Transcript Of The Main Podcast

Hello and welcome to Optimize Pop and early season two, this is part two of a four part series titled The Only Four Ways to Increase Profits in Your Business. These are the core fundamentals that every business needs to understand. My host today is business coach all leads. So let’s let’s jump in part two. All right.

Thanks, Matthew. Thanks for having me on here. This can be fun. I love this this concept because there are only four levers in your business that you can use to increase profitability. Last week we talked about getting more leads. So you want to get more customers. Start with the next one is to get your current customers to buy more frequently.

Think about how often do you go to the grocery store, Matthew?

Once every week about average for everybody else. OK, and how many times you go to, let’s say, get gas? For me, every day, twice a week, so there’s an increased frequency to getting gas, why do you think so many grocery stores but gas stations in front of them? It’s convenient. Exactly. They’re increasing the amount of frequency you get coming to their store. Do you see that? Why do you think convenience stores have gas stations?

Because it is convenient, but grocery stores started doing that because they realized convenience stores, people would go get gas, they’d pick up a gallon of milk that they normally would have had to go to the store and get.

And so by creating this new environment, they’ve created a new system. So when we talk about increasing the frequency of your customer, you have to understand the driving interests. What is the point of your customer coming back to you? So, Matthew, what is one thing that you’re currently selling?

I’m selling a digital store front for a digital storefront is something someone has to buy from you. So they’re buying a website, is that correct?

Yeah, they’re buying a website, basically moving from a local storefront to a digital storefront.

OK, so how do you think what’s another frequency they can have? So if they want to add a new product, that’s a new frequency, right?

Correct. So if you helped your customer who had that storefront have more products to sell, that’s a more frequency for you. Yes, see? And so I want to I want to do a little examples, because I want us to see how real this is in real life. And so no one is understand. You got to drive the interest, whatever it is you’re selling, understand how you can sell more of it. You know what the the easiest way to get people to come back is?

No. Just ask them. The times you went to the store, let’s say that you went to a yogurt shop and you sign up on their email list and by the end of that week, they sent you a little email message saying, hey, come back, we miss you, or here’s a coupon for 20 percent off next time you come in on the emails.

Exactly. So that’s part of the thing is understand, you have to drive the interest. So if I have a a yogurt shop, my way of driving interest to get them to come back more frequency, maybe introducing new items to them, it may be introducing a buy one get one free type thing. We can talk more about those kind of things later, but think about it. What is your solution and what problem do you solve? Because if you understand the solution you have and the problem you solve, you can understand how to get customers to come back more frequently.

So master the matu.

The problem that you’re solving is what is actually two problems because of Cauvin. But the main problem was a lot of people are missing out on like e-commerce is a good example. A lot of people are missing out on money opportunities by not having a website, not putting their products and services online into because everything shut down right now. There’s no way for certain business to make money if they’re online. That opens another stream of income for them. Exactly.

See, what’s happened is we have jumped ahead seven to 10 years on the e-commerce side of the world because of all the shut down with covid.

The reason we’re talking about that, because if more people are shopping online and more people are getting comfortable shopping online, that means you need to be online. You understand there’s a problem because people cannot go to their store to purchase a specific product. We you got to think through that. If I sell knit scarves, I used to be able to set up a shop or I can go to a farmer’s market or set that up and everything. But now I can’t do that.

I’ve got to sell it online. It’s got to be on Etsy, Shopify, or I’ve got to create my own website to draw that interest. So make sure you understand what is your solution and what is the problem, what is the problem and what’s the solution to that problem. So you have to create urgency. A good way to create urgency is to have some kind of countdown timer.

So come in next week for the special available only this week. That’s an urgency factor that gets somebody to come in, they didn’t think they were going to come in that week, but because you ask them to come in, remember, I said the easiest way to do it is ask them, how do we ask them? We have to own our audience if we don’t have a newsletter, some way for someone to sign up for us. You can have an app, you can have an email form on your website.

You can have them sign up on your Facebook. But again, last week we talked about this on Facebook. You don’t own your audience. Facebook owns your audience. You’re borrowing the audience. You’re borrowing their platform. So it’s important that you own your audience.

They’ve got to be somewhere where you can access them, whether it’s text messaging, you SMS marketing on your phone, you’ve set up an app on your phone.

You can set up a newsletter and email newsletter.

You can set up your own chat form on your website, except your own forum if you want to on your website. Imagine how powerful would be if you have a specific niche market. Let’s say it’s dog lovers who love Chinese, right, Matthew? Yes.

So that. Yes, I mean, you got to give him a hard time. But if you have Chinese and you created a forum specifically for people who own Chinese and you put that on your website, you’re going to have a automated audience built into your website, you see.

