How to Double Your Business this year by Optimizing these 8 Little Known Profit Centers

Fresh, New Qualified Leads are the Lifeblood of your business. Generating a steady flow of pre-qualified leads is key to generating ongoing sales in any business. The goal of any marketing activity, online or offline, is to generate leads that can be converted into sales over time.

Problem is, most of us did not start our own businesses because we were great at marketing.

We started because we wanted to deliver better products & services & probably because we wanted our freedom.

None of the above have much to do with marketing skills. And it is almost always much easier working in the day to day side of your business, enhancing the product/service, than it is trying to get more customers through effective marketing.

I happen to love marketing, specifically online Lead Generation and using a specific set of skills to help business owners achieve massive success in their respective businesses.

One of the best concepts we have come to teach and implement for our clients are the 8 Profit Centers which give you a simple way to look at the ‘profit activities’ (the important stuff) in your business.

“The 8 Profit Centers for Explosive Business Growth” may be simple but they are extremely powerful in helping ANY business grow no matter how tough the economy or how competitive your industry is!

Best of all, implementing these proven profit boosting concepts in your own business won’t cost you a thing (besides a few minutes to understand how they work).

 

Here are the 8 Profit Centers we are going to cover in this post:

  1. Profit Center #1: Focus on, and Select ONE Target Market (at a time)
  2. Profit Center #2: Use Effective Direct Response Marketing Offers To Compel Prospects To Come to You (Attraction Marketing).
  3. Profit Center #3: Systematically Nurture your Leads through Education And Motivate Prospects to Take the Next Step (Buy or Inquire)…When they are Ready!
  4. Profit Center #4: Present Your Unique Product or Service Offer in a Way That Makes It EASY To Get Started
  5. Profit Center #5: Deliver a “Dream Come True” Experience Designed from Your Client’s Perspective
  6. Profit Center #6: Provide after Sale Service – Even After you’ve Already Been Paid
  7. Profit Center #7: Nurture Lifetime Relationships and Focus on Customer Lifetime Value
  8. Profit Center #8: Orchestrate Referrals by Giving Your Clients the Opportunity to Feel Great

 

Breaking your business down into these 8 Profit Centers enables you to effectively optimize each aspect of it to achieve the best results possible and the results will compound into explosive growth…

So let’s start at the beginning, with a potential customer looking for a solution to their problem and they start to do their research online.

Follow and implement this first step correctly and you will ‘stand head and shoulders’ above your competition when it comes to choosing the right solution (and converting a long term customer).

automatisation-site

Profit Center #1 – Focus on, and Select ONE Target Market (at a time)

This simple piece of advice is probably the most important one you’ll get in the entire article and in most cases it will go against everything you believe.

You’ve probably advertised your products and services to anyone and everyone, I mean surely everyone is a potential buyer right?

I used to believe it too. Go for the biggest market, get the biggest slice of the pie.

The problem is when you try to sell to everyone you (your services & products) become a commodity, selling on price alone and that makes it very difficult to be innovative or become the go-too guy in your market…

 

So let’s look at an example from the photography industry. If you’re into photography and want to turn it into a business, why not get the broadest base of possiblecustomers? You could do portraits, weddings, corporate photos, and so on – but by limiting your market to one specific niche, you’re virtually guaranteed to become the recognized authority on that topic.

 

To illustrate the example there is a company based in the UK called – We Shoot Bottles at www.weshootbottles.com. They have dominated the bottle photography marketplace simply because it’s all they do, and they do it very well.

But, of course, you don’t want to literally limit yourself to just one marketbut rather one at a time. Beyond We Shoot Bottles, there’s also www.weshootcans.com for your canned goods photography needs.

We Shoot bottles

This company has taken something as large and varied as product photography, and truly made a name for themselves with some big brands.

So How do you Select Your Ideal Market?

With 4 simple questions you can ask yourself when considering which market to focus on:

  1. Where is Your Ideal Customer Now?
  2. Where do They Want to Be?
  3. Why do They Want to Be There?
  4. How does your Product or Service Help Them Get it in a Unique Way?

