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You Live and Die By Your Numbers
Calculate the 3 ratios in the diagram, below, and I'll show you how to get wealthy and make money as easily as turning on your kitchen faucet.
Let me show you how to get yourself back into the driver's seat when it comes to making money in business. There is absolutely no reason for any business to be guessing or out of control when it comes to generating more sales and profits. Making money is as easy as duck soup if you understand that you can absolutely rely 100% on the numbers you're consistently producing every month.
Fill in the following equations and you'll see how this equates to a very simple formula which will make your sales and profit projections or goals seem like a “cake walk.”
1. Conversion Ratio: Number of prospects converted to customers expressed as a percentage.
2. Average Unit of Sale: The average dollar amount a customer spends the first time he comes in and buys and then the average dollar amount for each subsequent visit.
3. Repeat Visits: The average number of times an average customer comes in and purchases per year. (or whatever your industry standard is .. 2 yrs., 5 yrs, etc. )
The purpose is to figure out the lifetime value of a customer.
How Many New Customers Do I Need To Double My Profits?
Let me show you a simple way to break down your sales or revenue goals into easy to believe and achieve pieces. If you'll use the circle to show your piece of the pie (total sales in your industry in your market, you can find this info out from any radio station) then write a $ figure that equals a doubling of your profits and then simply work through the equations and fill in the blanks.
Market Share Analysis
Present Gross Profits $________
Present Gross Sales $_________
Present Market Share _______% $__________
Market Potential
Growth Objective ________% -- Growth Objective $________
$______________ Divided by $_____________ Equals ____________
Growth Objective Average Customer Worth Additional Customers Needed
_________ Divided by ___________ Equals _______
Customers Needed Closing Ratio Prospects Needed
_________ Divided by __________ Equals __________
Prospects Needed # Selling Days # of Prospects per Day
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What's Your Biggest Marketing Challenge
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Use the form, below, to send us your biggest marketing challenge question. We'll research it and respond to you right away with a suggestion or recommendation that can make a difference to your business!. |
