Want to generate more revenue for your business? Here are 8 ways to speed up customer acquisition that took me 27 years of advising 907+ companies to learn.
Most companies are doing (at most) one of these. How many are you doing?
- Increase Your Price: Yes, I said increase your price. Because for some offers, a higher price signals higher quality. And guess what? If you charge more you can afford a better customer experience and afford more marketing.
- Fix Your Offer: This one isn’t sexy. But it’s necessary. If your offer isn’t irresistible, then keep trying new ones until you find one. Nothing changes customer acquisition like buyers thinking “this is a no-brainer” and they’re making out like a bandit.
- Split Test: If you’re not always running a test in your advertising and marketing, you will not win. Full Stop. Do you really think you nailed it with the Best Campaign Ever already? If so, why aren’t you the undisputed 900 pound gorilla in your space?
- Back To The Well: You know all those former customers? Getting them to buy again is WAY easier than getting a new customer. And it costs less to market to them. Even if they don’t buy you’ll learn WHY they didn’t – and can make your customer experience better.
- Bundle Up: Your packaging matters. Making bundles of products/services makes it easier for your customers to choose what best meets their needs – and generates more revenue for you.
- Make It Monthly: If you’re selling one-offs, launch subscription pricing. “It can’t be done in my industry” – I call BS. I did it when I ran a law firm, of all things, charging clients subscriptions of $6,000 – $25,000 per month. If you’re unsure, you just haven’t seen how.
- Know your EPL: Do you know how much you earn for every lead your business gets? As in, you get 100 leads, you generate $X in business. So your Earnings Per Lead is $X/100. Learn this and it simplifies marketing – because you know what you can pay for a customer.
- Flight to Quality: Bad customers take more support time, ask for refunds & are a PITA. Good customers buy more and then promote you on social media. Learn to identify good ones, and target marketing to them. Do this and referrals & organic marketing will skyrocket.
Sound like a lot of work to implement these? It isn’t.
Two Keys:
a) know which strategy will make the biggest impact for you now. Do them in the right order and you’ll grow faster.
b) Have a templated process so you can delegate it. If you haven’t done it before, find someone who has – cribbing their template can save you months or years (and tens of thousands of dollars) in waste.
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