Sitting towards the back of my graduate level Marketing class, it’s late in the evening and everyone is ready to go. After an intense class, the professor ends the evening by saying, “And here is where the sweet spot is – this is where you want your product or service to be.”
The sweet spot. Not a new term, but definitely not one that had ever been just thrown out there at the end of a long class.
Everyone left exhausted and not completely aware of what we were embarking on.
Over the course of the next few days, we would get more into the traditional model of marketing and come to embrace the sweet spot.
It’s a powerful concept and central to growing just about every business. But it’s a super critical aspect of growing an online business, including your email list.
What the sweet spot means for you
Finding the sweet spot for your business involves identifying a few things.
- Your customer’s needs
- Your competitors offerings
- Your company (or your own) capabilities
The spot in which your own capabilities and your customer’s needs overlap is called the sweet spot. It’s a spot where your competitors either don’t offer the same product or don’t teach something the same way or just plain don’t have a presence like you can/do.
As marketers, finding a spot that lacks a certain presence, which our business can fulfill is the root of all growth.
Think about it this way:
If you discover there is a need for instruction on fly fishing, you’ve just identified a customer need. But who exactly are these customers? Going a step further can even identify who they are – are they over 55, male, female, beginner, experienced? Narrowing your target market is one of the secrets to growing your list.
While competition might sound like a scary word – it’s not at all. In fact, there should be competition in your field. If there’s not, the demand is probably not high enough to warrant pursuing.
After you’ve determined that there is competition, the next step would be to research what the competition offers. And see how you can do better. Purchase their products, read them thoroughly and see what’s missing or what you can do differently. Read their blogs, opt-in to their email list.
Going back the example of fly fishing – if the majority of the seller’s in the market of fly fishing for the over 55 crowd are selling a step by step eBook, maybe an audio would be a unique addition that you could offer. Maybe instead of offering a 12 step system on fly fishing, you can offer it in 10.
In other words, take what they are doing and make it better, easier or faster.
And there you’ve found the sweet spot.
What this means for your list growth
In a recent survey sent to my subscribers, the issue of growing your list was unanimously voted on to be the most concerning. With list responsiveness a close second.
In the coming weeks, I’ll be launching a new program dedicated to boosting your subscriber rate, while also teaching you how to be an effective email marketer. Email marketing is changing and to be exponentially better than your competition, you have to change the way you approach sending emails. The goal is for you to become the greatest email marketer in your niche so that people want to be on your list and want to hear from you frequently.
So the question is, have you identified a sweet spot in a niche where you and your business can fulfill a need?
Have you done the proper research to see what your competition is doing?
If not, that might be the reason your list is growing at a snail’s pace.
Photo courtesy of Harvard Business Review