This is probably the most important business “tip” responsible for my success. (It’s SO much more than a “tip.” It’s a life/business-changer. READY?)
See this? It’s a ladder. But in our case, not just any ladder. I call this your FE-BE ladder. The bottom left is the front end..and about mid-way up
starts your back-end. Thus, the name, “FE-BE ladder.”
Every single successful service business has a ladder like this, where customers are brought in at the Front End (FE) of the business…and then led deeper into the business, or Back End BE).
Why is this THE most vital understanding for being successful? And why will I be teaching it on my very special virtual event next week? (Which I invited you to the other day. Are you signed up?)
Because you will go broke and your business will fail without this. Period. I hope that got your attention.
The costliest and most time-consuming part of any business is GETTING the customer the first time. It actually costs 5x more to gain a new customer than it does to KEEP one you have. FIVE TIMES! The quickest way to FAIL in your business is to offer only one product to a bunch of new people.
The quickest way to succeed is to offer ever-newer products/programs to the customers you already have!
Did that really sink in?
So, all of your efforts on the FE part of the ladder are geared to getting the first-timers. And it’s going to cost you money. This is when you have to be REALLY okay with “loss leaders”–the programs/products you sell at ridiculously cheap prices, or whose profits you give away to a JV partner.
QUIZ: WHY are you TOTALLY okay with loss leaders, with the cheap products/programs at the FE?
Because you have done something REALLY strategic and REALLY smart. You have put a ton of your efforts toward the middle of your business (BE), into developing a PROGRESSIVE LINE-UP of products and services that you offer every customer once they’re in. So, you ostensibly have CUSTOMERS for LIFE.
The hard work is in the FE…
but the MONEY, %$firstname$%, is in the BE.
And figuring out EXACTLY what your FE-BE ladder looks like is what I do for my clients–and it’s what you need to do to start to shape yourself to be truly one-of-a kind. Your FE-BE ladder must look unlike anyone else’s!
So, what are your front-end products/programs? Are they “Brain-Sticky”: compelling, memorable, and ORIGINAL? How are you PROMOTING those programs, so you get the MOST folks in the door?
What is your first back-end program? (Hint: Your Signature Program.) How compelling, memorable and original is it??
And what comes after your Signature Program?
And after that?
If you don’t know–THAT explains probably most of your problems! (That and a very ho-hum brand identity.)
To be successful, you MUST get these right.
Why don’t you come learn more about this on my live virtual event this week? It’s based on the contents of my ebook, One of a Kind: The Powerhouse Strategy for Standing Out and Leading the Way with Your Business. Go read all about it and register here now! I promise you, it will be one-of-a-kind…this is content you won’t get anywhere else.
And until the call, start building your ladder!