Why 97% of your audience won't buy from you (and why that's good news)

Hey Map Maker,

Today, we have an intriguing and somewhat surprising topic to discuss in our newsletter. It might come as a shock, but the reality is that a significant portion of your market is not currently ready to make a purchase from you. While this may initially sound disheartening, it's actually a piece of good news, and here's why.

Why no one buys your geospatial stuff

According to marketing statistics, at any given moment, only about 3% of your market is actively seeking a solution like the one you offer. This phenomenon is commonly referred to as the "3% Rule." Essentially, this means that a small fraction of your audience is primed and ready to buy because they have gathered enough information to make a decision. Meanwhile, the remaining 97% of your market is at various stages of awareness and consideration.

The thing most businesses overlook

The common mistake that many companies make is to overlook this 97% who have the potential to become future buyers. They often fall into one of two traps: either they don't engage in any marketing efforts at all, or they focus solely on aggressively pitching to reach that elusive 3%. This approach is often unsustainable because when those prospects eventually need a solution, they are more likely to turn to the company that has been consistently educating them and building trust over time.

Your potential competitive advantage in geospatial

This is where you have a significant advantage. By taking the time to "educate" your audience early on, you can own the conversation and position yourself as the obvious choice when they are ready to make a purchase. So, what do smart companies do differently? They focus on nurturing the 97% by educating them, building trust, and expanding the pool of primed buyers. At the same time, they make it easy for the 3% who are ready to buy, ensuring there's no hesitation when the time comes.

Winning in the marketplace isn't just about making sales in the present moment; it's about priming your market for future success. Consider your favorite movie franchise as an example. They hint at what's to come, teasing the audience with leaked behind-the-scenes shots and soundtrack snippets. By the time the trailer drops, the audience is already sold on the idea. Your business can adopt a similar approach.

How to actually leverage marketing

Here's how you can grow your market faster:

1. **Consistency**: Regularly share content that demonstrates how your solutions have effectively solved pressing problems for others.

2. **Nurturing**: Build trust with your audience before they even realize they need your product or service.

3. **Testimonials**: Leverage the power of social proof by showcasing testimonials from satisfied customers. Nothing boosts demand quite like endorsements from peers.

By building your demand now, you'll ensure that buyers are ready to make a purchase when the time is right. If you're interested in gaining even more insights like these, be sure to follow Locatix on LinkedIn.

(As a bonus, you'll also receive cool visuals with our posts.)