We’ve all worked jobs we hated. We were underpaid, underappreciated and bored out of our minds. We either quit these jobs or were fired for poor performance because we just gave up. Instead of taking that approach you need to consider every job an opportunity to learn something new that you can apply down the line to find success.
When you give people the tools they need to come up with unordinary solutions, you are enhancing their lives for the long run. You need to take this approach. What if one of your terrible jobs had been one with no pay at all and you needed to come up with some ingenious ways of making money? I bet you could have found a diamond in that rough. This idea can also be used in your own company.
Now, I don’t recommend going into the next meeting declaring that no one will receive pay anymore, but you can tell them that their potential raises, bonuses and other perks are now dependent on their creativity in ways to enhance business.
Let’s talk about a great concept called financial literacy. This certainly isn’t something they taught you in school but is still essential to know. So, what is financial literacy?
The old school way teaches people to be good employees and not employers. This mindset will never make you wealthy. You need to focus on becoming a good employer. You also need to learn how to not only attain wealth but sustain wealth for generations. This is what financial literacy is all about.
So, how do you get out of the rat race and start working toward a wealthier future? You need to understand the difference between an asset and a liability. Take a look at your own life and you’ll probably find the following:
You’ve probably been fooled into thinking things like your house, car and entertainment system are assets. They aren’t! Assets should be continuing to MAKE you money. When you continue to struggle, you are not building wealth. If you’re primary income is from wages and each time you make more money, you pay taxes-you’re not really creating wealth either, are you?
So, if buying a house isn’t an asset (and, it’s not because you spend about 30 years of your life paying it off), then what is. Here are some of the best assets to attain and when you can start to actually see wealth being created because of it:
Average time of holding on to an asset before selling it for a higher value:
Stocks (Startups and small companies are good investments)
Royalties on intellectual property
Valuables that produce income or appreciate
So, here are the steps to getting out of the rat race and onto your journey of creating wealth:
Understand the difference between an asset and a liability.
Concentrate your efforts on buying income-earning assets.
Focus on keeping liabilities and expenses at a minimum.
Today we’re going to talk about how to harness the power of word of mouth. Including the six-step process to success and the 30 (that’s right, I said 30) ways to harness the power of WOM. So, let’s get started!
There are six steps to harassing word of mouth:
Understand your customers’ values and priorities, this will help you understand why they would buy your products.
Understand the different adopter types: innovators, early adopters, middle majority, late adopters, and laggards.
Identify which decision stages are needed for your product to be adopted.
Use the information from steps 2 & 3 to figure out which wording and word of mouth tactics are going to work using the Decision Maker Matrix (we’ll talk about this in a minute).
Put together the resources for the highest word of mouth impact.
Create and implement your word of mouth campaign.
The Decision Maker Matrix is based on years of trial and error by George Silverman. It essentially charts to different concerns you may come across when working with different adopters and putting together a decision process for each one.
We are now going to move on to the 30 ways to harass the power of WOM:
Experts can come in many forms and all their opinions should be taken into consideration when putting together a WOM campaign. Some experts to gather information from include:
Experts’ selling groups
Seminars, Workshops & Speeches
These venues are a perfect opportunity to gather information. People who attend these types of events are used to giving feedback, so you can use a survey or other method to gather information you can look over later. Some events to use are:
Peer selling groups
Teleconferenced experts’ panels
Trade show events/opportunities
“Canned” Word of Mouth
The concept of “canned” word of mouth is using hard and online products to get feedback and offer information at the same time. Some ideas for these are:
World Wide Web
As we’ve talked about before a referral program can help with a variety of things in building your business. By using some of the following tactics and opportunities you can find out exactly what you need to do to generate positive word of mouth. These tactics and opportunities are:
Referral Selling Program
The concept of “new” media is the use of up and coming media sources and opportunities to get the word out about your products and services and listen for the feedback about them. Here’s some of the “new” media options:
Web-based word of mouth, such as forums, e-mail, etc.
Using Traditional Media for Word of Mouth
Using traditional media is a great way to get feedback. These are still considered mainstream ways of interacting with the public and consumers. Some traditional media outlets are:
Word of mouth in ads, sales brochures, or direct mail
Salesperson programs, sales stars, or peer training,
Customer gifts they can share with their friends (articles, how-to manuals)
Internal Word of Mouth
Encourage employee word of mouth and sharing feedback with family, friends, and others
Offer rewards or commission for word of mouth success
As you can see there are tons of ideas you can work with to increase your level of positive word of mouth marketing. If you need help with any of this, please try our GUIDED TOUR to access our exclusive resources that can help you put this whole thing together.
If you are looking for help and direction setting your goals and the path to achieving them, try our FREE Momentum Series.
Last time we talked about the second part of word of mouth tactics which help you put together a system to help shorten the purchasing decision time of your customers which can increase your profits immensely.
