‘If you track, measure and refine over time you will generate more leads by focussing on the right channels’

Shaz is sharing the numbers that every business owner should know in this episode that provides great practical advice on how to get marketing, lead generation and conversion work effectively in your business.

If you are a small business spending on marketing can be daunting and there can be a temptation to spend less. Shaz explains why you should spend more and how to utilise your ‘A’ customers to generate the most valuable leads of all, listen in and find out how to get started.

 

KEY TAKEAWAYS

Cost per lead the cost - This is how much it costs you as a business leader to identify or get a lead.

Calculate how much you spend on marketing every month and divide this figure by the number of leads you have in the month. The outcome is the cost per lead.

This is a starting point; the next step is to identify the number of leads from different marketing sources and work out the cost of lead by source.

Track the best marketing sources for conversion and focus your marketing budget more intensively in these areas.

The cost per client acquisition – This is the amount it costs you to win the client, this is the money spent on converting a lead into a new client, customer or patient.

The lifetime value of a customer, client, patient - This is the most important number of all. Work out how long, on average, a client stays with you and what this is worth in revenue and then work backwards to decide how much you would pay for a lead.

Generating more referrals

A person who refers you has already been selling on your behalf. A referral lead has a much higher conversion rate than other leads and is likely to be of a better quality

If someone recommends and provides a referral then you should recognise this with a gift or voucher – this is about appreciating what they have done for you.

Focus on proactively asking your customers and clients because these are leads that most valuable.

 

BEST MOMENTS

‘How much am I willing to pay for a customer who will generate 6,000 in income for me over 3 years?’

‘Most current customers, if happy with service are happy to recommend their service provider but the business doesn’t ask them’

‘An ‘A’ client is likely to refer someone who is like them’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

• Facebook
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• Instagram
• YouTube.