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Archives for April 2015

If You Want More Prospects, Use Risk Reversal

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Why Use Risk Reversal?
Risk reversal is the fastest, easiest way to grow sales & increase the prospects trust.

If You Want More Prospects, Use Risk ReversalWhat Is Risk Reversal?
The idea is to take 100% of the risk away from your prospects or customers so more of them buy from you.

Example
If you ran an ad & it got 100 people to read it seriously. And out of those 100 suspects, 30 prospects called the business & 20 bought your widget.
Theoretically if you added great risk reversal then instead of 30 prospects calling your business you might get 60 or more. Then given the conversation rate you should sell 40 widgets. That’s the power of risk reversal.

More of them will buy from you if you use risk reversal because; if your solution to their problem does not work for them; they don’t have to pay.

If the business wants to get more prospects out of its marketing & advertising then it needs to give the customers & prospects sitting on the fence a big reason to get off the fence.

Different Types of Risk Reversal
Any time a business asks a prospect or a client to buy something they are asking them to take a risk. Depending on your offer you will be asking them to take on:

  • More than all of the risk
  • All Of the risk
  • Most Of the risk
  • Some Of the risk
  • A little risk

More than all of the risk means the new customer could not only lose their investment, but they could lose things like their time, their lost effort, their lost opportunity cost, & sometimes hurt their business or even destroy it etc.

In a nutshell risk reversal is the reason to motivate a greater number of prospects to take action.

How To Improve Risk Reversal
If you make the effort to get better at articulating how you can take the risk away from your prospect & put it all on your business then you will entice more of them into your buying funnel. Test; test; test.

Action Step
Take a look at your offers & think about how you can take the risk away; so, your prospects & customers have no fear buying from you.

If you’d like some help putting risk reversal into your business give me a call or shoot me an email.

Pick my brain: I can give you the marketing strategies & the marketing tactics you need, to grow your bottom line profits without you having to invest any money, time, or effort on your part. Or just shoot me a question & I’ll be happy to help you. What keeps you up at night or what problem are you trying to solve?
Click the link to go to Drew’s Contact Page or shoot me an email at drew@ marketingwizards.ca (remove the space after the @ sign)

 

Four Reasons Your Customers Stopped Doing Business With You

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Here are four reasons your customers, clients or patients stopped doing business with you.

Four Reasons Your Customers Stopped Doing Business With YouReason 1: They had an interruption in their life
Solution: It’s not your fault, they got distracted, remember they all have very busy lives. You mealy have to remind them that you exist, that you value them & the big benefit they get from you & an invitation or incentive to motivate them to do more business with you.

Reason 2: They had a bad experience & never told the business
Many things upset customers & clients & it’s usually bad service but it could be a host of other things. For example, staff ogling wife or daughter, traipsing dirty feet into their home, stepping on their flower beds during a delivery etc.
Solution: The business needs to pay attention to its customer list &  it has to
a) Determine when a customer becomes a dormant customer
b) Make contact,
c) Find out what the problem was then apologies. Let the customer or client know how valuable they are. The business must also correct the problem even if it takes a small loss; remember life time value & also the power of negative reviews online. Then incentivize them to do more business with you.

Reason 3: They outgrew your product or service & don’t have a need for it now
Solution: They are a terrific source of referrals, testimonials or online reviews.

How to get online reviews:
Use your review ignitor cards to drive customers to online review websites directly or for more control send them to a review page you control that redirects them to a targeted review website if they are giving you 3, 4 or 5 stars.
If you are getting 1 or 2 stars you want to capture an email from the system to notify you so you can contact them & make their buying experience a positive one.

Reason 4: They completed the subscription, a membership, or finished using your product or service & have moved on
Solution: They just need to be reminded that you’re there & the benefits they got from you & if you give them an invitation to repurchase most will.

Now that you know the four reasons why your customers, clients, patients stopped transacting with you; you can create an attrition & abatement program. Read This! It’s a blog post titled “Get More Customers By Reducing Your Business Attrition Rate”

Pick my brain: I can give you the marketing strategies & the marketing tactics you need, to grow your bottom line profits without you having to invest any money, time, or effort on your part. Or just shoot me a question & I’ll be happy to help you. What keeps you up at night or what problem are you trying to solve?
Click the link to go to Drew’s Contact Page or shoot me an email at drew@ marketingwizards.ca (remove the space after the @ sign)

Understanding Risk For Greater Profits

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Before businesses’ invest more money on marketing & advertising they need to understand the two types of risk.

