Newsletter #014 – Deep Dive Your Business
In a blog I wrote this week, I talked about deep-diving into your business and finding the hidden treasures that will help your business grow exponentially.
The blog is available at https://courses.karennewtoninternational.com/what-treasures-are-hidden-in-your-business
The blog is an extension of what was covered in last week’s newsletter on growing a business especially if you have an existing business that has stagnated.
A bonus of doing a deep dive into your business is identifying what your potential customer wants and making sure your offer is customized to the customer’s needs.
Give me Some Problems
Most people when they start a business assume people are going to come clamoring to buy their product or service. This rarely happens.
The way to market and sell a product or service is to identify what problem the potential customer is trying to solve and then focus on solving the problem.
In my business, people don’t want to be millionaires (even though they think they do) what they want is the lifestyle and trappings that go with having wealth.
With this in mind, the Zero to Millionaire Course advertising that attracts the most clients has holiday-style photos such as the beach and skiing. The photo suggests taking this course and the lifestyle will follow.
What Next
What next, is about retaining customers so they have a pathway to building wealth with support and remaining active customers spending more with me and in turn growing my business.
It also helps me to decide what I should be spending my time on to encourage more people to become customers.
A recent deep dive identified that
· I brought in 90% of my customers through attending networking events. As I live in Spain, that means I need to find more English-speaking online networking events to get in front of my potential customers.
· Larger value sales (private clients) come through speaking at live events in front of audiences. So, I have to speak at more events as well as put on my seminars if I want to attract high-value customers.
· Writing Books – Karen Newton International started when a guy stopped me in the street with one of my books in his hand and asked me to coach him. The action I’ve taken is to get back into writing books
This is an example of identifying ways to grow my business which resulted in August 2023 being the best month ever, in 7 years of business, for sales.
The 80/20 Rule
A deep dive is simply applying the 80/20 rule. For customer retention, what are the top 20% of things a customer wants to support them in building wealth? Then taking a deeper look at the top 20% of the 20%. Now there is a more focused look at what is needed to keep the best customers.
With marketing, it is looking at how customers find my products and how much they spend. Finding the top 20% and then looking at the next 20% of the 20% to focus on the best marketing and sales strategies.
When this is consistently applied, a business will have a perfect sales funnel to keep its existing clients.
Reviewing a business should always be part of the strategy of operating and growing a business for consistent growth rather than panicking when sales slow.
This Week’s Action Step
Look at where your top 20% sales are generated.
Take a look at the top 20% of the 20%.
Now you know what to focus your sales and marketing on.
Create a plan and work it
Zero to Millionaire – Building the Foundation course is available at https://courses.karennewtoninternational.com
The Online Entrepreneur Website
I created The Online Entrepreneur Website as a site of learning and resources to help grow an Online Business – visit https://theonlineentrepreneur.co.uk
Regularly as more content is added each week.
Connect with me on
X – @newydd105 (formerly Twitter)
Instagram – @karennewtoninternational
Facebook – https://www.facebook.com/karennewtoninternational
Website – https://theonlineentrepreneur.co.uk
Some Products to Help You Build an Online Business
Affiliate Marketing Book – Available on all Amazon Book Sites – Check the site best for your location.
Note: Clients in Northern Ireland may have problems buying the book from Amazon UK due to Brexit and may need to use one of the EU sites. Often there is an “Out of Stock” message. This means you will need a different Amazon site or the ebook version.
Quick Affiliate Products has more content about writing blogs, sales and marketing
https://courses.karennewtoninternational.com/products/courses/view/1136385
Chat again soon
Karen
Karen Newton International
Wealth Income Lifestyle
3x #1 International Best-Selling Author