How to 10x Your Business

What’s up, everybody? Welcome back to the podcast. It’s so good to have you guys here. So we’re continuing this series where we are diving into the issues that we see entrepreneurs having in growing their business. And this is based off of the results of surveys that we’ve been doing for people who’ve applied to be part of the beyond the apex group coaching program. The accelerator is for entrepreneurs doing five, six figures and looking to scale. Right. And one of the questions that we ask at the end of that is, if you were to wave a wand and magically fix anything in your business, what would you fix? And in previous episodes, we’ve gone through different things that have come up in that survey. But today I want to talk about one that I think is actually super important.

And it’s easy to know it’s an issue, but not necessarily understand how to solve it. And that is the problem of client acquisition. How do we get more clients? How do we get more customers? How do we convert them into giving us money for the thing that we’re providing? It’s actually quite simple. When it comes to client acquisition, we have three stages. Three phases that a prospect goes through. Number one is awareness. Then number two is consideration. Number three is conversion.

And then number four is loyalty. I guess that can kind of fall into its own little category here. We’ll come to that at the very end. Let’s talk about these three phases of prospects engagement. Right? So number one, if you want to get clients, it all starts with awareness. Your client has to become aware that you have a product or service that can serve them. If they don’t know, then you can’t help them. You can’t save souls in an empty church.

So we need to make them aware. You have the product, you have the solution that will serve them. We do that in all sorts of ways, but this is just generally where the derivation of the word advertising comes from, which means to make known. We can do that through organic content. We could do that through paid advertising on Google, Facebook, Instagram. We could do that through referrals. We could do that through all sorts of different ways. But this is the first part of the funnel, the client acquisition process, that we have to solve for, which is we need to make people aware that we exist and that we have a product for them.

So we need to overcome obscurity. And this is the very first problem that every single business needs to solve. And you’ll be continually solving it every day until the day you decide to shut down your business. It’s one of the fundamental problems, how do we get more people to wear? And what’s really beautiful, I’ve come to realize over the years, is that in business to grow, you really don’t need to do anything else. If you were to do nothing else now, there’s tons of ways you could grow. But I’m just saying, like, at its most core, most basic, most fundamental level, if more people knew about what you do, you would make more money, full stop. Doesn’t matter about the quality of the product, doesn’t matter about your sales conversion percentages, doesn’t matter about any of that. If more people knew about you and what you do, just by default, you would make more money, because there will always be a percentage of the population who buy things for the sake of buying things.
So simply just becoming more aware to your target audience will increase the likelihood, will increase the amount of money that you make. That’s number one. So that’s the first phase, awareness. How do we make people aware that we exist?

Number two is conversion, I’m sorry, consideration. So, once we have people aware that we exist, now we need to get them to actually think about our product. For instance, this podcast is an example of making people aware that I exist and the different businesses that I have. But unless I put in front of you a particular product or service or thing that could help you, unless I make the sale, unless I make the offer, then you’re probably not going to stop and really think about it. You might be aware that I exist in a general, vague way, but you won’t have stopped to actually consider, do I want to do business with this person? So this consideration phase is now when they’re starting to go into the sales cycle and they’re starting to ask themselves, do I want to buy this thing? Do I want to work with this person? Maybe they have a problem that they’re trying to find a solution for, and they have a number of people that they’re looking at.

And this is the phase now where they’re assessing the different options, the different potential paths that they could follow. Consideration for you, as the entrepreneur, what you really need to think about here is two things. One is to make more offers. Again, going back to the awareness piece, if more people are simply aware that you exist, you will make more money. Number two is, if you make more offers to those people who know you exist, you will make more money. I guarantee it. You will acquire more clients. I promise you.

If you make 100 offers a day, you will make more than if you only make one offer. A day. I promise you that’s true. Okay. Now the other thing that’s going to increase it is the quality of the sale itself. And this is where we get to the third phase of this client acquisition model. So we have awareness, which drives to consideration. Now, they’ve thought about us, now it’s time to convert them, right? So we make them aware with our content, we make them considerate with the offer, and then we convert them with sales.

And your ability to persuasively communicate the value proposition of your product or service in a way that the client goes, oh my God. That is the solution I’ve been looking for. Your ability, your effectiveness to do that, your ability to effectively do that, rather, is what dictates the rate at which you convert customers. Right. But it all really starts at the more people we get at the top of our funnel to be aware of us, the more offers that we make, the more people we have considering us. And now the quality and the skill at which we make the pitch that is going to ultimately dictate the number of clients we have popping off the bottom of this funnel. So it’s really a very simple process. Awareness, consideration, conversion.

You do those things, you will have more clients, you will have more money. It’s going to be awesome. The fourth thing in this process that a lot of people will talk about is loyalty. Once you have those customers are actually inside the machine and you’ve serviced them, is how do you keep them coming back and purchasing that, or upselling them to another product that will serve them, or getting them to make referrals to bring other people into your world? We’re going to put that aside for now. I just want you to think about those three phases, which is, again, awareness, consideration, conversion, and you want to ideally solve for all three of those. But the first question to ask yourself is, through the lens of the theory of constraints, what is the piece of the funnel that’s holding everything else back right now? Maybe you have a ton of awareness, you have tons of eyeballs, but nobody’s really considering your product. Well, it doesn’t matter how great your sales is then, you’re only getting a very small percentage of people. So if you can increase, let’s say, the number of people who are considering your product by 10%, well, that’s better than increasing your closing rate by 10%.

All things being equal, you’ll have more growth solving for the constraint than you do optimizing for something that isn’t actually the issue. So if you want help with that, because that actually can be quite tricky. It takes years to develop as an entrepreneur that 6th sense for okay, what is the constraint within my business and what’s the best way to unlock it? If you want help with that, that is exactly what the beyond the apex accelerator is for. It’s for five to six figure entrepreneurs looking to make that jump to seven and eight figures beyond. If that’s you and you want to learn more about it, go to beyondtheapex.com dot if that’s not you and you just like free stuff and you continue to go grow your business. Awesome. Keep tuning in and we’ll catch you guys in the next episode. But until then, stay hyperfocus, my friend.