Every business is looking to add to their bottom line. It is one of the things that every business owner should keep a very close eye on. There are a lot of different ways to improve your bottom line but before we get into it, let’s first define the term so we are on the same page.
The bottom line if you aren’t familiar with the expression is the profit you have. Revenue minus expenses equals Bottom Line, Profit… the money you get to spend at the end of the day.
One of the things that can impact the bottom line faster than anything is improving your conversions. Now conversion is a term that talks about how efficiently you can transfer people from being slightly interested in your product to being a raving fan. Every step along the way you will lose people.
We talked about the sales funnel recently so you can understand the concept of fewer and fewer people moving down that path. If you improve your conversion process you can increase the number of people moving through your sales funnel and becoming satisfied repeat customers.
The greatest expectation is that they become advocates. Raving fans for your business who spread the work to all their friends and family. With the advent of social media and networking sites, a raving fan can spread the word far faster and further than ever before.
Now before you go setting up tests and trying to improve your conversion rate in every part of your business you should spend some time learning about how to improve conversions. Or I could spend the time scouring the web looking for great resources, compiling a list while slaving over a keyboard.
Or you could take the Wealth Squad approach and find someone who has already put together a terrific list. I did run across such a list and want to share it with you. It will take you some time to go through everyone on the site. It will take you even longer to implement it all.
Chris Brogan runs a great website (among other things) and covers a ton of information. You can find his resource on conversion and spend some good quality time learning how to improve your bottom line.
I hope you enjoy the resource as much as I did. Chris is a really cool guy (he has over 140,000 people who follow him on Twitter) and he still responds to comments on his blog and in Twitter. Not much cooler than that. If you need some help implementing all these techniques or figuring out which one you want to start with, let me know.
To your wealth.
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