Chances are you’re a business owner who wants to grow, create leverage or simply make more money and have more time to do the things you love. We get it. Most small businesses are struggling because they don’t have enough customers, they don’t have enough sales or they simply don’t have enough money.
Let’s make it clear up front, not every small business is struggling. Some are thriving and want to build a better business, whilst others are literally surviving. We can therefore say small businesses fall into two categories. They either:
• Need new life and are ready to get back on track and go from surviving to thriving; or
• They are thriving and are now ready to go to the next level.
Regardless of whether you’re currently thriving and doing well or wanting to thrive, it’s important to look closely at the common problems that can arise in any business at any time and at any stage of growth. Generally speaking you do not have a solid system in place to help you thrive and continue to thrive most small businesses will always at some stage be challenged with:
• Not attracting enough leads or prospects into your business;
• Not converting those leads into customers; and
• Not getting customers to spend more and more often.
It has been long known that in order to grow any business you either need to get more customers, get them to spend more with you and get them coming back more frequently.
This can be broken down even further by saying in order to grow any business; a business must focus consistently on:
1. Increasing leads – attract the attention of potential buyers;
2. Increasing conversions – in other words turn those prospects into paying customers;
3. Increasing the average transaction – getting them to spend more with companion selling or upselling;
4. Increasing the frequency of purchase – encouraging them to buy again;
5. Increasing lifetime value – keeping a customer for longer;
6. Increasing profit margins; and
7. Increasing the number of referrals from friends, family, colleagues and clients.
So what does that look like for you and your business, so that you can easily and effortlessly create systems that will help accelerate your business growth? To fully create leverage, it’s important to understand the big picture view of your business. A good place to start is to strategise your company’s Lifecycle Marketing strategies and tactics.
So what is Lifecycle Marketing?
The Lifecycle Marketing model provides a simple framework you can use to design a marketing plan that will help you attract customers, grow sales and deliver an experience that wows your customers. When put into action, Ideal Customer Lifecycle Marketing will help you get more customers, grow revenues or put simply, make more money and ultimately it will help you create more time to focus on getting more out of business in general.
To grow any business it’s vitally important you know and understand and put systems in place to support the business in ATTRACTING more highly targeted leads who are eager to learn more about your solutions, SELL MORE and position your product or service as the obvious choice when customers are ready to buy and WOW Your Customers so they stay engaged, come back for more and refer their friends. Regardless of whether you are operating a service based or retail business, it’s important to know your starting point. We like to start with identifying your ideal client.
Know Your Target – Who is Your Ideal Customer?
Attempting to reach everybody with your product or service is not only inefficient; it’s also very expensive. That’s why it’s important to narrowly define your target customer, and focus your marketing dollars on the market that is more likely to buy from you than other markets. It’s also important to understand that it’s not about you or your product; it’s about matching a solution to your prospects specific challenges, concerns, frustrations, desires and wants. You can clearly define your target market by taking a look at your current customer base, evaluating why they buy the product or service you sell, and more specifically why they choose to buy from you. It’s also a good idea to group them based on similar interests. Don’t be afraid to get specific!
Attract Traffic and Interest
It’s important to generate awareness of your company and your product or service before you can start capturing interested leads. The ‘traffic’ may come to you through website visitors, phone calls, in-person visits, and more. Your methods of advertising and attracting interest will determine the quantity of leads, the quality of prospects, and the way they reach you. You may attract traffic with Pay-Per-Click ads on Google or Facebook, social media activity, partner referrals, print ads, networking, live events, or any number of other methods. Once you get the word out about your company and gain people’s attention, you can begin to capture their contact information and follow up.
Capture Leads and Nurture them by Educating and Adding Value if they don’t convert
The most successful marketers understand that a customer once is almost always a customer again and strive to connect and build relationships with potential buyers. This comes from collecting the phone number, email or any other contact point for the customer so that you can offer free value, help solve problems and potentially sell more services to them in the future. If your prospects don’t convert straight away it’s important to develop and implement a lead nurturing program into your business. This ensures you have an opportunity to build a relationship with your prospects over time and allows you to educate them about what it is you sell and the benefits that will solve their challenges, concerns, needs and wants.
Offer and Close
I come across this time and time again. You’ve got to ask for the sale if you want the sale. You’ve got to offer the cake with the coffee if you want to increase your average transaction value and you’ve got to back yourself enough that you know and trust your product and service is solving the need and or want of your marketplace. Make the offer, ask for the sale and you will grow your business easily and effortlessly. Oh and one last tip on closing sales. Success is in the follow through. If you are in a service based business follow up and follow up some more. This process can be a combination of automated follow ups and personal follow ups but no matter up the more you follow up the more you will increase your conversion rates.
Deliver, Satisfy & WOW, Get Repeat Business, Referrals and more
After the sale, it’s time to deliver the your products and or services and create happy customers or as we have heard before raving fans. Have a look at how you deliver your products and services. Are you wowing your customers? Are you delivering an experience they will never forget and will want to come back for more or refer their family and friends too. Don’t take your customers for granted, as the moment you do they might just go next door to a competitor. Deliver WOW and satisfy and not only will you get more repeat business, have more people referred to you, you will also watch your profits soar.
Tania Allen helps small business owners maximise potential. She is the founder of Vision Alliance & www.taniaallen.com. If you are interested in learning more about how you can implement these strategies into your business and fast track your success contact Tania today:
T: 1300 76 49 20 | +61 419 481203