Did you know that there is actually a formula to doubling your sales
Sadly most sales people just wing the math to try to get themselves to increase sales
this leads to very disappointing results a
Few years back. I created a
Mathematical formula to actually double sales it involves three
Components to increase in sales and combining all of them together to create
multiplicative growth I call it the 2x formula and
What's amazing about it?
Is that it lays out the strategy to blow up your sales without ever having to work harder
It's all about working smarter to increase your sales in this video
I'm going to show you the exact formula to double your sales while working less than you do now check it out
So we are here at my studio whiteboard, and I'm going to walk you through this formula
And mind you there is some math, but I promise you if you hang in there
You're going to see a whole new way of increasing sales to start there are three ways to
actually increase sales the first is to increase the number of customers and
So by that I mean literally either increasing your closing ratio
prospecting or getting more customers closing more sales
The second way to increase sales is by increasing the average
sale size and
So this means either
increasing your price or
Adding more into your average sales so the average price goes up the third way to increase your sales is to
increase the frequency of
Purchase so getting your existing customers
Or your new customers to buy more often from you. How often are your customers buying from you right now?
When this laid out the three ways of increase in sales
Now we're going to actually take a look at the 2x
formula so the 2x formula looks something like this in order to
2x your sales you are going to increase the number of customers by
26%
so
Increase your customers by 26% you multiply by one point two six. Don't worry too much about the math you're going to increase the average
sale size
by
26% and
Then lastly you're going to increase the frequency
by 26%
So again one point two six times
frequency
When you multiply these all together?
You get a 2x increase in sales, so let me actually walk you through an example of how this looks again
Don't freak out
This is really really powerful stuff, and you're gonna see it all come together in a second
so now let's look at the example of Denise Denise was a client of mine who owned a
Marketing business, and I'm going to show you how we applied this formula to her business to help her actually double sales
her business broke down quite simply she had about a
thousand customers so she was selling mostly to small businesses and
Had a
customer base about a thousand people her average sale on average was pretty close to a
thousand dollars
And on average her customers were buying from her once a year
So one time
This is a
Pretty decent business, but at the time. She wasn't really earning that much profit
The revenues of this business by the way the way we would calculate her revenues. We multiply these three numbers together, so she had a
$1,000,000 business
Which again? This is revenues this isn't profit so her profit was considerably lower than that
just kind of getting by with these numbers now if most people were to look at and say how does
Denise double her sales most people would look at just one component of the business in order to try to double sales so they might
Say well in order to double sales we would
Increase the number of customers to let's say double that and get it to 2,000
Customers, but that's really really hard to do right to go from 1,000 customers to 2,000 is really difficult
So that's up. The other way would be to
Double her sales size instead of the average purchase being a thousand dollars make it two thousand dollars
But again that's really really difficult, so we'll say that that's out as well and then lastly we could
Double the frequency of purchase so getting her customers instead of buying once a year buying twice a year
but again
This is difficult stuff so that option is out as well, so
What do you actually do to get Denise to double sales we run it through?
the 2x
Formula, so I'm going to actually
Erase this and I'm going to plug her numbers right into what we did so in order to
double sales with Denise
We increase the number of customers by 26% so we took a thousand customers and
Multiplied it by one point two six which comes out to
one thousand two hundred and sixty
customers this is
not that big of a change right most people if you really look at your business you say I
Could increase my sales, or I could increase the number of customers by 26%
Totally reasonable change the next is we so that's customers
The next is the sales size so the average size
So you know through some technique, which you can find in other videos and some some different strategies?
we were
Able to get her to increase her average sale size by 26%
So instead of her average sale being a thousand dollars
We multiplied it by one point two six and we got the average sale size to one thousand two hundred and sixty dollars
These are surprisingly close to the numbers that we actually got with her, too
and then lastly we increase the frequency of purchase by just a little bit so the
frequency
Instead of one time per year we multiplied it by one point two six so it came out to one point two six
purchases
Per year which by the way if you think of it more simply
It's really a purchase every nine and a half months or so
So nine point five months so instead of people buying from her once a year
We put some packages and programs in place to get customers to buy just a little bit more frequently that make sense
When we multiply these numbers together, this is how we get her revenues now again using the 2x formula
remember that nine point five months and
So we just multiply these three numbers together, and what we get are
revenues of
Two million and
Three hundred and seventy six dollars
Two million and three hundred and seventy six dollars
Can you see what we just did here we?
Multiplied each of these factors the number of customers the average sale size and the frequency
By 26% we increased each just incrementally, but because this is multiplication
It actually leads to an increase in sales of two million dollars
She went from 1 million the year before to two million now
Can you see how powerful that is so even if you're looking at this math and you're going cross-eyed?
It really doesn't matter all you have to worry about is that increase each of these three areas by just
26% all that matters is this simple number
26%
It's a very very simple number
It's very attainable very doable and when you do that. You can double your sales
really really powerful distinction
So there is the exact formula to double your sales while working less than you do now
Can you apply this to your own business? If so how would it look?
Be sure to share below in the comment section
And I'll be sure to respond to every comment that I can and if you enjoyed this video
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until next week
You