Today we’re going to talk about the nine levels of word of mouth which gives you a tool to measure the word of mouth circulating around your company, products, and services. You can then see where you are getting negative or weak word of mouth and find ways to correct it.
So, launching into the nine levels of word of mouth-it should seem relatively obvious that the negative levels are, well, negative and the positive levels are positive.
This is the worst of the worst and means your product is creating a scandal. Remember, when the popular over-the-counter pain relievers, like Tylenol, were deemed unsafe? Yea, you won’t want that kind of word of mouth.
Disgruntled customers are going out of their way to convince other consumers from purchasing your products and services. They are boycotting you.
While not outwardly boycotting, when customers are asked about you, they will give a negative response.
At this level, people are mildly dissatisfied and while not outwardly talking about it, they will have an opinion if asked. Now they may purchase from you despite their negative feelings, this can be a little confusing.
This is sort of a neutral place to be. Customers are using your products, but don’t really talk about it. People rarely ask them about it, so they aren’t sharing their opinion with others. This can be a bit of a slippery slope because you don’t want to turn that neutral experience into a negative one. In fact, you should work to make it a positive one.
At this level we are finally starting to work our way into the positive word of mouth about your company, products, and services. Plus 1 signifies that people are generally pleased with your products, but unless asked, don’t really say anything about them.
When asked, your customers will talk about how much they love your products.
Customers will go out of their way to talk about your products, services, company, and their shopping experience with you. This is most evident when you see how people recommend movies to their friends and family.
Your product is the toast of the town. There is an obvious buzz going around and your business is the place to be. People are not only talking about your great products and services, but they are talking about their shopping experience, your customer service, and how they perceive the company to help them in the future.
Some great examples of Plus 4 companies are:
We’re going to leave this lesson for you to mull over and take a look at what kind of word of mouth you are generating. If you need help with this process, try our GUIDED TOUR to get help from our experienced business coaches.
If you are a current entrepreneur and you are worried about your business and how you are going to survive in these uncertain times, or if you will survive, you need to register for my MARKETING ACCELERATED COURSE. In this five-module course, I’ll show you cost-free strategies that will increase your leads, conversions, and profits immediately.
Next time we’re going to talk about the 30 ways to harness the power of word of mouth.
Over the last few posts, we talked about how to multiply the resources that you’ve worked hard to maximize. So far we’ve covered:
Call in the Troops
Bring ‘Em Out of the Woodwork
Black Sheep Clients
Olympic-Size Sales Staff
Open Water Fishing
Call for Back-Up
Today we’ll cover the next three:
Go Big Online
Bartering with the Best
Give Away the Farm
Go Big Online
There are businesses that solely operate online, there are those with only physical addresses and there are those who do both. Those who do both are by far more successful than the previous two. When you take the time to establish an online presence you open up your business to the entire world, through a few clicks of the mouse.
To successfully sell products online, you need to:
Offer high-quality products/services that people want.
Build an attractive, effective website that’s user-friendly.
Generate high-quality traffic at a low cost.
With all of these things in place, you can find success with your online exposure.
Bartering with the Best
If you’ve ever gone to a yard sale and paid the sticker price, then you need to up your bartering game. Everything is negotiable and you need to take the time to barter with your suppliers. Companies are always open to bartering and when all is said and done you could find yourself saving significantly on the things your business needs to operate smoothly.
Give Away the Farm
Ok, so not literally, but you have to be willing to stay in contact with prospective clients and offer them products and services they are going to need. You don’t know what they need until you offer them everything you’ve got then work with them to put together the perfect package to fit their needs.
When you take the time to put yourself at the front of their minds, they are more likely to work with you going forward. You can do this by offering free newsletters, a free consulting session, or other valuable tools.
This wraps up these three areas of multiplying on the resources you’ve maximized. If you’re not sure where to start or are feeling a bit overwhelmed, try our GUIDED TOUR to work with one of our amazing business coaches who can help you navigate these peaceful waters.
Also, make sure to get our Free Momentum Series training that will help you to get clarity on your future and give you a way to guide yourself along the way!
Next time we’ll finish up this series with the last three ways to multiply your maximized resources. We’ll cover:
Speaker 1: (00:00) Hey, this is Jeff Heggie. Thanks for joining again or if this is your first time, welcome to our success strategies is something I started just kind of to talk about different things we can be doing to make sure that we’re staying productive and getting things done while we’re facing this coronavirus pandemic and today what I want to talk about are a couple different things. One is as we’re in quarantine or social distancing, whatever you’re having to do right now, how important it is to still stay connected, staying connected with your team was your employees with those that you work with, but also with friends and family and different stuff like that. But how do you do that when you’re in quarantine? One, pick up the phone, text, whatever you want to do. Use a zoom call. There’s a lot of ways we can still stay connected.