 

Ultimately you want to answer this – what is one thing that you’re extremely good at, that can serve one group of people very well?

It’s realistic to want to serve as many people as possible, but in order to make the profit centers work for you; you’ll want to start off by concentrating on one core group first.

THE SIMPLE 6 STEP PLAN TO ATTRACT 17 OR MORE PAYING CUSTOMERS BY THIS TIME NEXT WEEK...

Profit Center #2Use Effective Direct Response Marketing Offers To Compel Prospects To Come to You (Attraction Marketing).

So how do you compel people to want to buy from you?

In simple cases you can do this with discounts and special offers (which still work very well & fall into Profit Center #4)but why leave so many potential customers behind?

 

Not every lead/potential customer is ready to buy now, but they will buy sometime in the future so why not have them buy from you…

So Instead of just trying to put your main offer in front of your ideal customer base, get your prospects to take a small first step by offering them value upfront, helping them to solve their problem (or part of) with or without your products and services.

Sounds crazy, I know but hear me out…

 

You can serve both types of prospects (ready to buy now & the not quite ready) through the use of a well crafted ‘Lead Magnet’.

The Lead Magnet is an irresistible bribe that gives a specific chunk of value to a prospect in exchange for their contact information. (these are reports, audios, videos or whatever suites your market that you can give away in exchange for a an email address)

Make no mistake, although no money changes hands, this is a transaction. And, it is often the first transaction you will have with a prospect.

The Lead Conversion Magnet exists to increase leads. It’s at the very top of your Funnel and increasing leads here will pay dividends throughout the rest of your sales funnel.

The good news is that you DO NOT need to create something lengthy or complex. In fact, we’ve found that the more laser-focused your Lead Magnet is — the better it will convert.

Your prospect doesn’t want to join a Newsletter or get some drawn out 20-Week E-Course on how to become a certified plumber and fix his own leaky tap…

They want to solve a problem. They want an outcome. and they want it NOW.

(take a look at the example below):

Specific-Offer

A Lead Magnet that solves a specific problem for a specific segment of the market will generate more leads.

 

Then , the next important point is…Stop talking about yourself and what you can do for the client. They don’t care.

They have a need and want a solution, but they don’t want to hear about your business and all your accolades and experience because they’re not yet at that point (that comes later).

You need to shift your focus to highlight the end result.

 

Generate Sales without the Pressure!

You also don’t put the pressure on here. Many business owners make the mistake of trying to get the full sale right from the start, and they crash and burn almost every time.

The idea is to get people to feel safe, comfortable and relaxed enough to want to see what you have to offer, without having to step out of that safe zone.

Once you’ve created something genuinely helpful, it’s time to move onto motivating them to meet you. Encourage Prospects to Meet You

The real sale happens when prospects are motivated to meet you – but here’s the issue. We humans are socially wired to want to avoid certain kinds of interactions. We don’t want to say the first word, make the first introduction or impose on anyone.

Which leads us to…

 

Profit Center #3Systematically Nurture your Leads through Education And Motivate Prospects to Take the Next Step (Buy or Inquire)…When they are Ready!

Effective lead nurturing is the secret to generating highly qualified sales leads who are ready, willing and able to do business with you.

Lead nurturing strategies start with converting a simple lead using lead magnets discussed above (email address in exchange for quality content – solutions to the problem) and then automating the follow up sequence based on their actions until they are ready to become a client(hot, qualified sales lead).

The advantage of nurturing leads is that it allows you to spend more time performing high-value tasks like selling to qualified prospects and less time on low-value activities such as prospecting and administrative tasks (e.g. sending out sales literature).

Again, not every lead is ready to buy now, so we need a system that converts both types of prospects,

 

The first type has an immediate need.

He’s the “fast mover”. He’ll probably enquire with you within a day or week of receiving your information (from our conversion optimisation – Lead Magnet). The fast movers drive the whole process and keep it cash-flow positive.

