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Growing Your Business Dream

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10 steps on how to survive and thrive in a stalled economy. …

10 steps on how to survive and thrive in a stalled economy.

Condensed from various articles and research to offer concise information.


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  • Transcript

    • 1. 10 Steps to Grow your Business in Good or Bad Times
    • 2.
      • 48% of Sales people never follow up
      • 25% of Sales people make a 2nd touch
      • 12% of Sales people make 3 touches and quit
      • 10% of Sales people make more than 3 touches
      • 2% of Sales are made on the 1st touch
      • 3% of Sales are made on the 2nd touch
      • 5% of Sales are made on the 3rd touch
      • 10% of Sales are made on the 4th touch
      • 80% of Sales are made on the 5th-12th touch
    • 3.
      • Why do customers leave?
        • 1% will die
        • 3% will move away
        • 5% will buy from a friend
        • 9% will buy from a competitor
        • 14% will buy from another for product price
        • 68% will leave due to perceived indifference
      • What about continued relationships?
        • Repeat customers spend 33% more than new
        • Referrals from repeat customers are 107% greater
        • Cost 6 times as much to sell to new customers
    • 4.
      • Are you doing what it takes?
        • 5% of Sales are made on the 3rd touch
        • 10% of Sales are made on the 4th touch
        • 80% of Sales are made on the 5th-12th touch
      • What do you do about it?
        • 5% will buy from a friend
        • 9% will buy from a competitor
        • 14% will buy from another for product price
        • 68% will leave due to perceived indifference
    • 5.
      • Current Status
      • Get Efficient w/Technology
      • Enhance Customer Experience
      • Cozy Up With Vendors
      • Maximize Your Niche
      • Develop New Channels
      • Acquire Growth Capital
      • Create a Culture
      • Ramp Up Awareness & Demand
      • Improve Sales Techniques
    • 6.
      • Measure and Analyze
        • Establish Key Metrics
        • Understand Your Financials –
          • Review Margins, Cash Flow
        • Review the Competitive Landscape
        • Consider Customer Surveys
        • Use Online Analytics
        • Revisit Assumptions from Your Business Plan
    • 7.
      • Computers
      • Gadgets
      • Software
      • Online Tools
    • 8.
      • Formalize a Customer Relationship Management (CRM) Strategy
      • Create a Culture
      • Provide Incentives for Return/Repeat Business
      • Offer Bonuses to Reward Loyalty
      • Cultivate Passionate, Engaged Employees
    • 9.
      • Advantageous Payment Terms
      • Volume Discounts
      • Know Upcoming Products
    • 10.
      • Expand What You Offer
      • Enter a New Niche
    • 11.
      • Tap the Web
      • Create a Catalog
      • Use Sales Reps
      • Go Global
      • Add Wholesale
      • Try Brick-and-Mortar
      • Add New Locations
      • Weigh the Franchise Opportunity
    • 12.
      • Vendor and Customer Financing
      • Debt Financing
      • Angel Investors
      • Sophisticated Financial Partners
      • Initial Public Offering (IPO)
    • 13.
      • Define and Display Your End Goals
      • Have All Team Members Take Ownership
      • Find and Apply “Best Practices”
      • Create a Social Agenda
    • 14.
      • Promotions
      • Creative Advertising Ideas
      • Campaigns and Continuity
      • Narrowcasting (vs. Broadcasting)
      • Types of People to Target
      • Networking
    • 15.
      • Segue to proactive mode
      • Identify prospects
      • Lean on loyals for referrals
      • Create a strong pitch
      • Cross-sell and up-sell existing customers
      • Get partners to sell for you
      • Follow up (with thanks) after the sale
    • 16.
      • The Hook
        • Short – Impactful Elevator Pitch
        • Create Urgency - Draw Attention
      • Timely Piece
        • Tie-in to Current Events
        • Time of Year
      • Explain Your Topic in a ‘Media’ Way
        • One-sheet impactful presentation – Why?
        • Be Entertaining – Delightful – Real
      • Create Relationships w/ Local Media
        • Newspaper, Television. Radio, Internet Hosts