This is Stuart Webb of the Complete Approach with another one of my one-take videos, all the mistakes stay in.
Today I want to talk to you about the foundation of everything I do to help businesses grow quickly using a proven foundational system for effective deliverability.
I call it ‘The FORMULA’.
It has 5 key components.
Here comes the science bit
( T × L × C × M ) x S = EXPONENTIAL BUSINESS GROWTH
Every sales and marketing tactic and business growth strategy I reveal to you will fit in one of these 5 key components.
Let me take you briefly through them…
‘T’ – TRANSFORM
To start with you need to TRANSFORM the results and performance of EVERY business growth strategy you’re CURRENTLY using and those you add in the future. To do this you must deploy something I call the ‘Core Elements’.
This is the science of l business growth. The Marketing DNA if you will.
The best way to think about the Core Elements is that they are the tactics that make business growth work.
There are 9 Core Elements and I’ll cover them in future blogs. And here’s the thing… the 9 Core Elements DO NOT cost a single penny to incorporate into your current sales and marketing strategies.
‘L’ – LEAD GENERATION
The lifeblood of every business is its ability to generate a constant supply of leads or enquiries. Without leads, you can’t acquire clients, customers or patients.
Lead generation, however, is often (not always) the most expensive way to grow a business. So you need to add as many cost-effective and proven lead-generation tactics and strategies as you can – the more the better. I’ll cover a number of them over the coming blogs
‘C’ – CONVERSION
Just being able to generate a constant flow of leads isn’t enough. Once you’ve acquired them, you now need to convert as many of those leads as possible into paying clients, customers or patients.
You do that using a number of conversion tactics and strategies. These are tactics and strategies which help move the lead through to becoming a customer, ideally at the right price or fee.
For very little or no extra cost, you can get more clients, customers or patients from the leads you generate, maximising your return on investment on all your lead-generation tactics and strategies.
‘M’ – MAXIMISE CUSTOMER VALUE
Once you’ve acquired the client, customer or patient, you then need to maximise their value.
Without a doubt, this is the most neglected part of almost every small and medium-sized business. I don’t mean businesses neglect their clients, customers or patients; I mean they neglect their money-making potential.
There are four key areas that will help you maximise customer value:
1. Increase frequency of purchase (getting clients, customers or patients to buy more often).
2. Increase referrals (getting customers to recommend you more often).
3. Increase average order value (increasing the value of every sale).
4. Reduce attrition (keeping hold of customers for longer).
‘S’ – SYSTEMISE
So far we’ve covered the first four elements of THE FORMULA. They will become the backbone of your entire business.
They will provide your business with…solidity, growth and profit.…and ensure it’s immune to outside forces, such as your competition and a changing economy.
However, to take it to an even higher level, one that accelerates your growth even faster, you need to systemise and then automate these four elements.
In other words, you get them working even while you’re asleep or on holiday!
By systemising and then automating the growth of your business, you reduce the reliance on people, free up a huge chunk of time for yourself and ensure your business keeps moving forward at pace.
Furthermore, systematisation and automation reduce human mistakes and enhance results. So it’s a win-win-win.
Clearly, I’ve covered the key components of The FORMULA really quickly here, but I’ve expanded on each one in blogs in the past and in the future.
If you would like to get a one-page summary of what I have described here – get that from the button below
We’d also be glad if you subscribe
or tell others about this blog