Want to Double Your Sales?
Let’s do a bit of Maths… the formula to double sales…
L x C x M x f = GP
- L = leads
- C = customers
- M = margin
- f = frequency of purchase
- GP = Growth Potential
Leads x Customers x Margin x Frequency = Growth Potential
Doubling any of the variables above (leads, customers, margin, frequency of purchase) will double your sales.
Double them all and you will 16X your business. Can you double them all? Absolutely.
In other words, there are 4 levers for you to grow your business…
- Increase the number of leads
- Increase the number of customers
- Increase the margin
- Increase the frequency of purchase
Let’s look at each “growth lever” in turn…
How to Double the Number of Leads
Want more leads?
- A Lead Magnet
- More Lead Magnets
- Better Lead Magnets
A Lead Magnet looks like this…
If you click on that “LEARN MORE” button you will be asked for your email address to receive the content.
Here’s another Lead Magnet…
A Lead Magnet is simply an irresistible bribe offering a specific chunk of value to a prospect in exchange for their contact information.
The key is SPECIFIC.
Take another look at a Lead Magnet examples above and study the use of specificity…
If you want to double your leads—start with your Lead Magnet.
Start with SPECIFICITY and target the right AUDIENCE.
How to Double the Number of Customers
Let’s make it right.
We are talking about doubling the number of CUSTOMERS, NOT doubling the number of PROFIT.
There is a HUGE difference between the 2…
Customers Acquisition is NOT the same as Profit Acquisition.
In fact, in some cases acquiring customers will cause negative cash flow. In other words, while acquiring customers can lead to profitability—customer acquisition is NOT about profitability.
It’s about activating BUYERS.
To do that, we use something called a Tripwire Offer.
Here’s an example from Vistaprint:
Vistaprint doesn’t expect $9.99 is going to make them rich.
They’re simply acquiring BUYERS.
Notice the price point on the offer is $9.99.
Here, we are NOT looking at high ticket offers. The above offer from Hostpapa is simply acquiring customers by a low barrier-to-entry offer.
If you want to double your number of customers—create a solid Tripwire offer.
Yes, as mentioned above, it is not going to make you profitable. That’s why you need to work on the below 2…
How to Double Your Margin
Of course Vistaprint doesn’t only sell business cards.
In fact, Vistaprint has a number of ways to increase the value of that $9.99 transaction.
They allow me to …
- Add to my quantity (Up to $369.98)
- Get better paper stock (Additional $16.99)
- Buy one of those fancy business card holders (Up to $11.24)
Actually before it’s all said and done I can buy…
- Car Door Magnets
- Business Card Magnets
- and on and on…
Every offer is relevant. Every offer is consistent.
They are all related to my original intent to get promotional materials for my business.
AND, every offer is intended to increase margin to Vistaprint.
The additional offers made by VistaPrint (and every other business that understands how to increase margin) are where the real money is made.
These upsells, cross sells, bundles, etc. are what make the cost of customer acquisition worth it.
Want to double your margin now?
Ask this simple question: “What else can I sell to the customers I am acquiring?”
How to Double the Frequency of Purchase
Cool, time for the last part of the formula: Frequency
How can we get our customers to buy twice as often?
To do that, you need a constant and strategic communication.
The Return Path, we call it.
In general, most sales don’t occur at the first visit. Hence, following up is essential for making sales. If not, you are leave lots of money on the table.
Return Path can be structured in many different ways:
- Exit Offers: A pop up offer that appears when a prospect attempts to exit a page
- Ad Retargeting: Digital ads that show to prospects based on their prior behavior (Translation: Those ads that follow you around the web after your visit a web page)
- Automated Email Follow-Up: A strategic email marketing plan that brings leads and buyers back to offers and content again and again
The last one, Automated Email Follow-Up, is the most effective way to double purchase frequency.
But, you are not sending email randomly. You need a purpose.
1 of 5 purposes:
- Indoctrinate: Tell them who you are
- Engage: Get them to buy
- Ascend: Get them to buy more
- Segment: Learn what they want to buy next
- Reengage/Win Back: Reactivate disinterested subscribers
Email follow-up is so important that we’ve created an entire article which is an essential read for you.
If you are serious in your business, you will love to double your sales.