before
Meeting with clients.
- Differentiates you from competitors without a demonstrable value proposition.
- Is more affordable than direct-prospecting sales.
- More customers provide more referrals.
- MVP showcases you as a trusted adviser.
The Bait Marketing Process
Bait Marketing begins by determining the monetized value proposition (MVP) or “bait”, of the Technology Seller to the prospect’s business drivers for more cash, customers, and value.
The MVP represents the best you can do for your prospect to increase their revenue, reduce their costs, and eliminate waste and expense by utilizing your technology to do so expressed in financial terms.
Personal, lucrative messaging is used to drive interest for the bait. The result is hot leads that buy sooner and more often.
Bait Marketing is cast in the following ways to generate demand for new customers:
Email Campaigns
Email is a valuable marketing channel for Bait Marketing. Whereas a volume-based marketing approach uses templates and marketing automation, Bait Marketing uses account-based, lucratively-tailored email messages for each company and individual.
Digital Media
Use existing social channels such as LinkedIn for specific targeting and sequence messaging around MVP for immediate response. Messaging can be broad, shaped, targeted, or tailored to ROI effect.
Web Personalization
Specific landing pages or banner presentations are ideal to demonstrate MVP and samples, examples and thought leadership that lead to conversions and fruitful conversations based on interest in your MVP.
Direct Mail
In an age where everyone is overloaded with email, direct mail has become an increasingly popular method of reaching prospects within a company. Since Bait Marketing is more targeted, marketing sent through direct mail can be of higher value since the message is personal and lucrative to the contact and company.
5 Steps to Bait Marketing
Step 1: Identify your monetized value proposition – MVP
Tune your MVP to your target customers’ main business drivers for more cash, customers, and value as bait. The MVP moves across the target market, target customer, and target persona as lucrative interest that can’t be ignored.
Step 2: Develop your messaging
Interest leads to sales. Develop compelling messaging around your prospect’s business drivers for more cash, customers, and value that is too lucrative to ignore.
Step 3: Push digital media
Push through existing available marketing and sales channels to create interest by frequency and reach to target accounts.
Step 4: Tune for performance
Track, adjust, and respond to every click, visit, and response! Refine the bait, messaging, and MVP to maximize effect.
Step 5: Convert hot leads
Follow the process for interest, attention, attraction, and transaction, and follow up quickly and smartly.
“Nothing happens until a sale is made.” Thomas Watson, Sr., President of IBM from 1914 to 1956, coined this expression. He knew what he was talking about. Selling technology in the first half of the twentieth century, before the moon landing in 1969, was not an easy sale to make. Companies then, like many still today, did not understand the transformational power of technology to reshape industry and company fortunes.
What is a “sale” and how is it made? A sale is made when a buyer and seller agree to exchange values. The customer’s value is revenue, but what is your value to the customer? It’s not your price.
New sales are the lifeblood of every business, but not every business knows that yet. Without predictable new sales year over year, no matter how well intended a company’s mission or goals, the company will suffer with limited growth. New sales breathe life into all other company possibilities.
How to attract new customers year over year is the seminal question every business must solve first if it wants to maximize its value proposition and reach its potential.
Technology companies must monetize their value proposition to make more business. A company’s value proposition is the monetized value of its service or product to the customer - “your value.” If you don’t know the monetized value of your value proposition to your prospect, neither does he.
Sales are the problem, sales are the answer, sales are the point. Monetize your value proposition to make more sales and grow your business at scale.
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