Do you know the answer to the following question?
What can you do now to INSTANTLY increase the profitability of your business?
Well, the answer is surprising simple: Change your strategy!
Your strategy is the master purpose of your business. It's the fabric that binds your business systems together and the bedrock of your
business' entire operating approach.
Here are 5 instantly usable strategies that can take your business to new heights, regardless of
the type of product or service you sell:
There you have it, my "Big 5" strategies for optimal business growth and profitability. Use them, and watch your business take on a new dynamism! A positive side effect may include
the swelling of your bank account.
- Big Picture Awareness
Napoleon Hill listed "Accurate Thought" as one of the most important success principles.
Most business owners don't even "think" about their businesses and simply adopt a reactive approach.
The truth is, you can't go anywhere unless you know where you're going.
And quite frankly, this is why so many businesses out there fail, because they
don't know what they're doing.
Try this simple exercise to cultivate Big Picture Awareness:
Get a whole bunch of colored pencils and a sketchpad, and start creating a mind map of your business or next project.
You should be able to look at the mind map and instantly tell:
In short, you should have every single piece of the "puzzle" there.
- Who's doing what. (For instance, web-design --> Webmaster)
- The possible options your 'prospect' will take, and the outcomes
- Points of upsell, downsell, cross-sell
Objectively, your strategy should bring you the most results in the shortest period of time on the most sustainable basis. Once your master strategy is in place, everything else is merely tactical.
- Funnel Vision
Always remember: A Buyer, is a buyer, is a buyer!
Every business should capitalize on the lifetime value of the customer through expansive repurchases of products and services.
Have a marketing funnel in place. Introduce ancillary products that you deem to be performance enhancing. These can be other people's products which you can obtain from joint venturing.
Most importantly, you'll want to graduate your customer to higher ticket items as it's high octane fuel for business growth.
- The "Inner Circle"
You'll find that there are many people who are "belongers". Such people tend to pride themselves in being a "part" of an elite group and highly value membership and association.
The savvy entrepreneur will do well to take advantage of such behavioral traits and cater to this "select" group.
There is a threefold advantage in doing so. Firstly, it's a highly efficient way to "bundle" goods or services together.
Secondly, it's a great way to introduce continuity in your business, and last but not least, it encourages hyper-responsiveness.
- Identifying Hyper-responsiveness
Have you ever encountered a customer who seems to buy almost anything you put out? Customers who seem to be on "standby", waiting just to grab just about anything new that you put out or recommend?
It's a great idea to group such people into an "A-list". Usually, such people will come from your own database, and it should be your business priority to encourage hyper-responsive behavior.
Make sure hyper-responsiveness is always well rewarded with surprise bonuses, freebies, and nurturing communication.
And remember, because of the Pareto principle, 80% of your profits will come from 20% of your customers. Guess who belongs to
that top 20%!
- Cultivate Multiple Income Streams
You're practically leaving money on the table if your business is limited to a few channels.
Affiliate Programs have made it possible for almost any business to make money from ancillary products at a few mouse clicks.
Why go through the hassle of product development and the costs associated with it. Remember, you're never in the "business" of anything, but you're always in the business of marketing the "business".
And all you have to do as an affiliate is basically market.
Though many affiliate programs are free to join, it would always be a good idea to purchase the product in question and do a thorough review first before recommending it.
While you don't exactly need guts of steel, it is imperative to note though, that as an information facilitator, you should feel good about recommending a product that you sincerely know will benefit your list, and not be afraid of getting "flamed" for trying to pitch.
If someone is offended and unsubscribes from your mailing list, then just shrug and say "next". You don't need such people on your
Best of all, these strategies don't cost a cent to implement, so don't wait. The time
to act is right now!
About the author:
Jo Han Mok is a frequent guest and featured speaker at Internet Marketing boot
camps and conferences on subjects such as copywriting and Joint Venture
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