In this enlightening video, Action Coach Matthew Atkin delves into the critical drivers of business growth that can take your enterprise to new heights. Discover the five key drivers and how optimising each one can lead to remarkable results.
From generating additional leads through effective marketing to maximising sales and customer engagement, Matthew breaks down the impact on your bottom line.
Learn how a 10% improvement in various areas can result in a staggering 61% increase in overall profitability. Don’t miss this insightful discussion on driving success year after year. Watch now and transform your business growth strategy!
My name is Matthew Atkin, and I want to talk about the critical drivers of business growth.
I think we’re becoming increasingly familiar with the five key drivers, but I just want to talk a little bit more about each of them in turn.
The first of them being how do you generate additional leads, which is fundamentally it’s a marketing function. If you could generate 10% additional leads and you then converted 10% more of them through a really effective sales process, you’d end up with 21% additional customers.
The question is, what impact does that have on the rest of the team? Are you able to handle 21% increase in customers? In fact, do you know how many leads you’re generating at the moment? Do you know your conversion rate? And can you therefore monitor the numbers that you’re improving by when you’ve got a group of customers?
Now, I’m working with a client at the moment who has 5000 customers a year. He’s got a list of four years’ worth of customers. That’s 20,000 customers, none of whom he’s been back in contact with. That is a rich vein of potential. If you can go back through effective marketing to your customers who bought from you at least once, you will undoubtedly increase your sales. So too, the value of the sale, which is fundamentally a sales function at the time of the first engagement. How do you fix the relevant appropriate price? Again, if you could improve those two things by just10%, on top of the 21% increase in your customers, you’d end up with a 46% increase in revenues.
Question is, again, what impact does that have on your business? How does the bank view that? What margins are you going to be able to generate from it? Because the fifth component is the percent margin that you’re going to generate. The direct costs of producing whatever, whether it’s a service or a product, is broadly in the hands of the operations department. Managing the overhead usually falls to the finance department. The combination of those two would leave you with a net profit.
Now, if you can reduce your costs or improve your margin by just 10%, you will overall improve the profitability of the business by 61%. That’s great. In year one, what does that look like numerically for you? Now? What would you be able to do with that additional profit? What then becomes really interesting is if you build this into year two, year three, and do the same thing time and again, the results are truly explosive and astonishing.
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