Today I’m going to talk about the life cycle of a business and how to get the most out of each cycle while also extended the lifespan of your business.
The four different stages of a business life cycle are:
- Growing Pains
We’ll talk a little about what each of these cycle’s means and how they can each help expand your business’ lifespan.
This is generally considered the technician’s phase, which is the owner. At this point, the relationship between the business and the owner is that of a parent and new baby. There is an impenetrable bond that is necessary to determine the path your business will follow.
The key is to know your business must grow in order to flourish. You cannot stage in this stage forever.
In this stage you need to start bringing your support staff together to delegate to and allow growth to happen. The first line of defense is your technical person as they need to bring a certain level of technical experience. This cycle really belongs to the manager though. The plan stage needs to start and a relationship should be built with the entrepreneur to plan for the future.
There’s a point in every business when business explodes and becomes chaotic. This is referred to as growing pains. It’s a good problem to have, but a problem nonetheless. You are often faced with a number of choices:
- Avoid growth and stay small
- Go broke
- Push forward into the next cycle
The last cycle is maturity, though this doesn’t mean the end of your business. Your passion for growth must continue in order for your business to succeed. You need to keep an entrepreneurial perspective in order to push your business forward.
You see how all three of these cycles are connected and depend on a strong foundation for each one of them for your business to be and continue to be successful. All three of your key roles must also work together to work through these cycles.
If you’re having trouble putting together your business life cycles and figuring out which of the key roles you fit into, try our GUIDED TOUR and work with one of our amazing coaches.
Today I’d like to talk about how to turn prospects into customers and retain them for future marketing. While, your marketing is doing its job, you must be working on turning those prospects into customers. There are a few key ways to draw them in and seal the deal.
You must be:
Most new customers fear the dreaded buyer’s remorse. You want to avoid this at all costs! Mitigate this by providing a quality product/service that delivers on the marketing claims you’ve made.
Even with the proper intention and information, it can can still occur. There are two ways to deal with this:
- Offer to refund money-no questions asked
- Offer a bonus they can keep even if they return the product
When making these types of offers, you build increased trust while mitigating buyer’s remorse with your customer.
There are number of other ways to turn a prospect into a customer:
- Offer a special price as an opportunity for you to test the market
- Offer a lower price with a reason and you don’t have to lie: pushing inventory to pay a tax bill, for your kid’s’ braces, or another tangible reason. Customers love when you are vulnerable and show that you are actually human.
- Offer a referral incentive
- Offer a smaller, more inexpensive product first to build trust
- Offer package deals
- Offer to charge less for their first purchase if they become a repeat customer
- Offer extra incentives-longer warranties, free bonuses if ordered by a set date
- Offer financing options, if applicable
- Offer a bonus if they pay in full
- Offer special packaging or delivery
- Offer “name your own price” incentives
- Offer comparative data or other comparison tools
- Offer a trade-up or upgrade to something they already have
- Offer additional, educational information to help them make the decision
The options are really as limitless as you make them. You can use these or other ideas to find what works the best for your business, products/service and target market. Remember this…
“By making it inviting, easy, informative, non-threatening, educational, inspiring and fun to do business with you, you’ll loft your company above the competition.” – Jay Abraham
Need help with figuring out the best strategy for converting prospects into customers? Our GUIDED TOURgives you exclusive access to the mountain of resources and tools, along with information from some of the greatest marketing minds on Earth.