Stop the Leaky bucket. What does that mean? Well, this is the ideology that, as you’re performing more marketing, as you’re active in conversations, not everybody is going to be your ideal prospect, and those prospects, obviously we want to turn into leads. And you need to be okay that not everybody is going to be able to work with, you because of your products, because of your services, because of how you have decided to be in business. And that’s okay
So this concept of the Leaky Bucket is, we need to define what the churn rate is going to be inside of your business, and we need to come to a number, the result, the outcome that I want you to take away from today’s call is, if you’re currently out there practicing your best sales skills, your best marketing skills to be able to get your prospects to turn into leads, and then eventually into customers, there is a number associated with that.
It means that if you have on average 10 15 maybe 20 conversations every single day, then there is a percentage of those conversations that will turn into profitable sales for you. What does that mean? How can I find out what my number is?
I’m going to walk you through how you work this out, and what that means. So here is an example and here’s what I want you to take away from it every single month you are working to hit your Financial Freedom Day goal. Your number should be the minimum, so if you’re looking at your numbers and you’re thinking okay what’s my Financial Freedom Day number, how am I going to get to that number $10,000 a month should be the absolute minimum to be able to generate that income and continue to be in a path that is going to serve you to the best of your abilities, the best your skill sets, and then ultimately the best of your outcomes and your results.
So the concept of the Leaky Bucket comes from this image, which essentially says if you have so many conversations every single day how many are actually going to convert to actual money in my bank account? How many of them are going to say no thank you, I want nothing to do with your product or service, I want to move on. And how many of them will continue to work with you to increase to your next high-ticket item, which is considered the lifelong relationship of your customer.
So, if we’re looking at this example, and you say okay I get it, my goal here is to very minimally create a $10.000 a month environment how am I going to do that? Well let’s take a look at the numbers. These formulas have been set because they’ve worked. You may need to resequence your funnel, your products, your services to fit these, because it’ll be the easiest thing to do. But if you already have a set structure a set number, then simply just plug and play to what this formula is right here.
So, let’s say that any given month you talk to a hundred people, that could be on the phone, that could be DMing somebody on Instagram, that could be you sending emails, that could be you texting it, could be a variety of different things. Well let’s say that out of those 100 individuals you have conversations with 40 of them take you up on the first offer you have available, which in this example, happens to be 25 bucks. You have a 40 percent closing ratio, because out of 100, 40 said yep, I want that 25 offer. Great so the Leaky Bucket concept says that 60 people are sitting around not doing anything, weren’t interested in your offer, what could you do to reactivate those conversations or communication, keep them top of mind to your products and services, so that eventually they convert.
So what are some strategies you can be doing right now to be more successful in that area? Well number one, don’t forget about them. Way too often do we get into this cycle of being quote unquote extremely busy in our businesses, and it’s not something that’s associated with having a revenue producing day. Of course, business items pop up every single day, You now need to write that task list out, and determine which ones of these are revenue producing tasks, and which ones are these are just I know I have to do them at some point in time. I don’t have to do them today, because today I’m focused on cash. I’m focused on revenue.
So, stopping the Leaky Bucket is you creating strategies and planning with your team to be able to go back, retarget conversations, retarget, and re-engage to get people to come back in and say, “Hey I know at one point in time you were interested in that $25 offer. Let’s have a conversation about that now.” For those that are already existing and have purchased the $25 offer you’re going to continue the conversation deeper in your funnel, so this example here says everybody that purchased $25offer, you have 40 individuals that have done that. You’re going to then reach out to them, and because of the way the ratios work, and this is all depends on how well you are in conversation, you could be the best salesperson, out there you could be the best fulfillment person out there, you could be the best marketing person out there, and what you want to do is, now go back to these 40, at your $25 price point, and say, “How many of you are enjoying this $25offer?”
Get feedback. And as you get the feedback, you’re going to introduce the $250 offer and you’re going to say, “That’s extremely helpful that you’ve given me feedback on this first initial ticket. I have something else that I think will be beneficial to you, can I get you in to that access?” Today10 of them will say yes, but again based off how you are in conversations, how much you do, and how confident you are in your process, you’re going to be able to increase that number. This leads to the next step, where eventually you have high-level ticket conversations with those that have already began to work with you on that low ticket item.
So, going back to stopping the Leaky Bucket, what do you want to do today to get action again? What is the bite-size marketing call to action (CTA) for me to fix this today? Number one, when in doubt pick up the phone. You have leads in your database, you have leads in your phone, you have leads in your email. When in doubt go back through and start talking to your people, reactivate those conversations, ask them this simple question, “My name is. I’m an expert in. How can I help you today?”
After this call you are going to start to re-up on those conversations and continue to put those prospects into your funnel to generate cash today, tonight, right after the phone call. What product lines are we talking about that will escalate like this based off of your product and service? It works for any business, any affiliation, anything at all if you’re indirect sales. Indirect sales companies have different tiers of products, bundles, ambassadorships access.
If you’re a coach, you have lead magnets you have freebies you, have coaching sessions, you have discovery calls, you have digital products, e-books, that type of thing. This formula will work for any business, doesn’t matter your product or service. What you need to do is plug it in, see where it fits, and use this formula so you can have more conversations, create more revenue, create more cash, and stop the Leaky Bucket.
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