If you are asking “What are doing that’s working,” you are asking the wrong questions. The problem is that the answer only addresses what worked for that specific person. For example, if someone follows your diet exactly will it have the same effect on them, the answer is no.
#1 Apply the Pareto Principle
As the Pareto Principle states roughly 80 percent of the effects of anything you might be doing come from 20 percent of the causes. This can be applied to almost every aspect of business. For example, in real estate investing, 80% of your deals come from 20% of your leads. You must drill down on the data to determine what is the 20% of your lead list that produces 80% of your sales. Once you refine that data, you have created a motivated seller avatar for your area.
#2 Track Your Marketing Dollars
Whether you are a beginner or running a multi-million-dollar operation, you must track your marketing efforts. Imagine spending $20,000 on a mail-out campaign with no way to track the return. Sound crazy? Because it is, but business owners do it every day.
Make a list of all the marketing campaigns, including, but not limited to email, mail-outs, phone calls, billboards, radio/TV ads, etc. Create campaigns that require the customer to bring the promotion to you. For example, use a flyer that requires the flyer with a “coupon code” that only appears in a certain place. Try several things, then match the results of those campaigns to your spending on them. The stars will emerge, and those stars should light the way to future success for you.
Why is tracking so critical? Let’s look at a mail-out example, letters are about 3x more expensive than post cards, so they need to have about 3x the response rate to be worth the cost, right? WRONG! they not only have a higher response rate, but a higher appointment booking rate, which inevitably leads to a higher close rate. If you only considered the response rate, it would not be worth the cost to send a letter. That is why you must collect massive amounts of data.
#3 Identify and Close Missed Opportunity
Increasing revenue can come from missed opportunities. Approximately 30-35% of calls are missed or abandoned. The solution is to put a system in place that automatically creates a lead in your CRM (Customer Relationship Management) immediately when there is an incoming call. Return all abandoned and/or missed calls immediately, audit the calls and track the outcomes. Having a great CRM system allows you to track and organize your leads.
#4 The Fortune is in the Follow Up
The fortune is in the FOLLOW UP. If at least 30% of your deals aren’t coming 30 days after the first point of contact from the seller, you’re missing massive opportunity. Calling three times is 68% more effective than calling once. Calling six times is 94% more effective than calling once. After six touches in a short period of time is the noticeable point of diminishing marginal returns.
The back-end solution is to hire a lead manager, task them with nurturing and auditing leads all the way through the sales process. You must nurture every single lead and ultimately you want to automate your follow up process.
Stop using your time and energy performing tasks outside your genius zone. Automate to dominate. You must implement things quickly. Remember that massive business owners understand that life isn’t the NBA Final and you can’t build and sustain a healthy, thriving business based solely on “Rock star moments.” Most people don’t wake up beautiful.
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