Speaker 1: (00:47) You know, yesterday was my wife’s birthday and we’re in quarantine and how do you throw a surprise birthday party for someone when you’re in quarantine? We had our out in our front yard eating, eating cake and celebrating her birthday. And we had arranged to have a lot of friends and neighbors just drive by and come say hello, honk, rolled down the windows, wish her happy birthday, that sort of thing. So there’s a lot of ways that you can still stay connected with people and I think it’s really important to make sure that you’re doing that for yourself, for others and especially for your team. So that’d be the first thing I want to talk about. The other thing was, the topic of knowing your why Simon Sinek. Uh, you know, I love how he’s taught that. That’s something, that’s how I first came to know who he was when he talks about knowing your why.
Speaker 1: (01:35) He says, once you discover your ‘WHY’, you’re better able to align your beliefs with every choice and action that you take in order to do greater things and get more from fulfillment out of the things that you do. Um, he talks about a lot about it with companies, but on a personal level too, you know, you’ve got to know what your why is as you’re making choices and doing different things. People, the way he said it with companies is people don’t want to buy what you do. They want to buy why you do it. And so really knowing what your why is an important thing. And I think a lot of people believe that they know what their why is, but they don’t know it on a deeper level. And the reason I got thinking about this was for a couple of reasons. Um, I wrote an article in my blog on August 1st of 2019 and it was called seven levels deep.
Speaker 1: (02:27) And over the last couple of weeks it’s been the most popular article on my website on www.JeffHeggie.com. So if you want to learn more about this, go, go check out that article. I talk about Simon Sinek and I talk about the seven levels deep exercise, but I also on www.JeffHeggie.com my momentum training is free right now. And this is one of the things that I talk about. I go through this exercise, really learning what your why is. And so if you want that free momentum training, go to www.JeffHeggie.com And you can signed up on that and take a look at that and learn from that. But you know, as as a way of motivation as well, there’s a lot of things that when things get tough and we go through hard times or we’re in quarantine and we have a day that we don’t have much motivation, it’s what’s the why behind what you’re doing that’s going to drive you and keep you motivated and get you up in the morning to go do things.
Speaker 1: (03:27) And as I said, you know, a lot of people think they know what their why is, but in reality, they don’t know it on a deeper level. But once you figure it out on a deeper level, it’s that much more meaningful to you and it’s that much more effective in keeping you motivated and keeping you moving forward. So really encourage you to go www.JeffHeggie.com and get that free motivational Momentum Training. And I think it’s the third video that I talked about this and it’ll take you through an exercise to look at some of your goals that we figure out throughout that course and figure out what your why is behind each of those and really find a deeper level to it. And then the other thing I just want to remind you about tomorrow, Thursday the 16th, um, 12 o’clock, Arizona time mountain standard time.
Speaker 1: (04:12) I’m hosting my free, virtual focus group for business owners. We’re going to be talking about different marketing strategies and things you can implement right now while we’re in the middle of this pandemic. And you can be running your business as usual, but love to have you join there as well. You can sign up for that. Go to www.JeffHeggie.com and scroll down to the bottom where the courses are and everything and you can do that. Or go to www.JeffHeggiecoaching.com/webinar and register there. But love to have you join us there. We’re going to talk about a lot of great marketing ideas, but also today’s message. Knowing your why. Really want you to figure that out and use that as something that’s going to keep pushing you forward and keep motivating you to do the hard things while we’re in this pandemic. So go to www.JeffHeggie.com Find out more about that. If you have any questions, contact me directly, email@example.com send me an email. I’d really love to hear from you. Thanks and have a great day and we’ll talk to you again tomorrow.
If you enjoy this short video and would like to see more from this series, click HERE
Speaker 1: (00:01)
Hey, welcome back. Thanks for joining again today and if this is your first time joining, I appreciate it. If you’d go check out some of the other videos I’ve done, just go to www.JeffHeggie.com and go to Success Strategies up at the top and you’ll be able to see all the other ones. But hopefully these have been useful for you and you’re getting something out of them. I know I have, it’s been nice doing them because it makes me think about things and I’ve just enjoyed doing it. So hopefully this has been a benefit for you as well. I actually, when I was coming home from my run today, I actually recorded one of these already to post and was going to use, but I’ve had some thoughts since then and I wanted to add a few things. So I’m going to do it again.
Speaker 1: (00:39)
I’m going to talk about a couple things. One, what I talked about this morning, was talking about the things that we focus on because really what we focus on is ends up being the life that we live. And as we like we’re, we’re sitting here on Friday. Again, I talked about it, I don’t know when it was a few episodes ago that I talked about, you know, setting your goals, setting your intentions, um, while you’re working from home and we’re in this pandemic that you can make sure you’re still productive, getting things done. And so I want you to look at your week and see what you did accomplish. And I didn’t get this posted as early as I thought, but even if you’re not seeing it till later on, look at what you still have to accomplish throughout this week to make this a successful week for you to make it so that you’ve accomplished everything you set out to do on Monday and put your focus on that.
