According to Einstein, compounding is the most powerful force in the universe. It’s not actually certain he ever said this but it’s been attributed to him.
So for example, if you achieved a very small weekly improvement in 5 key areas you would literally double your profit over the course of a year. The 5 key areas are:
- Number of leads
- Conversion rate percentage
- the number of times each customer buys from you per year
- The average amount they spend each time
- Your gross profit margin on what you sell
If you made a 1% per week improvement in each of these numbers, for example, that would be 14% over 3 months and that would be enough to double your bottom line profit.
This probably sounds too good to be true. So what if I told you that simply implementing 8 strategies over the course of next year would achieve this? And what if I also told you that there is nothing difficult in any of this?
The reason very few business owners do it is because they are not sure what to do or in what order. So it’s simpler and less “uncomfortable” to hide behind being busy doing what they already do.
The 8 strategies are:
- Advertise correctly by following the “Conversion Equation” which also applies to your website
- Form Joint Venture partnerships is the correct manner
- Implement cross-sell and up-sell offers
- Review and reduce your costs
- Widen your product offering (joint ventures help you do this)
- Nurture the prospect along the buyer’s journey with a drip campaign
- Increase your conversions with a down-sell offering
- Create extra value through bundling instead of discounting
The good news is you only need to implement the above one at a time over the course of a year and you could transform your profitability.
Knowing this is not enough though, you have to actually implement the above and that’s where having an accountability partner is vital.