There are only 4 things you need to focus on to grow your business revenue.
Focussing on these 4 actions will have a significant impact on your business. They will dramatically increase your business.
1. Increase Your Number of Leads
There are numerous ways to increase the number of leads your business receives. These ways include customer referrals, social media marketing, direct response marketing, lead generators, paid media, joint ventures, educational seminars, telemarketing, content marketing, email marketing .
Being knowledgeable about the top lead generation techniques and knowing how to execute them allows successful entrepreneurs to generate a steady stream of qualified leads.
To take your business to the next level means you’ve got to raise the bar for your incoming leads.
Growing your list is great, but it’s the quality of your leads that is important to you. That is what building your business is about.
Healthy businesses are those with hyper-focused targeting and high-value offers that speak directly to a narrowly defined target audience that is (1) most likely to be interested in what you’re selling and (2) value it enough to make a purchase (..and then another purchase, and another, and another).
By improving the targeting of your digital advertisements, you can ensure that your message is going to the right people at the right time and, as a result, increase the value of your leads.
2. Increase Your Conversion Rates
Improving your conversion rates will not only increase your Business Revenue but most of the increase will flow straight to your bottom line.
A 5% increase in your conversion rate is like increasing your number of leads by 20%. What would you prefer to do to improve your leads or improve your conversion rate?
There are numerous techniques you can use to improve your conversion rate. These include sales scripts, sales training, email nurturing campaigns, and focus on your ideal client.
In today’s business environment your prospects are able to source a multitude of sources of information to help with their problems.
Your challenge is to ensure that you are only attracting your ideal client and having a formalised system that converts these leads into clients.
Another way to boost your conversion rate for sales (and therefore elevate your lead value) is to improve your sales page (sales-oriented landing page).
Write landing pages for target customers, not all customers
A great sales page has several leverage points for higher conversions. Optimizing for each one can pay off big dividends.
Here’s what to do:
Write a Killer Headline:
Your headline should focus on the ultimate benefit/results that your target audience is seeking and should entice your audience to click and learn more.
Be Clear About the Benefits:
For each primary element of your product or service, be sure to fully answer the “so what?” question that your prospects are thinking to themselves.
Provide Proof:
Adding 3-5 authentic testimonials to your page will boost your conversions, especially if those testimonials address common objections and fears that your target prospects have at the time of purchase.
Reverse the Risk:
This can take the form of a money-back policy (30-60 days is typically ideal), or a “we won’t stop until you’re excited about your results” type of promise. Adding in language that relieves the pressure of the buying decision in this way will boost your conversions.
Create a Sense of Urgency:
Use language on your sales page to compel a decision. Use a countdown timer before your offer expires or the price changes. Add extra value (in the form of bonuses for example) to your offer within a certain time frame.
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3. Increase The Number Of Times a Customer Buys From You.
The majority of Business Owners get so focussed on getting the initial sale that they fail to build a relationship with their customers so they can generate long-term revenues from their customers.
Successful businesses get customers to buy over and over again.
They build a sales pipeline not just a sales funnel. They position their products and services as ongoing solutions to their customers’ needs.
They have the ability to move their customers into higher dollar value products.
Having multiple revenue streams is the key to protecting your business from economic forces and successfully growing a business.
You can use techniques such as incentives, loyalty programs, bonuses.
Of course, the first sale is something to celebrate, but the more products/ services you can sell to a single customer, the more revenue (and profit) you’ll earn over the course of that customer’s lifetime with your business.
Acquiring new customers is a costly activity for most businesses and selling to those same customers year after year after year is where the true business growth kicks in.
Finding clever, constructive ways to increase your customer lifetime value is an excellent way to increase the value of your leads.
Ask yourself:
Do you know what the average customer spends over his or her lifetime with your business? Does your current product line end too soon?
If so, you should consider adding another product or a higher level of service to your mix.
You can do that by tuning into your customer’s needs and closing the gaps between their problems and your solutions.
Take a closer look at your customer support tickets or schedule conversations with your best customers to explore how you might be able to deliver additional value.
4. Increase the Revenue You Generate Per Sale
The final step is to get each customer to pay more each time they buy.
The quickest way to do this is to increase your prices.
Setting the right prices for your products and services always causes a number of issues for business owners.
They fear that if they set the price too high then no one will buy, and if they go too low they may end up making very little profit and their business becomes a burden not something they enjoy running.
By pricing too low you will only end up with customers who are just price shoppers. They will just look for the lowest price. Competing on price is the quickest way to go out of business.
This can be achieved by using such techniques as upsells, cross sells, premium priced products.
Successful Business Owners see themselves as helping their customers solve their problems. They seek out additional products or services that can help their customers improve their lives.
To build an extremely successful business then you need to execute on all of these marketing tools. Using all of them will allow you to generate high levels of revenue.
Doing this on a consistent and ongoing basis will lead to your business success.
A successful Business Owner knows their numbers because they track their leads, conversions rates, average transaction value, customer frequency and have systems and processes to make sure they all run smoothly.
Did you know if you double each of these 4 key metrics then your business revenues will grow by 16?
If that is not a good reason to spend quality time on these points then nothing is.