Speaker 1: (01:34)
Put your focus and effort and put all your energy and make today if it has to be the most productive day of the week and get things done so that you can wrap the week up and either go into the weekend for more work or be with family or whatever. It’s going to be with everything that you wanted to accomplish by Friday down and out of the way. Um, you know, when we talk, when we talk about focus, there’s a common saying that you hear energy flows where, sorry, where focus goes, energy flows. And so as you really focus on the things that are most important to you, you’re going to be able to put all your energy there and that’s when you’re going to accomplish those things. So that’s number one. That’s what I wanted to talk about. But there’s also, I just got off the call with a client that we talked about something that I want to share as well.
Speaker 1: (02:27)
It’s something that I’ve done myself in the past. I’ve had clients do it in the past. I asked this client to do it and it was actually a good friend of mine, Joseph talked to me about it just a while ago. I’m with Jim quick if you don’t know Jim quick. I knew of him, uh, some of his work, but after Joseph talked to me about it and some of his things that he was teaching, I went and started studying some of gym stuff and I actually ended up being in a course right now. I wanted gyms and the thing that Jim was talking about in the thing that Joseph brought up to me was how a gratitude journal can help people that are dealing with anxiety and depression. And so, you know, with myself or with these clients that I’m working with, that wasn’t the intention of the gratitude journal.
Speaker 1: (03:15)
But I, I agree with it. I think there’s a lot of opportunity there to use a gratitude journal to help you with that. But there’s also a lot more than comes out of it that I think is very worthwhile. And if you’ve never done one before, give it a try. Just give it a week. Go for a week, see how it goes. And I’m going to give you two different ways to do it. One for yourself and one for you and a significant other or a friend or whatever it might be. Number one is just this client that I was just working with. Uh, she meditates every morning. And so what I asked her to do is immediately after her meditation, just spend five minutes and just start writing about things that you’re grateful for. And I told her one day it might be deep and really meaningful and the next day you might be saying, you know, I’m grateful that I got out of bed this morning.
Speaker 1: (04:08)
But just start writing and recognizing all the blessings you have in your life. Because even if you’re having a terrible day, even if things are going awful, the fact that you can spend some time and focus on some things that you’re grateful for will go a long ways. And so spend at least five minutes a day writing in a gratitude journal that your focus on those blessings in your life and you’re going to see a shift in a see a mindset shift and you’ll start recognizing and realizing that even when things are bad, your life is full of blessings and opportunities. Now the other way, and I did this actually, I don’t know, I believe it was Darren Hardy. I learned it from, um, I wrote a gratitude journal every day for I don’t know how many months, but what I would write in it is everything that I was grateful for about my spouse, about my wife, Tamara.
Speaker 1: (05:04)
And just every single day I wrote, you know, just a few lines, a paragraph of something I was grateful for. Sometimes, like I was saying with this gratitude journal, sometimes it was deep. Sometimes I was grateful that she did my laundry. Um, sometimes I was grateful that she folded my clothes, made me dinner, whatever it might be. But every day I wrote about something that I was grateful for. And what I noticed is I started looking for things that she was doing that I was grateful for. So every day I was recognizing those things that whether she was purposely doing something for me, going out of her way to do something or if it was just what she does every day, I was recognizing all that she does for me, my family, whatever it is. And so I want you to do that. Whether it’s a spouse, a friend, family member, whatever, try that as well.
Speaker 1: (05:57)
Start writing in it everyday. Something you’re grateful for, what they’ve done, what they do. And, and then the best part was she didn’t know I was doing it. And then one day I gave it to her and you know, it was pretty meaningful. It went a long way in helping solidify and build our relationship for her to be able to go through there and see the, I actually recognized all the different things that she did. Um, you know, there’s so many times that your spouse does things that they don’t get recognized for. And when you do something like that and they can see that you appreciate it, that you don’t take it for granted. It goes a long ways and I think the opportunity to do that was helpful to me, but it was helpful for her as well to see that I recognize those things.
Speaker 1: (06:49)
So again, looking at end in this week, it’s Friday, uh, hope you have a great weekend, whether you’re working, spending time with family, whatever it is, hope it’s great and productive and you can get things done. But really focus on getting things wound up for your Friday, what you wanted to be accomplishing by this time. When you sat down on Monday and you were looking at what you wanted to get done, let’s get it done. Get caught up. If you’re ahead, get some extra done, whatever it is, and then, you know, take some time to start five minutes a day is all it’s going to take. You can figure out how to carve out five minutes, especially right now, when everyone’s home, five minutes a day, write in a gratitude journal, write everything you can think of that you’re grateful for. Every day it’s going to be different.
