In a world that’s rapidly changing, it’s crucial for businesses not only to adapt but also to stay ahead of the curve. We are constantly facing stiff competition, and to stay ahead, we need to unleash the hidden potential of our businesses.
To do so, we should leverage strategies that propel our businesses to new heights, supercharge our profits, and fuel exponential growth. In this episode, Dr. Terri Levine shares expert tips and strategies to boost your profit and maximize your growth.
Dr. Terri emphasizes the importance of understanding your target market through market research—a process that helps you identify your ideal prospects and gain a profound understanding of their specific needs.
Additionally, she highlights that unleashing the hidden power of your business is a continuous process that requires a strategic mindset.
Key Highlights From The Episode:
[01:00] Today’s theme: Unleashing the hidden potential of your business
[01:52] Expert tips & strategies to unlock the hidden potential of your business
[02:14] #1 Understand your target market inside and out
[03:25] #2 Prioritize customer/client success and retention
[05:02] #3 Value-based pricing
[05:59] #4 Embrace the concepts of upselling & cross-selling
[07:07] #5 Optimizing your sales funnel
[08:31] #6 Leveraging data and analytics for informed decision making
Golden Nuggets:
- To create a thriving business, you must deeply understand your target market. [02:22]
- By conducting market research, you can better identify your ideal prospects and understand their specific needs. [02:44]
- A sales funnel is how people discover your business; you can maximize profitability by streamlining and optimizing it. [07:19]
- Unleashing the hidden power of your business is a continuous process and requires a strategic mindset. [09:49]
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Full Transcript:
Hey there. Dr. Terri Levine here, welcome back. So, we’re here at the Digital Marketing for Coaches & Consultants podcast. And I wanted you to know that what I’m going to talk about today not only works for coaches and consultants, we are also using this with software as a service companies. So, just as an FYI, we are now opened up to working with SaaS companies. So today, I am going to talk about unleashing the hidden potential of your business. And I’m going to give you some expert strategies.
My goal here is to boost your profits and to maximize your growth. The whole world is rapidly changing, and our businesses need to come up and keep up with the world. And really, to release the potential of your business, to achieve not just sustain profitability, which is great, remarkable growth so you know you’re going to be around a long time, you have to stay a bit ahead of the competition. And we all have competition. If you don’t think you do, you do. And you want to leverage expert strategies that will lift your business, elevate you up to new heights.
So, it’s important that you’re constantly getting key tips, you’re getting actionable insights that will truly let your company’s hidden potential come out, supercharge your profits, and fuel exponential growth. So today, I’m going to give you some of those hints. So make sure you subscribe so you don’t miss any episodes here.
Tip number one is you need to understand your target market inside and out. And I do mean inside and out. To create a thriving business, you have to have a very deep understanding of your target market. I always recommend that you conduct comprehensive market research.
Most people don’t do enough market research and they say, “Oh, I’m going to do this, and I’m going to offer that, I’m going to do this,” and they really haven’t understood their target audience. So when you do market research, you can better identify who are your ideal prospects, you can understand their pain points in their words, and what they tell you their specific needs are, not what you’re guessing they are. So, by doing so, you can tailor your products, your services, even your marketing strategies directly to your audience in a way that will resonate with your audience.
Okay. And that leads to increased customer acquisition for sure, higher conversion rates, and ultimately, obviously, all of that leads to greater profits. The second tip that I want to talk about today is prioritizing customer-client success and retention. I think many people focus so much on getting new clients, they’re actually not thinking about the retention factor. And I get it, customer acquisition, client acquisition, it’s vital to your business. However, focusing on customer success and retention is equally important.
Happy customers, satisfied clients, whatever it might be, they’re very likely to keep renewing with you, potentially, to upgrade, to be advocates for your brand, to be ready raving reviews about you. So you want to implement a really robust customer service or client success Initiative. And it could be things like a proactive way that you onboard people, or it could be some personalized support, or it can be continuous engagement, like my clients call me their consultant in their pocket because they have video access to me regularly. And then, you want to really think about what can I do in my business to enhance customer satisfaction and client success.
