In the final instalment of our free business coach training, we will cover Dan Bradbury’s foolproof technique in making the clients you get to stick. i.e. retention. You do this by compounding results.
The smallest tweaks make the biggest changes in the world of Business Coaching. This is the kind of stuff that can be applied to your clients businesses (as well as your own, of course!) in order to compound the results they get with you into something tangible, sustainable and measurable. Something profitable.
When you start implementing these strategies, you will start seeing some serious effects on profit margins. They can do whatever you like with the cash once you have it, but if the business isn’t profitable those in charge missing out on a serious chunk of what makes owning and running a business worthwhile. That’s where you, the business coach, come in.
#4. Retaining Clients
Most businesses (even Business Coaching businesses!) get by by fire fighting. Scrabbling around to fix problems when they arise, and ultimately existing month-by-month hoping what they have always done will simply keep working. Sure, that is one way to do it. But it’s usually pretty ineffective, unsustainable and, most importantly, stressful. With these low effort strategies in place, you will have everything you need to ensure both you and your clients are in profit. And only then can you start developing the business into something much bigger.
It sounds scary and complicated, but this stuff is actually pretty simple. It all begins with…
The 5 Cs
The aim of this game is to make small yet substantial tweaks in specific parts of the business that will result in compounded and geometric results, all of which should be visible on the bottom line.
Everyone thinks that more sales is the answer to everything. for example: The 5 Cs (the 5 causes)
This is the bit where we do some maths.
The number of people exposed to your message – your audience!
The number of those leads you engage with – your leads!
The number of those engaged leads you convert – your clients!
How much those converted leads spend when they make a purchase – your average order value!
How long that customer continues to be your customer – your average order frequency!
All of those things working in conjunction are what produce the geometric growth effect. This can be regarded as a mathematical equation.
Crowd x Capture x Conversion x Cash x Continuity = Total Revenue
The above will already exist in one form or another (it has to in order for a business to exist in the first place!) but by making an incremental improvement in each area, you will get geometric growth. If you increase each of those 5 Cs by just 25%, your revenue will increase by 305%. If you increase each to 100% (for example: increasing your web views from to 20,000 web views for your Crowd, or increasing your opt-in rate from 10% to 20% for Capture etc.) then you could increase your revenue 32 times.
In order to be able to do this with your clients you need to identify the steps in the sales process… and you need to be able to measure them. Then and only then you can make little tweaks in each of these areas and that way you’ll get a geometrically better result. Keep on measuring as you tweak, and watch that margin grow and grow.
The trick with all of this is both seeing the bigger picture and the tiny details within it, all at the same time. A very small change close up may not seem like much, but its overall effect (on the bottom line) can be outstanding.
The Sales Map
In order to get into the nitty gritty of what can actually be tweaked in your 5 Cs (as above), you need a very clear idea of what the steps in all of the processes actually are. You need a sales map.
There may be several dozen sales maps to be drawn, or they may be only one. All that matters is you have every step on the sales process physically mapped out.
Obviously, the more detail you put into it the better.
Here’s what it would typically look like once you’ve nailed it down.
Once you have the sales map, you can then ask about the conversion rate on each step.
For example: what percentage opt-in for the free ebook, what percentage opt in from the sales page etc.
Then you ask the client: what can we do to improve each particular step?
The best thing about this is: your clients, who know their audience and know their business, will tell you what can be done to improve each of those things. All you need to do is ask the right questions (i.e. do some real coaching) to get a substantial enough list together… and then pick what you believe would be the best options to improve that step.
Repeat this process for each of the steps and ensure that tweaks for each of the steps have been made. Then all you need to do is test, measure and tweak accordingly. If one thing doesn’t do the trick, move onto the next best option on your list. Eventually you will have each step performing to its fullest capacity, and you will start seeing those glorious compounded geometric results.
Once you have those, you have a client for life.
That’s all from Mr. Bradbury on the subject of Business Coaching… for now! But if you enjoyed it all, you can get a heck of a lot more by taking on our flagship training the 7 Figure Expert, hosted by Dan Bradbury and Andy Harrington. Click here, or the banner below, to find out more.