Speaker 1: (07:35)
There’s going to be days that it’s the same things over and over. You’re grateful for the exact same things, but it’s gonna change your focus. It’s going to change what you’re focusing on and it’s gonna help you to recognize those blessings. And then the same thing, doing one for your spouse or for someone else will wreck. You’ll start to recognize and focus on the blessing they bring to your life as well. So thank you. Have a great day. Have a great weekend, and I probably won’t see you til Monday, but we will do another one of these then and keep in touch. Go to www.JeffHeggie.com and sign up for the Momentum Training, it’s free. Yesterday I talked about signing up, going through that and then giving me some feedback. I would love to hear feedback on it. Please. When you go through it, it’s only three videos that’ll come out every couple days and the, I think the longest one is 30 minutes and the rest are about 1213 minutes.
Speaker 1: (08:30)
It doesn’t take a lot of time, but I think there’s really some impactful information in there that will be helpful for you as you’re dealing with things as we’re going through this pandemic. But even if, whether we’re in this pandemic or not, there’s some great things that talks about the Momentum Cycle and how to build confidence and how to change cycles when you’re on a downward cycle. And then it goes into creating your path and finding out what your goals are, where you want to be in a year, and how you’re going to get there. And then on the last day it talks about figuring out for each of your goals what your why is, why you truly want to do it. And it’s a, it’s a really cool exercise to go through that. It’s not just here’s my why, this is why I want it. It makes you do some thinking and it makes you dig down and you’ll realize some things that you didn’t know before. So thanks and again, go to www.JeffHeggie.com to get that and we will talk to you again on Monday. Take care.
The next series of my small business marketing posts will cover how to take maximizing resources and multiply them for even bigger results.
In this first of the four-part series we’ll cover:
Call in the Troops
Bring ‘Em Out of the Woodwork
Black Sheep Clients
Call in the Troops
Finding and securing new clients can be exhausting and expensive. Instead work with other companies to help you find new clients. Find solid companies with secure, positive relationships with their customers/clients. Also, ensure that their products/services are not directly competitive with yours.
Contact prospective partner companies and talk with them about helping promote your products/services to their clients. Always offer them a commission on the sales that come from their client lists.
Make sure to include these key points in your proposal:
Ensure that your products/services don’t compete with theirs.
The partnership will not take away from their current or future sales.
The partnership will increase their profits.
They won’t have to do nor spend anything on the partnership.
You will produce all needed marketing materials.
You will offer an unconditional guarantee on all products/services.
Bring ‘Em Out of the Woodwork
If you take the time to put together a solid referral system, you’ll draw new customers/clients out of the woodwork through everyone you already know. You can start doing this through first showing all your current clients how much you care about them.
Then show them how your products/services can significantly improve their lives or businesses. If you can do this consistently, they will naturally and comfortably bring new clients right to you.
Black Sheep Clients
One of the best ways to rejuvenate business is to find your stray clients and offer them something amazing. First you need to understand why they strayed and are no longer purchasing from you. There are generally three reasons why customers/clients leave. They are:
Unrelated causes that have nothing to do with you
A problem with their last purchase
No longer benefit from your products/services
The best way to bring these clients back is to simply contact them. If you don’t make the first move, they’ll never come back. You make an appointment to visit them or call them if it’s not possible to meet in person.
Talk openly with your stray clients. Let them know you noticed they were no longer working with you and that you’d like to talk with them about their experiences with you and how you can improve things to work together again. Take the time to make them feel special and work hard to make sure their experiences with you going forward are the best ever.
This wraps up the first three areas on how to multiply your maximized resources. If you need help working on any of these ideas or processes, try our GUIDED TOUR to work with an experienced business coach. Also, make sure to get registered for our Momentum Course while it is still available for FREE!
Next time we’ll talk about the next three areas of multiplying your resources. They include: Olympic-Size Sales Staff, Open Sea Fishing and Call for Back-Up.
Business owners today are in the fight of their lives. The global economy is in shambles, they have no additional revenue sources they can tap into for financial support during lean times – and perhaps worst of all, marketing and advertising just don’t work as well as they used to. In fact, for many small business owners, marketing isn’t producing any results for them at all… and their financial situation is growing more desperate by the day.
As a business owner or entrepreneur, if you’re struggling right now to generate more leads and clients for your business, and you need to find immediate ways to dramatically increase your business’ bottom-line revenue, over the next few issues of SAVVY The Business Magazine I’ll show you how I can help you make all of these problems disappear forever.
Over the next few issues, I’m going to give you back door access to a series of powerful business growth strategies that are some of the most powerful revenue-generating strategies ever created.
So let’s get started.
More Leads – Marketing and Advertising
Let’s face it. The major hot button for most small businesses these days is the ability to generate leads. All small businesses want more leads, but few of them know how to successfully attract customers to their business.
As a coach, I have in-depth knowledge and skill when it comes to generating leads. So here’s the process I use to do this.