How can I reduce churn, we don’t want to be hamster on a wheel. I call my clients client family members because they’re part of my family. We’re together long-term, and my goal is to always help them maximize their revenue potential. All right. The third tip is about value-based pricing. And I really want you to pay attention to this, it’s something that you may want to implement. It is a surefire way, in my experience, to boost profitability pretty much instantly. Instead of relying just on cost-based pricing models, align your pricing with the value that you deliver to your clients or customers.
So, I recommend that you conduct some pricing experiments, analyze customer feedback, and then fine-tune your pricing strategy so you really capture the true worth of whatever you’re offering as your product service solution. This approach right here allows you to capture additional revenue from clients or customers who drive a lot of value from your products and services. And, of course, that will lead to increased profitability. All right. The next tip is really embrace the concepts of upselling and cross-selling. Your existing client base, your customer base represents really a goldmine of untapped revenue potential.
There are so many opportunities in every business to upsell or to cross-sell additional services, additional features, additional products, modules, higher tier programs, services, plans to your loyal target audience. And if you’re proactively showcasing the value add offerings to your current client family members, and then tailoring your offerings to suit the needs of your clients, you’re really missing out because the average amount of revenue that I usually find in a company just sitting there, literally, sitting there with upselling, cross-sell, can be an additional 20 to 50%. So, you can drive up your profits without having any additional acquisition costs.
Another thing, let’s add this as a tip, is optimizing your sales. I’m going to call it a funnel, and I don’t mean a funnel in terms of you go here, and I try to upsell you here, and then here, and here, and here. A funnel is how people come in and find your business. So, if you streamline and optimize your sales funnel, you will really maximize your profitability. You want to identify, you want to eliminate any bottlenecks. And sometimes, I see this so often.
In the conversion process, there are things that are actually causing it to be more difficult for someone to get to work with you and you typically don’t even understand that. And then you have to monitor your key metrics; your conversion rates, your average length of the sales cycle, how much it costs you to acquire a customer or client. I am a big fan of leveraging data-driven insights. And based on the data, then we work to see the areas that need to be improved. What are the different approaches we may be able to use? And we’re continually optimizing this for you. So, what I mean by a funnel is we’re bringing way more prospects, you’re getting a lot more conversions, we’re reducing the churn of losing clients or customers.
And all of this boosts your bottom lines as you can imagine. And the last one, I know there’s one more, I look at my little notes here, I wanted to mention one more, that is leveraging data and analytics for informed decision-making. I am amazed every day at how many business owners make decisions without data. Data is indispensable, and we are so fortunate. In today’s landscape, it’s really easy to get the data that we need. So, in your company, you want to leverage robust data analytics tools. We use them here at Heart-repreneur with our client family members. You want to understand your metrics.
Then you can really get some very deep insights into the behavior of your prospects, of your client family members. Then you can also start noticing things like their patterns, their engagement, their usage. When you start really mining and looking for this data, then, in your company, all your decisions are informed, you’re making very good logical decisions, you understand what services or products to enhance, you get the marketing strategies. And, all of this, of course, again leads to revenue growth, customer satisfaction, and client satisfaction, and increased profitability. So, in conclusion, I will say, as a company owner, you have to unleash the hidden power of your business.
It’s a continuous process and it requires a strategic mindset. It is what we do, by the way, we look at your business from the outside as a strategist, and we look at these areas to help you. It’s very important to be a customer-centric company. And you have to have a willingness to adapt, flex, and change as the market changes. So, be open and curious. And by implementing the expert strategies that I went over with you today, you literally can supercharge your profits, you can maximize your growth, and you can really position your company for long-term success in your industry, which is exciting.
So, stay ahead of the curve, stay subscribed, share our podcast. We love your reviews. Keep embracing innovation. Watch your profits soar and let’s keep unlocking your potential. Thanks for joining me here at Digital Marketing for Coaches & Consultants. I’m Dr. Terri Levine. Bye now.
