|Sent on:||Saturday, December 31, 2011 3:14 PM|
Hey how's it going it's Matt? So how have you been doing? How's business been for you. Hopefully all is well and hopefully you had a good 2011.
Wow last day of 2011. Talk about an interesting year. Definitely the most interesting of my whole life. lol And I can't wait to see what 2012 has in store.
Hopefully you're year has been equally as exciting. If it hasn't then perhaps you're not getting out of your comfort zone as much as you should or could be.
What did you learn in 2011 in terms of business and personal life?
What did you try that you never thought you could do before?
How much growth did you see in your business?
How many new business ideas did you try out?
What new business book or course did you take that expanded your horizons?
What direction do you think your business or industry is headed?
Where do you see your business going in the next year, 3yrs, 5yrs, 10yrs?
What is your exit strategy from business and when do you plan to realize it?
As for me I've learned a lot this year in so many ways. That's why I'm so thrilled about how this year went! It was stressful at times but the funny thing is generally in life you have the most growth when your challenged not when your comfortable. That's why I'm saying if you're too comfortable then chances are you might want to challenge yourself a little more to keep life exciting, to keep your business growing, and to keep expanding your paradigm in life.
I guess the next question for all of us is what are we gonna accomplish in 2012. Do you have any goals you want to achieve for 2012? Perhaps you have a financial goal in mind? Whatever it is you should triple it, that way even if you don't make the benchmark you'll likely still be well ahead of your bottom line right.
Here's a few ideas to expand your business:
1. The 3 ways to grow any business
This idea has been adopted and adapted by other people but the simple power of the formula is still remarkable because so much effort is focused on the first way at the expense of the other two.
There are only 3 ways to grow - sell to more customers, increase the transaction value and increase the number of times a customer buys. Simple. Obvious. But do you have strategies for growing each element. Many people don't.
2. The opportunity mindset
tells the story of a young boy who found a coin on the pavement and was so thrilled by the discovering that he carried on searching for dropped coins all his life.
Yes he found a small amount of money but he missed so many opportunities to make a fortune. The simple advice is to keep your head up, your eyes open and your mind in gear.
3. Assess your business strengths
Just stand back and take a good hard look at your business. You can't work out how to get to where you want to be without knowing where you are at the moment. Again simple and a cornerstone of my own coaching but it works so well.
To help you understand the concept, let's move a problem to geography - how do you get to London? It depends on where you are.
4. The strategy of pre-eminence
This is really powerful concept that I believe in wholeheartedly. Success comes if you put your clients needs ahead of your own. Act in their best interests and take the high ground. Your customers and prospects will see the difference and reward you. Why? Because you are listening to them and what they really want and need.
5. Calculate the lifetime value of your customers and the marginal net worth (lifetime value less the costs of acquisition).
It will give you a new way to look at your customer acquisition process, your client retention strategies and give you renewed enthusiasm for increasing the other two ways of growing your business. Focus on this lifetime value is a major cause of success.
6. Develop and communicate a clear Unique Selling Proposition (USP). Easy to say but hard to do.
It means focusing on a particular type of customer and targeting them precisely rather than trying to appeal to the general market. It's the difference between piping hot home made chicken soup and luke warm soup of the day.
7. Pre-emptive marketing
Jay reminds us about the about the Claude Hopkins and Schlitz beer story from the 1920s.
A struggling small beer maker was able to move to the number 1 position by explaining in detail all the care attention that went into making the beer.
"But we all do it like that" said the Schlitz management - "Yes but the public don't know that" replied Claude Hopkins.
This is a classic piece of educational marketing that shows that people can't value something they don't know or understand and the principles could apply to your business.
8. Risk free offers and even more compelling, better than risk free offers.
Why would anyone do this? Because if your customer carries the risk, they will be nervous about committing.
Your customers don't know how good you are but you do. You can accept that risk far more cheaply and easily than they can.
9. Up-selling and cross-selling
Take a customer's original proposed purchase and then persuade them to upgrade to a more expensive version (an up-sell) or encouraging them to buy something else to go with it (a cross-sell.)
Just don't do it because it makes you more money (it will) but because it is in the customer's best interests because they get what they really want.
Haven't you bought something only to learn later that you should have spent a little more to get some key benefits you hadn't understood about before?
10. Test everything
Sound advice when you realise that even the best, most experienced marketers and copywriters can get remarkably different results from just changing a headline.
If the top professionals get surprises (nobody tests against something the don't think will work) the rest of us need to learn to test again and again and again...
11. Build on your relationships to bring you more customers and more products. this host-beneficiary relationships while Guerrilla Marketers know this as fusion marketing.
12. Systematised referral processes
Prospects from referrals buy more and buy more easily but do you have a process.
and if so what is your process that you use regularly to get more referrals?
If you don't have one then you need to create one or more methods that you employ regularly.
13. Recovering business from inactive clients
People stop buying for many reasons but many can be easily recovered if you show that you have noticed and that you care.
14. Making sales letters pay
Almost anything can be sold using direct mail and making your letters more effective is paramount to your success.
15. Mastering the art of getting clients over the telephone and speaking with clients on the phone is an important part of any day to day business activity. It will also improve your confidence and communication skills.
16. Selling on the Internet is an absolutely necessity for any business. If you don't have a website yet then one of your goals in 2012 is to get one set up. You can get a basic site built
by a webdesigner for dirt cheap at: scriptlance.com or at fiverr.com (well under 100 dollars)
17. Creating wealth without any money
How can you do that? By using barter to make the deal. If you do this, I will do that. It is a simple process for two people although it does get more complicated with three people involved.
18. Keep in contact with your customers
The more you see them as friends, the closer the bond and the more likely they will keep buying. This is easily done via a newsletter subscription you prompt them to join.
19. Using goals as the engine of success.
Every coach talks about goals? They are important and they have been shown to work.
20. Keep improving
Aim to get the most out of everything you do and keep learning.
21. Find your own unique definition of success
Look closely and you will find that you have key skills, capabilities, knowledge and relationships that people will value.
Anyway those are some ideas that you could look into. I believe one of the strongest plays for most businesses is try to expand there reach online. The internet still offers one of the easiest and most cost effective approaches to growing your business.
Well I think that's it for now. The next meeting is on January 23rd at the starbucks on 178st and 69 ave. Try to make it if you can and bring your business cards. rsvp below. Thanks.