This concept is the number one reason why businesses aren’t as successful as they should be. Traditional marketing ignores using ALL ‘3 Business Multipliers SIMULTANEOUSLY.
Each Business Multiplier is a crucial part of the ‘success jigsaw’ that determines the scale of your business growth. And each Multiplier must be combined to produce the optimum results.
The Business Multipliers form the framework of the Instant Results Strategies and Treasure Chest Strategies. Each of the strategies you’ll be using will conveniently fit into one of the Business Multipliers.
So what exactly are the ‘Business Multipliers’?
BUSINESS MULTIPLIER 1 – Lead Generation (Getting more qualified leads/enquiries)
Lead generation is the lifeblood of any business. You must have a system in place for generating a constant stream of high quality leads. (Notice the emphasis on ‘quality’) for your business.
Without these high quality leads your business will struggle to grow at the rate you want it to!
Because every business – no matter how good it is – will lose customers for whatever reason (on average 19% per year).
To replace these lost customers you need to first generate leads. No leads means no more customers – it’s as simple as that!
To grow you need to maximize the revenue and profit from your customers (Multiplier 3 – see below), and often you’ll need a steady influx of new customers to take your business to the next level. Lead generation is the first part of this process and is of course, a crucial stage in the development of your businesses.
BUSINESS MULTIPLIER 2 – Sales Conversion (Generating more customers from your leads/enquiries)
Once you’ve generated high quality leads, your next task is to convert these leads into sales and new customers.
Sales conversion is the simple system used to logically ‘move’ the prospect through to becoming a customer.
Surprisingly there are some easy identifiable steps you can take which will help you increase your conversion of leads into sales.
Notice how lead generation and sales conversion are intertwined! There’s no point in being able to generate dozens and dozens of high quality leads if you can’t convert them into customers.
Conversely there’s no point in being very good at sales conversion if you can’t generate any leads. These two Multipliers therefore go hand in hand!
BUSINESS MULTIPLIER 3 – Customer Maximization (getting as much profit out of your customers as possible)
This includes 4 ‘sub-sections…
- Increasing the Average Sales Value
- Increasing the Number of Purchases
- More Referrals from Customers
- Increasing Buying Lifetime and Reducing Customer Losses
You’ve managed to convert the prospect into a customer. Now you need to hold on to the customer in order to maximize revenue, and to continue to profit from their business.
We call this process ‘Customer Maximization’.
It is by far the EASIEST and most rewarding Business Multiplier because once you gain a customer it’s very easy to sell more and more products or services back to them – as well as getting a ton of referrals from them.
Therefore Customer Maximization is completely DEPENDENT on both ‘Lead Generation’ AND ‘Sales Conversion’ working effectively. The more customers you get – the easier it is to generate more profit by using Customer Maximization.
In a nutshell, Customer Maximization helps you quickly get the greatest leverage and profit from your customers for little effort or cost.
However, Customer Maximization remains a much neglected part of most businesses, yet the results are instant!
Typically traditional marketing techniques rely heavily on lead generation. And as a result a business is 66% less effective than it could be using all 3 Business Multipliers.
In effect the 3 Business Multipliers are the ‘foundation’ of the Foundation Strategies – if that makes sense.
Because the 3 Business Multipliers cover every strategy you’ll apply to your business they are extremely important.
We talk a lot about business owners and entrepreneurs being very focused on generating leads or enquiries for their businesses, yet pay little or no attention to sales conversion and their customers.
Can you see by just making sure you focus on ALL 3 Business Multipliers how much more successful your business will become? This isn’t rocket science. This is understanding that your business – any business ALWAYS has three elements to it – lead generation, sales conversion, and customer maximization. You ignore any one of these at your peril.
That’s why our Business Development System™ automatically includes all three Multipliers. That’s why ALL our other strategies (Instant Results Strategies and Treasure Chest Marketing Strategies) are split into the 3 Business Multipliers. That’s why we can say with complete confidence that if a business hasn’t really nailed all 3 Business Multipliers we will improve their sales and profits. In fact we guarantee it.