How To Generate Wealth: Step 2 – Predict, Repeat, Replenish

October 30th, 2013

The next phase of your business is all about making your marketing, sales, and fulfillment predictable, repeatable, and replenishable.  We call it the Sustainability Phase.

In this phase, you are creating what I like to call a ‘crank’ for your business which means that a known quantity of time and resources “IN” yields a predictable, repeatable, and replenishable amount of revenue “OUT.”

For instance, anytime you want more leads, you turn your Marketing Crank and you can predict, within a reasonable margin, what kind of results that generates.

Then you can repeat it because your business isn’t relying on a one-time opportunity that can’t be either replicated or repeated.

Teleseminars are a great example of a Marketing Crank we’ve used successfully in our business that yield a predictable, repeatable, and replenishable source of revenue for us.

Creating A Marketing Crank

We partner with someone who has a list of people they can invite to a teleseminar that we host.  We invite our list and they invite theirs and we provide valuable content and mentoring to everyone on the call.  At the end, we’ll have a call-to-action that could be to opt-in to a free gift we are offering or to have a power session with us or to purchase a program.

We can predict, based on how many people come to that teleseminar, approximately how many people will take us up on our offer.  And then because we know how many people tend to become customers from that offer we know within a reasonable margin how much revenue we can make. So you see that that would be predictable way of generating leads for our products.

If we wanted to make more revenue on any given day, we could turn our Teleseminar Marketing Crank again, repeating what we know works and arriving at a fairly predictable results on the other side.  And since doing a teleseminar isn’t a once in a lifetime experience, we can do it again and again until we reach our goal.  It’s a reliable method and one we can continue to improve on.

It also gives us a replenishable source of leads because all the leads in the universe don’t somehow disappear once you do it the first time.  You can do a teleseminar over and over and you continue to reach new people or even perhaps the same people twice and more of them take you up on your offer.

So that would be an example of a marketing crank.

Visit Mind Money Meaning to get a copy of our downloadable report on Marketing to will walk you through our step-by-step process of creating a marketing crank that you can use to create one for your business or perhaps improve on the ones you have.

It’s super valuable to know how to generate these for your business and how to do them well.

So we talked about creating a Marketing Crank. But you need to ask yourself whether you have a crank in each major area of your business – your marketing, sales, and fulfillment anf you must begin to build a crank for each area you don’t.

Where most entrepreneurs stop…

The sad truth about this step is that this is where most entrepreneurs stop developing. What life tends to look like when you stop at this phase is you are continually doing more of what got you here, and that tends to re-embed you in sustainability phase.

You end up with a lifestyle business which makes you just enough money to give you a lifestyle that you are comfortable and (last time I checked anyway) wealth continues to escape you.

So once you’ve built a sustainable business, you’ve got to shift your thinking from generating income to building ASSETS as you look to scale your business.

I use the word “scale” a lot instead of grow and I just wanted to point out one difference between growing a company and scaling it.  The main difference is that when you scale something, as it gets larger it maintains its original dimensions.  If you were to scale a picture, it maintains its original aspect ratio as it gets larger versus if you were to grow, you could grow it this way and get very long and skinny or you could just grow it that way and down in the corner.

Growing tends to distort the shape of the object where scaling tends to maintain the shape.  In business the shape that we’re referring to is your initial reason for getting into business in the first place.  The thing that you care about, the problem you’d like to solve, the people whose lives you’d like to impact.

If you scale the business, you’re able to have more and more and more of the same shape purpose and impact whereas if you’re growing, you’re just going to follow your own personality tendencies doing the kinds of things you like to do, trying to hire people to do the kinds of things you don’t like to do, and end up with a very elongated business that doesn’t actually have the impact that you originally wished it did.

We’ve had hundreds of conversations with entrepreneurs who are 10 years into their business, 15 years into their business and they just are heartbroken for now they feel like they’ve got these golden handcuffs, this business that they can’t really leave, but that isn’t doing at all what they hoped it would do when they started out and that’s because they followed whatever felt like the right path for development versus following a plan for scale.

So… how do you plan for scale?  That’s next week’s topic.

Or, if you want to get the full scoop right now, head to Mind Money Meaning and learn to get hit by the Wealth Bullet via immediate access to our exclusive free content.  Mind Money Meaning is the most advanced entrepreneurial education system available.  It’s had an enormous impact on thousands of entrepreneurs – and you could be next — especially if you choose to join us at our Rapid Growth Summit this coming weekend.  Friends of the blog get an 80% discount!  The Rapid Growth Summit.

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