Expand your business and double your income
b"Brooke Ford (Left) guest hosts with Darren Gruner (Host) to discuss how easy it is to expand your business and double your income.
Brooke Ford of Orion Design Associates guest hosts Turf's Up Radio to share his insights on expanding your business.
SO OFTEN, BUSINESS people forget the basic equation of how to run a business. So let's talk a little bit about the seven strategies that work together to double your business profits.
Now that sounds a little bit unbelievable, how are we going to double our profits? But by making just 10% improvements in each of the seven areas I\\u2019m about to talk about, if you do the math you\\u2019ll see it actually can double the profits, or even more, increase the profits of your business. So often, people forget about this basic relationship: we have to sell to more people, we have to sell them more stuff, we have to sell it at a higher margin, we have to reduce our costs, and if we just go to that very simple calculation you have profits at the end. If we work on each one of the seven elements and just make even a 10% improvement, you\\u2019ll see how that drops right to the bottom line and can double the profits of the company.
Find New Customers
So what\\u2019s the first one? The first thing is we have to get out and meet new people. One of the strategies is that we have to have our marketing focused on benefits. What are we doing for the customer? Remember, they only listen to that one radio station, WIIFM (what\\u2019s in it for me). So we need to have benefits-focused marketing, so that we can attract the most new people to the business.
Remember Your Existing Customers
The second one is with our existing customers. I have a client who had a database of 600 past customers. What did he do? He marketed to new people all the time. He had zero strategies, no money at all spent marketing to 600 people, and spent all his money, about $10,000 a year looking for new customers. So what are we doing to stay in communication with our current customers? Are we involving them in some kind of a communication, whether it\\u2019s a newsletter or we\\u2019re having direct outreach, but keeping in close contact with existing customers.
Learn Why Customers Leave
The third one is what about past customers? Why did they leave, do we even know? Most businesses don\\u2019t spend any time at all analyzing why people are going out the back door because we\\u2019re so busy focusing on the fun stuff bringing them in the front door, all the fun marketing ideas. But what about why they\\u2019re going out the back? So doing a bit of an analysis on why they left, and then if we fix that we can get them to come back, give them a special offer.
Convert Prospects into Consistent Buyers
So now we have to convert more of them. How are we going to get more of these people to move from being a prospect, somebody that might have responded to an ad, to becoming a paid customer? This is about having a sales process. How do you bring them through the funnel? How do you move"