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6 – Revenue Regeneration

Magnetic Marketing by Dan Kennedy – 5 Stars

The full title of this book by Dan Kennedy is

Magnetic Marketing: How To Attract A Flood Of New Customers That Pay, Stay, and Refer

In my review posted on Amazon.co.uk, I gave the book a Five Stars rating. This means it is Excellent and Very Highly Recommended.

Here is my book review.

Another tasty morsel from a master of direct marketing

Magnetic Marketing is the name of the author’s most famous premium priced course and it’s the one that has helped make his excellent reputation.

Kennedy didn’t invent direct response marketing – its origins go back at least as far as the late 19th century – but he’s done a great job of bringing it to the attention of business owners and entrepreneurs along with others including Jay Abraham. I’ve always felt Kennedy was stronger on the initial aspect of attracting new customers while Abraham was better at expanding the backend, that is the ongoing business with the customers. Books by both deserve a place on the bookshelf of a well read business owner. [continue reading…]

in 4 – Lead Generation, 5 – Lead Conversion, 6 – Revenue Regeneration, Best Business Books

What Is Causing Your Sales Problem?

If your business is finding it tough to win enough sales volume to give you the profit level you want, you may be trying to solve it the wrong way.

To get the best improvement in results, you need to tackle the right problem in the most effective way. Sometimes, business owners can make faulty diagnoses of the underlying issue and this happens particularly when the business owner is under too much pressure.

If you don’t focus your time and attention on the key constraint or bottleneck, you’re likely to get disappointing results. (see The Theory Of Constraints For Small Businesses)

This diagnose the problem to prescribe the right solution is a similar process to your doctor uses to make sure that his prescribed treatment is tackling the most likely cause. For example, there are many different reasons for a patient having a headache – from eye strain to general tension to too much alcohol… all the way through in severity to a brain tumour or a fractured skull.

Sales being too low is a symptom but, without looking in detail, it’s not clear what the underlying problem is and therefore it’s not clear

What Causes A Business To Have A Sales Problem?

[continue reading…]

in 4 – Lead Generation, 5 – Lead Conversion, 6 – Revenue Regeneration, Business Problems And Mistakes

One of my favourite business gurus, Jay Abraham contrasts tunnel vision with funnel vision as different approaches to finding ways to improve the business.

Tunnel Vision versus Funnel Vision

Tunnel vision is the process of focusing entirely on what’s going on in your profession, trade or industry. You watch your competitors closely together and  when you see something that looks a good idea, you copy it.

You should also keep an eye on best practices from your sector in the rest of the country or world, depending on how widely you compete. Many local businesses don’t bother to look at what companies are doing in other big cities and, as a result, they miss out on ideas that they could adapt.

Funnel vision is the process of taking a wider perspective on business ideas and best practices. You keep your eyes open and watch how other types of businesses deal with you, your family and friends. You also keep an eye on the media to widen your scope further. If you see a good idea that comes from outside your industry that is helping to achieve an objective you want to meet, you ask yourself how you can borrow or adapt the idea. [continue reading…]

in 4 – Lead Generation, 6 – Revenue Regeneration

The Three Ways To Grow A Business

The Three Ways To Grow A Business Model is one of the most useful ways for thinking through the options you have to increase the sales value of your business.

It has been made famous by American marketing legend Jay Abraham although I’m not sure he can claim to have invented it as it arises from the arithmetic within a business.

The Three Ways To Grow A Business

The three ways to grow a business are:

  • Increase the number of customers who buy.
    .
  • Increase the average sales transaction value.
    .
  • Increase the number of times a customer buys.

Often when people think about growing the top line, the automatic focus is targeted towards winning more customers (method 1) and little attention is given to getting more sales from the existing customers in terms of selling more and more often. [continue reading…]

in 4 – Lead Generation, 6 – Revenue Regeneration

The full title of this book is

Money-Making Secrets of Marketing Genius Jay Abraham and Other Marketing Wizards A No-Nonsense Guide to Great Wealth and Personal Fortune

although it is much better known as the Mr X Book.

