The *TWO* factors that will Blow Up Your Sales and Skyrocket the Growth of Your Business... even if youre facing cut-throat competition from the big boys and are at a lost. There are businesses that grow slowly (and painfully) and then there are businesses that seem to explode and grow at super sonic rate. Since the start of my marketing career Ive been focusing on finding the secret... the common elements... the proven patterns of businesses that grow explosively by normal standards. It has always fascinated me how similar businesses can have very different results. It became sort of quest for me. The stark contrast: There are businesses that become million-dollar businesses (grossing a million dollar in 1 year, no accumulative) after many years. Some struggled and scraped for many years before finally crossing that milestone. Most dont even cross this basic milestone... no matter how many years, even decades they have been in business. Then, there are those businesses that have much higher and faster trajectory. They seem to have additional turbo blasters strapped to their engines. With everything else like startup capital, resources, etc. practically the same... they are able to blast through the milestone in a much shorter period of time *snap fingers* just like that. Zero to million dollars in just 1 year or less. Thats what Ive been researching, studying and practising over the years. And Ive had the opportunity to build million dollar businesses within a very short period of time for myself and for others. And from over a decade of researching, applying and continuous sharpening of my skills Ive identified several KEY FACTORS that always exist in businesses that explode to success. And Ive become pretty good in recognising these factors. So much so that Ive condensed them to a formula. And Ive been able to duplicate and reproduce amazing results using the formula. In fact, Ive been crucial in engineering the explosive growth of several businesses in the recent years using it. In total, there are several Key Factors to the million-dollar formula. Ill be covering them in-depth in my upcoming Speed Profit 2.0 workshop on 1 - 4 May. (Way, way too much to cover here to do them justice.) But Ill share 2 of the key factors here... First of all... a crucial paradigm shift: Most small businesses still think its impossible to become a million dollar business within a short period of time. Sadly, its probably going to be true for them as you will almost never surpass your own expectations. If you expect that itll take many years to reach a certain goal, youre basically programming your mind for that... it wont achieve more than that... in fact, the worse thing is: often times itll achieve lower than that because your expectations will sink overtime. (But thats another pet topic for another post) So first of all, you must open your mind and accept that it is possible for you. Im not gonna cover too much here. Personally, I think its your responsibility to stretch and open your mind, others can only show you the possibilities. You have to be the one who accept it... or not. Ok, here goes: *KEY FACTOR 1 for explosive, million-dollar growth: You must know how to buy customers at a profit. Yup, if your business is not buying customers, your growth will be extremely slow and painful. Its a recipe for mediocrity. All, and I mean ALL of the businesses that have explosive growth that Ive studied used this strategy. They dont grow organically. they dont leave things to chance. They dont sleep on the wheel and hope and pray that one fine day, a miracle will happen and suddenly sales will flood in and they become a million dollar business. No. What they do is figure out how they can grow their customer base QUICKLY, CHEAPLY and PROFITABLY. Let me give you a real-life example: Lets say you advertise on the newspaper. It cost you $3,000. It brought in 300 prospects to your shop to look, see, look, see. Youve effectively bought 300 prospects for $3,000 = $10/prospect. Out of the 300 prospects, maybe just 200 became paying customers. The rest of the 100 decided to wait and see. That means youve bought 200 customers for $15 each. Now, if your average sales value is $20, youve made a profit of $5/customer. Overall you made a profit of $1,000. Pretty decent deal. In the hands of a master marketer, profits can easily be increased multiple times. 100% additional profits is not rare, if you know what youre doing. (I cover these strategies in detail in the Speed Profit 2.0 workshop). But thats not the end, there are so many more things to do to really milk the efforts that youve put in to buy your customers. For example: The 100 people who didnt buy yet, there are specific strategies that will eventually convert them into buyers with little effort from you. Obviously, this will increase your profits. That means your price of buying your customers is actually much cheaper. Do you see the powerful double effect of these? i) You lower your buying price and ii) You increase your sales. Combined together, they can increase your profits considerably. Now, heres the critical part: Peter Drucker, the legendary management guru said, The purpose of business is to create and keep a customer. If you follow his hypothesis, then the next natural question is: How to buy as many customers as possible and as fast as possible. (Hint: When youre able to do this faster than your competitors, you dominate your niche). Penny Wise Pound Foolish! Unfortunately, most businesses are penny wise, pound foolish. Its amazing that they save money on the wrong things and blow their money away on worse things. I see so many businesses making this mistakes. They are reluctant to spend on buying quality customers, but they spend on redundant equipment, furniture, renovation, etc. that dont bring in sales. [Side note: Similarly, I see a lot of business owners who save on learning and mastering marketing, but spend on things that dont bring in sales. It boggles my mind. Whether they realised it or not, theyre essentially stating that theyd rather not bring in sales but prefer to spend on liabilities that dont bring in sales. Its sad to see, but I guess its their choice (mistake) to make.] Once you understand KEY FACTOR 1, then the next part is a natural follow up: *KEY FACTOR 2 for explosive, million-dollar growth: You must master psychological marketing to increase your conversion rate. This simply means that you must improve your persuasive power so that MORE of your target market will pay attention to you, MORE prospect will be interested in your products/services, MORE of them will become customers, MORE customers will buy more, etc. Some businesses advertise but cant get a good ROI or even lose money from it. Their problem is conversion. There are 17 specific steps that I cover in my Speed Profit 2.0 workshop to boost conversion. Here are 3 of them: - Niche selection: Its crucial that you choose the right niche - a profitable niche. The wrong niche will lead to your business doom. The right niche will lead to your boom. I cant emphasise this enough because its so important. But most people make the mistake of trivialising it... and suffer greatly because of it. - Creating and building mass desire: Ive posted about this and its importance quite a bit, so Ill skip an explanation here. - Establishing trust and credibility fast: Again, most businesses underestimate the power of build trust fast. But trust is often the X-factor that helps your prospects to make snap decisions to buy or not to buy from you. And many other powerful techniques... Thats why marketing is such a crucial skill to master. When you understand and master marketing, youll be able to drastically improve your results as well. A lot of businesses got stuck in mediocrity because they missed these 2 KEY FACTORS (and a few others) in their businesses. But the GREAT NEWS is these KEY FACTORS are easy to implement and can produce instant results. Ive made them so easy to adopt and implement that my students are exploding their sales right after attending my workshop last year. Many of them have added extra 5- to 6-figure sales applying these strategies. If youre interested for more in-depth strategies and techniques on achieving explosive growth, you can watch these free video series that I created to share my personal strategies I used to build million dollar businesses fast: bit.ly/1lgPZY8 Ill be releasing a new video very soon that Ill post exclusively there. Also, for those who are interested in the Speed Profit 2.0 workshop, and have opt-in, youll also get priority to join at the early bird price. So, make sure you fill in your primary email in the form. Heres the link again: bit.ly/1lgPZY8 Useful? Share it with your friends so they benefit too.
Posted on: Fri, 18 Apr 2014 17:36:37 +0000
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