17. Growth Funnels
May 01, 2026 03:42
· 13:39
· English
· Whisper Turbo
· 3 speakers
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0:08
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Speaker 1 (17. Growth Funnels)
Like most things in the business world, attempting to simplify a strategy is fraught with problems because few things are as simple as the financial entertainment industry would lead you to believe. I've said it before. Business is complex. Strategies for improvement and financial success are just that.
0:40
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Speaker 1 (17. Growth Funnels)
There are ideas and possibilities that depending upon your specific situation and circumstances might be a good idea for you. Unfortunately, business strategies are not like a bathrobe. One size does not fit all. There are, however, a few principles that will give you guidance and support especially if you decide to grow the revenue of your business.
1:10
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Speaker 1 (17. Growth Funnels)
Keep more customers. I know of nothing that's more important than this idea of keeping more of your existing customers. Business owners are notorious for falling in love with their products and the genius of their ideas. My advice is never to fall in love with something that doesn't love you back. The product does not have the money. The product does not care who owns it.
1:40
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Speaker 2 (17. Growth Funnels)
The customer has the money, and the customer has the specific problem and unmet needs, and they're searching for a solution and someone to do business with that will meet and even exceed their expectations. The primary key to growth is to fall in love with a customer, not the product.
2:03
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Speaker 2 (17. Growth Funnels)
The most common reason businesses fail to grow is not that they're not adding enough new customers. It's that they aren't keeping the customers they got. Don't believe me? Ask yourself this question. How big would my business be if I still had every customer who ever tried me?
2:26
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Speaker 2 (17. Growth Funnels)
If all of your thoughts and efforts are focused on how to get new customers to try you, you're not focused on meeting and exceeding your current customers' needs and expectations. Adding a new customer is great if you simultaneously keep all your existing ones. But adding a new customer and losing an existing customer is a strategy for treading water and getting tired.
2:54
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Speaker 2 (17. Growth Funnels)
Keeping existing customers can be boiled down to three things. F-O-W-T-W. Find out what they want. Customers do not really care about what you want to sell them. Customers don't care how much you love your idea or your products. Customers care about getting their needs met. All their needs.
3:19
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Speaker 1 (17. Growth Funnels)
We make a mistake when we assume the genius of our product is the most important thing. The genius of a great business is a maniacal focus on the customer, where they're in pain, how they define success. G-A-G-I. Go and get it.
3:40
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Speaker 2 (17. Growth Funnels)
After you're clear about the pain, the needs, the expectations of your customers, your job as a business owner is to find the solution that meets their outcomes and their definition of success. This means defining a solution or product that specifically addresses your target market and their problem, GITT. Give it to them. It does no good to find out what they want,
4:10
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Speaker 2 (17. Growth Funnels)
then go and get it, and then not deliver it to them in a way that meets the customer's definition of success. Give it to them is really about the how you do it and not what you do. You can give someone a great tasting meal and the level of service spoil the evening.
4:31
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Speaker 2 (17. Growth Funnels)
Alternatively, you can give someone an average meal, but the service and the atmosphere and the ambiance are so enchanting that the quality of the meal becomes secondary. Increase referrals and repeats. Here's a growth question for you. Name me one business that could survive a year without any referrals or repeat business. It's hard to do.
5:00
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Speaker 2 (17. Growth Funnels)
I found that most business owners get so excited about adding new customers that they fail to appreciate and show the love to their existing ones. Sustainable growth requires two things, keeping the customers you got coming back and adding new ones. Here's a great growth question that will help you get optics on this idea.
5:24
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Speaker 2 (17. Growth Funnels)
How would you run your business if 100% of your future growth was by referral and repeat business only? Before you decide to start a let's grow by adding new customers initiative, keep in mind that it does no good to add them and then not keep them coming back.
5:46
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Speaker 2 (17. Growth Funnels)
You want raving fans and addicts as customers, which simply means they love doing business with you. Add more value. The value proposition is an incredibly overused cliche that the marketing experts use to describe what your business should deliver to your customers and thereby differentiate yourself from your competition. I think about this concept a different way.
6:19
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Speaker 1 (17. Growth Funnels)
I call it a success proposition. What has to happen to give your customers certainty of success? The key to this question is this. Your customers get to define the success, not you.
