How to boost your Financial results ?
When we work with businesses that want to go from multiple 7 to 8 figures annual revenue, some of the initial steps in our system that enable owners to maximize their financial results and free time is to first achieve better cash flows and higher marketing ROI. After we do so, your business can churn more cash so we can then comfortably take the steps to make the business cater for the lifestyle. In addition, we can get ready to build the team, the systems and all the other parts that create real Freedom and Wealth, not just a well-paid job without a boss but with big strings attached.
I will focus here on a sub-part of one component of the marketing ROI optimisation modules of our system. I pick this particular element because most people never think of it. Nonetheless, it has tremendous power for your net promoter score, the frequency of purchase and other metrics that dramatically affect your profitability (with the same level of investment and effort). I also pick this strategy as sometimes little details can break campaigns or even your brand. And, these little details are what make the difference between average and great. More importantly, it can help add massive loyalty, brand equity and help to do the right thing by your customers, all at minimal costs. This is why big companies always survey their customers and try to control this. So what the hell are you saying?
I will use a quote which is attributed to many people but seems to be attributed more often to Maya Angelou:
“People will forget what you said, people will forget what you did, but people will never forget how you made them feel”.
What people experience and FEEL from the time they go on your website, speak to your staff on the phone, after they make a purchase and every time they interact with your organization is what will stick when comes the time to buy, buy again, refer you or not. The other day, I got one of my staff to order pizzas from a leading brand. It was so painful to get an order from that shop that she preferred to walk and go order in some other store. Can you imagine a brand which just spent tens of thousands of dollars on a campaign and their stores losing sales because the sales process was very cumbersome? Can you imagine a brand which spent tens of thousands of dollars on a campaign and the staff was not trained and monitored properly? Crazy isn’t it? So, you can spend thousands on advertising, but still lose sales and have negative comments on your brand because your strategy is not right. Criticisms can also come because you did not spend the few extra dollars to get the sales process and customer experience right. You lose all the lifetime value of the repeat orders and potentially millions of dollars over the year, because of small details. Even in other modules like the advanced sales funnel optimization: how the customer feels is the first step we look as it will determine what they think. And thus, what they do or not do!
So here is my two simple and powerful tactics that are powerful for you to use right now:
- Live the whole experience from being a prospect all the way to being a repeat customer in your own business. And see how you feel. No matter if you are the CEO of a multinational, do it yourself once! If you cannot and are too small, use a couple of mystery shoppers/friends, plus just run the process in your mind as well. More often than not, you will have big realizations and close some big gaps!
- Take your sales process. Even if you have a single product there are multiple touch points and a process… At each point of contact, write down how you can improve the customer experience at each step. Best thing is most of it is free or cheap: send a thank you card, have your staff smile and make them feel special, etc. If you don’t have these documented, ignore that step and come to our Super Growth & Optimisation events to understand why you need that and how to do it. You can also replicate this with your back end workflows for the product or service you deliver to your beloved customers!
Yours in Success,
Fabrice BEILLARD