If you’re like 99% of the business owners I speak with, you may often feel lost or overwhelmed as you try to navigate through all the various options available these days. Websites, social media, SEO, email marketing, Facebook, pay-per-click and so on.
Let me do you a favor right now and completely remove that overwhelm from your life forever. Are you familiar with the 80/20 rule?
For business owners, it means 20% of what you do every day is generating 80% of your total annual revenue.
In other words, you’re only doing a few things daily that makes you most of your money. I can tell you specifically what makes up that 20%, and that’s all you really need to focus on.
There are 5 areas that make up that 20% – leads, conversions, transactions, pricing and profits.
To show you the potential impact we can have in these five areas, I use a tool called a Profit Growth Calculator. Do you by chance know the exact number of leads and sales you’ve made over the past 12 months?
No! That’s OK… let’s plug in numbers for a make-believe business. Let’s say your business generated 1000 leads in the past year… and your average conversion rate was 25%.
Let’s also say your customers bought what you sell 10 times throughout the year… and they typically paid on average around $100 per purchase.
Finally, let’s say your profit margin per sale is only 25%.
Notice at the bottom that you’re earning $62,500 annually. But, look what happens if we simply increase each of these 5 areas by a meager 10%.
You would see your annual revenue almost double from $62,500 to over 6 figures. By the way.
Most business owners would KILL to almost double their revenue, wouldn’t you agree? Now, watch what happens if you could increase each of the 5 areas by 50%.
Your business would skyrocket from $62,500 to almost half a million dollars annually. Now, you may be thinking 50% gains in each of these 5 areas would be next to impossible. Let me assure you, a 50% increase is possible, and I’m going to prove it to you right now.
When asked, most business owners tell me “word of mouth”, or more often than not “referrals”, are how they generate leads. Referrals are obviously an excellent lead source. In fact, it may be the best one by far, but the problem is you never know when you will get them. They’re not reliable and you certainly can’t generate them whenever you want.
99% of businesses today do have a website. Do you know for sure how many leads your website generates every month? Do you know for sure how many sales your website produces every month?
Can I show you why your website isn’t generating leads or closing sales for you.
Here’s the key to successful marketing. You MUST be able to enter the conversation taking place in the head of your prospects. Or, another way to look at it is to be able to address the number one question on your prospect’s mind at just the right time. So how do you do this? It’s actually quite simple when you know and understand the fundamentals of marketing.
The conversation that’s taking place in EVERY prospect’s mind revolves around two major points. There’s a problem they have, and they don’t want… and there’s a result they want but don’t have.
Now believe it or not, there is actually a marketing formula we follow that takes these two points into account and spits out a message so compelling it practically forces your prospects to buy what you sell.
It’s called the Conversion Equation, and it looks like this – Interrupt, Engage, Educate and Offer. The Interrupt is your headline – which means it’s the first thing someone sees when they visit your website, read any of your marketing collateral, or hear you speak. When someone asks you what you do, it’s the first words out of your mouth. That’s your headline… and it MUST address the problem your prospects have that they don’t want.
The Engage is your sub-headline – which is the second thing your prospects see or hear. It MUST address the result your prospect wants but doesn’t have. The Educate is the information you provide… either verbally or in writing… that presents evidence to your prospects that you and your product or service are superior in every way to your competition.
Unfortunately, MOST businesses aren’t different from their competitors, and that’s why you MUST innovate your business to create what we refer to as a market-dominating position.
You MUST make your business unique… it MUST stand out from the crowd. It MUST make your prospects say to themselves that they would be absolute idiots to buy from anyone else but you – regardless of price. And finally, the Offer. You MUST create a compelling offer that makes it so irresistible your prospects can’t turn it down.
But, here’s another critical fundamental of marketing. Because of the saturation of marketing messages these days, most prospects have become numb to most marketing.
Following our Conversion Equation can dramatically overcome this, but even with this powerful tool in play, it will still take multiple “touch” points before your prospects will buy what you sell.
For most businesses today, it takes anywhere from 20 to more than 100 touch points before a prospect makes their buying decision. Following the Conversion Equation reduces the touch points to somewhere between 5 to 12 points of contact.
But here’s the key… most businesses don’t follow up with their prospects at all, and this provides a HUGE window of opportunity for ANY business that does follow up… to position themselves as the dominant force in their industry.
But, in order to have the opportunity to get your message in front of your prospects 5 to 12 times, you MUST find a way to collect their contact information, and that’s the purpose of your Offer.
Most businesses offer something that only appeals to prospects we call NOW buyers – prospects ready to make an immediate purchase. Unfortunately, NOW buyers make up less than 1% of the total number of prospects that are in the market to buy what you sell.
These businesses typically offer prospects a free consultation, a discount, a coupon, a free assessment, a complimentary quote, or the biggest mistake of all… CALL US!
