Categories
Growth

How To Keep Customers Longer And Increase Retention

Reselling is simply selling them the same thing they bought before. 

Upselling is getting them to buy a better, more expensive, or more sophisticated product. 

Cross-selling is getting them to buy something else that’s related to the original product.

– Delivering higher-than-expected levels of service
– Communicating frequently with your clients to nurture them
– Offer no risk
– Make yourself very accessible 
– Loyalty programs 
– Events 
– Sell them the next step of value

Categories
Growth

How To Turn More Leads Into Paying Customers

– Use conversion triggers such as urgency, scarcity, testimonials, social proof, risk reversal, third party validation, etc
– Increasing sales skills levels of your staff
– Acquiring clients at breakeven upfront and make a profit on the back end
– Guaranteeing purchases through risk reversal
– Host-beneficiary relationships
– Direct Response Advertising

Categories
Growth

How To Increase Your Average Order Value

Focus On:
• Increasing your pricing and hence your margins
• Changing the profile of your products or services to be more “upmarket”
• Offering greater / larger units of purchase
• Improving your teams’ selling techniques to up-sell and cross-sell
• Using point-of-sale promotions
• Packaging complementary products and services
together

Categories
Growth

How To Get More Repeat Sales

Focus On:
• Running special events such as “closed-door sales,” limited pre-release and so on
• Have a subscription
• Price inducements for frequency
• Developing a back end of products that you can go back to your customers with
• Communicating personally with your customers (by telephone, letter) to maintain a positive relationship
• Endorsing other people’s products to your list

Categories
Growth

How To Get More Customers And Faster Sales

Strategy 1- Get customers at breakeven and make a profit on the back end with other products such as upsells, cross-sells and affiliate products

You offer a lower-priced product as your front end or offer your product at a discount in order to get customers into your funnel. 

Apple has $2,000 computers but they promote their lower-priced products such as phones, watches, and tablets first. 

They know that once they can get a customer into their ecosystem, it’s easier to upsell, cross-sell and resell more products and services. 

Many successful businesses make more on the backend than they do on the front end. 

Even if you don’t other products to sell, you can offer someone else’s products. 

For instance, shoe brands sometimes offer deals on socks to their customers. 
Cosmetic brands sometimes offer deals on skincare and haircare products to their customers. 
In B2B, an accounting firm offered investment services to its top clients. The investment services came from a partner.

Strategy 2- Get customers by offering to take the risk in the transaction.

Tactic 1: Pay for performance or your money back

You say ‘If my weight loss product does not make you lose 4 pounds in a day, return it or even keep the product and you will receive a full refund. ‘

Tactic 2: Try as many as you want
You say ‘You can buy as many of my shirts as you want. Try them on for a week, send back the ones you don’t love and we’ll only bill you for the ones you keep.’

Tactic 3: Long guarantee
You say ‘All our competitors only offer 30-day guarantees on their tires. We offer a 3-year guarantee.’

Tactic 4: I’ll give you your money back and pay you for wasting your time
You say ‘Try out our software for 30 days, if it doesn’t exceed all your demands, we’ll refund your payment and even give you another $1000 for wasting your time.’ (This is excellent for expensive items and high ticket B2B deals.

Tactic 5: We’ll charge you after 30 days if you haven’t returned the product
You say ‘Order this course today and we’ll not charge you for 30 days. If on day 31 you haven’t asked for a refund, we’ll know you are getting great value from it and only then will we charge you.’

Tactic 6: Extended Free Trials and Samples
You say ‘Our competitors only let you use the product for 14 days. We offer a 40-day free trial.’ or ‘Enter your information and we’ll send you a sample for free. Once you see the benefits, we are certain you will come back and buy.’

Strategy 3- Get Customers From Partners, Affiliates and Joint Ventures

Tactic 1: Basic Endorsement

‘A dentist recently opened a new office in a new neighborhood where no one had heard of him. He went to one of the most popular opticians in the city and said ‘I would like to invite you to an event I am hosting and I want you to endorse me to about 300 of your top clients. I want you to invite them to the event and I will pay you $10,000 for this referral.’

About 20 of the attendees ended up working with the dentist and over the next 12 months, each of them paid an average of $30,000. That is $600,000 from one endorsement.

Tactic 2: Advanced Endorsement
A client of mine with a car detailing business went to an auto dealership and said,

I want you to endorse me to every customer who buys a car from you and needs detailing or any repairs. I will give you $100 for every customer you send me. In addition to this, for the next 12 months, every time that customer pays me for anything be it maintenance or repairs, you will still receive a $100.

