Proven Process To Double Your Business
What Is It?
Doubling your business is a process that is neither as hard, nor as easy, as some people lead you to believe. The critical thing is that you must know the numbers for your business and the you must apply the right marketing strategies to move the numbers to where they need to be double your business. On the internet it’s all about traffic and conversion and really it’s just the same for a physical business. You need people coming in and you need to convert those visitors into long-term paying customers. So let’s look at how to do that.
What Are The 5 Key Things To Know?
1. There are different models for doubling a business. For the sake of simplicity we’ll focus on impacting – leads, conversion rate, average spend and lifetime customer value.
2. You don’t have to double each area to double your business.
3. To double your business you just need to improve leads, average spend and sales per client by 26%. The reason for this is that these multiply out to create a revenue increase of 100% (if you want the calculations sheet just ask I’ll give you a free copy).
4. Even if you improved those areas by just 10% the revenue increase is 33%. This is something any business can achieve.
5. You MUST have a good process for capturing leads from your marketing and following up until they are ready to become a customer or they opt out of your marketing.
What Are The 7 Most Common Mistakes To Avoid?
1. Now knowing your current numbers precisely. Guesses are no good if you want to double your business. Often businesses think they know their conversion rate but then measure it and find it’s quite different.
2. Not taking the time to know who your ideal client is. Everything in marketing a business becomes easier once you know who you want to attract more of. In fact my view is that knowing your ideal client is where 80% of your initial marketing effort should go.
3. Seeking too much advice and not implementing any of it. You can have too much advice just as you can have the wrong advice. Either situation is very costly for your business. Find someone you trust, listen to their advice and then implement it. Implementation is what will you put you ahead of the competition.
4. Not using a value based pricing strategy. How much to charge is a really hard question for businesses. Often owners are far more worried about price than their ideal clients are. You need to consider what you are really giving a client as the ultimate outcome of doing business with you and price accordingly. Leave cheap pricing and the clients that come with it for someone else.
5. Avoiding choosing a niche. Narrowing your focus can feel as though you are cutting off opportunity. However if you are brave enough to choose a niche you can gain a lot of power. Think about if you were getting a website done, would you rather deal with a general web design company, or one who specialises in your industry?
6. Not having simple clear business goals. A goal could be to sell 10 packages of X each month at $2,000 each. Once you know this it helps you focus. You can determine how much traffic you need, how many appointments you need, etc. Compare it to a broader vague goal of increase sales. Which do you feel will lead to you getting the revenue you want fastest?
7. Creating a long and detailed business or marketing plan. Sure you need to know what you’re going
to do but a 1 page document would be just fine. Simpler is better, less is more. In a one page plan
you could easily have what you will do to improve leads, average spend, conversions, etc. Then you
Ash the right questions of your employees, find out what they see as problems or opportunities, what do customers tell them and what do they think the growth lever is. Your people on the ground are critical in growth and have the face to face contact with your customer.
Often businesses jump into activity first and later wonder why didn’t it work?
1. If I could get more clients like any current client which client(s) would I want more of and why?
2. Who can gain the greatest benefit from what we do? Who can benefit the fastest? Who can pay the most and still get
3. How can I create a premium version of what we do so that buyers who always the best can get it from us?
4. Am I really charging enough for the underlying value we provide?
These questions help shape a business for growth, positioning the company in a strategic position ready for the next spurt of growth.
Every parent knows you have to get your child has to crawl before they walk. Well when it comes to growing a business there’s a logical
You have to maximise the opportunities in your existing before you seek to MULTIPLY them.
If you don’t multiply first you are just spending more time, effort and dollars to get below par results. The classic example being all the people who want more traffic to their site as if it will solve all their problems. If won’t unless your website already converts really well. Otherwise it will just leave you frustrated.
In every business when you dig deep into it there are some things that will stand out as ‘low hanging fruit’ to pick first.
Some of the most common areas that need maximising are:
– The number of leads/clients being generated from any advertising you currently run.
– The conversion rate of your current website if it is getting a reasonable amount of traffic.
– How effectively you convert leads/traffic into paying clients.
The biggest one I see in nearly every business is weak conversion.
Once you are strong in the areas above then you can focus on multiplying because you will get the greatest return on your time, effort and dollars invested.
It’s a simple process to use but the key is in careful analysis at the maximise stage. You have to find the biggest lever(s) for your own business.
If you have questions about how to apply this in your business please post them below or you can message me direct if it’s a confidential matter.