In a separate article, I showed you the secret to a better business: The ability to break the business down into logical pieces that we can build upon. Virtually any business can be divided into five segments: Lead Generation, Lead Conversion, Number of Transactions, Average Dollar Sales, and Profit Margin. By breaking each segment down and focusing your attention on each segment separately, the process is much more manageable.
John Wanamaker once said, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” Most business owners agree. Hundreds of millions of dollars are spent every day on national, regional, and local advertising. Whether the media of choice is television, newspaper, magazine, or Yellow Pages, most business people feel like they are playing advertising roulette.
When it comes to marketing and generating more income, most business owners are focused outward. They’ve carefully established and segmented their target market and created specific offers and messages for each market segment. They spend thousands of dollars on advertising and direct mail campaigns in hot pursuit of more leads, more customers, and more foot traffic.
There are many ways to increase the average revenue per customer per year including selling more often to the same customer, selling higher value items or services each time, offering a broader line, targeting better customers, and finally, increasing your price. In my experience, the number one person resisting a price increase is the business owner because the owner knows the cost.
The market has shifted dramatically over the past few years. Most people under the age of 55 now look first for information online. Online marketing is about putting your business where your customers are looking for it.
The secret to a better business lies in our ability to break the business down into logical pieces that we can build upon. Virtually any business can be divided into five segments: Lead Generation, Lead Conversion, Number of Transactions, Average Dollar Sales, and Profit Margin. By breaking each segment down and focusing your attention on each segment separately, the process is much more manageable.
Small Business Department Develop a Successful Enterprise That Works Without You. By Alan Sartain How would you like your business to be a commercial, profitable enterprise that works without you? This may sound like the business version of the Holy Grail but is actually quite achievable if you develop the appropriate systems. While creating business...
We've all heard about the power of setting goals. However, what most people do not realize is that the power of goal setting lies in writing goals down. Committing goals to paper and reviewing them regularly gives you a 95% higher chance of achieving your desired outcomes. Studies have shown that only three to five percent of people in the world have written goals - the same three to five percent who have to achieve success in business and earn considerable wealth.
I am often asked, “How can I develop marketing that works?” The answer is quite simple. You don’t. Instead, let the market tell you what works by testing and measuring. To help you understand this principle, I will once again introduce you to Joe from Joe’s Plumbing.
Cash is king when it comes to managing the financial health of a growing company. The traditional way of measuring cash is cash flow. Basically that means the difference between the cash you receive from your customers and the cash you must payout to your vendors.