Is your business destined to fail?
You might think that you have everything in place right now, but there are three specific things that could destroy your company if you don’t have them in play.
You see, according to Startup Genome 93% of companies fail within the first 36 months.
That’s crazy, right?!
I’m willing to bet you even know someone, or know of someone, whose business has kicked the bucket.
(And with the corona pandemic, that number is only getting worse).
Gulp.
So, what aren’t these businesses doing that’s stacking the odds against them and killing their cash flow, culling their customers, and ultimately their companies?
It all comes down to three specific things.
And putting these three things into play TODAY can take you from the 93% entrepreneurial graveyard to the money-making 7% that not only survive but go on to build mammoth companies.
What exactly are these three things, and how can you implement them?
Let me show you…
REVEALED: The 3-Step Business Growth Formula
I get it, growth is hard.
I’ve worked in and around a number of companies, and consulted to a bunch more, who have all struggled to grow.
I’ve seen even more companies, startups and entrepreneurs out there with the same problems.
And I’ve found that they aren’t focusing on the right things.
But the second they do, everything changes.
It all comes down to a specific three-step business growth formula.
The day I learnt this the entire game changed for me.
You see, you have to think about growth like a lever on a machine. Three levers to be more precise.
And every time you pull one of those levers, your business (IE the machine) makes more & more money.
It’s really that simple.
But you’d be shocked at how many entrepreneurs, startups and businesses don’t even know they exist.
So, what exactly is this growth formula, and what are these levers?
Growth Lever #1: The Feed Lever
This is the most straightforward of the growth levers every business has to pull.
It’s also where most businesses stop, thinking its enough.
The first way to grow your business is to increase the NUMBER of customers you have.
More customers equal more revenue.
Pretty straight forward, right?
The problem is most entrepreneurs can’t even answer this question.
I’m shocked at the amount of people I’ve asked, “Where do your customers come from?” and they just can’t answer me.
Or they answer in such a wishy-washy way that you can tell they don’t really have a substantial response.
It might seem straight forward, but if you don’t have a system or strategy that perpetually drives new faces into your business, your business will fail.
You see, a system is measurable, repeatable, and scalable.
Finding customers is simply not enough, that’s why you need a system that you can grow and add to.
That means you need a measurable, cost-effective, repeatable, and perpetual way to keep pouring new customers into your business.
This lever literally feeds both your business and the remaining two levers.
That’s why building systems for finding customers is only the beginning.
Growth Lever #2: The Boost Lever
Once you have a source of leads and customers, you can get down to the real work.
This step is what genuinely separates the 93% who fail from the other 7% who actually make money.
The second way to grow your business is to increase the VALUE per transaction of each customer.
That means every time a customer purchases from you, you’re including steps & triggers that gets them to spend even more during the transaction.
Think about McDonalds, they’re brilliant at this.
You might only zip past one at lunchtime to quickly grab a burger, but you end up adding on things like drinks, chips, dips, possibly an ice cream cone, even supersizing your meal, and so on.
All of these things increase the value of the that transaction with McDonalds.
In fact, did you know that it actually costs McDonalds $1.91 (in advertising spend) just to get you through the drive through?
Worse yet, when you buy just a burger from them they only make $0.18.
But this is where it gets good…
When you buy a meal and add fries and a coke, suddenly McDonalds is making $1.32 in profit.
That’s eight times the profit of the initial sale!
Anything you add to your order thereafter just adds to their profit.
Do you see how powerful that is?
Imagine you could do this with your business, so that every time someone buys from you they end up spending 4x or 5x the price of the product they originally came in for?
The best part of all of this is that when you start to increase what your customers are spending with you per transaction, you can start to spend more to actually acquire them!
This is the real secret behind how world class marketers & entrepreneurs build massive companies.
It also means that when Google, Facebook or wherever you’re buying ads from decide to slap and snap, and your ad costs shoot through the roof, you can still afford to stay in business.
Most companies don’t survive that.
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Growth Lever #3: The Supersize Lever
Once you’ve found a perpetual & measurable source of customers, and you’re getting them to spend more with each transaction, you can move onto the final lever.
If Lever #2 separates the 93% who lose money from the rest, then Lever #3 is what weeds out the 1% who are building substantial businesses.
It’s almost like entrepreneurship with cheat codes, it’s that powerful!
Any business whose turnover is somewhere in the millions is pulling this lever, over & over & over.
The final way to grow your business is to increase the FREQUENCY of transactions per customer.
That means that you not only have a product suite, but a repeatable method for getting people to actually purchase everything you offer.
Alternatively, if you have a recurring product (like a retainer, membership, subscription, software etc) it’s about getting your customer to stay subscribed for as long as possible.
Combine both of these methods and you’ll build a business most people can only dream of.
Now imagine you’ve found a source of customers, you’re getting them to spend more with you per transaction, and ultimately you’re getting them to increase the frequency of those transactions?
Cha-ching!
Now don’t think for a second this is just a byproduct of ‘good business’. The companies that know how to do this have a specific, finely tuned, laser-targeted system in place that makes this happen.
Would you like to get your hands on that system? (HINT: It’s the same one companies like McDonalds uses to get you to keep coming back!)
Simply enter your details below to download a copy:
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How To Build A Perpetual Pipeline of Hungry Customers That Spend More Money More Often
Growing a business can be hard.
Heck, 93% of them fail in the first 36 months alone!
But if you want to stack the odds in your favor and make the road easier for yourself, you need to pull three specific growth levers on your ‘business machine’.
That means you need to:
- Increase your NUMBER of clients
- Increase the VALUE per transaction
- Increase the FREQUENCY of transactions
Get this right and you’ll build a business most people can only ever dream of.
Getting more customers, who spend more money every time they buy from you, and who buy from you more often is how you win.
This is how the 1% are created.
Until then, here’s to supersizing your business.
Steve De La Cour
Founder & CEO
Kong
