I’m sure your first response to this post was wait, there’s a holy grail for increasing business conversion rate? Yap, there is, and I am glad to announce that you too can implement this strategy for your business.
We decided to make a post on this topic because of the recurrent problem we noticed among many businesses including a lot of our customers before they came to us. Businesses spend a lot of money trying to solve the problem of conversion, experimenting on different tricks, hacks, and gimmicks, all to no avail. We decided to share this secret as our goodwill in helping entrepreneurs out there who in most cases turn out to become our prospective customers, build a more successful and sustainable business. We can only achieve our dream of building an economic buoyant ecosystem if businesses around us are successful.
Addressing Poor Conversion Rate in a Business
In today’s world, several factors are responsible for the low or poor conversion rate recorded in many businesses. These range from poorly written sales and marketing copies to terrible user experience (UX), unclear value proposition, call-to-action, etc. But all of these boils down to one thing, the feeble knowledge of the entrepreneur, or founder of its customers.
If I ask you as an entrepreneur, who your ideal customer is, you will likely answer like 98% of other entrepreneurs; “my ideal/target customers are young sport lovers”, or maybe some other ambiguous classifications like “my target customers are working-class ladies”. The vagueness of this classification is the foundation of all the problems you face in your business. It is on this premise the holy grail is built.
The Holy Grail for Increasing Your Conversion Rate – The Halo Strategy
The Halo Strategy is a concept popularised by seasoned marketer and entrepreneur Sabri Suby. It is based on your obsession with the passions, dreams, fears, and desires of your ideal customers. Its conception is built on you as an entrepreneur having a granular understanding and knowledge of your marketplace and your ideal customer.
The Halo Strategy is the most powerful strategy you can deploy to record a massive and miraculous conversion rate for your business because it will change your entire perspective.
Understanding and Utilizing the Halo Strategy
As a business, to implement the Halo Strategy, you first have to carry out a quick analysis of your business using the Pareto principle (the 80/20 rule). Identify the 20% of your customers generating 80% of revenue for your business, then re-analyze using the Pareto principle this 20%. Sabri calls this final group of customers your Power 4% customers.
With the knowledge of who your power 4% are, you can go on an investigative assignment, trying to understand and discover their hopes and dreams, pains and fears. This is important because if this 4% of customers are interacting with your business, you want to find more people like them to who you can sell your solution.
Search on Google for popular blogs, LinkedIn forums, YouTube comment sections, Facebook, Telegram, and WhatsApp groups, Quora, etc., and try to gather key insights using the following questions.
- Where do my dream buyers hang out and congregate?
Knowing this information is very vital because it will help you understand the channels with which to reach your ideal customers. This includes both online and offline locations.
The more detailed and specific you are in identifying these places the better. So instead of saying ‘Hangs out on Facebook’ say rather “Hangs out in the Metaballers group and Skye Sports community on Facebook”. This is more precise, insightful, and actionable.
- Where do my dream buyers get their information?
This piece of information is very interesting to have because it will help you know where to strategically position your business to become more visible to your ideal customers, thus leading to increase conversions.
So, when they are in research mode, where do your ideal customers go to find the answers they seek? Is it Google? A particular blog? Books? Magazines? YouTube? Write your findings as a simple sentence: ‘When curious about a topic, Tom does a quick Google search or get a video explanation on YouTube through his mobile phone.
- What are their biggest frustrations and challenges?
You want to know what exactly concerning your business keeps your dream buyer up at night. Truly understanding and empathizing with their biggest frustrations and challenges are very important in creating and designing a solution that addresses their pain points, one they will likely interact with.
Knowing their biggest frustration and challenges also will determine the emotions you speak to in your copy and advertising.
- What are their hopes, dreams, and desires?
When you know the hopes, dreams, and desires of your ideal customers, it will be easier to develop content that converts. You’ll be using this information to paint a vivid picture of what life could be like after using your products and services.
- What are their biggest fears?
What do your ideal customers dread the most? This information is important because you can leverage this fear to sell your solution to them. Studies have shown that people are always more motivated by pain and fears than they are by pleasure to take action. Therefore, calling out their fears in your copy and ads is an incredibly important element to get your dream buyer to take action and motivate them to move away from what they fear most.
- What is their preferred form of communication?
This is a matter of where your audience wants you to communicate with them. Email, text, chat, virtual calls, etc. Take the conversation and communicate with your customers where they already are. Don’t try to move them onto something more convenient for you rather than what they are already using.
- What phrases, exact language, and vernacular do they use?
Like Robert Collier, an American author said, “Enter the conversation already taking place in the customer’s mind”. You have to use their language and terminologies to relate with them so that can feel safe enough to relate with you.
- What does a day in your dream buyer’s life look like?
What’s their routine like? When do they wake up, prepare for work, commute to work, check emails, dive into work, take a break, go on social media, etc? This information is very vital as it will help you figure out the best time to target them.
- What makes them happy?
Your clients are emotional beings, and people want to interact with companies and brands that make them feel good about themselves. So you have to know what makes them happy, and continually provide them with these things.
After gathering all of these insights and information, lay them aside, and find the gaps in the existing products they are using. Filling this gap will be your winning ticket to increasing the conversion rate for your business, and most importantly a way for you to tap into the hearts and minds of your customers so you can create more value for them.
There you have it, the holy grail to increasing the conversion rate for your business- the Halo Strategy. Get this granular understanding of your market and your ideal customer, and watch your business improve drastically.