Transcript of video included for your convenience.
Question: John, give me a tip for how to grow my business this year?
Answer: I think there are couple of things you can do but one that universally applies to all types of businesses would be to take my 5% challenge.
The first thing you want to be able to do is improve your customer retention by 5%.
The second thing is to identify 5% your current customer base that can in fact buy additional products and services of yours.
Third is to take a look at referrals. Look for 5% of your customer base that would be willing to talk about you in a positive way and would be willing to provide you with referrals. Frankly if you look at referrals and you get referred business, you can do a much better job with close rates ans sales cycle because they close at a higher rate and they close faster than cold calls.
Fourth on the list is to identify those clients who have purchased from you in the past that you can win back. Identify 5% of those clients who bought from you in the past or who bought at a higher level in the past. i
Fifth on the list is to be able to improve your close rate on business by 5%. Now I mentioned earlier in the referral piece that if you do a good job on that piece (the referral piece) that alone will help you reach your target, however this is not a linear equation. Adding up the individual pieces doesn’t equals 25% .
If you can get your best customers to continue to buy from you at the same rate; if you can get them to buy additional products and services from you; if you can get referrals and they buy at the same level of some of your best customers; if you can win back former customers and get them to buy at the same level that they used to buy; and then if you can improve your close rate by 5%, you can dramatically increase your sales results.
It is not 25% better, you can literally double your business.
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