Are You Future Banking?

Success in business takes time … and it also takes strategy.

There are many businesses that have been around for a number of years BUT have operated with the wrong strategy. If you strategy is wrong you wind up in an endless pursiut of your goals with little chance of achieveing them.

In my seminars I often give the analogy that if you were to fly from Melbourne to London and you are one degree of course then you will wind up somewhere … it just won’t be where you had hoped.

A few years ago I was involved in the National Speakers Association as I had a strong desire to become a professional speaker. After careful observation though of a number of the more seasoned and experienced speakers I concluded that the strategy being taught was fundamentally wrong for the goals I hoped to achieve. Why? The core strategy being taught was the pursiut of speaking engagements were you might be paid anywhere from $2,000 to $10,000 to deliver a speech (or training). Problem with that? Well … after you collect your money you are back to ZERO!

So many small businesses suffer from a similar flaw in their strategy.

Here is the real flaw … they are too focused on the immediate profit to be made on a new customer and not focused on the future profits.

What do I mean by that?

Well with the wrong strategy a new customer is worth whatever dollar amount you can sell to them on the initial purchase … and that is about it. With the right strategy a new customer has a value that may not equate to money in the back immediately but the total profits from that customer in the future will be substantial.

Marketing guru Dan Kennedy has often stated that most small business owners believe that the purpose of getting a customer is to make a sale (ie profit up front), when in reality the correct strategy must be that the purpose of making a sale is to acquire a customer.

This strategy is what is known as Future Banking.

It is a strategy where all of your marketing efforts are designed to acquire customers that have a future bankable value to your business.

So your initial sale to the customer may not make you money … you may just break even on them. The profits live in the back end of your business. The accumulation of large numbers of customers that have future bankable value is where the real wealth is in your business.

There are a few different ways to implement the future banking strategy. Lets consider two of them now:

1/ Front End, Back End – The first way to implement the future banking strategy is through the development of a well thought out marketing funnel that has both front end products or services, and then an ascending array of back end products or services. The objective is to have new customers join your marketing funnel by taking up your front end offer and then progressively and systematically ascend them through your back end products or services.

2/ Continuity Income – The second way to implement the future banking strategy is to develop a product or service offering that features continutiy of income. In other words you charge your customers at frequent recurring intervals (ie monthly) until they tell you to stop. Often you will either lose money, or break even on the first month acquiring the customer and profit on the on-going fees. The Attraction Marketing Inner Circle is an example of this where you can join as a trial member for $1 today which then goes to $97 per month thereafter.

So here is a good question for you … after you have finished providing your customers with the product or service they buy from you what is the future bankable profits from that customer? Are there any future bankable profits … or are you back to zero?

If you are looking to build wealth into your business then you will want to begin to think about and plan to implement future bank strategies today.

In the Attraction Marketing System we explain these concepts in more detail and explain the marketing funnel concept and how to implement it.

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