There’s Always 1 Thing That Will Make You More
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Summary
- I bought a company called Big Chain, which has over 30 locations, and spent four hours revamping the sales process to achieve a 5x increase in Lifetime Value (LTV).
- I decided to roll out this new sales process across all locations and retrain the entire staff, even though it would take six months. This became our sole focus because a 5x increase was the most impactful move for the business.
- I prioritize tasks that have the highest leverage for growth. After increasing LTV, there was no point in focusing on other activities like creating content or running ads if they couldn't lead to similar results.
- Many people have numerous ideas, but it's important to assess which ones are truly valuable. Often, the answer is to narrow down the focus to what can significantly move the needle for the business.
- If you have salespeople achieving certain results, think about scaling up the number of salespeople and ask yourself why you aren't hitting higher sales volumes.
- If your return on ad spend (ROAS) decreases after a certain investment, it might be an indication that your ads need improvement rather than limiting your potential growth.
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How To Take Action
I would suggest implementing the lessons from my experience with Big Chain by focusing on tasks that provide the most significant impact. Start by reviewing your sales process. Dedicate just a few hours to redesigning how you approach sales, aiming to boost your Lifetime Value (LTV). This minor time investment can lead to tremendous results.
A good way of doing this is by narrowing your focus. Find out which few tasks can really move the needle and prioritize them. For example, if a task could potentially 5x your results, drop other distractions and go all-in. This is about maximizing what works rather than spreading yourself too thin over many ideas.
Next, if you have effective salespeople, think about scaling. Ask yourself why you’re not expanding. If you have a team of ten salespeople achieving success, why not a hundred? It might be a case of a skill gap in hiring and training, which is something you can learn to fix.
Lastly, if your return on ad spend decreases after a specific point, it might be a sign that your ads need revamping, not scaling back. Make sure they are effective and resonate with your audience. Improving the ads themselves could open up new growth opportunities that are worth investing in.
