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Are you happy with the growth in your small business?
Have you tried countless ways to drive revenue that didn't work?
Have you received advice from small business experts who seemed knowledgeable, but they didn't understand your business?
Your business is unique: what works to grow one brand won't necessarily be effective for yours.
What you need is a growth formula you can apply to any small business, allowing you to prioritize projects that make the biggest impact in growing your brand.
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What we're going to do is to look at how you can get a roadmap of literally all those priorities that you have in your business, all the goals that you have, all those nagging little projects that you don't really want to do, but you know you have to, and you're going to prioritize those and see, which one should I tackle first and which one is going to give me the best results?
There's three main ways that you can grow any kind of business, but especially a small business, and that is you can get more leads, you can get more sales, and you can get your current customers to spend more with you, which is called customer retention.
Let's clarify each of those and what I mean by each of those terms. When I say lead, I mean someone for whom you have either their email address or their telephone number and you can contact them. I'm differentiating from people who are just visitors to your website. That's not good enough because you can't get in touch with them again unless you retarget them with a Facebook ad, which you can do, but it's not as easy because you have to pay for that. We're looking to get people's emails or telephone numbers. You want people to feel comfortable signing up for your newsletter, for your free offer, for picking up the phone and calling you. A lead is someone for whom you have contact information. It's not enough for them to come into your retail store and then leave. You want them to join your newsletter, to get on your workshop list. You want to get their contact information. A lead is someone for whom you have either an email or a telephone number.
Sales is pretty ... That's pretty self-explanatory, but I literally look at sales the way this image portrays it. I look at a sale, no matter if it's a dollar trial, which we offer here, or a simple $7 product, which we offer to come and get people in the door as a way to nurture people. People are afraid of being scammed. How do I want to say this? It's easier to get people in the door for a small amount of money and then earn their trust. You want to focus also on sales, obviously, but don't feel like you have to go for the big dollar sale right away. If people are spending as little as a dollar with you, that counts. That counts. We're starting with the small sales, which you see here in this photo.
Then we want to get to the bigger sales, the customer retention, because once somebody spends a small amount with you, you want to be able to over-deliver it with them so that they get such a good result, but they want to do more business with you. How does that work? How does customer retention work?
Well, customer retention basically is customer success. If you can enable your customers to be successful with what they want to do, then that's customer retention because they will come back to you again and again and again.
Again, those three methods ... I'm going to go back to that little chart, are leads, sales, and customer retention, and those are important because we're going to actually be measuring things down the line, but this is super simple. It's not numbers at all. If you're like me and not a numbers person, no worries.
How are we going to do this? How do we identify how many leads we're going to get, how many sales, how much customer retention? We're going to use something called the ICE Growth Formula, and ICE stands ... It's an acronym for three things, and it allows you to make business decisions objectively, because especially if there's more than one person in your business, you may have one person who's really up on doing goal A, but you may be more focused on project B, and your employees may be focused on something else, or if you're a solopreneur or an entrepreneur who's got a small team, it's all up to you. You've got to make these decisions and, sometimes, you just need somebody to say, "What do I do? What do I do in the next quarter, in the next week? What do I do today?" This is what's going to help you do that, the ICE Growth Formula.
I stands for impact, and that means, how much impact is this going to have on your business? Whenever you're looking at making a change in your business or striving for a goal or doing a new project, you want to ask yourself, objectively, how much impact is this really going to have? Sometimes, you just don't know.
That's the next term that we're going to use in the ICE Formula is confidence. How confident are you about the impact that this is going to make? I used this image of people river rafting because the very first time I ever went rafting, I was petrified and really couldn't enjoy it for about the first 10 minutes, and then I loved it and had a great time, and the next time I did it, it was a piece of cake. Sometimes, you'll be very confident about the impact that a new direction that you're going in in your business or something that you need to do in your business is going to be impactful because you've done it before, and other times, you just don't know, so you have to make your best educated guess.
Then the last term is, how easy is this project going to be? Is it easy as brushing your teeth where you don't have to think about it, or is it something that's going to be far more complicated, and I think of that commercial on TV with that woman who has ... I think it's paper plates, and she's on a tightrope. Is it something that's going to be complicated?What you're going to do is to combine all of these things, leads, sales, customer retention with impact, confidence, and ease. That sounds complicated, but I promise you, it's not because you're going to get a template, and from here on, all we're going to do is work with this template. I'm going to use Mavis' example, and then we can use your business' example.