Recently I had an engaging conversation with Alice (not her real name), who was referred to me by a long-time client. Alice was looking for guidance on how to launch her new program. She had done a test launch for the program to her list of about 3000, and she realized from her results that something was missing, but she didn’t know what.
Alice may be a lot like you.
Alice is a bright and motivated entrepreneur seeking to help a lot of people and make a lot of money by doing so. Her business is still early stage, but she has been thinking big and taking bold action.
Alice explained that she felt her program should have sold better, and she had invested a lot of time and money to create it. Compounding the situation, she’s at a financial make-it or break-it point in her business.
This launch HAD to work. This program HAD to be a success.
Have You Ever Felt That Way?
“This HAS to work – or else.” It’s not a good feeling, and it comes when you are too far out on the risk limb, and you are barely hanging on financially, and that means STRESS! It could also mean failure or having to dig deep into other reserves to keep going. Not fun.
Timing Is Everything
The key to avoiding this type of stressful and precarious situation is by knowing both what to do AND when to do it. A child can’t run before she learns to crawl – or walk! – and neither can your business. Yet everyday, business owners try to get their early-stage businesses running before they have proven the business can walk. It doesn’t work with babies, and it won’t work with your business either.
Do the right thing, at the right time.
What you should be focused on is different depending upon the type of company* you are building and which stage of growth your company is in. The graphic above shows the 4 key conversions that move your business, any business, forward. Notice that the gear representing conversion 3, Convert Leads into Buyers is the largest. This is because it is the most critical to the success of your business, has the most acute affect on your cashflow and is essentially the only conversion you should focus on until you’ve got solid proof of concept, aka: you know you can sell what you offer.
*Three Stages of Growth for Information & How-to Businesses:
Experts, Consultants, Coaches, Authors, Teachers
- Stage 1 – Startup/Proof of Concept – your #1 focus is gear 3, Converting Leads into Buyers and specifically buyers of your 1-on-1 consulting, training or coaching. There ARE exceptions to this, but in most cases, if you are building a business around your expertise or skill, you’ll begin with a 1-on-1 model as it brings the highest $ and allows you to build your reputation for creating success for your clients.
- Stage 2 – Unilateral leveraged growth through developing one-to-many offers (courses, workshops, group coaching and done-with-you programs, pay-for-access subscriptions, etc.) – your #1 focus in this stage is building your list which is gear 2, Converting Lookers into Leads. This is the stage when you begin to develop funnels for your offers and begin to develop an actual brand. This is also when you begin to develop basic strategies for gear 1, Converting Your Target Audience into Lookers.
- Stage 3 – Multilateral leveraged growth, sometimes called the “empire” stage, during which you build upon the success of your core offer to a specific target market, and expand to serving multiple sub-niches. At this stage your focus is on gear 4, Converting Buyers into Repeat Buyers by developing offer strategy that include options for up-selling, down-selling and cross-selling, as well as ascension and subscriptions. This stage will also see an expansion of your focus and investment in gear 1, using advanced traffic strategies for Converting your growing Target Audience into Lookers.
*CLICK HERE for more information about knowing which stage of business you are currently in.
Less Stress. More Success.
At ConvertMORE, our mission is to help you build a thriving business and to build a business that supports your life, your goals, your legacy. We believe in business as a process, and that success leaves a trail – follow it!