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A Simple Way to Grow your Contracting Business by 40% Episode 60

Contractors Secret Weapon Podcast

Release Date: 03/19/2015

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Contractors Secret Weapon Podcast

Pick up the guide that Pete talked about here: https://vipboardroom.com/8x-opt-in

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Contractors Secret Weapon Podcast

Get Your Copy Of "7 Low Or No Cost Marketing Strategies" By Texting FREE to 850-990-2020. Have a question for Pete or Dave? Text it to: 850-753-2020 Did you get your copy of "4 Hot Marketing Strategies That Can Flood Your Business With Customers"? Get it at http://ContractorsSecretWeapon.com now! More information on Pete Mitchell can be found here: https://BustOutTheBigGuns.com

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So this week we start off with a simple easy way to grow your contracting business by 40%.

Your probably thinking that I'm crazy and any other instance I probably would be but follow along let's go, I know you think I'm crazy but if you had told me that I had to grow my business by 40% this coming year,  I would say you're crazy so  let’s start looking at all the things that I would have to do in order to make that happen, I’d take a look at last year's revenues Last  year’s marketing  I would need to beef up. I’d think about all the other things that would have to come into play what I need to do this what else would I need to do better. It would pretty much drive me crazy but there really is a simple way to do it.

 

When I saw this simple way it actually blew me away. A few weeks ago episode I think it was 54 I interviewed Brian Kaskavalciyan and we talked about a seminar he was doing with my friend the roofer Arry well I got the opportunity to go to the seminar  and went through the seven key profit indicators in your business there is one in particular that just caught my eye and when we went through it ,it just really just blew my mind.

You know there are lots of things that you know you know there are things you think you know especially the contracting business but I look at this profit indicator which we will call asset management look at it and it just made so much crazy sense to me.

 I was doing it in my own very limited way but once the we went through the numbers and went through the reasoning behind it I just knew that this was the easiest way for me to grow my revenue in one area by 40%.

 So let me explain okay were just going to talk about marketing and leads today only just leads and  marketing and the way we normally do things.

As I sat down and we talked about in the seminar how we get leads and that we've got them

 So here we go lets keep the numbers simple, just taking on a small-scale you have 100 people you've sold to you have created leads to get these sales for these hundred people you sold . The average sale let's say is $1000 you've done $100,000 in business. Most people in the contracting business close 30% on a generated lead.

So what happens to the 70% who for whatever reason did not say yes or no? Most of the time we forget about them we just write them off because they are not ready to buy now.

When I sat down and listen to what Brian had to say it just opened up a whole new avenue for revenue. So what does 70% of people do that you paid for the leads do. If you close 30% that means you paid for 330 leads to close 100 so what happened to the other 230 leads that dropped off did we forget about them?

 I know that I normally just send out one follow up when I heard the statistics on how many people actually buy within the next year of those 70% I was astonished.  65% of that 70% actually buy within the first year so why get some of them to buy form you .

 So here's the numbers you got 230 people that haven't said yes or no they haven't bought from you 65 % who will buy with in the year leaves you 161 that will purchase within one year .What if we set the goal to only get 25% of these people to buy for you of  those 161.

That’s 40 new sales at an average sale of 1000 dollars that’s 40,000 dollars of increased revenue you have just increased your business by 40% not by adding new marketing campaign not by putting in new ads in a magazine TV or radio or whatever .

All you have done is either created a follow up system or added to the follow up system you already have.

What I've done is I've taken and I've added to my follow-up system to keep in contact with those prospects to buy from me so here's what I do what I've implemented.

After my original estimates I send them a thank you card for just give me the opportunity to do business to give them an estimate you would be  surprised at how many people will do business with you just because of that because they feel like you want to do business with them and I've gotten many comments  just form that, now I send out another card within seven days and then another card 10 days after that and then  they go on my newsletter mailing  and if you're a person who likes the phone then I would throw in a phone call  to just check on them and then within four months I'll send them another card to see if they have moved on their project.

I know you couldn’t be at the seminar but you can get Brian’s book at Amazon here is the link to get your copy the information in the book will transform your business only if you implement it.

How to Double Your Profits in 6 Months or Less-Brian Kaskavalciyan