Small business owners… especially those just starting out are often looking for ways to generate cashflow… FAST! This includes local business owners with bricks and mortar locations, life coaches, authors, real estate agents, and home improvement companies, dentists, etc. The lack of buying customers will kills a business.
According to SBA.gov, here are the major reasons for small business failure:
- Lack of experience
- Insufficient capital (money)
- Poor location
- Poor inventory management
- Over-investment in fixed assets
- Poor credit arrangement management
- Personal use of business funds
- Unexpected growth
- Low sales
Two of the reasons are very similar; insufficient capital and low sales.
In this blog post, I’m going to outline for you a proven system for boosting sales in ANY business. Ever since I started selling advertising in 2005, I’ve met scores of business owners who failed to create a plan on how to attract their ideal customer. There are far too many moving parts to running a business… to leave acquiring new customers to chance.
With the competitive nature of today’s marketplace, it’s all the more important to have a plan in place to get and keep customers. Research indicates it’s always easier to make the second sale to a satisfied customer than it is to attract a new client. Why? If we assume the first buying experience was a positive one, they’re far likely to come back instead of going somewhere new. This is why it’s so important to work from a big-picture perspective as opposed to being short-sighted. If all you’re thinking about is getting new customers in the door, without simultaneously creating a ‘back-end’ to generate repeat sales… you’re missing it.
3 Steps to Boost Sales Quickly
You can see an influx of new customers in as few as 24-48 hours if you take action fast. What’s I’m about to share with you is principle-centered and timeless. You’ll be able to use this system in 2014, and in 2054. This approach is rooted in human psychology, and will never fail. What you have to keep in mind are two things; (1) People make buying decisions to solve problems; and, (2) people buy from people they trust.
If you position what you have to offer as a solution to the immediate felt need in your marketplace, you’ll get their attention. Second, you must position yourself as someone who’s trustworthy. Generally speaking, the bigger the transaction, the more important it is for you to appear trustworthy. In case you’re not familiar with the relationship between trust and buying decisions, take a look at the image below because it sums it up well:
79% of Consumers Trust Online Reviews as Much as Personal Recommendations
Knowing how prospective buyers go about making decisions is a huge part of positioning your company for growth.
Here’s the 3 step system:
- Create an Irresistible Offer – a sure way to do this is make the value received somewhere between 5 and 10 times the cost. Also, use scarcity to add a sense of urgency. (Example: Groupon does a great job of this by communicating how many people have bought, and how many have left. They often include a timer showing when the offer expires. Scarcity is a proven way to get prospects off the fence.
- Drive Targeted Traffic to Your Offer – knowing who to target includes demographics and psychographics. Most people are familiar with demographics data – age, occupation, gender, income, etc. Psychographics are more important. This deals with the conversation going on inside the mind of your target buyer. Knowing their fears, pains, hopes, and desires is critical to being able to sell to them.
- Give Prospective Buyers a Clear Calls to Action – there’s an old saying, “A confused mind never buys.” Make sure your website doesn’t leave buyers scratching their head because the next steps are hidden beneath difficult language or hard to find navigation.
Those 3 items are the critical elements to generating revenue fast. If your offer provides a solution to a consumers immediate need, you’ve got their attention. The next item is to get the right eyeballs in front of your offer. You might have an exceptional value to deliver to the marketplace. But, if you’re communicating your message to the wrong group of people, you’re dead in the water. One of the most important keys to effective marketing is to target the people who have a problem you can solve.
Obviously, with the number of consumers consumers referring to online reviews, you should have an ongoing system in place for collecting 5 star reviews from your satisfied customers. Think of it this way… if you had a choice to buy from 2 service providers and one had zero reviews, and the other had 18 reviews with a 4 out of 5 star rating… who would you be inclined to call?
This post has covered the 3 most important elements to generating sales fast. However, to improve your overall return on investment, you should use email to follow-up with prospects who show interest, but fail to buy immediately. It’s a proven fact that most sales happen between the 5th and 12th touch. Email is a proven way to increase the number of touches without having to do it personally.
Last, you need to optimize your process with testing and tracking. Testing the headlines you use on your landing pages is a proven way to improve the number of unknown visitors who convert to known leads.
I’d love to hear your feedback on this blog post. Comment below and let us know how it helped you, and how it could have been better. Make it a great day!