If you have been around me and Business Coach for very long, you have heard of the “5-Ways”. It’s great to know about simple profound principles that can really improve business sales and boost your business success. However, the only way that the “5-Ways” is going to do that for your business is by taking ACTION. So here is a challenge for every reader of this blog. Today, create at least one strategy from each of the five ways to implement in your business over the next 30 days, and do it.
CLARITY + ACTION = RESULTS. Here’s how to do it!
1. Review and understand the formula:
—————-Formula——————–
#Leads x %Conversion = #CUSTOMERS
#CUSTOMERS x Number of Transactions x Average $ Sale = REVENUE
REVENUE x % Margin = PROFIT
—————-Formula———————
#Leads – the number of prospects expressing interest in buying from you
%Conversion – the percentage of those prospects who make a purchase
Number of Transactions – the average number of times customers buy from you in a given period of time
Average $ Sale – this is the average amount that customers spend on each transaction
% Margin = the percentage of the revenue you keep (profit) after expenses are paid
2. create a strategy for each one of the 5 Ways by answering these questions:
1. What is one way that you will increase the number of people interested in buying from you?
2. What is one way that you will help a shopper say “yes” and buy from you?
3. What is one way that you will encourage a customer to buy again from you?
4. What is one way that you will help a customer buy a little more from you?
5. What is one way that you will increase your profit margin?
It is also critical that you measure the result from each strategy.
Improve business…ask Ohio Business Coach, Ralph Berge 440.838.0991
