“Knowing how many customers you need each month, quarter, year; what they look like; how to attract them; and where to find them; will transform your business. Business growth becomes a simple matter of mathematics.”
~ Debra Hilton
You Probably Don’t Need One Thousand New Customers
Every business has capacity limits. If you’re a service business you’re limited by how many people you can provide quality service for, if you sell product you’re limited by your stock capacity, if you sell digital products you’re limited by bandwidth.
There are two questions you need to ask from a business perspective:-
- How much money do I need to make to cover expenses and pay myself the salary I want?
- How many customers / clients can I effectively serve each week / month and how many new customers could I onboard without jeopardising the quality of service and my reputation?
The answer to these questions tells you how many new customers you want and you then need to work out how many leads you need to convert that number of customers.
Improving Your Conversions
One of my clients recently said to me, “The magic of magnetic marketing is that I’m not wasting time talking to non-clients. Now that I know who I want to work with and set out to attract that type of client, my conversion rate has jumped from 25% to nearly 90%.”
Low conversion rates mean that you are marketing to many people who probably aren’t prospects. That’s fine if you have a large marketing budget, lots of spare time, or if your focus is brand-building, but if you actually want more paying customers and clients it will waste a lot of valuable time, resources, and energy, so improving your conversion rate is crucial.
The reality is that most business owners I talk to need more people who are ready, willing, and able to buy their product and service now. They don’t need to spend more time talking to non-buyers. They don’t need more visibility, credentials, experience, or expertise… they just need more buyers so they can improve their profitability and cash flow.
Two Crucial Elements
There are only two things you really need to do to increase your conversions:
- Identify exactly who your ideal customer, client, or patient is… ie. Who can you be of the greatest service to and for whom do you deliver the best results?
- Determine how you want them to respond and get them to do so… Finding the right ‘bait’ to attract them and using a response mechanism they are comfortable with helps predispose them to work with you.
When you nail these two elements, you will be able to spend your time delivering great results for people whose problems you enjoy solving and you will be enhancing your reputation and your bank balance while you do so.
If you’re interested in a simple way of thinking about your lead generation and creating a system that irresistibly attracts ideal clients then you’ll find my book “Dynamic Direct Response Copywriting” a valuable resource.
If you’re in Melbourne, why not visit our Magnetic Marketing Mastermind which meets monthly in Box Hill. To learn more and sign up for notifications visit https://memg.com.au