Answers to Burning Business Questions
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How to Make Money Faster
In order to make money faster you need to reach more buyers during their purchasing decision. Two main ways you can do this. You can move prospects through your funnel faster [there are a lot of techniques and tools out there to help you do that] or you can collapse the funnel grouping awareness, discovery and evaluation into one process [think demos and free trials].
In sales, the Hunter would search for buyers that have made similar purchases or have a stated qualified need. They might even look at client lists and comments on the websites and social media of competitors,. The farmers would look to network marketing- asking for and giving referrals. They would up-sell and cross-sell existing customers. At BONUM, we prefer the urban hunter-gatherer who does both in a socially conscious way while attracting buyers by being a highly visible resource.
How to Attract More Customers
The days of the guru are fading fast as the influencers take over. People are looking for relatable role-models that are diverse like them with diffused leadership. Adults don’t want to be treated like empty receptacles waiting for someone to pour in some knowledge. They want to use what they know and can do to be active participants in meeting their own needs. Empower, don’t lead. Show, don’t tell. Don’t solve problems for people, solve problems with people.
Popular today in the UserEx world, the Humanistic Approach to psychology has been groovy since the 70s. In today’s socially distant times people crave connection, to be seen and heard. Use critical questioning and active listening to align the needs of prospects with your product or service. This alignment is critical in terms of satisfaction and customer retention.
How to Keep Customers
Keep customers by continually providing value and meeting their needs. Information wants to be free. What provides customers with value is the customization and application of information to meets their needs. Not solely the information. Colleges don’t sell information they sell credits as a guarantee of qualifications. People learn by doing, discussing, and reflecting on concepts.
As people tire of virtual meeting and online learning and crave connection, your asynchronous online courses [aka master classes] are in jeopardy. Break down your content into manageable pieces. You can have a long series of shorter bites. Then regularly show people their progress and ROI. When it comes to renewal or the point of repeat purchase the value should already be in the minds of your buyers. Couple that with an automated renewal option to minimize the evaluation time. That being said, we need to plan for losses in additions to the gains. The market is going to recapitulate a few times in the context of COVID – continual growth models were never sustainable.
How to Make More Money
Success in business is from building knowhow and having the mindset to execute. A key to making more money is diversifying your revenue sources and making revenue in unexpected ways. Its time to think out of the box people. The most profitable restaurant in America made 75% of its income from alcohol sales, not food. Car dealerships often make more money through financing and servicing cars than sales. Gas stations make more money off food and car accessories than from gas. Companies that manufacture printers often make way more money from ink sales. Celebrities often make more from endorsements than from staring in films or playing sports.
The holy grail of making more money is automation and passive income. Automation creates efficient processes or systems by reducing or replacing labor with mechanical, technological or lower cost sources. Passive income is money made with little to no effort to earn and maintain. Passive income typically comes from product-like sources: books, guides, licensing, advertisement, software, investments, dividends, interest, and rentals.
Remember, money is a work force, use it and make it wisely.