 

The other type of prospect doesn’t have an immediate need, but is nevertheless a member of your target audience.

She’s the “slow burner”. And when she has a need for your service sometime in the future, it’s highly likely that she’ll give her business to you – IF and only IF you keep in touch and nurture the relationship.
“Slow burners” produce the residual revenue that makes this strategy so effective – momentum.

Conversion-Rate-Optimization-1

 

Here is an illustration – Say you’re over at a friend’s house, and you’ve just arrived. They tell you to make yourself comfortable and help yourself to anything in the fridge you’d like to eat. But you don’t, because you don’t want to impose.

This works similarly in marketing. We may truly want to help others, but they need more prompting.

Conversely, if your friend walks out with a big batch of homemade cookies and offers you one, you wouldn’t say no?! This is the approach we need to take when marketing our products & services.

By phrasing our offer like this, we take all the pressure off the prospect and invite them to take action.

They don’t want to be rude and turn us down after we’ve put so much work into our offer and made them feel like it was crafted just for them.

Equipping Them with Information

The goal of lead magnet & lead nurturing sequence is to educate your prospect by giving them the kind of answers to questions they’re already thinking of, but are afraid to ask (i.e. give part of the solution for free).

 

EXAMPLE: Your Lead Magnet could be something as simple as “7 Things to Know Before Hiring a Plumber” or “5 Questions to Ask a Pre-School Provider before Enrolling Your Child”.

 

Your lead nurturing sequence then continues to educate and provide additional answers to questions, real benefits of your products/services (how it overcomes the problem) and customer feedback/testimonials (building social proof).

These kinds of question-based materials combined with the no pressure follow up email sequence, educate the prospect so that they feel a sense of reciprocity in wanting to do something for you now that you’ve educated them.

Simple but Very Powerful.

THE SIMPLE 6 STEP PLAN TO ATTRACT 17 OR MORE PAYING CUSTOMERS BY THIS TIME NEXT WEEK...

Profit Center #4Present Your Unique Product or Service Offer in a Way That Makes It EASY To Get Started

This next step is to make it as easy and hassle-free as possible for prospects to become your customers.

When positioning your offer, go beyond what everyone else is doing. If everyone else is giving free quotes or samples, you do the same plus show them what your product or service can do.

If you understand and execute on this step, you’ll be ahead of most of your competitors.

Remember, our first goal is to increase the number of leads. So far, we have generated those leads through the Lead Magnet. Now we have to start generating paying customers.

 

What is the easiest way to generate a new customer?…with a Tripwire offer.

A Tripwire offer is made to those that have displayed interest through the Lead Magnet.

The Tripwire is an irresistible, super low-ticket offer (usually between $1 and $20) that exists for one reason and one reason only…to convert prospects into buyers. In markets selling high-ticket products and services Tripwire offers as high as $500 can convert well.

The goal of the Tripwire is to fundamentally change the relationship from prospect to customer. The conversion of a prospect to a customer, even for $1, is magical.

The key is to make a Tripwire Offer that your leads are unable to resist.

lead to customer

EXAMPLE: Joe the Carpet Cleaner. Rather than just quoting carpet cleaning services like everyone else, Joe went a step beyond and offered a “carpet audit” (innovation) which was a free way to diagnose common carpet problems.

In the process of doing the carpet audit, Joe would offer to do a room for free. Here again is the reciprocity nudge. You’re giving people so much value that they find your first offer (tripwire) and the opportunity to do business with you almost irresistible.

The most important thing to keep in mind here is that initially, the client is only focused on the end result. They don’t really care about what you do, rather WHAT YOU CAN DO FOR THEM.

Profit Center #5 – Deliver a “Dream Come True” Experience Designed from Your Client’s Perspective

Once you get their business, the real work begins…

You now have to deliver an outstanding customer experience, and this is another area where many business owners fail.

You want to look at each customer as someone who’s going to make a long-term investment in your success. Buy multiple products and services, increase transaction value each time and come back often (3 ways to grow a business).

