(Growing Your Business Series: Part 10)
The fastest way to grow a business is to measure, manage and improve every step in the sales cycle. Too often a new business owner fails to understand how a small increase in each section can have a large increase in your total sales.
The first thing the typical business owner does is buy advertising. Yes, this will increase sales but increasing the number of new leads is only the first part of the sales cycle. You must then convert them into paying customers, then turn them into reoccurring customers who come back more often, then get them to increase their order size each time they come in, and then to refer their friends.
I am attaching a quick link that shows how a simple 10% improvement in these four areas can increase sales by 45% without the cost of advertising. Compare this to spending the money on advertising to increase leads and the resulting sales by 25%. The main problem is that the amount of advertising required to increase leads by 25% is often much more than the small business owner can afford.
In my video I show how doing both actually results in a fantastic sales increase of 91 percent!
Until next time, thank you for your continued support and let’s make this year our most profitable year ever!