| So, if you have a couple of hours to spare during | | | | lifetime spend of £30,000), you know that that |
| the break, why not spend it reviewing how you | | | | £2,000 has resulted in £450,000 worth of |
| have done, and decide what changes you want to | | | | sales. That's a return of £225 for every pound |
| make in the coming 12 months? | | | | spent... Excellent! You can break that down further |
| Being a Virtual Assistant, just like any other | | | | if you have monitored where these contacts |
| business, is a numbers game. How many contacts | | | | learned of you. You can then identify exactly |
| you have made over the last year? Of these, | | | | which marketing, networking and advertising |
| how many have you turned in to prospects? And, | | | | methods have given the greatest returns. |
| how many clients you have secured as a result? | | | | When it comes to planning for the next year, |
| You should also know the average value of your | | | | armed with this information, you can invest more |
| clients and their average lifetime value. These | | | | in your most effective marketing methods, and |
| figures can tell you some really interesting things. | | | | less on the less effective. So, if you spent |
| For example, if you know that over the previous | | | | £1,000 on a networking group, which achieved |
| 12 months you made: | | | | one client, but only £50 advertising in an online |
| 300 contacts, of whom | | | | Virtual Assistant directory, which resulted in three |
| 100 became prospects (by showing a real | | | | new clients, it does not take a genius to work out |
| interest in what you offer), which resulted in | | | | that spending more on advertising in the directory |
| 15 new clients, each of whom spent an | | | | might be a better idea than renewing the |
| average | | | | membership of the networking group. |
| £15,000 per year, and stayed with you for | | | | Also, take a long hard look at your 'sales funnel' - |
| an average duration of two yearsyou will know | | | | the process that people go through from being |
| that your clients have an average lifetime value | | | | contacts to becoming clients. What are your |
| of £30,000. And, to generate each client, you | | | | conversion rates from contact to prospect and |
| need to make 20 new contacts (15 clients from | | | | from prospect to client? Where are you losing |
| an original 300 contacts: 300/15). Suddenly, the | | | | people? If you find that you have lots of contacts |
| prospect of attending a few networking events | | | | but few prospects, are your contacts fully aware |
| over the next couple of months to find 20 new | | | | of what you do? Are you tailoring your offering |
| contacts does not seem such a drag, as you | | | | to appeal directly to these people? If you have |
| know that, on average, you will make £30,000 | | | | lots of prospects, but they are not turning into |
| for your efforts. | | | | clients, are you following up properly? Do you |
| What you can also do is add up what you have | | | | need to set up a better relationship-building |
| spent on marketing, networking and other | | | | system to develop their confidence in you? As |
| business-generating tools during the year. This will | | | | you identify these gaps and plug them, you will |
| show the return on investment these have made. | | | | need to spend less on generating contacts, as |
| If you spent £2,000 on marketing your business | | | | more of your existing ones will become clients... |
| and generated 15 new clients (with an average | | | | Happy days! |