Strategy 4- Direct Response Advertising
Strategy 5- Using direct mail
Strategy 6- Using telemarketing/email marketing
Strategy 7- Running special events or information nights
Strategy 8- Acquiring qualified lists
Strategy 9– Develop a Unique Selling Proposition
Strategy 10– Increasing the perceived value of your product/service through better client education
Strategy 11– Using public relations
Strategy 12– Referral systems

Categories
Growth

How To Create Differentiation Through Your Messaging And Brand

If you were going to run a very important 100m race, would you wear Nike’s or Adidas or Puma shoes?

Most people I have asked this question quickly choose Nike because the brand has intentionally decided to own the idea that they are the champions of athleticism and athletes.

All of the above brands use foam, plastics, and fabrics to make their shoes.

The differentiation comes from the stories they tell and your perception in the market.


Today, most products are not remarkable enough to become market leaders without a story attached.

Your life today is the result of the words and images you have heard, believed and spoken.

This means you can have the best software in the market but if you don’t know how to use words, your competitors will get customers who should be yours.

What is a brand?


A brand is an idea, story, belief, opinion, a sentiment with a product wrapped around it.

Apple: innovation, outstanding design, thinking differently from other technology companies.

Chick-Fil-A: Being part of the community. Serving Great Food. Giving back.

I used to run a branding and design firm so I know the importance of visual identity such as logos and images but without the right words to back them, they are meaningless. (One of the most popular technology brands is named after a fruit.)

What if your brand is many things?
If simplifying your brand message is too difficult right now you can break it down into campaigns.

For the next three months, you can promote a message that is important and have the brand collateral to match it.

After the market has accepted that message, you can launch another campaign to educate them on what you stand for, what you are doing and who you are doing it for.

This will help you with positioning as well.

Categories
Growth

Sell people what they want and not what your product does

Today you will discover what a newspaper advertisement from 1923 has to do with an African Stem workshop and how startups offer demos to their prospects.

A few years ago I started a STEM and business workshop for young people in Africa.

Whenever I would speak with the parents who brought their children, I discovered the knowledge their children were receiving was not the only reason none of them complained about my fee.

Many of the parents realized that a child with knowledge of coding, marketing and entrepreneurship also offers them bragging rights.

Paying for my program gave them the ability to say things like “My kids know how to build their own website and they are even working on their own side business in their free time. They also know how to read a 300-page book in less than 2 hours with good retention.”

They weren’t just paying to educate their children. They were paying for the end results which were first, a mentally developed child and secondly, bragging rights that made the parent look good before family and friends.

The lesson here is to always find out ALL the things your prospect wants and tie it to the solution you provide.

In 1923, a newspaper advertisement had the following copy “

When you buy a razor, you buy a smooth chin — but you could wear a beard. When you buy a new suit, you buy an improved appearance — but you could make the old one do. When you buy an automobile, you buy speedy transportation — but you could walk. But when you buy plumbing, you buy cleanliness — for which there is no substitute!”

This is the precursor to the now-famous quote attributed to Theodore Levitt,

People don’t want quarter-inch drill bits. They want quarter-inch holes.

There’s another quote from a 1946 ad run by L. E. ‘Doc’ Hobbs who was the District Sales Manager of The Manhattan Mutual Life company. It says,

We don’t want to sell you Life Insurance . . we want you to know and have what life insurance will do. A 1/4 million drills were sold last year, no one wants a drill. What they want is the hole.

Your Own Local Life Insurance Company has only the sincere desire to furnish food, clothing and shelter to your loved ones if you die too soon . . .

In 1985, “Zig Ziglar’s Secrets of Closing the Sale” included the saying: 9

You don’t sell what the product is — you always sell what the product does. Example: Each year over 5 million quarter-inch drills are sold, yet it’s safe to say that nobody wants a quarter-inch drill. They want a quarter-inch hole.

What does this mean for startups?

When a prospect visits your site, don’t just offer them a ‘demo’ like everyone else.

Tell them what exactly, the demo will do for them.

No one really cates about your demo. (That being said, you should make it very easy to access your demo. Those 15 fields you require will lower your conversion rate for that opt-in form. Ask for name, company email and anything else that is absolutely necessary. )

Everyone wants to know what exactly your product will do for them. How it will help them. What solutions it will provide. What problems it will fix. How much time it will save them. How much money it will save the company. How much revenue, sales, profits, and market share it will deliver.

Many times a senior-level executive is looking for a software solution that will make her look good before the board or the press or their colleagues.

