Your Business
The 7 essential strategies to increase your profits by 1oo to 2oo%
Taken last 20 years of business experience and refine it into the 7 key things that the top biz owners do. What do they do differently that sets them light years ahead?
Dramatic turnarounds>
Go into any business and increase profits
Condense and takeaway –
You do not have to double the number of customers
3 ways to grow business
1. Get more customers but it is the hardest and most expensive
2. Increase the av spend ie how much they give you a. Baker – put up the price of a loaf b. get customer to buy a cake with the bread. ( do not need more clients)
3. Increase the number of times people purchase ie chris comes in usually 1 x pm not he comes in 2x… doubled purchases
Fundamental in marketing.. obvious but not usually understood
I.e Increase no of customers by 10%
Increase av spend by 10%, and prices up 10%
you now have increased sales and profits by 33%
Bad recessions 30% hit in sales..
You make a decision to get good at marketing
ie
1. Increase your customers by 30%
2. Increase av spend by 20% modest
3 Increase the number of times they purchase by 30%
If you do this the sales will increase by 100% and in most businesses profits will often increase by more than 100%
Believe this is possible for you… proven business science – not rocket science – are these things humanly possible…
Take the dramatic and make it achievable
Be obsessive about it..
So how do you do this?
Increase more customers – ONline
2. You must have a high converting website
Conversion – is most imp. Av rate is 1%
video/ search bar / enq form need to be there
i get the conversion to happen above the fold
half of clients leave without scrolling
it must happen high up
ii. Lead gen / start relationship/ b2b/ big shift is to push the inbound phone call – 70/80% on mobile .. get them to phone
iii Ecom ie products – you must know your abondonment rate..
iv Use Video properly now essential for conversion process – lack of attention on phone – stop them scrolling – video can do this.
3. Power of Premium Pricing
charge higher prices and dont lose customers
real issue is charging the prices you deserve..!!!
often good reasons – eg fear of losing clients –
dont race to bottom – you suppress profit margins – business is all about PMs –
do the profits bring in enough margin for reinvestment
eg in staff , marketing, the only way you get profit margins is thru pricing
bad prices strangle the business and can only go so far without goodPMs
also – my why is what this does for the business owner ie when they are financially free and no longer struggling – comes partly from personal experience running co for many years after leaving the law but 2006 had to close it down since our PMs were slashed by the airlines changing their means of distribution and no longer paying commissions – that experience made me determined to help others get Freedom for yourself and those your care about
how to get customers is sine qua non
The problem of not pricing what you deserve means you pyschy knows you are not getting enough from the universe.. how you present yourself to the world is really imp. dont send a message that you are cheap..
You have the power to do this.. dangerous myth is customers buy on price.
do they all drive cheapest cars, wear the cheapest clothes, eat in cheapest restaurants etc bullshit not how world works..
Apple !!
shift your thinking about pricing – it is a game.. set prices – people look at competitors and price accordingly..
new start low ( mistake) – 2 out of 3 go broke
– main reason poor marketing
– basing your prices on the competition who will go bust anyway is crazy..
So look for price elasticity eg apple
let the customers not competitors decide Not by asking them but test the market eg apple .. every time they went up the market said ok. and backed it with great marketing
Master premium prices eg introduce high level VIP level of what you sell..
5-10%
Upsell
applies to services too
4. Tap the customer goldmine
– to increase the number of times people purchase is to tap the goldmine
visualise gold under the seats
get a website from 1-2%
stretch pricing
relationship with customers is normally untapped..
need to have a way of thinking to need to obsess about getting the most out of the relationship with your customers.. acquring them is getting higher
Got to engage in markting and make your customers more valuable–
1. Ensure you have extra stuff to sell to the customers or be able to sell more of youru services eg with add ons.. what else do you want be creative..
2. Market to the customers and be proactive.. many put all their effort into getting new customers – most expensive option.
funnel is a step by step process – you need this for your existing customers.. how often do you email your customers ?? eg in last 12 months
most do not send any or 1 or 2 pm.. do it 1 or 2 x per week..
5. You – none of this will happen if you do not get the marketing mindset. You must become a marketing – all it requires is one decision ie to be great at marketing #1 gamechanger
applies to products and services
99% issues can be solved by money in the bank
once you do this everything starts to shift..eg Social Media – now overwhelm stops and once you decided you can figure out what works or not working eg fb likes,
spread yourself too thin, pick your platform of choice and go to town .. dont ignore Instagram
FB, LinkedIn and Instagram business pages must be aligned with your website and you need consitent brand and weekly posts – baseline
THE BIG THING THAT IS WORKING is the rise of Instagram.. products and srvices, really interesting
2 key distinctions – people behave differently to FB – lacks purpose but Insta diff – dig in to things – ie more engaged.
it is more business friendly for businesses under 5 million – open account experience it, home page is bio – need a great one – make sure it stands out 150 character – add logo , image – get a business Page Frr , add locaiton call button
6 The traffic X conversion formula
how to convert specifically on website
2 things Traffic or Conversions
work on both of them – 100 visitors daily and 1% buy ie 1 sale a day
Increase traffic by 50 % to 150 and conversions by 50% to 1.5 – sales increse to 2.25 ie 125% a day
You need to learn both traffic and conversions
maybe takes 2 weeks or 2 months – all doable
Convey the diff sense of Possibility about the future of your business!!!
Over time biz owners dreams have been hammered – but amongst thisthere are1000s of businesses doing well by doing all this..
At least you know now
Wealth is a choice..
once you know you can emerge with sense of possibility
do not let the negativity get to you – focus on success and abundance
Copy the millionaires
7 The transformative power of multiple marketing approaches
Q How many marketing methods do you use in your business to get customers”
eg PPC, email, direct mail, telephone, trade shows, referrals, social media marketing – pr, next door, that you use consistently
Most businesses 95% only use 1 or 2
Business ends up lop sided ie 1 pillar supports business – but makes business vulnerable ie lose that pillar and it is gone, eg rely on SEO , algorithm change ..
or trade shows/conferences – pandemic –
hugely limiting
we want business to look like pathenon supported by multiple pillars
Would getting to 10 make a minor diff to your business – go back to the original theme + 1-200%
Do it incrementally ie 1 x per month try out a new method,, in next yr you test 12.. If that excites you to be great at marketing I have an invitation for you to turn this into action and implentation to make these 7 strategies work.. Ultimate marketing to achieve that transformation and achieve the goal of 1-200% to get certainty of business and change life – do not use the term lightly
I show you once a month to cover everythign..to transform your business