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“Wow,” You may say. “Mike, that seems pretty simple.” My answer to that is “Yes.” It is simple. Remember, making money in a business is complex, but it is not complicated. What I mean by that is, while there are a lot of moving parts involved in running your company, there is no reason to complicate things. We simply need to break things down to the simplest raw elements and then go from there.
Really what we are talking about is Traffic, Conversion, and Gross Sales Vs. Net Cost sprinkled with some wash, rise, repeat. That equals “NET PROFIT.” Some people may put No. 2 and No. 3 in the same boat, but I think they are 2 separate places in your business that you need to focus on individually.
So, now what we want to do now is break down everything we can do in these categories. I will list a few for you, but what you really want to do is an exercise where you ask yourself what else can be plugged into each category. For example, in the “Cut Costs” area, you can write things down like “Call my merchant account provider and negotiate a lower rate” or “Call my back as ask for ‘Free Checking’ since I am a value customer to them.” Do you see my point? This is not hard at all and can be a lot of fun. As I said, I will lay out some important ones, but you should try to come up with as many as you can in all 5 sections.
The important thing I want to stress is that “good” marketers are “great” at 1 or 2 areas here. But “GREAT” marketers only have to be “GOOD” at ALL of these areas. So if you want to be a great marketer, you need to have an understanding of each of these 5 categories and make sure you are effectively using them in your marketing. And when you become great at all of these, you stand alone in your industry as the 800 pound gorilla.
Now, here is a caveat. I do NOT want you to think that you can implement everything here. You simply cannot. Even the best companies in the world are not hitting everything. That is why there is ALWAYS room to improve no matter what business you are in.
You need to focus on the “Low Hanging Fruit.” Let’s face it, it does not matter if you are a closet warrior or Google, you are only limited to the resources you have at any given time. You can always grow your business and take advantage of more resources. As Lexus says, “The Ultimate Pursuit Of Perfection.”
But for now, what do I mean by low hanging fruit? Well, if you have a basket and you are all by yourself, does it make sense to climb a tree to get the small lemons at the top, which can take hours and hours, when you can fill your basket in 20 seconds with big, fat, ripe, juicy lemons that you can reach by just grabbing the low hanging lemons right in front of you.
You may say, “But Mike, isn’t the goal to get all the lemons?” I will say to you, NO! The goal is to get the best lemons you can as quickly as possible with the current resources you have. Once you sell those lemons, reinvest some of your profits to maybe get some more tools and helpers and one day not only will you get every lemon on the tree, but you will be working on every tree on the farm. Then next, you branch out to more farms and so on and so on…