It’s what everyone wants.
It’s the thing that most of us have been chasing.
And it’s probably the reason most of us started our businesses in the first place.
We’re talking about sustainable growth. The kind that leads to profit and a little peace of mind (so you can enjoy some of that time and money freedom you’ve been daydreaming of).
At Encore Empire, we’ve made it our job to help women realize more success so they can have a higher degree of freedom.
How do you get there? We’ve got your playbook. No fancy algorithms or burning the midnight oil. Just five key metrics to pay attention to (and improve on) to amplify your impact.
#1: Increase leads
Here’s the bottom line when it comes to increasing your revenue: you have to increase your leads in order to increase the number of opportunities you have to sell your product or service. Because if people don’t know who you are or what you do, they’ll never have the opportunity to buy anything from you.
When you make efforts to see this number jump, you’re automatically giving yourself a higher chance of reaching the people who need your help. And that’s what it’s all about, after all.
You may have heard this statistic before or some variation of it: It is 10x more costly in terms of both dollars and energy to capture a new lead than to sell to an existing customer.
#2: Increase transactions per customer
It just plain makes sense. When you’ve established a relationship with a person, when they’ve come to know, like, and trust you, they’ll be keen to continue working with you. This is the foundational “why” behind creating multiple offers and diversifying revenue streams. Which is good business 101.
#3: Increase dollars per transaction
Increasing the dollars you put in your pocket per transaction is often a difficult one for women to grapple with. Charging what you’re worth is a mindset issue that most of us come up against over the course of our careers. And it’s a tough one to overcome.
But you don’t have to stress about this one. In fact, you can make price increases both incremental and gradual. When you approach increasing dollars per transaction this way, chances are your clients won’t even notice. We’re not talking a 40% increase overnight, something as little as a 10% increase can make a world of difference when it comes to your bottom line.
#4: Increase number of customers
You might be thinking, “OK, how is this different from increasing the number of leads?” The key difference is customers are already in the door, engaging with your offers, and building a relationship with you. Leads are potential prospects. They don’t know you yet.
Increasing your number of customers ultimately comes down to your skill at conversion. And your power to convert says a lot about your sales process and—more than anything—your messaging. Messaging is one of the top struggles we see our clients facing. Auditing your message to find out what is falling flat and what is ringing true is like a super power. It can totally change the game when it comes to conversions.
#5: Increase profit margins
Adding digits to your bottom line can be done in a number of ways—value-based pricing, or keeping your costs contained by auditing your expenses, or freeing up more of your time to focus on revenue generation. We call all that “sticking close to the revenue line” in these parts.
Once you increase your profit margins, you increase your freedom.
This is the work of Encore Empire—helping women identify how and where they can make tweaks to their business model to incrementally improve. And what happens when you lean into small changes and improvements over the long run? They compound.
Similar to the idea of compounding interest, investing even small amounts of energy into these five aspects of your work can totally transform your future.
It’s that do-able. You don’t have to stress or hustle. These worthwhile, impactful changes can be manageable (and even exciting!).
We have a free resource that allows you to track all five of these metrics. It’s called The Profit Predictor and you can find it inside our free resource hub “The Great Hall of Free Resources”. Once you opt-in, you’ll see many other resources all designed to help you optimize your profitability.
See you inside!