Smart commercial real estate developers factor this in their marketing and construction plans all the time.

They know that some companies say they care about the location so their employees can commute to the office cheaply and quickly.

What they don’t say publicly is that ‘by having an office in this neighborhood we also get prestige, proximity to the right investors and it signals to the market that we must be doing well if we can afford to be here.’

Back to the drill quote…

The drill provides the hole, the hole provides the ability to hold a bookshelf, the bookshelf provides easy access to the books your customer has been keeping in boxes for a while..the bookshelf also makes the room look well put together and that makes the owner of the house happy…I guess you could say the drill provides happiness in the end.

All of the above helps you write your copy, create your ads and have the right images on the site.

Understanding what human beings want is one of the greatest superpowers in business.

The less you think about what you want versus what they need to see or hear to make a decision, the more creative and successful you will be.

Categories
Growth

Book review:The Hero And The Outlaw

book review the hero and the outlaw

Purpose for reading-

To understand how to use archetypes to tell better stories. I’m working on a project that involves storytelling so I picked this up.

Content- 3 out of 5.

The quality is good but the book could have been written in 100 pages.

Highlights-the authors have invented a framework that lets you understand what your brand’s story is and how to augment it.

For eg Nike=hero, Oprah Winfrey=sage, Apple=the cool guy etc

Undesirables-

My main contention is that if I didn’t need the insight i would have found the material a little too serious.

Secondly I think some of the justifications were a little too far fetched.

If you own a business and your responsibilities have to do with marketing, branding, advertising or film making, this book is useful.

Check out these book reviews as well.

1 Bloomberg on Bloomberg-Michael Bloomberg

2 Sam Walton-Made In America

3 Amancio Ortega-The Man From Zara

Categories
Growth

Words are an asset class

I was interviewed recently and the question was “what helped you grow your business?”

My response was —
I learnt how to use words to my advantage. To pack them with value and deliver it to prospects and customers.

You see, people don’t really buy products or services.They buy the words that they are told or the words they tell themselves.

Learning how to use words will pay any business owner more dividends than investing in any other asset class. Remember, words rule the world.

It’s not usually the best politician who wins the election or the best employee who gets the promotion. It’s the one who knows how to use words that wins.

Read more value packed words here

Categories
Growth

How To Speed Up Your Life And Business At The Speed Of Light

business at speed of light lawrence dreams not equally
If you could move at the speed of light, every time you get to 186000 per second you would be a light year ahead of where you started. If your constant rate of speed in life was at that speed, you would probably be able to read all the books in the library of congress (all 100 and something million of them) in less than 24 hours.

Tests have been done where objects were sped up past the light barrier. What happened was that the human eye could not see them anymore. The human hand could not feel them either. When these objects were slowed back down, they were suddenly visible to the senses.

What if you could speed up your results in business? What if you could cut short the time to get things done by years and not just minutes or hours?

I’ll get back to that in a minute.

Here is an interesting quote.

“He would place this urgency that he expected the revenue in ten years to be ten million dollars a day and that every day we were slower to achieve our goals was a day of missing out on that money.”-Elon Musk

According to this book, Elon Musk said in the early stages of founding Tesla. What interests me is that most entrepreneurs I know do not aim for ten million dollars a day when they start a business.

They usually start as low as possible and only increase their vision incrementally depending on what the world tells them is a realistic goal.

I personally don’t care about being realistic. It is usually said by people who want an excuse to be mediocre.
I’d rather set an outrageous goal and draw up a plan to achieve it than be realistic. The thing about outrageous goals is that what seems high to some is little to others. The things you are praying about are things others are giving away as gifts.

I was giving a talk to some freshly minted college graduates and I told them, “The only difference between your 15 year old self and your 22 year old self is that your mind is more developed. Your height is not what defines your growth. Your real growth happened internally. Your understanding and judgement have developed.
This means if your 15 year old self had the same understanding as you do now, you would have been at least 7 years ahead of all your classmates
.
Would you like to be at least a decade ahead of all your mates?

Would you like to see the end result of an action before you even take it?

In this post I will share with you how to be at least a decade ahead of your competitors.


First the foundation:

I want you to keep this statement in your mind. “A man can only go as far as he can see with his eyes closed.”
The education of men is based on the five senses. Everything we have been taught in school or read about come by deduction.

Mankind is limited to the five senses so it has been our quest to amplify these senses. We invented binoculars to help us amplify our sight. Microphones to amplify speech. Vehicles to get our bodies to move faster and to get to places quicker.

