Three Simple Actions That Will Make Your Business Profitable Overnight
There are moments of truth in every business when you have the opportunity to impress your clients
. For example, if you hire a mystery shopper, or if you need business help your coach might hire a mystery shopper, to check in on how things are going in your business and compare your business with other businesses. You might learn something through that. A coaching client of mine learned that when people called her business, she sounded exhausted and busy. She sounded mopey. As a result, she was only converting three out of 10 of those calls to her business.
When it was brought to her attention that people felt like they were bothering her when they called in, she changed her approach. The day she changed her approach, she changed her conversion rate from three out of ten, to eight out of ten. What an easy way to get more business!
Then she got excited about it, and she decided to be even more enthusiastic about it. When people call now, she stops what she's doing, stands up, takes a deep breath, puts a smile on her face and answers the phone. She told me last week that her conversion rate since the first of the year has been 100%. Look for those moments of truth in your business and take advantage of them to make your business profitable.
Why do people leave your business? Only 1% leave because they die, 3% move away, outside your service area. Another 5% have a friend that went into the business (such as, their friend is a realtor now) so they do business with their friend. Your competitors convince 9% that they can do a better job than you, so they switch to your competition. And 14% leave because they got something cheaper somewhere else. A whopping 68% percent leave because of perceived indifference.
Which one of these statistics can we impact the most here? Well, 68% of people who leave think we don't care! How can we let that happen? It takes so little effort to let people know that we care. It takes so little to deposit those small "wows" into that emotional bank account. It doesn't take much money and it doesn't take much effort. This is the one that we can influence. There are three things you can do to make your clients feel like you really care.
1. Be consistent.
We preach systems here all the time. Systems deliver consistency. Make sure they have the same experience or a better one every time they come in. Have you ever gone into a barber shop or a high-end spa and they offered you a coffee, or a cup of tea and they offered you a magazine, and said, "here, sit in this overstuffed chair and wait for us and relax." They give you a robe, put warm blankets on your legs. How do you feel about that? Love it! Wow!
So you go back the next time, and somebody else is at the front desk, and they say, "have a seat, can I get you a cup of coffee?" You get a cup of coffee, but you're thinking, "Where's my magazine and my hot blankie and my robe?" So what has happened? You've lost the consistency and they've made a withdrawl from your emotional bank account. There's no consistency. Be consistent.
2. Make it easy to buy from you.
Just last week, I bought a Groupon for a massage because it was cheap. So I call to schedule a massage for tomorrow morning, and the woman on the phone said, "Uh, would you mind going to the website and booking that?" What do you think I did? Do you think I'm going over there for a massage? I guess my 20 dollars (since I tried to be cheap) is a donationwhich they're going to need, because they're not going to get a lot of repeat business. Make it easy to buy!
3. Provide wow factor
I know some of you are thinking, "I'm a CPA! How do I make a "wow factor?" I can't give a bouquet of flowers, what am I going to do? There is something in every business that can create a wow factor. It might be a small thing. Just something that people think, "Wow, I didn't expect that!"
Really pay attention to the wow factor with your A level clients. Dont worry about investing in this extra effort too much with your C or D level clients. Brad Sugars, founder of ActionCOACH at a recent conference shared that he used to spend a lot of time with lower level coaches. Then he started investing that time instead with his top-producing coaches, like Earl Kemper, and he saw his profits improving. Invest more in the client relationships that are most profitable to you, and they will become even more profitable.
by: Earl Kemper
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