We’ve previously shared the 5 ways that you can significantly increase your profits, affecting change to achieve more customers, increase revenue and profits. Here we’ll go more in depth on the 1st of the 5 ways, which is getting More Leads.
Number of leads, while very important, is not the first thing you should focus on in an attempt at growing your business. There are a few reasons why. First, it is perhaps one of the more expensive of the 5 Ways of affecting change. Second, you must make sure your business can handle a lot more leads before you start bringing more customers in. If you can’t handle more customers or deliver your products or service at the rate that increase demands, then bringing more leads in won’t help your business. It could actually harm your business.
That was the cautionary note at the beginning. You know, the don’t do this at home type of thing. When the business is ready, it is essential to generate more leads. Most small businesses use one or two, maybe three lead generation methods. No matter how many you are currently using, you want to test and measure everything. Then use that information to inform your strategy.
ActionCOACH has 87 different proven strategies we share with clients that can bring in more leads. Do all 87 work for every industry? No. Even in the same industry, different businesses will have different strategies that work for them. Every business is unique. For instance, every architect or engineer or chiropractor out there is not the same. They may have different specialties and target markets. They will have different lead generation strategies that work for them. The key is to test and measure each strategy to find the ones that do work.
We’ve got a great example that shows why it is important to test and measure. ActionCOACH had a client that was spending $80,000 a year on lead generation. They were happy with the results and okay with the cost. However, their coach recommended measuring the success of each lead generation strategy individually, just to see how each was working. And so, they measured. And what they found out was, out of the $80,000 they were spending a year, $30,000 was generating all their leads. $50,000 a year was being wasted. They took the $50,000 and put it into the $30,000 pot and increased their leads 250%! That was great for the company, however it did cause other problems.
Like I said at the beginning, the cautionary note, be careful. I don’t recommend a 250% increase in lead generation overnight. Most businesses can’t handle that. But if you add one method and increase your lead generation 10%, that’s likely a manageable improvement. Then overall, if you make small changes in each of the 5 ways, improving each section 10% will give you a dramatic improvement in your bottom line and your profit margin. And that’s what we’re really looking for, is the dramatic improvement in profit without having deleterious effects on the business as a whole.
Our coaching clients at Wasatch ActionCOACH are utilizing the 5 Ways and finding success. If you’d like to learn more about the 5 Ways and how they can significantly improve your business, schedule a free coaching strategy session.
If you missed the 5 Ways overview, you can check it out here. Or watch the video here.
Stay tuned for the remainder of the 5 Ways to Significantly Increase your Profits!