And so that creates that that speaking to their mind, speaking to their needs. So what are the needs that your customer has that you can come back to? So let’s go back to the grocery store. People only came once a week to the grocery store.

So they become come they buy five or six things like how can we get people to come back more? Well, we’ve got a gas station in front of our store. They’re more likely to come by and stop by because they’re already there. So now they’ve increased the frequency of people coming into their store because of a simple thing of a gas station.

So they created a revenue source that brought in the customers they currently have more frequently. It’s a really simple concept. So what are some other things? What about a loyalty campaign, Matthew, or are you part of any loyalty campaigns? Gosh, so many of them, I can’t even count. I’ve got some loyalty cards as of them, my grab them right quick. If you’re on the video, you can see if you’re on the other one. Can’t you see this?

I’ve got a stack of cards like this from this thrift store because I keep forgetting to bring it with me.

And so I have all these things to remind me come back, but I keep forgetting it when I do go back so it doesn’t work that way. So make sure that you’re loaded. Campaign is something that relates to your customer. If your customer isn’t carrying around your little loyalty card and you’re not punching it, that may not work. So think about a digital loyalty card. Matthew, I think we can help with that, can’t we? You can say, yes, we can.

I know a company that actually does online, too, so.

Yeah, exactly. It’s kind of funny. Guys, when you listen to our podcast, I hope you don’t hear us being Scelzi. But look, if you need help and we can help you, I want to make sure you understand we can help you. Lever number two is give people come back more frequently. And if you’re not currently communicating with your audience, you’re not collecting your audience and communicating with them. That’s the two steps. Communicate and collect.

If you’re not asking them to come back, if you have no way of doing that, you’re not keeping in touch with your customers, which means you are not serving your customer. That’s harsh. But the way to get people to come back more frequently is to make them understand that you care about them and the way you care about them is to sell them more. There’s an old there’s an old saying, and I forgot who said it. I wish I could tell you.

But he basically said, if you can’t, you can’t serve people. If you don’t sell people, if they don’t know that you’re offering a special service, then there’s no way you can do that. You’ve got to keep in touch with them. So what are some little tidbits you could do? What about celebration? Matthew, can you think of anything that you have seen in marketing campaign that is celebrated and brought you into the make you go back to that that place once every so often?

I’m not I don’t go to this just because I haven’t at all, but I really enjoyed National Pancake Day. Now that was this week and I have to give you like a free short stack of free pancakes that you got in there.

Yeah, exactly. So I is tied into a national pancake day, which happens in February. And each year they remind people, hey, if you have been at IHOP a while. So Matthew Duded, I hope any other time during the year. Not really. Exactly. So they’re increasing your frequency just to get you to come in the door and you’re not going to just buy pancakes, you’re going to buy something to drink. You’re going to you can eat some bacon and eggs.

There you go. And so the point is, here is a restaurant that hardly people your age go to. Let’s be honest, it’s for older people. That’s their senior discount. So younger people go to IHOP on this special day because they’re giving away free stuff, but because they’re there, they spend more money. So they’re creating a frequency of connecting those people. And the fun thing about that is you don’t have to be part of their audience to be reminded about that.

They do all kinds of marketing campaigns. And it’s funny, they’re doing expensive marketing campaigns.

If they just had a single place where people sign up for the National Pancake Day, they could market to them all year long.

Oh, yeah. Imagine how many times they get you to come back. We’re giving away free bacon with every short stock purchase.

Oh, anybody would do that. I see. And so they have not caught on to and I hate to talk bad about big businesses because they’re making money, but they could be making so much more if they learn to serve their audience. If you want your customers to come back more frequently, let them understand you’re there to serve them. So the reason I talk about celebration, my wife got a message, I think it was last week. We have a restaurant called Fuzzy’s Taco.

I love this place and know the tacos are not fuzzy. It’s just a funny little thing of saying it. But they’ll do Taco Tuesday, you know, to remind you, hey, Tuesday, we still have this going on. But a couple of weeks ago is National Guacamole Day. They did that. But I think it was last week they came out and said, hey, this is our 10 year anniversary.

Come celebrate with us. And they had a buy one, get one free, something like that. It wasn’t a great deal. But because they reminded me that they were celebrating something that made me want to be part of the celebration. People want to be part of something that’s huge.

Jot that down.

If you don’t got anything else down from this entire thing, jot down that people want to be part of something. If you celebrate and you can help them join to celebrate, you can get them to come in more frequently. Think about all of the I think it’s October is Breast Cancer Awareness Month. I believe so. I believe it is I don’t know that you can quote me on that later or whatever, but think of how many people do cancer walks during that month.

