I just posted this to my WF Blog and I thought that you all might benefit from it!
Michael Silvester here and I just wanted to let you
know about a very important way to keep track and
improve upon your internet marketing efforts.
I learned about this technique about 10 or so years
ago when I was offline running my own brick and mortar
I've done it all...infact...I started my first business
when I was 16 years old doing a lawnmowing run in my
That small mowing run progressed into a gardening service,
and then eventually was sold as one of the biggest landscaping
businesses in the area in less than 18 months.
I've owned a security company, a stockfeed barn, a pool store
and even a gym with thousands of members…even a chain of
dog washing businesses.
My system works for all of the above…
And now I'm fulltime on the internet and loving it! Infact
I consult to offline businesses on how to go online and do
I use this system when I consult my offline clients.
Now that you have a quick history about all the types of
businesses that I have owned. I want to tell you a little
secret that kept all these businesses growing so fast that
sometimes it was hard to keep up
Infact, at one stage I had 4 businesses running all at
the same time and it was my systems and this special trick
that kept them growing without me being there.
Your probably thinking...
So, what’s this got to do with internet marketing?
Let me explain...
It doesn’t matter what businesses you have...there is only
5 ways to grow your business. And when I say business I am
talking about offline and online ways of generating income.
Here are my 5 secrets to increasing your business...
1. Increasing the leads/traffic that come to you
2. Increasing your conversion rate (turning leads to buyers)
3. Increasing your transaction amounts (the amount of times they buy)
4. Increasing your Average Dollar Sale (the amount they spend each time)
5. Increasing your Margins (the amount that you take home after expenses)
So if you break your business down and measure these
5 things then set out to improve each section you will
greatly multiply the business that you already have.
Let me break this down further for you...
Let’s say for examples sake these are your stats
Leads/Traffic = 2000
Conversion Rate = 2%
Transactions = 2
Average Dollar= $27
Margin = 20%
Leads x Conv = 40 clients
Transactions x Average dollar sale = $54
That gives you 40 x $54 = $2160
Then if your margins are 20% you have
$432 left in profit.
Not bad? No way...we can make this better...
How much do you think that you profits will
go up if we increased everything by 10%
Most people say this...
“If you increase everything by 10% your profit
will go up by 10%”...and that couldn’t be more
further than the truth.
Let’s just see what happens when we increase
each section by 10% using the stats above.
Leads/Traffic = 2200
Conversion = 2.2%
Transactions = 2.2
Average Dollar= $29.70
Margin = 22%
Instead of your profit only going up
by 10% it has jumped up to a massive
$695.74 from a measly $432
Way better than 10%...Hell Yeh!
You shouldn’t be looking at your website
stats or your offline business stats in any other way!
Most people only look at their traffic
And conversion rate...when there is so
P.S I hope this makes sense? I whipped it up in a couple of
minutes so there maybe a few typos etc