THE 1 STRATEGY THAT HAS THE BIGGEST IMPACT ON BUSINESS GROWTH

Increase Profits

You likely know by now that I do a fair number of seminars and presentations. The most popular is the 6 Steps to a Better Business Workshop. One question I hear more than others is, "What is one thing I can do to grow my business?" Without a doubt, my answer is to define your best customer.

While this may not be a new strategy I urge you to consider how this seemingly obvious step can impact your business. Once you see it the execution follow. You may be asking, how many ways can this improve my business?

Five, the answer is five, as in the 5 Ways to Grow Your Profits. Allow me to explain...

1. Lead Generation
Clearly defining your target customer simplifies your message, determines your marketing strategies, and ultimately reduces your lead generation costs. Many are afraid to have a narrow target audience for fear of missing out on a possible customer. True, you might, but you also would have to market to a bigger audience to reach them, which means a bigger investment and a smaller return. Sound like a way to spend money, not invest it.

2. Better Conversion Rates
Knowing your best customer means knowing their concerns and best solutions for them. When you address a prospects issues you will see the following improvements.

• Higher Win Rates
• Shorter Sales Cycles
• Less Prospecting Effort
• More Referrals
• More Customers

3. More Repeat Transactions
When your best customer is defined, and your solution refined, your service levels will improve. As a result, the customers come back, over and over.

4. Average $ Sale
When you have the products and services identified for your core customers, you can then eliminate the items not needed. This frees up time, space, and inventory to provide the other things your best customers want. Not to mention, as you rise above the competition differentiation occurs, and with that price premiums. When that happens average revenue per transaction increases.

5. Profit Margins Increase
So if your marketing investment drops, while your create more customers that come back more frequently and spend more each time what happens?

YOUR PROFIT GROWS!

Feel free to share this content with your friends and business partners.

If you want to talk about how to define your best customer, then we can hop on a 20 minute call, which you can schedule by clicking here.

Here's to your abundance!or more Coach's Views content on our website

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