How many people do exactly how many people do marathons, why do they do that? They’re trying to get more customers.

Yes, but they’re also increasing the frequency because if you sign up for that walk or whatever, they’re going to invite you into their store for a special for special celebration in that specific category. And so they’re tying in that frequency factor, the frequency is huge if I go buy a car from a from a location. Am I ever going to go back to that location again, Matthew? Probably not. Why would I go back to that location? If there was a reason your car broke down or something.

OK, what about all changes? All changes is a good idea, entire interrogations, exactly how many new cars that you buy now come with a year’s worth of maintenance. Most of the time they don’t. A lot of them do, actually, that’s a new thing to do. Yes. Are they coming for remains?

Why are they doing that? They’re increasing your frequency and coming there because maybe next year or two years you could see those new models coming out. When you come in, they get it all change. See the new models. They can tell you the new models. Otherwise you’d never go back there to your car’s ready to be gone. And so they’re increasing the frequency by providing a service. It does cost them a little bit. But if you average out how much that cost and how much the cars are, I mean, there’s lots of numbers that can go into this.

And we’re not going to do that on this. Maybe one of the other ones we will actually. I think we are on the next one.

But on this one, we’re not going do numbers. But I want you thinking about it. If your customer just came back two more times than they usually do. So let’s say a customer comes once a month, right? That’s 12 times. If your customer comes back, won’t say 10 times less.

They come down because they don’t come in Thanksgiving, Christmas, let’s say they don’t come in November, December. If they just came 10 times and you increase that by two, you’ve had it. You’ve got a 20 percent increase on your profits.

Yes, trying to make the math really simple attended to, so if they came in only 10 times are in the air, you can get to come back two more times during that year, you’ve increased your profits by 20 percent. What would happen to your bottom line if you could increase your bottom line by 20 percent?

That would be very significant for some companies. If you have one hundred thousand dollar company, you just increase your your value of your company by twenty thousand dollars.

That value that year. That profit. And what happens if you do something next year, now you increase it another 20 percent because you’ve learned the frequency factor and now you’re not just making another 20000, but next year you’re going to make twenty four thousand.

That same amount of effort, getting them come back twice as more so if you take leave number one, more customers and lever number two, come back more frequently, you’re going to see how that increase, how those can exponentially increase your business. You wonder how people get to build our businesses.

That’s how they do it. Makes sense, makes sense. So customer support is huge. Contacting people, let them know that their Matthew, I’m sorry, I’m not paying attention our time, I don’t want to overvalue. We want to one minute to five. OK, good. I thought was the right place. So here’s the next two things. We’re going to wrap up with these two things. Number one is customer support. And number two is expectations.

If you can meet someone’s expectations, they’re more likely to come back. If you’re a customer, support reaches out to them. I mean, I’ve got a customer support team I wish I could show you.

It’s on the wall here, but I have a company. They sent me a gift before I ever met with them. It’s crazy, isn’t it? That was a lead source, however, they also sent me a coupon for a free dinner to meet with them. My entire staff, they sent me another coupon if I purchase their products and everything, so they begin this, they they presold the customer service. In that kind of crazy to think about, so what happens if somebody buy something from you and they get a special gift in the mail?

That means you’ve exceeded their customer expectations. They’re going to come back to you because they’re going to see what you do next. So if you don’t have this, here’s your nugget for the day. Create a wild program. Somebody is going to receive something from your business, and when they open, that can be like, wow. And when they do that, you’ve got a customer for life, you get that customer come back more often because they’ll always remember you, you got a lot of people, they’ll give out pins.

This pin has a little stylus Silus thing on on the end of it and everything.

People love this pin because it’s a high class pin. A lot of people give away the really cheap ones.

Well, when I went and got pants, I got a more expect a higher expected pin because people will keep these more.

They’re going to come back more frequently because I’m keeping myself in front of them. That’s what social media is all about, is it keep your money, your business in front of your customer again.

Go back and watch last week because we talk about why you use and how you can use social media. So make sure you increase your sales expectation. And if you want customers come back more frequently, make sure you drive interest and ask them to come back. It’s that simple. Create a loyalty campaign newsletter. Do something to keep in touch with them, whether you’re celebrating them or setting a high expectation because the value of customer service you have, if you do that, a simple 20 percent increase in your business could significantly change the direction of your business.

I’ve been loyal.

This is optimize profitability and we’ll see on the next time around. We’re going to talk about not I can tell you, we’ve got session number three coming up. This has been session number two. We talked about frequence getting a customer to come back more frequently. Make sure you go back and look at number one of how to get leads for your customers, for more customers.

All right, and our Matthew and we’ll see you on part three next week.