In this overview, you'll learn how to activate 8 profit activators to help you achieve a breakthrough in your company outcomes. And that breakthrough occurs when you stop thinking of your company as ONE entity and instead separate it into three distinct divisions:
- First and foremost, the Before Unit is responsible for locating, identifying, educating, and inspiring newcomers to your organization.
- Second, the During Unit conveys the experience that consumers have when doing business with you, beginning with their initial contact.
- Finally, the After Unit is all about cultivating long-term connections with everyone who already knows, likes, and trusts you. So that they come back to conduct business with you and you can manage referrals.
The 8 profit activators found inside these three key categories, when combined, will truly transform your business forever.
Let's get this thing started.
Before Unit: Profit Activator #1. Narrow Your Focus and Select One Target Market (At a Time)
Who will you be serving?
Many business people are guilty of attempting to think about and grab the widest potential audience for their company, trying to be all things to all people.
It's the difference between being a pig farmer and an albino pig farmer. Particularly if you have a product designed exclusively for albino pig farmers, and albino pig farmers gain 10 times as much as conventional pig farmers.
I'm willing to guess that if you look at your business right now, the top 20% of your consumers or clients are responsible for 80% of your profits. What about the other 80%? They exist to provide all of the problems while generating little profit.
Consider for a second if you had the flexibility to devote all of your marketing efforts to those "most profitable" consumers. Do you believe that would have an impact on your business?
Here's an excellent illustration of what I'm talking about. Check out WeShootBottles.com if you want images of bottles. Wouldn't you rather put your bottle in the hands of someone who specializes in shooting bottles?
Now, I'm not proposing that you put any restrictions on yourself. I recommend choosing one target market and devoting your entire attention to DOMINATING that market. Then, once you've mastered that one target market, carry on to a second target market and master it as well!
Before Unit: Profit Activator #2. Use Direct Response Offers to Compel Prospects to Call You
Excellent direct response proposals are like vehicle accidents in that you think the individuals who respond to them are "Idiots! Morons!" as Dan Kennedy would say.
When it's your time to drive by the scene, though? You slow down. You crane your neck. And confirm once and for all that you, too, fell for it. It's nearly difficult to look away from the accident. That's how you'd like your marketing to seem.
There is, however, a catch. This system's marketing will not be about you or what you have to offer. It'll be about THEM, and it'll be about something that's already inside your prospect's head.
Your goal with direct marketing is to persuade your prospects that you have knowledge that would be extremely beneficial to them.
You may do this in a variety of methods, including using consumer awareness guides, free reports, or free recorded messages that contain three key characteristics:
- a captivating title that
- expresses exactly what they want, and
- in such a way that they feel forced to call and obtain the information.
They can see that it is exactly what they are searching for. As a result, people feel secure calling, signing up, or doing whatever it takes to get access to that stuff.
You appear to be a martyr to the prospect! You aren't requesting their credit card information or attempting to close the deal on the first day.
But all the while, you're thinking like a chess master. You're taking the initial step in a series of events that will culminate in the prospect talking with you in your office. Or going to your shop or whatever method you use to close the deal.
However, you must first get your prospects into the sequence. Compelling direct marketing will get you there.
Before Unit: Profit Activator #3. Patiently and Systematically Educate and Motivate Prospects to Meet You... When They’re Ready!
The third Profit Activator is about guiding individuals through your sequence. When they are ready to purchase, they will choose you first.
The great majority of people aren't ready to buy from you right now. At this stage, your goal is to supply them with educational resources to make the best selection possible.
However, the desire to actually make the purchase you want them to make and do so with you will be entrenched in that teaching. As some individuals do, they do not really fall into the trap of focusing just on the educational part of the equation.
It's a valuable ability to balance education with buy motivation, and the I Love Marketing curriculum will teach you how to accomplish it.
The information you're giving them builds the trust and rapport you'll need to seal the deal. That trust and camaraderie will exist even if you never talk to them or meet them in person.
The reason this strategy works is straightforward, and it stems from a basic psychological truth: individuals silently beg to be led. They don't want to be in charge. They want somebody to instruct them on what to do and make it as simple as possible.
Finally, use auto-responders, free voice recordings, and even direct mail to streamline this strategy.
Because you're used to needing to work more to achieve greater outcomes, this will take a little more time. Rather than focusing on "How much money did I put in?" you'll concentrate on how much money came out the other end.
During Unit: Profit Activator #4. Present Your Unique Service Offer in a Way That Makes It Easy to Get Started
Your During Unit begins when you meet for the first time with someone eager to move forward and perform whatever it is that your company does. So they go into your retail store or come into your professional practice for the first time.
Profit Activator #4 demonstrates how to market your service or product so that it is simple for people to begin using it.
