Improved marketing and sales results means greater profits.
Did you know it’s possible to dramatically improve your marketing and sales results with higher conversion rates?For instance, suppose you successfully drive traffic to your website…you get a ton of visitors there.
From those site visitors, what do you need to know in order to ensure your success?
You need to know the following:
- How many become leads (people that indicate interest in your services or products)?
Then, you want to know:
- How many leads become customers?
- How long, on average, does it take for leads to buy your first offer?
- What does it cost to acquire those visitors?
- What is the cost to acquire a customer, on average?
Note: when your advertising covers your Customer Acquisition Cost, you have the power to scale your business. For example, you spend $1,500 on advertising and only make $1,000 back. You lost $500.
Will you continue to spend this $1,500 on advertising?
The answer is YES!
You’ll spend $1,500 as often as possible on advertising (suppose a $500 customer acquisition cost). So, you just acquired three customers.
Suppose also, you typically have a 50% conversion rate of new customers that immediately buy your second offer for $1,000.
In this example, since you know your conversion rates.
You know after you spend $1,500 and lose $500, you’re going to make another $1,000 on the backend, when at least one of your three new customers buys again for a profit of $500.
This simple example illustrates the power of knowing and working your conversion rates, it gives you the necessary control to grow your business.
Conversely, when you don’t understand your conversion rates…
…you retire all control over growing and scaling your business to chance.
If your Marketing Funnel Architecture is built right, making sales is simply a matter of driving as much of your target audience, as possible, to the top of your Marketing Funnel. Then watching new customers come out the bottom of your Marketing Funnel.
In other words, begin your marketing with the end in mind, as the author Stephen Covey explains in his book, The Seven Habits of Highly Effective People, which is to establish high conversion rates.
High Conversion Rates = Massive Profits
When you’re a new business, ask yourself:
“How am I going to sell my offerings effortlessly?” and “Who wants or needs what I offer the most?”
That is, even before you think of the name of your company…
…before you think of designing a logo…advertising…
… You must establish what you’re going to sell and who you’re going to sell to….
Think “conversion rate” even before you start planning your marketing.
The MOST important questions to ask prior to any marketing are:
“Am I in the right market?”
“How easy is it going to be to sell what I offer?”
“Is it a hot market or is it a cold market?”
If you choose a market that’s not passionate about purchasing your service or product or doesn’t identify with the problem your offers solve…your conversion rates will be terrible!
Again, these are the questions you have to be asking prior to deploying your marketing and sales plan. At the end of the day, it comes down to your “conversion” rates.
The elements that make high conversion rates possible is your service and product offerings and, of course, your target audience.
I’m sure you’re starting to see now why the image or brand identity approach to marketing strategy is completely backwards.
To explore why businesses must change their marketing FOCUS from image and brand identity to a systems approach, get my free report “How to Make Your Sales Effortless, Both Online and Offline, With an Autopilot, Lead Generation, Sales and Follow Up Machine” here.
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