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How To Get More Customers Who Will Pay You More Money More Often, And Continue Doing Business With You Longer?Ask nearly any businessperson what they want most for their business, and the answer you’ll most often hear is that they want more customers. And that’s exactly what most of them spend the majority of their marketing time, money and effort on… acquiring new customers.
Getting customers is critical to the success of any business, to be sure, but there are other, more effective ways to reap windfall profits from a business.
“What an eye opener!" If you think that there is more to life that the "cold calls and wait till the phone rings" approach to selling then you have to get in touch with EBS. They help you look outside the box to see ideas that you never would have thought of and other ideas that you can't believe you haven't thought of yourself. If a person can't at least double their business in a 12 month period, they're just not paying attention."
Jenny Carbis Woman's Retail Store Owner
In Business, Cash Flow Is King! The number one way to increase the profitability of a business is to increase the positive cash flow of that business. When you consider that it costs up to six times more to acquire a new customer than it does to sell to an existing customer, and that most businesses acquire new customers at break even, or maybe even a little less, it’s easy to see that getting new customers is not the most cost-effective way to build a business.
Double Your Business Overnight! Most businesses can actually double or triple their bottom-line profits very easily and nearly overnight by concentrating their efforts on a few key areas that are overlooked by nearly every business owner.
One of the first things to consider is how to get leads. That is, people who are interested in, and are willing to listen to your sales story. But be careful, here. “Leads” doesn’t necessarily mean raw new prospects (remember, selling to new prospects is a costly proposition).
A Business Isn’t A Business Unless Someone Buys Something!“Conversion Rate” is another consideration not to overlook. All the leads in the world (no matter how qualified and interested they may be) will do you absolutely no good unless you can convert those leads into buying customers.
Other areas to pay particular attention to have to do with the average number of dollars you get from each sale, the profit margin of each item sold, the number of transactions your clients make with you in a given period of time, the total dollar value your customers are to you over their “lifetime” of doing business with you, and the number of referrals you get from your clients.
Your Competition Is Putting Your Money In Their Bank Account! If you’re not paying attention to each of these areas (as well as a number of other factors that can make a major impact on your business’ profitability), you’re either leaving bushels of money on the table, or you’re strengthening your competition by allowing them to harvest those dollars… dollars that rightfully, should be in your bank account, and not in theirs.
“I’ve been in business for 8 years, selling all lines of insurance. I’ve not been very good at following up with my policyholders. Your Training inspired me, and I’ve instituted a pretty good follow-up plan. My app count has gone up about 25% since I’ve started with the follow-up plan. If I keep this up, I’ll have to hire two more staff before the end of the year.”
- Larry Jensen Multi-Line Agent
It Doesn’t Take Much To Realize Big Profit! Now, here’s the exciting part: You don’t have to make big improvements in these areas to see massive results. All it takes is small, incremental improvements, and the results will be exponential!
Let’s suppose you attract (through various means) 100 people per month to your business who are interested in purchasing the products or services you sell. And let’s say that you convert 30% of those leads into buying customers.
And for example’s sake, let’s say that on average, each of those 30 customers spend $100 with you twice a year at a 50% profit margin, and that they refer an average of 1 person to you during the 3 years they do business with you. Your “lifetime income” from those customers would add up to $162,000.
Now, if you were to implement some very easy-to-do, very inexpensive strategies in your business, and were able to increase each of those areas by just 10%, your lifetime income would shoot all the way to $308,688… an incredible increase of 90.5%! The accompanying table graphically illustrates how this can be done.
Again, it’s not necessary to have massive increases in any one area. And it’s not likely that you’ll increase each area by the same percentage. The point is, even if you make minor, incremental improvements, you can realize incredible changes to your bottom-line profits.
Our methods are based on Topline Business Solutions blueprint for success (click on image to the right for details) and are geared to help you sell more stuff, to more people, more often, for more money, more efficiently.
Here’s What You Can Do!In the column titled “Your Business” in the table below, fill in the actual figures from your business as best you can. They don’t have to be 100% accurate. Just get pretty close for now.
In the next column, “Percent Increase,” determine what type of increase you could realistically expect to make in each area if you were to get a little extra training, be exposed to a few new ideas, or make a more concentrated effort. Could you expect 2%, 5%, 10% or more?
Then, calculate in the “New Figures” column, what kind of difference that would make to your bottom-line profits.
As you can see, it doesn’t take much to make a significant difference.
Investing your money, time and effort in learning new marketing strategies is one of the most important things you can do to maximize and optimize the enormous profits your business can provide you.
“The most complete marketing source on the market. This will easily add an extra $25,000 in new found income to my business in the next six months!”
John Campbell St. Louis, MO Comparison Table | | Sample Business | + 10 % | Your Business | Percent Increase | New Figures |
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| A | Monthly leads | 100 | 110 | | | | | B | Annual leads (A x 12) | 1,200 | 1,320 | | | | | C | Conversion rate | 30 % | 33 % | | | | | D | Number of new customers annually (B x C) | 360 | 436 | | | | | E | Average dollar amount of each sale | $100 | $110 | | | | | F | Profit margin | 50 % | 55 % | | | | | G | Profit per sale (E x F) | $50 | $61 | | | | | H | Average number of purchases per year per customer | 2 | 2.2 | | | | | I | Profit per year per customer (G x H) | $100 | $134 | | | | | J | Average number of years customer buys from you | 3 years | 3.3 years | | | | | K | Lifetime profit value of each customer (I x J) | $300 | $442 | | | | | L | Lifetime profit value for all customers (D x K) | $108,000 | $192,712 | | | | | M | Number of referrals from customer during lifetime | 1 | 1.1 | | | | | N | Referral conversion rate | 50 % | 55 % | | | | | O | Number of referrals per customer (M x N) | .5 | .61 | | | | | P | Total number of referrals during lifetime (D x O) | 180 | 266 | | | | | R | Lifetime profit from referrals (K x P) | $54,000 | $115,976 | | | | | S | Total lifetime profit value of each customer (K + (K x O)) | $450 | $712 | | | | | T | Total lifetime profit value for all new customers (L + R) | $162,000 | $308,688 | | | |
Our One-on-One Consulting service, comes with a FREE ‘Competitive Intelligence Report’. As part of the report, we gather all information available about your competitors, i.e., literature, brochures, advertisements, web sites, etc., we visit their places of business, if possible, talk to them and then we use a grading system that compares them to your business, which we review with you. THEN we use a special calculator that shows you how small changes can have a BIG impact on you profits (using your financial information) over a period of time. Please cick on the link above for more information about completing our questionnaire or gives us a call at (877) 775-6393.
Disclaimer: Our methods are based on Topline Business Solutions, a business development company founded in 1966. Topline is the largest business development organization in the world with over 962 consultants in 32 countries worldwide. Expert Business Solutions Inc. is part of that network. When you work with us you not only have our experience creating and running successful businesses, we also use Topline's "Blueprint", Manuals, Special Reports, Testimonials, Books, Advertisements, Templates and other materials that may be helpful for you to sell more stuff, to more people, more often, for more money, more efficiently.
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