Undercover Marketing Consultant: Patrick McFadden’s Advice To Impact Small Businesses in 30 Days
Drop me inside of a small business with 30 days or less to increase profits and I can tell you without any advance prep work that the first place I would look for low hanging fruit is the lead conversion process.
Let’s do a little basic business math to help you understand why this is so.
If a business is generating 100 leads a month and turning 10 (10 percent) of those leads into $1,000 customers — that’s $10,000 in business.
Let’s say I increase the leads generated through a marketing campaign by 25 percent. (Something that might require significant investment to do). The result is $12,500 in new business.
Now, let’s say I instead focus that same energy on turning more leads into customers and eventually more customers into repeat customers and referrals.
If through a couple of tweaks (that’s usually all that’s in order) I can get the lead conversion to go from 10 percent to 15 percent, the resulting new business would be $15,000.
Never mind that a focus on lead conversion would probably force you to focus on a better customer experience, which would result in more sales, more leads, and more referrals.
In fact, in my experience, the lead conversion and experience mindset usually allows an organization to increase both leads and sales without the additional expense of a lead generation campaign alone — meaning seriously multiplied profits.