Understanding Risk For Greater Profits ImageRisk type 1: You invest money in something & pray you return a profit
Risk type 2: Upside leverage that garners little or no risk

Example of type 1 risk – Investing
The company invests money on doing some of the following:
New Ads
Deploying new salespeople
Buying new machinery
Running a new direct mail campaign
Starting a new telemarketing campaign
Facebook PPC campaign
etc.

To deploy any of the following listed above you need to invest money; & when you invest money you inherently get downside risk. In other words; if the tactic deployed does not garner you a profit then you lose your money.

Example of type 2 risk – Upside leverage
The company improves what it’s are already doing for greater results.
ie Every business engages in revenue generating processes
Some examples of what the company could be already doing:
Ads
Salespeople
Converting prospects to clients
Upselling, cross-selling, down-selling
Following up for repeat sales
Selling other peoples products & services to their list
Profiting from your unconverted leads
Strategic alliances
Word-of-mouth marketing
Google PPC campaign
etc.

Type one risk is expensive & dangerous so, an informed business owner will always work on type two risk first.

Here are five steps to managing upside leverage or type 2 risk for greater results & profits.

Step 1: Every business owner needs to ask themselves
“What are we doing that we’re not getting enough leverage out of?”

Step 2: Once the business has identified the impact points it can track & monitor them to get a baseline.

Step 3: Once the company has a baseline on each impact point ie lead generation, conversion, upsell etc. then it can begin to optimize them for greater results.

Step 4: Once the individual impact point has been optimized it needs to be systematized so it runs smoothly, & efficiently every time.

Step 5: Once the individual impact point has been systematized it needs to be written into a plan, or a procedure so that one, two, five years down the road the staff are executing the impact point correctly.

The smart business optimizes, systematizes, & creates company procedures before spending any more money on marketing & advertising.

If the company does that, it will earn a tons of windfall profits that will only multiply when the business invests in new lead generating channels.

By understanding the two types of risk the informed decision maker will always optimizes, systematizes, & creates company procedures before risking their money on marketing & advertising hopium.

Pick my brain: I can give you the marketing strategies & the marketing tactics you need, to grow your bottom line profits without you having to invest any money, time, or effort on your part. Or just shoot me a question & I’ll be happy to help you. What keeps you up at night or what problem are you trying to solve?
Click the link to go to Drew’s Contact Page or shoot me an email at drew@ marketingwizards.ca (remove the space after the @ sign)

Brochure 4 Profit Building Strategies

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Zoom: Hold down Ctrl & hit the “+” key
Pick my brain:

I can give you the marketing strategies & the marketing tactics you need, to grow your bottom line profits without you having to invest any money, time, or effort on your part. Or just shoot me a question & I’ll be happy to help you. What keeps you up at night or what problem are you trying to solve?
Click the link to go to Drew’s Contact Page or shoot me an email at drew@ marketingwizards.ca (remove the space)

Want To Know How To Multiply Your Profits?

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Mr Business Owner, if you want to a simple secret to multiply your profits then keep reading.

If you can answer to the following 5 questions you can easily increase your profits 10, 20, 30, 100% or more.

1. How many active buyers do you have by product, service, or category?
2. What is the average unit of purchase you generate
3. What is the corresponding profit from said purchase?
4. How many times a year do they buy from you?
5. How many different items do they buy?

Want To Know How To Multiply Your Profits Image Most business owners can’t answer these simple questions.

If you can answer the questions listed above then you will know where to focus your time,  energy & capital on your business to gain geometric growth.

 Tip: If you want to add jet fuel or add monumental profits to your bottom line then focus on  the 4 ways to grow your business model. Read This!

Pick my brain: I can give you the marketing strategies & the marketing tactics you need, to grow your bottom line profits without you having to invest any money, time, or effort on your part. Or just shoot me a question & I’ll be happy to help you. What keeps you up at night or what problem are you trying to solve?
Click the link to go to Drew’s Contact Page or shoot me an email at drew@ marketingwizards.ca (remove the space)

Get More Customers By Using The 3 Ways To Grow A Business Model

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If you’re hungry to learn faster ways to business success then learn how to implement Jay Abraham’s three ways to grow a business model

3 Ways To Grow A Business ModelIt’s a great marketing strategy if you don’t want to spend additional money on marketing & advertising & it’s 20, 50, 100% more effective than running ads, telemarketing, SEO, or social media etc.