For most businesses, all of their marketing material… their website… their business card… all list their phone number as their sole offer… and that ONLY appeals to that 1% of NOW buyers. The remaining 99% of viable prospects are “investigating” and gathering information about what you sell.
They’re searching for information because they want to determine who is offering the best value. You see, prospects DON’T shop price – they shop VALUE!
The only reason prospects consider price is that most businesses don’t give them any other value proposition to consider except price.
Remember what I said a moment ago about making your business unique – creating a market-dominating position?
Most businesses don’t do that, and since they… and all of their competitors… look exactly the same, prospects are FORCED to shop price. So, with these fundamentals in mind, let’s see how your website stacks up to them.
Let me tell you about a website we recently revised for a child psychologist so you can see what I mean.
His website was typical for his profession.
He had a very generic headline – Parenting Advice and Resources from Dr. John Smith
He has to have a headline like that because he’s attempting to be all things to all prospects. Basically, this doctor helps parents deal with adolescent problems. He had a list of the 9 areas he specialized in – emotionally disturbed kids, behavioral problems, teen pregnancy, peer pressure and so on.
So, let’s compare this site with the fundamentals we just discussed. First, you MUST create a market-dominating position. This doctor could actually create 9 of them by simply positioning his specialty in each of his 9 individual areas of treatment.
For example, let’s say he decides to start with the top condition on his list… emotionally disturbed kids. These are kids that yell, scream and constantly have a highly belligerent attitude toward their parents. They scream at them and are known in some cases to threaten the parents. These kids can’t be reasoned with and these poor parents have NO clue how to deal with this situation.
So, here’s what this doctor needs to do. Forget the website completely – this doctor needs what we call a squeeze page. This is a single page that’s online and specifically addresses ONLY this one condition. So, what should this page look like… and what should it say?
Remember the second fundamental – you MUST enter the conversation taking place in the head of your prospect. There’s a problem they have they don’t want… and there’s a result they want but they don’t have. This is where we implement the first two components of the Conversion Equation… Interrupt and Engage. The headline is the Interrupt and it must address the problem they have and don’t want.
We started with a new headline – Are You Sick and Tired of the Yelling, Screaming and Belligerent Attitude of Your Child? Does that address the problem these parents have and don’t want? Would you say that’s a 100% bullseye?
Now, for the Engage which is the sub-headline. It MUST address the result they want but they don’t have. We used – Now You Can Discover the Secrets to Controlling Your Child and Instantly Restore Peace and Quiet in Your Home. Would you say that’s bullseye number two?
Now, let’s look at the third Conversion Equation component… Educate. On the doctor’s original website he had a short video, because he’s trying to appeal to all prospects, his video said this – “Greeting parents. I want to welcome you to remarkable parenting. You will find tons of great information here with hundreds of pages of articles.”
Think how ridiculous this sounds if I’m one of these parents with a kid that has a belligerent attitude. Do I want to read hundreds of pages of articles? Or, am I searching for a specific solution to a specific problem? Do you see why most websites these days are basically a total and complete waste of money? They don’t address the things your prospects are truly looking for. Here’s the new script we created for this doctor.
“As a parent, are you struggling to gain control of your child’s attitude and emotions? Is your child yelling and screaming at you, while often displaying a belligerent and sometimes threatening tone that no matter what you do or try… you just can’t seem to get under control?
My name is Dr. John Smith, and I help parents like you every day learn the techniques that will solve these frustrating and destructive behavioral patterns once and for all. In fact, let me prove it to you. Enter your first name and email in the box to the right, and I’ll send you a series of 60-second techniques that will immediately restore peace and quiet in your home.”
Think that just might get more prospects to respond to this message? And that brings us to the final component of the Conversion Equation… the Offer. Look at the doctor’s original offer. His original site was offering a free consultation. The only prospects that will accept that type of offer are those NOW buyers. Remember, they’re less than 1% of the total number of prospects looking for this type of help.
When your offer is to “call me,” that basically says “let me sell you” to your prospects. We are so used to getting non-stop sales pitches these days that we resist calling anyone with every fiber of our being. This type of offer is called an incentive offer, and incentive offers only work for common purchases, emergency situations and impulse purchases.
And remember, most prospects don’t buy until they have been exposed to your messaging somewhere between 5 to 12 times. If you tell prospects to “call you,” and most won’t, how do you keep marketing to them? Obviously, you can’t. The secret to effective marketing is to offer what most prospects truly want… INFORMATION!
Look at the last sentence in the child psychologist’s video script… “enter your first name and email in the box to the right, and I’ll send you a series of 60 second techniques that will immediately restore peace and quiet in your home.” That offer is ZERO risk to a prospect, and it offers them something they truly want… a solution to their problem.
They can receive it by simply providing their name and email address… WITHOUT having to speak to anyone… or be subjected to any type of sales pitch. That’s why the offer on this doctor’s squeeze page says, “Learn the Secrets to Gaining and Maintaining Complete Control of Your Child in Less than 60 Seconds.” Is that a highly compelling offer that would appeal to a majority of the prospects directed to this page?