Joe Polish, for example, educates carpet cleaners on how to do a "carpet audit." They walk customers around their homes and show them how to enhance their carpets, and then offer to tidy up a free room with no fee or commitment.
They may test the services for free to see what an impact they can make.
Keeping it simple to get started boosts your prospects' confidence and rapport with you, making it much easier for them to consent to the sale.
During Unit: Profit Activator #5. Deliver a “Dream Come True” Experience Designed From Your Client’s Perspective
Profit Activator #5 is all about planning out that customer experience. The final result is individuals who are so enthusiastic about you and your business that they want to tell their friends and family about it.
To accomplish so, you must first determine that type of experience will transform your consumers into adoring fans. Asking two basic questions is one of the finest client experience design exercises.
- What is it about [insert your category here] that everyone adores?
- What is it about [insert your category here] that everyone despises?
Don't constrain yourself by thinking, "Well, I can't do that..." or "That's impossible..."
Just let your imagination wander, and then ask yourself, "How would I do it if I could?"
Then go out and provide the finest possible client experience from start to finish.
It's critical to remember that the reason you want to make this "dream come true" is so you can manage recommendations for your company. It is the cheapest and most successful approach to expanding your company.
So, suppose you want to cultivate long-term connections and organize recommendations. In that case, you must provide world-class service before, during, and after the transaction. Thus, your customers smile and tell others about you.
During Unit: Profit Activator #6. Provide After-Sale Service Even After You’ve Already Been Paid
After they get the check, most consumers believe the deal is complete. There is an explanation, though, that your after-sale service is included in the During instead of the After Unit.
It's because highly successful people in every sector know a secret: little gestures for customers after the sale may have a big impact.
It's been said that the true measure of character is what you'll do when no one else is looking. What you'll do for a client when you don't expect to get compensated is the consumer's counterpart of that statement. It also doesn't have to be substantial.
Let's pretend you've just completed cleaning your carpets.
What if you consider adding a factor of after-sale services, such as a follow-up call or a drop-by the very next day, or within the next three days after that encounter, only to check in on people, to perhaps drop by and give them something to keep their carpets clean, or a bottle of stain cleanser?
Of all, it's about the timing and being able to control the euphoric sentiments of joy and happiness coursing through their thoughts. "The difference between lettuce and garbage is timing," as the adage goes, so you'll want to concentrate on that.
Here's the deal: shortly after the transaction, customers will have the most opportunity to suggest you. If you have had your carpets cleaned, for example, the next ten or so guests to your home will remark on how nice they appear.
If you've just stopped by with an unexpected present that same day, it's a strong reminder for your client to share your name and number with their guests.
After Unit: Profit Activator #7. Nurture Lifetime Relationships and Focus on Lifetime Value
Wouldn't it be fantastic if you could buy return client insurance? Well, now you can. Here's how to do it.
There's been a lot of evidence showing that acquiring a new customer is 5 to 6 times more expensive than re-engaging an existing customer.
Your relationship profile, which includes all the individuals who know you, like you, and trust you, should provide a 20% yearly return.
So, if your typical transaction is $150 and they'll be a client for the next five years, they'll be worth $750 right now. Then, if they merely recommend one person, their lifetime worth is instantly doubled to $1,500. That's where the 20% yearly return may be found, but only once every five years.
It's the cheapest part of your marketing strategy. It's the one where you can make the most influence with the least money since they already know you. And, in many circumstances, you're the sole provider of whatever it is you're doing.
So, how do you make the most of this?
There are plenty of ways to increase the future value of a faithful client, such as discussing an ascension plan. You have a product line where:
- someone can use other goods that you have
- you can solve more of their problems or provide a higher quality of service for people
- you can intensify the connection with them, and they'll really get closer to you
- you're building out your entire archive of goods and services that you do have
After Unit: Profit Activator #8. Orchestrate Referrals by Giving Your Clients the Opportunity to Feel Great
The orchestration of referrals is the second phase of the After Unit.
Orchestrating referrals entails acting, speaking, and communicating so that recommendations are made on purpose. Everyone receives "passive" suggestions, but this is about proactively generating them.
Accepting that the main reason people refer isn't to help you. To make themselves feel good is the most significant shift in your attitude. The truth is that if you've ever had a positive encounter with someone, it's only natural to want to tell others about it.
Consider the last time you gave someone a book or a movie recommendation. I usually suggest a book or movie to someone because I know we'll be able to have a wonderful discussion about it once they've seen it for themselves.
Nevertheless, no recommendation can be made until two persons are talking. Your clients are always engaged in business-related interactions.
However, for that dialogue to result in a referral, three things must occur.
- They must be AWARE that the talk is about [something relevant to your company].
- They have to consider YOU.
- They must INTRODUCE you to the discussion.
The money-making concept is to be aware of such "high-probability" discussions and ensure that your clients know precisely how to get you into the conversation.