How? You simply grow the profit revenue activities that you are currently operating in your business by utilizing the power of optimization which when applied gives your geometric growth.

Here are the revenue activities you will optimize:

1 Getting more leads out of what you’re already doing
– Instead of getting 100 leads a week you get 110, 120, 200+
2 Convert a higher percentage of those leads to customers
– Instead of converting 4 out of 10 you can convert 5 or 6 out of 10
3 Sell more at the point of sale
– Increase your average profit margin 10, 20 or 30%+
4 Get your happy customers to buy more frequently
– Instead of them buying 3 times a year get them to buy 4 times a year

Think what would happen if you

  • Got 10% more prospects
  • Increased your profit margin 10% at the POS
  • Got your customers to buy from you one more time a year

That’s not a 30% increase; that’s 33 1/3% increase, & that’s geometric growth

That 33 1/3% increase could be double or triple your profits because it’s an incremental gain that you didn’t spend more money or time to achieve. All you had to do was a little more effort on optimizing the revenue generating activities then implementing those small changes.

What would happen if you got more than 10% increases in the three activities listed above?

What would happen if you converted 10% more of the prospects you get now into paying customers. How much more profits would you get?

To get 20, 30, 50, 100%+ increases in profits is easy once you implement this proven, tested Jay Abraham strategy.

Pick my brain: I can give you the marketing strategies & the marketing tactics you need, to grow your bottom line profits without you having to invest any money, time, or effort on your part. Or just shoot me a question & I’ll be happy to help you. What keeps you up at night or what problem are you trying to solve?
Click the link to go to Drew’s Contact Page or shoot me an email at drew@ marketingwizards.ca (remove the space)

 

Get More Customers By Reducing Your Business Attrition Rate

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If you want more customers then try reducing your attrition rate

Get More Customers By Reducing Your Business Attrition RateDefinition of Attrition
For marketing purposes it’s the gradual reduction in the number or percentage of customers, clients or patients that stop buying from you.

Your company’s customer attrition rate has a direct impact on the bottom line.

Example of attrition effecting a business
If you have 1000 customer business with a 20% attrition rate then you are losing 200 customers a year.

So to breakeven every year you need to generate 200 new customers.

If you want a little incremental growth say 10% you need to generate an additional 100 customers or 300 new customers in total every year for our example.

If you want to grow your business more without spending additional money on advertising; then you need to eliminate, reduce or control your attrition rate.

How do you eliminate, reduce or control your attrition rate?
You need to create an attrition & abatement program.

If your attrition & abatement program reduces your attraction rate by 50% then you will only lose 100 customers a year instead of 200 customers.

Obviously if you reduce your attrition rate by a greater percentage then that would yield greater profits for your business.

Cutting your attrition rate has a doubling effect
Using our example as stated above
1. You only lose 100 customers instead of 200 customers
2. Instead of growing by 10% a year when you bring in 300 new customers you are now growing by 20% or 200 new customers

Example Using Our Fake Business Numbers
Year 1: 1000 customers
Year 2: 1000 customers + 300 new customers – 200 dormant customers = 1100 or 10% incremental growth
Initiate attrition & abatement program
Year 2: 1000 customers + 300 new customers – 100 dormant customers = 1200 or 20% incremental growth

Think about how much more money is possible with back end sales or considering the life time value of a customer; when you follow up & make additional sales to those 100 customers you kept.

Before you set up an attrition & abatement program you need to answer a few questions:
1 How many new customers do you get a week/month/year?
2 How much do they spend on average for first time purchase (be conservative)
3 How many times do they buy from you month/year?
4 How much do they spend on average with each subsequent repurchases (be conservative)
5 How many stop transacting with you; that bought from you last year or stopped buying outside your normal sales cycle?
6 Can you figure how much time elapses so you can recognize when a dormant customers is created
ie
If they have not bought in six months they are considered dormant

You can also look at other ways you can bring improvements; efficiencies; reductions to your business for greater impact.
ie Efficiencies
How many ways can you get processes, staff, etc. more efficient?

Conclusion
If you want to grow your customer base without spending more money on marketing & advertising then do the following:
1 Find out what your attrition rate is
2 Create an attrition & abatement program
3 Then follow up with those kept customers & sell them other products & services

If you have any questions or want help setting up an attrition & abatement program
then go to the contact page & fill it out or shoot me an email at: drew@ marketingwizards.ca

Related article: Make Money From Your Unconverted Leads   <- Click to Read