And do you now see why we call this a squeeze page? There are NO navigation buttons on this page to distract the prospect. In fact, there is only ONE action they can take… enter their contact information. Otherwise, they have to close the page completely… and if they do, THAT is when we can redirect them to the doctor’s main website to see if there is something else that might grab their attention.
That informational offer provides them with proof that this doctor can actually get them the results they’re looking for, and then within that information is an offer for them to schedule a consultation with the doctor, which they are now more likely to do.
But consider these numbers for this doctor’s original website. He could easily generate 300 or more leads per month using a pay-per-click campaign on Facebook. Those leads are then sent to his original website. He will then average around 10% of those leads… or 30 prospects… will see his offer for the free consultation and will call to inquire about it.
Notice I said INQUIRE about it, NOT request it. Out of that 10% that will call… only 10% of them will actually consent to the consultation… which equals 3 prospects.
Fortunately, for most professionals like this doctor, they typically convert 100% of the prospects they get in front of… so those 3 prospects will more than likely become patients. Note that out of 300 leads, the doctor winds up with 3 new clients. That is the national average today – 1% of all leads generated will typically convert into a new client.
But, now let’s look at the doctor’s new squeeze page. First of all, let’s leave his number of leads at 300 per month. That squeeze page won’t impact that number whatsoever.
Do you think this new page will increase the number of prospects that will request this doctor’s secrets to gaining and maintaining complete control of their child? The doctor was getting 10% with his old site. What percent do you think would request this new, more compelling offer?
Most responses I get average somewhere between 50% to 70%. Well, suppose we stay really conservative and say that just 20% request the new offer.
That would mean 60 prospects would receive those secrets and actually see for themselves that this doctor’s methods really work.
And once they do, what percent of those do you think might request the consultation with the doctor? Remember, that originally it was just 10%.
Again, most responses I get average between 50% to 70%. I would tend to agree with those numbers, but we know he originally converted 10%, so to be really conservative, let’s just leave that conversion rate the same… 10%.
So, out of the 60 prospects requesting the doctor’s secrets, 6 of them now request the consultation. And let’s assume like we did originally the doctor converts all 6 of them into patients. That’s an additional 3 patients per month, isn’t it?
Now, let’s say this doctor only charges $800 for his services. $800 times 3 new patients is an additional $2,400 per month… which is an annual increase of $28,800. That’s obviously a dramatic increase in revenue considering we’re being conservative… and all we did was make some slight changes to this doctor’s site.
So, let me ask you this. Do you think we could get similar results for your business? How many leads have you generated in the last 12 months?
How many leads would you estimate you’ve generated this month? How many of those leads requested your offer? If we could create a similar process for your business… and offer compelling information to your prospects just like we did for the child psychologist… do you think more prospects would respond? By what percent?
Could we conservatively agree that a 10% opt-in rate is easily a no-brainer? Do you realize just that one change alone would double your current sales revenue?
And that’s assuming we don’t increase your number of leads or your final conversion rate… which we will. If you said your last month’s revenue was $25,000… then just this one change alone adds an additional $25,000 to your bottom line.
But consider this!
That additional revenue is NOT just a one-time increase. That’s revenue the business will generate year after year after year.
If you would like more help on this you can contact me directly at firstname.lastname@example.org, or check out what our E-Learning Marketing System has to offer in our GUIDED TOUR.
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Business Development Coach
Today we’ll talk about the last three areas you can work on to maximize your current resources. They are:
An offer they can’t refuse
Would you like fries with that?
Stay away from the edge of the cliff
An Offer They Can’t Refuse
The secret to success is to stay ahead of your competitors – maintain a competitive edge. To do that you need to make it easier for your customers/clients to say “yes” rather than “no”. You do this by eliminating all the psychological, financial, physical, emotional and other roadblocks they may have.
You can take the risks for them by offering warranties and guarantees that make the customer feel more confident in you, your business and your products/services. You also must be serious about your offer and follow through if a situation does arise. The quickest way to the bottom is to play games or take back a warranty or guarantee.
Would You Like Fries With That?
It’s the oldest trick in the book. I mean, really, how many times a week do you fall for it? Every time you sell a product or service, you need to offer an add-on, upgrade or back-end product to go with it. These products must be complementary to the original product being purchased and must create a higher perceived value.
Avoid the Edge of the Cliff
Continuing to test and measure your systems, products, marketing methods and all other aspects of your business allow you to see problems before they happen and therefore avoid falling off the edge of the cliff.
Here are a few specific areas you can test for potential improvements:
Through testing these different areas you will find products/services where you can raise the price, maybe others where you can lower the price or offer that product as an incentive item, and find many other areas for improvement that will better utilize your current resources.