In my review at Amazon.co.uk, I gave the book a FIVE STARS rating. This means that I consider it to be excellent.

Here is my book review.

A legendary book about marketing. It’s old but much of it is still extremely relevant.

Generally this book is better known as the Mr X book.

The origins are controversial. The story told is that one of Abraham’s best clients and most diligent students spotted an opportunity of sharing the Abraham money-making secrets with small businesses who couldn’t afford the $5,000 to $25,000 courses. He poured over his extensive course notes and eventually produced the book, started to offer it to the public and inevitably there was a big dispute with Abraham who recovered his intellectual property. [continue reading…]

in 4 – Lead Generation, 6 – Revenue Regeneration, Best Business Books

Customer Lifetime Value And Why It Is Important

In this article we are going to look at possibly the most important concept and key performance indicator in any business, the customer lifetime value (CLV).

You will see the concept also referred to as:

  • The lifetime value of a customer (LVC)
  • The marginal net worth of a customer (MNW)

The Definitions Of Customer Lifetime Value

It is a KPI that explains how much a customer on average is worth to a business of its entire relationship.

You will see some people refer to it in terms of sales revenue.

This is wrong and misleading. It can cause you to make the wrong decisions about attracting and retaining customers. [continue reading…]

in 1 – Your KPI, 6 – Revenue Regeneration

This is the second marketing tip in a series based on

>>> Being Good At Marketing Isn’t A Nice-If But A Must Have

Marketing Tip 2 – Contact Your Old, Lost, Lapsed Customers

You need to see your old, lost and lapsed customers as a potential source of profitable opportunities (assuming that you didn’t part on really bad terms).

I talk about what is a customer in my article…

>>> How To Get More Customers 

There are only three reasons why customers stop buying: [continue reading…]

in 6 – Revenue Regeneration

Marketing Starts With Your Current Customers

This is the first marketing tip in a series based on

>>> Being Good At Marketing Isn’t A Nice-If But A Must Have

Marketing Tip 1 – Marketing Starts With Your Current Customers

Make sure that you provide the best service you can for your current customers because they provide an essential source of future sales revenue, both directly and indirectly.

Set high standards in your work.

Have an absolute commitment to providing what the customer thinks they are buying and a commitment to giving your customers great value for money.

Remember the saying “Under-promise and over-deliver.” [continue reading…]

in 6 – Revenue Regeneration

The Marketing Hourglass = Sales Funnel + Back End

When I read the Duct Tape Marketing book by John Jantsch, the concept that really excited me was the idea of the Marketing Hourglass.

I love visual metaphors and analogies. The Marketing Hourglass combines the ideas behind the sales funnel with the concepts to building the profitable back end of a business.

It puts the entire business concept in such dramatic focus and emphasises where you will really make your money.

I use the same idea in my Six Steps Profit Formula report.

The First Part Of The Marketing Hourglass – The Sales Pipeline or Sales Funnel

The First Sale [continue reading…]

in 4 – Lead Generation, 6 – Revenue Regeneration

Getting Everything You Can Out Of All You’ve Got
by Jay Abraham

Book Review 5 Stars

The full title of this book is “Getting Everything You Can Out Of All You’ve Got – 21 Ways You Can Out-Think, Out-Perform, and Out-Earn the Competition

I Didn’t Like It At First

Strangely “Getting Everything You Can” was a book that when I first bought and tried to read it, I didn’t like it at all.

Just as with “The E Myth Revisited“, this Jay Abraham book is written from the practical, real world side rather than theory but unlike its title suggests, it is not a “21 steps to take” style book.

My advice is to stick with this Jay Abraham book or make sure you come back to it.

The key messages are profound. [continue reading…]

in 4 – Lead Generation, 6 – Revenue Regeneration, Best Business Books