In this guide, we’re diving into the art of strategically choosing where to focus your efforts to propel your business’s revenue growth, we’ll explore the critical pillars – lead generation, lead nurturing, sales, fulfillment, and retention. It’s not just about knowing these areas; it’s about knowing when to prioritize each for optimal results. Stick around for a killer tip at the end to revolutionize your approach to rapid revenue growth.
Let’s address a common roadblock entrepreneurs face – the perpetual uncertainty about where to direct their time and effort. The daily grind can easily lead to overwhelming tasks that may not be boosting your revenue. This confusion often results in analysis paralysis, spreading founders thin across multiple roles, risking burnout. The key is not just hard work; it’s smart work – pinpointing areas that, when optimized, significantly ramp up revenue.
YOUR WEBSITE ISN'T GENERATING ANY LEADS BUT WE HAVE A SOLUTION​
In this free 20 minute video training you'll discover:
- 3 key secrets to restructuring your real estate business for growth
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- How to address your messaging to properly acquire prospects
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Now, to address this problem, let me introduce a framework that guides your focus – a shoutout to my mentor Greg for this wisdom. Your business has five key areas: lead generation, lead nurturing, sales, fulfillment, and retention. Let’s systematically explore each.
Let’s delve deeper into each key area, grading them as ‘Needs Work,’ ‘Getting Better,’ ‘Strong,’ and ‘Super Power.’ We’ll tie each grade to specific Key Performance Indicators (KPIs) for clarity.
When you critically analyze each of these areas, you’ll identify which ones need immediate attention.
Lead Generation
Ask yourself, how effective is your current lead gen strategy? Are you attracting the right audience, and are these leads turning into actual prospects?
- KPI: Leads Generated
- Needs Work: Less than 5 leads / day
- Getting Better: 5-10 leads / day
- Strong: 10-20 leads / day
- Super Power: 20+ leads / day
Ask yourself, how many leads are you generating per day?
Lead Nurturing
Are you effectively nurturing leads to the point where they’re ready to make a purchase?
- KPI: Follow-ups from Replies
- Needs Work: Less than 10 leads / day
- Getting Better: 10-20 leads / day
- Strong: 20-30 leads / day
- Super Power: 30+ leads / day
Ask yourself, how many follow-up conversations are you having per day?
Sales
Evaluate your sales process. How efficient is it? Are you closing deals, and how many prospects do you need to talk to for a closure?
- KPI: Close %
- Needs Work: Less than 3
- Getting Better: 3-5
- Strong: 6-8
- Super Power: 8+
Remember, as the business owner, you should be closing at 80%.
Fulfillment
Reflect on your product or service delivery. Is your fulfillment process smooth, leading to customer satisfaction?
- KPI: Net Promoter Score
- Needs Work/Getting Better: Less than 6
- Strong: 6-8
- Super Power: 8+
Retention
Consider how you retain customers, encourage more spending, or get referrals.
- KPI: Client Churn
- Needs Work: Less than 8%+
- Getting Better: 5-7%
- Strong: 3-5%
- Super Power: Less than 2%
We even offer assistance with this through our program, Community Builder – check the link below.
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Prioritizing for Maximum Revenue Growth
Now that you understand each area’s status, it’s time to prioritize strategically. All these areas are interconnected, and there’s a sequence to address them.
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Look for the lowest grade, the underperforming area – priority number 1. Address the problem area by fixing the area before it. For instance, if there’s a lead nurture problem, often the real issue is in lead gen – fix that first.
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Remember, the goal isn’t to achieve ‘Super Power’ status in every area overnight. It’s about continuous improvement and strategic allocation of resources. By focusing on one area at a time and steadily improving each part of your business, you’ll witness a compounded effect on overall revenue growth.
LEARN HOW WE’VE GENERATED OVER 100,000 LEADS FOR OUR REAL ESTATE CLIENTS LAST YEAR
Marketing Strategy – create inbound strategies to better position you for the long game.
Systems Implementation – we design and implement systems for you to buy back your time.
Brand Building – position you as the thought leader and authority in your community.
Implementing Tests and Measuring Improvements
Implement a strategy, test one thing at a time for three weeks, and analyze the data.
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Week 1: Implement the strategy and establish a baseline.
Week 2: Compare data to week 1 – did it improve, not improve, or stay the same?
Week 3: If improvement continues, it’s successful; if not, consider a different strategy.
This systematic approach ensures informed, data-driven decisions leading to significant business growth.
In adopting this systematic approach, you’re not shooting in the dark. You’re making informed, data-driven decisions that will propel your business to new heights. Remember, it’s not about perfection; it’s about progress. So, go out there, tackle those problem areas, and watch your revenue soar!
By the way, if you want some hands-on guidance with this, we’ve got a program called Community Builder to take your business to the next level together. And of you’re ready to get started on this journey and schedule a call.
