If you are wondering how to grow your new business you are in the right place. There are just 3 steps that you need to take.
That’s right, just 3 steps. These are simple steps that anyone in business should be doing anyway but often don’t do in the right way or the right order. Here’s what those 3 steps are…
Step One: Generate Leads
This first step to grow your new business is very important so please don’t skip it or try to do other things that will take away this one focus.
Leads are the lifeblood of your business. Without leads you have no one to convert to customers. Without customers you have no business.
Get it? Leads, very important.
So how do you go about getting them? Well this is really up to you. You will need to think of the best way of attracting leads into your business but it could be:
- Running workshops
- Sales calls
- Newspaper/TV/Radio adverts
- Social media ads or promotion
- Referrals system
- Press releases
The list is endless and will depend on your industry and type of business as to how best to attract your leads.
Think about where most of your customers come from. If you don’t yet have customers think about which of the above methods would be the most likely to attract those people who would be interested in what you have to sell.
For example I hold free workshops to attract my leads. I run workshops on topics that I know my ideal customer is interested in and that offer solutions to the problems I know my ideal customers are facing.
I also add lead magnets to my social media profiles and my website that a) attract their attention b) tell them how I can solve their problem c)how they can try this out (often for free).
Here’s an example of how it looks on my Facebook page…
As you can see, I am offering a free business basics guide to those who are trying to build a new business.
This lead magnet attracts my ideal clients, gets their email address in exchange for their free guide and then I have a way to follow up with my leads which I can fully automate.
I also create lead magnets for my website. On this website you will see that I have a resources page and that resources page is full of free (and advanced) courses that my ideal client can take advantage of in exchange for giving me their email address so that I can send the freebie as well as some extra helpful hints, tips and ideas.
You should be thinking about how you are going to attract leads to your business. This should be the very first thing you concentrate on as it will be the leads that eventually help you to grow your business.
Step Two: Conversions
Once you have your leads coming into your business you will need to concentrate on converting them into paying customers.
Conversion rates vary across industries, businesses and whether you are operating online of offline.
Typically, online conversions are very low (about 2%). This means that for every 100 leads you get, 2 may become customers.
To turn more leads into customers you will need to increase your conversion rates. You can do this in several ways:
- Make your offer proposition more attractive
- Be more specific in your marketing
- Know your client and what their biggest problem is so that you can provide the solution
- Be unique in your marketplace – the only one who does that thing
- Be the most affordable
- Be the most credible
- Have the best solution to the problem
In other words, the better you are at fitting your solution to your clients needs, the more likely you are to convert them into a customer.
Think about restaurants. There are fast food cheap restaurants like Burger King, McDonalds or Nandos that churn out lots of food to lots of customers at a cheap price.
Then there are more expensive and exclusive restaurants like the Michelin starred restaurants that serve far fewer meals to far few customers but at much higher prices.
Both have their fair share of the marketplace because they position themselves well in the marketplace and make it very clear what they do and who they are trying to attract.
You need to do the same with your promotion. You need to think of one sentence that sums up what you do, who you do it for and how you do it.
For example: I help new businesses to grow to six-figures in 12 months by sharing my simple 3 step system
Another example might be I help small tradesmen get the job done by offering the right tools at the right prices.
Think of your sentence and make sure it includes who, what and how.
It is also very helpful in the conversion part of the process if you have a way to follow up with your leads. Just letting them try your service for a discounted price is not necessarily going to get them coming back.
If, however, you could follow up with them to find out what they thought of your service, whether they would like to find out more about what you can do for them and what the benefits of working with you would be for them, this would be far more likely to convert more of them into customers.
Being able to build a relationship with your leads is going to help you massively increase those conversion rates, and trust me you are going to want to do this and here’s why…
If you have 100 leads converting at 2% and they spend £100 each, that’s £200 you have made.
But, by increasing those conversion rates to 5% you would then have 5 people paying £100 each and that’s £500. You are making more money from the same amount of leads.
Step Three: Average Spend
The last step is to increase the average spend from each of your customers.
Let’s say your customers spend an average of £100 per month with you. If you could increase that to £150 or £200 then you would be making more money from the same amount of customers.
This is important because anyone in business knows that it is MUCH easier to sell to an existing customer than it is to a new one.
This means you will need to be thinking about how you can increase that average spend. What additional services or products can you offer your customers to entice them to spend more with you.
Just look at what a difference just this one tweak in your business can make. Let’s say you have 100 customers each month spending an average of £100. That means you are turning over on average £10,000 per month.
If the same amount of customers just spent an extra 20% with you and spend an average of £120 each month that is now an average turnover of £12,000 per month.
You have just made an extra £2,00 WITHOUT having to do anything extra. That’s got to be worth a go right?
There are many ways you can increase your average customer spend:
- Add a new service
- Increase your prices
- Add a new product
- Put your products into bundles
- Offer incentives ie buy one get one half price etc.
- 10% off when you spend £200 or more
You will need to think about what incentives or enticements would work for your particular customers.
For my clients, I offer a range of services that build on from free workshops to paid workshops, courses and full mentorship programmes.
I find that in almost EVERY case it is an existing customer that will purchase my higher end products.
It is not difficult to upsell to your customers if you are offering the kind of products and services that they are looking for.
Think of things that might save time or money or both. These typically are what people think are worth spending money on.
One my most recent additions to my service package is the Six-figure System. It offers business owners a full mentorship programme that helps them to implement this 3 stage system into their business so that they can grow a six-figure business in just 12 months.
I help them will all 3 stages of the process and give them all the tools and techniques they need to make it happen.
It isn’t difficult, anyone can use this system and it works for any business. It is based entirely on maths and here’s how it works…
Part 1: Grow your leads. More leads = more opportunities to convert into sales.
|Conversions at 20%||6||12|
|Ave customer spend||£200||£200|
|Ave monthly turnover||£1,200||£2,400|
As you can clearly see, just by increasing the leads coming into your business you can increase your monthly turnover
Part 2: Increase your conversion rate. Higher conversion rate = more sales from the same amount of leads.
Part 3: Increase your average customer spend. With a higher spend you can make more money from the same amount of customers.
Imagine what you could do if you tweaked all 3. I’ll show you what happens when you do…
|Conversion rate 30%||9||18||27|
|Max Cust Value||£300||£300||£300|
|Ave monthly t/o||£2,700||£5,400||£8,100|
As you can see, with the smallest amount of tweaking we can achieve truly AMAZING results. £8,333 per month = £100,000 per year. Your six-figure business!
So, are you ready to start working with me to achieve this in your business? Would you like a six-figure business in 12 month’s time?
I’ve created a free eBook that will guide you through the whole process and you can get instant access by completing the form below.
I can’t wait to start helping you to grow your new business right now.
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Just before you go, you might want to check out my free resources page where there are plenty of guides and tutorials to help you out.