Transcript – in case you prefer to read instead….
So we all know that for many freelance creatives, work can sometimes be up and down like a YO-YO. One minute you land that perfect contract, get sorted for the month, but never knowing where the next contract will come from.
This is mostly the same for most business. However, the most important this is that you finding the RIGHT FORMULA that works for you to help you generate new work.
If you are like me and would like to build your creative talent into a successful business, this advice applies more to YOU. When it comes to identifying your BUSINESS MAP, the bottom line is that you need to figure out what works best for your business – out of all the possible strategies.
I have attended many business seminars and in some cases brought in consultants to work with my management team on LEAD GENERATION, and SALES STRATEGIES (and still do). However, figuring out the formula that works best has been a continuing process of simple mathematics and taking action.
Obviously, every business is different, but it’s about trying different strategies to find the right one that works for you and keeping to it.
Let’s take one of the key issues for any business…
If you’re struggling with lead generation (getting people that may possible use what you have to offer coming to you) you need to identify what your formula is for attracting these people. just like the way i got you here. This will keep you FOCUSSED on what needs to be done and how.
Here’s a simple approach that I use…
A. What’s your monthly target?
This is, how much you’d like to make a month? Taking into consideration your costs and the profits you’d like to make.
B. How many sales do you have to make to reach your target (A)?
To calculate this, divide your average sale/ contract per product or services by your monthly target (A).
For example, if on average your professional service is £2,000 (B), and your monthly target is £10,000 (A). £10000/£2000 = 5 (the number of sales/ jobs you need to make each month to reach your target)
C. How many leads do you need every month to reach your sales target?
Have a think about how many leads you generated to get one sale in the past. 1 sale in every 4 leads means your conversion rate is 25%.
B (your monthly target) / C (conversation rate) = the number of leads you need to generate every month.
What lead generating strategies has worked for you in the past and what other proven methods could you add to it?
This will allow you to put together different lead generating strategies that you need to focus on.
So you will be looking at a combination of strategies such as email marketing, networking, social media, phone calls, events, PPC, SEO, Video Marketing etc. By having a number of combinations, you provide yourself with a constant flow of leads coming in month after month.
TUNE your strategies month after month, looking at the ones that work best for you. If you cannot OUTSOURCE, focus on the ones you are strong at (as you have more time, learn others, add them – or even better outsource it).
To recap, the solutions to reaching business targets is
(A/B/C) X 7 LGS = Constant Sales
SEE! IT’S ALL ABOUT THE FORMULA
Simple isn’t it ?!*?!!