Anything that a man cannot see, touch or feel with his senses does not exist to him. What a man does not understand, he says does not exist.
The thing about understanding is that it can be defined as the clarity of our mental images. This is why when you understand what someone is saying you may say “Oh I see, I see”.

Ephesians 1:17-19 explains that every human being is operating in darkness (ignorance) to a certain degree. For example I am more in the dark about how to coordinate outfits and keep a home than my wife is. However when it comes to things concerning how to increase sales and grow profits, I have more light on the issue than she does.

Think of your mind like an empty stadium at night with no lights on. Whenever you understand something, a floodlight comes on so you are able to walk around the stadium a little. The greater your understanding on a topic, the more floodlights come on in this mental stadium so you are able to see and go further than you did before.

The level of doubt you have in an area is the level of darkness you are operating in.

The problem most humans face is that their acquisition of light is too slow. If they had a way to move from zero to 100 percent illumination on a topic in a day, they would gladly pay for it.

Take money as an example, the amount you believe will come into your business this year is the limit your mind will try to achieve. If however I came to you today and gave you a million dollar check to be my partner on a deal, you would realize that your previous mental limit would just disappear. If Mark Zuckerberg then came and gave you 10% of his Facebook stock worth billions, your limit was change again. Let’s take this a step further.

If Bill Gates, Warren Buffett and Elon Musk were your partners in a venture, I bet that you would confidently be able to tell people that you are only a few weeks or months away from making your first billion dollars.

Why did those words seem so easy to believe?

What I just showed you were images that you can understand. The minute you read that, you saw a clear picture of a successful partnership. I’ll bet that you even felt a momentary gush of confidence.

I just took you light years ahead of everyone you know with just a few words.

The secret to moving light years ahead of everyone else is illumination.

Illumination can be defined as development, speed or light energy.

When God was creating the world, He said “Light Be!”.
He put light (illumination, development) and bottled it up into words and released them into this world. Scientists say the universe is still expanding at the speed of faster than the speed of light). God said it once and the development has never stopped.

Jesus used this principle at a wedding when he caused water to turn into wine. He disregarded the time it takes for grapes to ferment and produce wine. He used his words to bring a future result backward with light.
Whenever you see a miracle or an answer to prayer that you can’t explain, you most likely saw a variation of this law at work.

Kenneth E Hagin got an understanding of this and started saying the life of God in Him was developing his mind and intelligence. In a few days he could read an entire chapter of a history book and recite it verbatim. At the age of 80, he could remember specific dates and times of occurrences from his teenage years without memorization.

How does this apply to your business?

Whenever you understand the principles of a topic thoroughly, you receive illumination or development in that area. At this point you are not guessing. You know how to get the results you want regardless of what others say.
The area you have the most light on is the area you will excel at the most if you are willing to apply it.

I stumbled upon this truth and started listening to and reading people who had results in the areas that I desired. Unknowingly, I moved light years ahead of my present condition and could believe things most people could not. All I did was to understand and speak the revelation I received.
Even in my personal life, getting light on healing changed everything for me. I have used this to simply touch people and they have received healing for their diseased bodies.

This is important, I did not just get knowledge. I went for revelation. I went for understanding.
This is where most entrepreneurs miss it. They need help with sales so they attend one conference or read one sales book and all they get is incremental growth.

They did not seek illumination.

How do you know if you have light in a certain area?

The results you seek will be as clear to you as day. No matter what you see on the outside, you cannot disbelieve the answers you have on your insides.

The major way to get illumination is the Bible. The light in this book is spiritual not mental that is why so many people don’t know how to use it in their personal lives no matter how many times they read it. They think it is a supplementary book to their business books so their minds are darkened to it. My advice is to ask God to open up the Bible to you. Secondly, seek out people who have written anointed books on topics you need development in.

Second way to get quick development is to pick topics you need results in and make a list of books and videos(or content in general) that will give you the understanding you desire. The best books are books by people who already have results because that is proof of their light. You can also read books by authors who have done thorough research and have only presented the facts since their opinions may set you back.

Conclusion

Before I understood this simple truth I only got results incrementally. Today I can personally engineer growth in any area that is important to me. I know that immediately the light comes, the results will follow.
I found out that the most successful people have a unique understanding in areas their competitors do not. They are operating with first principles and not tactics.

The next time you see a successful person reading a book, understand that they are not accumulating words, what they are doing is imbibing speed. They are speeding up their lives, one page at a time.

The right words are containers of light. Drink from those containers and you will see results faster than others.