Take a look in the Resources > Business Angel Networks page of the Meteorical website and you'll see a list of Angel Networks. There are a lot of them in the UK and this list is not exhaustive. The list includes state sponsored and commercial networks. What are the differences between them? Is there a third, better, type of network for Business Angels? This article compares three types of networks... seems like we’ve already answered the last question!
Having more money gives us more freedom to make decisions about the future. So how do we ensure that we make the maximum profit from each potential customer? What is this one magic thing we can do?
Customers provide us the easiest money to invest in our business – there is no interest to pay, no shareholders to please, and even better, they provide real feedback about how we are doing. Buy purchasing our product or service customers confirm that we are meeting their need. The more customers that buy, the better our product is at meeting their need. The more we sell them, the greater our income. And if we’ve got your maths right, more customers should mean more profit!
I’m talking about maximising the profit over the lifetime of our customers. So how can we do this?
Simple… Follow the customer.
To expand: look at the experience of your customer as they progress from knowing nothing about you to being a loyal customer who returns time and time again. Start with the material you give to customers about what you do and review every interaction. How effective is it at getting the message across? What is that message? How much time do you spend at each point? How much effort did it take to get the money into the till? When you’ve paid for your time, did you still make a profit?
Take the standard Sales Funnel model and add a starting point of when you publicise what you are doing and add an extra cycle which feeds the customers back in to the top of the funnel when they have made their purchase. The funnel will have multiple channels and multiple stages. At each stage of the process think about what you know about each potential customer and introduce methods to filter out those who will not buy from you but keep those who will. Having a specific, reliable filters increases the time you can spend on real customers rather than those who will never buy.
How long does this take? It’s like a piece of string but having someone as a sounding board to ask the difficult questions and not give up with they are side-stepped makes it much faster. I am reminded of a comment from a previous client: “I do a Sales Funnel for all my customers but I’ve never been able to do it for myself.”
If you’d like help then you know who to call!