This can be done through…

  • Tripwire Offers (low ticket)
  • Core Products and Services
  • Profit Maximizers (upsell products & services)

And they are not just going to come back to you again, but they’re going to tell their friends about you.

 

You can create an incredible customer experience right from the start by asking two simple questions:

  1. What do people LOVE about your product or service?

Step into their shoes and ask yourself: What type of experience would I want? It’s more than simply avoiding negative experiences. it’s about creating a memorable one that will leave your customers wanting more.

  1. What do people HATE about your product or service?

There is no better way to determine what’s working and what’s not than hearing it from customers themselves. Direct customer feedback is valuable — especially for new and emerging companies — because they provide a significant opportunity to improve your company’s experience early on

 

What could you do with this information that would truly WOW your customers? What would really engage them and get them to come back again and again?

Deliver-and-Wow-Pinned

 

Profit Center #6Provide fantastic after Sale Service – Even After you’ve Already Been Paid.

Just because you have been paid doesn’t mean the relationship is over.

For many business owners that is where the process ends. But you’re different – and you’re going to go out of your way to deliver fantastic value after the sale.

Why?

Its all about Lifetime Customer Value (see profit Center #7)

Providing after sales service is even more memorable to the client because they’ve already paid you and don’t really have any expectations of anything more, so anything you do at this point will only strengthen the relationship.

Timing is everything…

Follow up two or three days after the initial sale. Check back monthly and give them a little freebie of some kind to keep your name and your company fresh in their mind.

If you find something interesting related to their industry, such as a news article, send it to them – they’ll really appreciate it!

And the best part, most of this relationship building stuff can be automated, freeing up your time to focus on other profit pulling activities.

 

CLV-01

 

Profit Center #7 – Nurture Lifetime Relationships and Focus on Customer Lifetime Value.

This is the point where you’ve nurtured the client along their decision-making process, you’ve educated and motivated them, and you’ve given them an experience with your company that has planted some referral seeds in the back of their mind.

 

What else is left to do?

Most of the time, people don’t even stop to think about after-sales service for more than week or two after the sale has been completed.

They go back to spending tons of time and money bringing in new customers when it can be much more lucrative to nurture highly satisfied customers.

Fortunately, doing this is easy.

Here are a few ideas you can use:

Follow up with related products/services that continue to fit your client’s needs. Not just an up-sell or a bundle, but truly keeping their needs in mind at every stage of their business with you.

Offer reminders when it’s time to upgrade, maintain, check back or otherwise use your product or services again.

Sometimes people forget because they’ve lost touch with you after the sale, and they may be tempted to try someone else just because they don’t want to impose on you by asking more questions.

Don’t let this happen!

Take the next step up – After they’ve used your product once, even a trip wire offer, encourage them that, for a little more, they could get even more of the great service they’ve come to rely on you for.

Customer Referrals

Profit Center #8 – Encourage Referrals by Giving Your Clients the Opportunity to Feel Great

The real reason people give referrals is not to help you out or even possibly to help out the one being referred, but because it makes them feel good.

And remember, because of the stellar product or service you gave the original customer, chances are that his or her referral is going to be equally enthused about your product or service and will come back again and again.

This kind of delivery is what makes the original referrer pleased – maybe even superior. Not only have they been able to help someone, but they know what to expect, and it reflects well on them as a friend.

Remember that people are talking about your business. What they’re saying depends on how you treat them.

Look for ways to work referral magic into getting highly-targeted, highly active (and not reactive) referrals.

What we Learned and the Next Steps…

If you start looking at your business as 8 individual Profit Centers (that can be constantly improved) and implement the strategies in each to your business, I guarantee that you will experience explosive growth in a very short period of time.

The sooner you start, the sooner you can start reaping all the benefits.

If you would like to take the next step our Free Report: 6 Step Plan to Attract 17 or more New, Paying Customers by this time next week… might be right for you.

What’s your biggest take away from the 8 Profit Centers? Please share your opinion by leaving a comment below.

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