Assignment #3 for The Business BreakthroughOct 31, 2017
FIRST, A QUICK REVIEW OF THE FIRST TWO ASSIGNMENTS.
Assignment #1 was to go inside and examine the mental and emotional state of your business to discover the reasons you want or need a breakthrough. Those who are satisfied, content and fulfilled rarely have the motivation for a breakthrough. They come to The Business Breakthrough to share their insights and inspirations with those who need one.
Assignment #2 was to collect and analyze your SMART Numbers. Start with the raw data, and see what it says to you. Where did your business come from? What are your ratios? If the trends continue, what can you count on in the next year?
And now, Assignment #3, let’s get down to specifics and look at Return on Investment (ROI).
- What did you invest your time, money and energy on this year to generate leads?
- Which of these leads converted into business?
- What was the expense and what was the return?
We know from the Master Selling Skills Program that geographic farming as a marketing method takes the most time, money and energy to pay off. But it does pay off. The questions are,
- If I am using geographic farming as a method of generating leads, how much time, money and energy am I investing to generate those leads?
- What is the conversion rate of those leads?
- What is the net profit from those leads?
In Assignment #2 you identified the sources of your business. Now it is time to analyze how much it costs to generate that business and what was the rate of return, or average net per closing, per source.
Look for specific marketing efforts you should stop doing because they are not paying off.
- What should I do more of? Less of? Continue? Or do I look for new marketing methods to expand my business?
- How many times over the years have you been pitched an opportunity to spend money on some new marketing scheme?
- How many calls have you gotten just this year from companies who want to sell you lead generating services? How do you decide?
Let the numbers speak to you. As Floyd says, “It’s numbers or it’s nothing.” Let’s look at what worked this year, what worked best, and what didn’t work this year. Begin with the financial return, and then add your time and energy to the picture. For instance, while paying for leads takes very little time or energy, does the return justify the expense? On the other hand, a business source that has a great rate of return might be too time consuming or energy depleting to be worth continuing.
See you in TWO WEEKS!
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