1.Establish Key Performance Indicators

… which measure a variety of financial areas within your business eg. cost per enquiry, cost per sale, profit margins, lifetime value of a client, average transaction value and so forth. That way you have some very clear benchmarks or yardsticks to base any future profit enhancement initiatives on.

Now, against each key performance indicator, write down 4 initiatives you and/or your people can undertake to improve these figures. From there, write down action steps and delegate the tasks. Naturally, it’s important that these KPIs be monitored on a regular ongoing basis to assess
performance.

These KPIs might be cost per lead, cost per appointment, cost per sale, average dollar sale value, lead time and others.

If you’d like some hands on help, our strategic team can come up with specific marketing strategies and testing programs to help you boost these figures.

2.Re-think your client nurturing program.

It’s important that it addresses these four points:

1. Ensure that you have a telephone, email or snail mail contact with each client at least every two months (depending on the sales frequency)
2. From time to time, provide value-added services and information which are not directly linked to a sale eg. reports, golf days, ‘client only’ workshops etc.
3. From time to time, make special ‘client only’ offers where you offer them a great deal because they have purchased in the past.
4. All clients are NOT the same. Ensure that you have segmented your clients into 6 star, 5 star, 4 star and 3 star. The 6 star clients get the “6 star” treatment.
5. Gathers information on an on-going basis in terms of who your clients are, what their current needs are and how you can improve your level of service to them.

3. Think of ways you can make it fun for your customers to do business with you and in turn, fun for your team members to come to work each day.

One company that seems to have mastered that ‘fun factor’ is Virgin Blue Airlines here in Australia, and no wonder when it’s creator is the adventurous Richard Branson. If you’ve ever flown Virgin you’ll know that they’re dramatically different from any other Australian Airline. They’re bold in their statements eg. their slogan “Keeping the Air Fair” and even their bright red corporate colours create a lasting impression.

The flight attendants are bubbly and seem to be having a whale of a time. And, instead of watching the news or a video, you’ll spend time participating in a game of ‘celebrity head’. The fun, down-to-earth theme continues with their website. Check it out at www.virginblue.com.au.

4.Implement a referral program

… to maximise word of mouth sales. It doesn’t need to be fancy. There are a number of ways you can increase referrals including:

• Simply asking clients via a follow up phone call soon after the sale
• Running a workshop and send clients some extra complimentary tickets for their friends
• Developing a referral incentive and write to your customers promoting a special incentive or reward every time they refer a friend.

Love some help making 2010 your most profitable ever? Just call us.