Triple Your Revenue With These Five Magic Questions
“If you see it in your mind, you will hold it in your hand.”
Bob Proctor
As it’s been perhaps the craziest week ever, this week’s Monday Marketing Bullets are going to simple, swift and to the point. Thankfully something is…
The answers to these five questions can double or triple plus your revenue. They’re heavy hitters. So, time to put your strategy hat on, grab a pen and start brainstorming (or start delegating).
Here we go:
1. What is our competition doing better than we are?
This is a tough question, but a great way to quickly identify organizational or strategic weaknesses that can be turned to your advantage. Think of that old ad campaign from Avis that said “we’re only #2 so we try harder..”
2. What are we doing better than our competition?
Whatever it is, how can you leverage it, expand on it, and develop it further? Most importantly do your customers know about these differences? If not, (and most don’t), that’s the next big idea for your next advertising campaign (you’re welcome!).
3. What are our customers asking for (that we haven’t yet provided them with)?
It’s astonishing how few organizations really listen to their customers for ideas. After doing a Customer Innovation Audit for one of our consulting clients in the tech industry, we made a startling discovery. The majority of their top accounts were considering leaving because of one small glitch in the system – they integrated with the least favored payment portal that had an awkward user interface. The client listened to our recommendations, made the switch, and we created a multi-layer communications campaign to let their clients know the lengths they went to, to implement their feedback.
The result?
Within 60 days sales conversion rates had doubled, the number of customer complaints dropped by 83% and the average client transaction size increased by 234%.
Small hinges swing big doors.
4. Who are the top 20% of our customers?
I love this question. It’s pure gold. If you know the answer, then you can double your business by simply focusing your marketing on attracting more of these types of customers.
5. Who are our top 20% referrers?
Every business has them but not every business knows who they are. And not everyone who refers you new business falls into this category. You want more of the super-referrers. If you know who they are, recognize them, reward them and most importantly study them. Find out what organizations they belong to, what they read, how they spend their spare time… the goal is to find more of them – another 20% to double your referral business.
That’s it!
Five questions - the answers of which I GUARANTEE will transform your business and your life. If you don’t know the answers then you either need to go digging, find someone on your team to go digging, or hire a great consultant to bring in the bulldozer for you (ahem :).
