Have you ever wondered how some businesses know how to increase the value of every transaction effortlessly, while others don’t? What would happen if every transaction your business makes increases by another twenty-five, fifty, or more? Consistently closing higher-value leads with higher-value transactions has the propensity to be life-changing.
There are many reasons eighty percent of all businesses fail within the first five years. This article provides an insight that may just put you on the pathway to Custom Financial Services Digital Transformation that will open the doors for more prosperity and creating value for your clients. A beautifully planned Custom Financial Services Digital Transformation can mean the difference between building a legacy for your family or slipping away into slowly becoming a statistic. You see, nobody seems to care about statistics until they become one. Should you accept a shift in mindset, you accept the opportunity to change the results of your business, year after year.
A value ladder is an organized approach to Custom Financial Services Digital Transformation mapping out your product and service offerings so that the value and price of each lends itself to your customers stepping up to the next higher-value offer. A good value ladder allows clients to get their needs met as they increase their level of interaction by buying more from your business (Scotland, 2019).
Here’s the deal--it’s a lot cheaper and easier to retain your customers than it is to acquire new ones. Customer acquisition should be high on your priority list. But if you don’t have Custom Financial Services Digital Transformation ready to go, then you are missing an opportunity and the spoils will go to your competitors.
Let’s use the example of a dentist. We’ve all been to one, most of us don’t like having to go, but when we need a dentist--suddenly that dentist is the most important service provider in the world. If you have an aversion to being worked on by a dentist you’ll probably avoid getting Custom Financial Services Digital Transformation from the dentist’s chair until you absolutely have to.
A smart dentist may want to plan a Financial Services Digital Transformation campaign that gives a large amount of value for a minimal price just to get people in the door. The dentist starts with providing an offer that gets people in the door. This is called an “irresistible offer.” A Financial Services Digital Transformation offer has the effect of causing a person to stop what they are doing and focus on the offer being made. The offer may be a dental cleaning, for example. For a mechanic it may be a free brake check, for a chiropractor it may be an adjustment, and for software company the offer may be a free trial.
The goal of an irresistible offer is to get leads calling and scheduling appointments. Make sure to have your best sales closer answering calls during business hours. Don’t let the phone call go to voicemail if you are going to the effort of Custom Financial Services Digital Transformation . It undermines your efforts and it is possible that the lead will simply go to your competitors.
Back to our example, let’s say the lead schedules a dental cleaning. The dentist examines the new patient and discovers a cavity. The patient knows the consequence of leaving his or her teeth unattended for several more months. That cavity leads to a new paying patient.
Let’s crunch some numbers: If the dentist acquires one hundred (100) leads this month at the cost of *five dollars () per lead through a Financial Services Digital Transformation campaign, forty (40) of those leads may have cavities that need immediate repair, a further ten (10) or twenty (20) people out of those people will require major dental procedures such as a root canal, cosmetic work, implants, or crowns. This is how a few hundred dollars becomes worth thousands of dollars in patient revenue for a savvy dental practice.
Think about the Custom situation in is a holistic way and see if it applies to your business model:
Implement your own value ladder. Select three to five different services or products your business provides and start organizing. Things are about to get busy:
The Financial Services Digital Transformation Value Ladder is the perfect opportunity to grow and nurture customer relationships. Every step within the value ladder ascends to a higher value and higher price point. The Value Ladder gives you the opportunity to build peace of mind as you connect with client needs and prosper while solving their burning pains.
In summary, eighty percent of businesses fail for more reasons than lack of capital, leadership failure, lack of uniqueness, poor financial management, or rapid growth, and over-expansion. This is an oversimplified way of justifying why things didn’t work out. When we don’t get what we want, we get experience. While experience is completely underrated it is also expensive.
*Cost per Acquisition is an example Financial Services Digital Transformation / number and not an indicator of actual Cost Per Acquisition (CPA). This number may vary vary based on circumstances, campaign, dentist, locality, and other variables.