Jul 24, 2022
Many beauty business owners reach a point where there's no more growth, or their revenue doesn't turn into more profitability. Therefore, the cash overflow necessary to expand the business through buying more inventory, hiring a team, and investing in productivity systems isn't there. Essentially, they are stuck and have plateaued. To make matters worse, they contemplate increasing marketing, which isn't a solution in and of itself.
Are you in the same boat? In this episode, I uncover three underlying reasons you've reached this point and provide a way out of this rabbit hole.
"If you don't have that cash overflow, something is not right in your pricing architecture. So your pricing blueprint is not accurate."
"Even though you're selling a product, you're selling a brand. And a brand is a transformation for your desired audience. Branding is why people buy you; marketing is how people find you."
"Branding is why people buy you; marketing is how people find you. And there is a sentimental aspect regarding brand and why people buy."
"When using a multiplier strategy, you're commoditizing your product instead of being a true transformation or an emotional experience. So you're diluting the perceived value."
"If you're finding that scaling is feeling hard, tiresome, and grueling, look at your pricing architecture. Do you have enough profit left over after everything is paid?"
"Three ways to grow a product-based business. 1. Get more customers. 2. Get your customers to buy more per order. 3. Get your customers to buy more frequently."
"The reason I wake up every morning is to eliminate poverty by helping entrepreneurs build wealth, especially regarding our businesses."
"…there's a space and time for each of these strategies: getting more customers, increasing your average order value, or increasing your frequency. These are the sales strategies that drive the right results without having to rely on any significant paid activity. These are the strategies that big brands use most of the time when it comes to growth in sales. "
"What's the root cause of the issues you're seeing in your business now? If you think about it objectively, what would you say is holding you back apart from marketing?"
"You can only make growth sure by understanding your numbers and the levers you need to pull—getting more customers, increasing your price per order, and getting people to buy from you more frequently."
"If you're trying to figure out what is the next best thing I need to do for my business, eliminate marketing. If marketing was not a factor, what would you do?"
"If cash doesn't flow at small scale and small revenue numbers, it won't flow at large scale."
"You need to think about a super simple, highly precise marketing plan that will allow your business to grow sustainably."
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