I guarantee you right now...
That I can increase the profitability of your business, without spending a single penny on advertising.
I'm talking about marketing optimization.
You see, just about every business has sprung a few leaks. There are holes which are most likely invisible to you, but easily identifiable to an outsider like me.
Another incredible opportunity is the power of leverage in your sales and marketing which I'll get to in just a few minutes.
Here are a handful of invisible profit centers waiting to be capitalized on...
The first step of marketing optimization is to identify all the "touch points" in your funnel.
A touch point is every single interaction you have with your customer, all the way from cold suspect, to repeat buyer.
Are you utilizing each and every touch point as an opportunity to either make repeat sales, upsells, reduce buyers remorse, or capture leads?
Let's begin by looking at your email marketing.
You have three basic types of emails.
The biggest opportunity for you is likely in your transactional emails. This includes order confirmations, subscription confirmations, receipts, refunds, shipping confirmations and so on.
All of these emails are opportunities to generate more revenue in your business right away.
If you own a brick and mortar retail store you can use the same strategies with your receipts by offering a discount on their next purchase. This is frequently used in restaurants but you can easily adapt it to most other businesses.
If you have a higher ticket product or service, you can do the same by doing customer service follow up calls and emails.
All it takes is a little creativity to start seeing impressive results to your bottomline by making your communications work just a little harder.
The next area of leverage in your business is your sales funnel.
Every business has a sales funnel. The picture below is a sample internet marketing funnel with some generic numbers.
As you can see, the funnel helps turn strangers into prospects and all the way down into sales.
They could come into the funnel through clicking on an ad, you reaching out to them on the phone, direct mail, or any other number of ways.
The point is, there are multiple leverage points inside the funnel.
(When I say leverage, I mean areas where you can take the same amount of money and make it work much higher for you)
Let's say you are currently spending $1000 to get 100 prospects into your funnel.
For the sake of simplicity, let's say you are selling a $1000 product (with no back end product or service).
In the picture above, only 50% of the prospects turn into leads by opting into your list, taking your lead magnet, or raising their hand in some way to signal they are interested.
Out of these 50, only 10 make it to the next step. That could be reaching your sales page, adding to cart, booking an appointment, or filling out a form for example.
Finally, 3 people convert into sales, for a grand total of $3000 for each $1000 spent.
Not bad, you're making a 300% ROI on your ad spend (in a perfect world, assuming there's no costs of fulfillment and any other number of factors).
Most people would be very happy with that return on their investment...
But here's where it get's interesting.
Let's back up to the very beginning of the funnel with your advertisement.
With a simple tweak in headline copy, advertisements have been known to convert up to 19.5 times better.
Assuming you convert the same ratio of prospects into leads and all the way to sales...drum roll please...
That means instead of 100 prospects coming into your funnel, you now have 1950.
From the same advertisement spend of $1000.
50% of those convert into leads, or 975.
From there, 585 reach the next step.
and 175.5 turn into sales.
Where you once made $3000 dollars or a 3X return, you now made $175,500 or 175.5X return.
THAT is the power of leverage.
(Note: this is an overly simplistic view)
Yet, you can see how a simple increase of your conversion/close ratio by just .25% can double or triple your profits.
Woohoo, Leverage baby!
(That's why good copywriters get paid so much, by the way).
Now moving onto your landing page where people opt in and become leads, let's say you make a few tweaks...
A study showed that an average of 56% of website visitors bounced from your page if it took longer than 3.2 seconds to load.
That means you are potentially losing 56% of your ad dollars because your landing page is loading slow.
Now let's say you optimized your landing page in terms of the copy, offer, loading speed and bumped up your conversion from 50% to 70%...can you see where I'm going with this?
There is an unbelievable amount of money to be made from optimizing your sales funnel.
The one in the picture above doesn't even mention email automation follow up, retargeting, exit intent pop ups, back end products, or any other number of ninja tricks that can seriously boost your conversions.
The point of this post is there is hidden opportunity everywhere, if you know where to look.
Quite frankly they're easy to miss if you're constantly struggling with the "entrepreneurial rollercoaster" of going from making sales to fulfilling orders and then back to making sales.
One of my specialties is finding the highest leverage points in your business.
The critical ones you may be overlooking.
They say little hinges swing big doors and it couldn't be more true.
I help you find those little hinges and I also find the leaks that are silently plundering your business of precious cashflow.
If that is something you're interested in, the best way you can reach me is by messaging me on my Facebook page.
Simply click the "send message" button and let me know you read this post and you're interested in my help.
I'll give you a free consultation and my honest opinion on whether I can help you or not. ( if I can't, I can put you in touch of someone who can).
You have nothing to lose and everything to gain 🙂
Until next time,