“Every business has numbers that are trying to tell them something, the problem is business owners are too busy being successful to be able to hear them.”
With a background in engineering, sales, and marketing, I have always been fascinated by numbers. And applying wisdom and pure statistics, you have the ability to grow your business while everyone else is jumping from tactic to tactic.
Albert Einstein said: “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”
It’s similar to that. Business owners that understand how to apply statistics to their business position themselves to prosper… those that don’t, position themselves for frustrations.
This is true regardless of the economy – whether it is good, or bad. And if the economy is bad, then the opportunity becomes even better because in down times competition pulls back on all marketing leaving a gaping hole for someone who aggressively does the RIGHT things. I first learned this when I took a company from $7MM to $15MM.
I was always a fan of Og Mandino and his success principles, so I say to you, take hold of the grapes of wisdom I am sharing with you. Hold them in your hands. Savor them. Let the seeds of success sprout within you and don’t be swayed by their simplicity.
It’s in the simple things where the greatest opportunities lay. And buried deep in the soil of the simple things, inefficiencies often sprout and grow.
Most businesses are riddled with inefficiencies. I can walk through and analyze your business and pick out numerous opportunities you are missing in your advertising, marketing, lead generation and sales process.
Many Times, Small Steps Can Make Monumental Differences
While most people are looking for the magic bullet, I will tell you one place to look… did you know that you can grow revenues by making small incremental gains?
For example, according to the statistics:
If your business is offline, if you make a 15% increase in the number of people who see your ad, open it, take action and call, meet and close. If you have only a 15% increase in those areas, you will double your business.
If your business is online, if you make a 15% increase in impressions, CTR, Opt-In Rate, Add to Cart and complete the order. If you have only a 15% increase in those areas, you will double your business.
If you have a small 4.5% increase in each of these small marketing steps, your business can increase by 25%. It’s pure math.
If your business operates both offline and online, well, you do the math and imagine what you can do.
This is only one area where this is possible. You can also increase price, average transaction size, purchase frequency and create a niche where the biggest clients flock to.
Holy Smokes! What Do You Do and Where Do You Start?
There are so many opportunities and places to start. You can get bogged down by trying to do too much too soon and in the wrong order. Most businesses fail to execute the right things in the right order.
That is where wisdom comes in.
You want to identify where the biggest, lowest hanging fruit is. And it is usually not where you think.
You need to learn, study and dissect your processes. (And you should do the same with your competition too) When I was an engineer, this was vital to know your processes. The more intimate you are gaining knowledge and understanding, the easier it is to see the opportunities. And when I meet with businesses, asking a few of the right questions and business owners see where they are leaving piles of money on the table.
Become a pro and look for incremental gains. They are there. You just gotta find them and grab hold of them.
If you are too busy or don’t have the knowledge, outsource it to a professional. Whatever option you do, do it. Because wouldn’t your life be easier if your business had more traffic, leads and revenues? And what if you could do it without all the frustrations?
My greatest goal is to get you to where you want to go faster and easier than you thought possible. My real pay is seeing you win.
So… look at your business… look for the inefficiencies…. pick the lowest hanging fruit… and work at it until you taste the sweet rewards.
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