6:36
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Speaker 2 (17. Growth Funnels)
They really don't care very much about what you want to sell them or how passionate you are about your product or idea. They just want to leave the transaction with you and be able to say, yes, that is exactly what I wanted. I loved it. I'll be back. Here is the add more value or success question you should design your business around, especially if you're interested in growth.
7:07
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Speaker 1 (17. Growth Funnels)
What has to happen for the customer to say, I'd have to be crazy to do business with someone else? Answering this question will grow your business exponentially. Enhance, train sales process. Most amateurs in business, and especially in sales, attempt to wing it when it comes to the sales process.
7:35
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Speaker 1 (17. Growth Funnels)
This is a truly bad idea since you will not know what's working and what isn't, and therefore your results will be incredibly inconsistent. The best in the world at sales and sales training have a formula, a script, a process, or a system that they use. They rehearse and they practice that process repeatedly.
7:59
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Speaker 1 (17. Growth Funnels)
They do simulated sales processes. They ask the toughest questions. They raise the worst objections, and then they design answers and responses to every single one of them. Here's the thought. Mastery equals practice. When the training stops, so does the progress.
8:20
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Speaker 3 (17. Growth Funnels)
Attempting to get more leads before training or retraining on the sales process is likely to result in wasted money and burnt leads, increased conversion. Obviously, if you take the same number of existing leads but do a better, more consistent job of closing them, your sales will increase.
8:45
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Speaker 3 (17. Growth Funnels)
Too often, we want to increase the number of customers we have and the go-to solution is to increase the number of leads without considering the strategy of improving our closing ratio. If you're currently closing 25% of your leads, a 5% increase in your close ratio is the equivalent of increasing your leads by 20%.
9:12
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Speaker 3 (17. Growth Funnels)
Increasing your conversion or closing ratio is dependent on the training idea outlined in step four above. Increase transaction value. Oftentimes, we have additional products or services that could be packaged together, which will increase the overall size of each sale. This is the McDonald's theme of, do you want fries with that?
9:42
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Speaker 3 (17. Growth Funnels)
Perhaps you can offer a high-margin, low-cost bonus or some ancillary product or service which would enable you to disproportionately increase your overall price compared to the offsetting increase in cost.
10:00
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Speaker 1 (17. Growth Funnels)
idea of getting rich is not to increase revenue and then sabotage profits. The concept here is to design a package that will increase revenue and increase profits. It'll do both. Sometimes the transaction value can be increased with something as simple as a modest price increase. If you have a 10% profit margin,
10:27
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Speaker 1 (17. Growth Funnels)
A 2% price increase is the equivalent of increasing revenue by 20%. Increased frequency. Many successful businesses increase the frequency of customer purchase by helping the customer see the value of shopping exclusively with them.
10:50
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Speaker 1 (17. Growth Funnels)
A rewards or a frequent buyer program is often used for this purpose. Southwest Airlines does not expect you to fly more frequently as a result of their frequent flyer program, but they are incending you to look at them before you book those next tickets.
11:09
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Speaker 1 (17. Growth Funnels)
Loyalty is very powerful because it drives repeat business. Repeat business does not have the same usual customer acquisition cost and therefore is much more profitable. Increased leads drive traffic. You're probably noticing that this link in the growth funnel chain is number eight or last on the list.
11:38
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Speaker 1 (17. Growth Funnels)
The reason is because it's the highest hanging fruit. All of the prior strategies listed in the growth funnel either need to be optimized prior to increasing the leads or the prior strategies are much easier to execute and therefore will yield a vastly superior cost-benefit ratio.
12:04
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Speaker 1 (17. Growth Funnels)
This step in the growth funnel is where you will use conventional marketing techniques and social media campaigns to drive additional traffic to your business. Obviously, messaging and communication channels selected is of critical importance in this step.
12:25
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Speaker 1 (17. Growth Funnels)
Keep in mind we're looking for strategies that will drive our top line or our revenue growth, not just drive the number of customers. General Motors did a great job of driving the number of customers, and they got really, really big. They failed miserably at converting all that size into profits and cash flow. I will remind you of an important business concept.
12:54
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Speaker 1 (17. Growth Funnels)
Getting big is the result of success. Success is not the result of getting big. Developing a strategy to grow revenue is far more powerful than only having a strategy of just adding customers, although successful businesses do both.
This transcript was generated by AI (automatic speech recognition). May contain errors — verify against the original audio for critical use. AI policy
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