3 Simple Ways to Increase Revenue
Need to increase your revenue? Mike has 3 simple ways you can. It is important to note though, simple doesn't necessarily mean easy.
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Who is Mike Crow?
Mike Crow is a Marketing and Business Expert who has built and managed multiple 7-figure businesses, including two 7-figure inspection firms.
For the past 15 years, he's coached thousands of other inspection business owners and has personally helped 100+ companies grow to $1,000,000+ in annual revenue. He has also helped multiple single-inspector operations earn 6-figure annual revenues (some surpassing $300,000).
Mike can teach any entrepreneur how to systematize and market their business to achieve their personal and professional goals.
Transcript
Hi, this is Mike Crow, and I run home inspection business.
Speaker:In fact, I've run a couple of home inspection businesses.
Speaker:You know, true joy for me, though, has been helping literally
Speaker:thousands of home inspectors build really solid home inspection business as well.
Speaker:We can help a single man operation be able to do over three hundred
Speaker:thousand dollars a year,
Speaker:maybe all the way up
Speaker:to 400 thousand dollars a year as a single inspector operation.
Speaker:Even better for me is the 80 plus companies that we have helped
Speaker:be able to build million dollar home inspection businesses.
Speaker:I would like to help you be able to do the same thing.
Speaker:At a recent conference, Mike shared some of his best secrets,
Speaker:this short segment talks about three simple ways you can increase your revenue.
Speaker:Here's one of the things that that Jeff learned as well, and all the members
Speaker:learned it, is that there's a difference between clients and customers.
Speaker:So most people think clients and customers are the same thing.
Speaker:You're taught that clients and customers are the same thing. They're not.
Speaker:I learned and I learned it from real estate agents,
Speaker:and then I learned it from other sources as well, that clients are
Speaker:the people that are paying you and that you're working for ,
Speaker:and then customers are those people that can refer you.
Speaker:And most people only market.
Speaker:In fact, the ninety five percent only
Speaker:market to the clients.
Speaker:The home buyers in this case.
Speaker:OK, and then what I try to teach people, especially those people that have grown
Speaker:million dollar companies,
Speaker:are now in the one percent of the home inspection industry. OK.
Speaker:What I've tried to make sure that they do is that they market to the mavens
Speaker:or the customers.
Speaker:They're, in that words, interchangeable for me.
Speaker:OK, so here's one of the ways this looks.
Speaker:So you have clients and you have customers.
Speaker:If you're a real estate agent, this is the way it looks.
Speaker:The seller is your client because you make a listing,
Speaker:you set a listing agreement in place.
Speaker:You put a sign in the yard and then somebody calls you off.
Speaker:That sign goes, oh, we'd like to make an offer on that home.
Speaker:And you go, He's sure. I'd be glad to help you with that.
Speaker:That buyer now becomes your customer for the real estate agent.
Speaker:This is how it works. OK.
Speaker:So when the home inspection world, though, we're slightly different.
Speaker:That buyer most likely.
Speaker:Ninety nine percent of the time becomes our client.
Speaker:But here's where this is this gets fun.
Speaker:The agent is your customer.
Speaker:And I have inspectors all the time, although I don't work for the agent.
Speaker:Well, of course you don't.
Speaker:But if you don't take care of them in the process, you're an idiot, OK,
Speaker:because you've got to make sure that they want to refer you.
Speaker:Now, people keep telling me sometimes, oh, Mike, you're
Speaker:you're just you're just making the agents happy.
Speaker:No, I'm not just making the agents happy.
Speaker:I give my buyer a good, solid, thorough home inspection.
Speaker:That's why we do probably do five thousand inspections this year.
Speaker:OK, maybe probably more than that. All right.
Speaker:And and if we didn't do a good, solid inspection,
Speaker:we'd already been out of business.
Speaker:Somebody would have
Speaker:sued us out of business or somebody would have come back after us.
Speaker:And by the way, when you get bigger, it's one of the things you will learn
Speaker:is that there's always that challenge of that as well.
Speaker:But we make sure that the report is good enough
Speaker:so that the agents can easily understand it.
Speaker:The the listing agent, the selling agent, the title company, the
Speaker:the mortgage company,
Speaker:the whoever ends up seeing the report, we try to make it as clean as possible.
Speaker:And it's one of the things that completely changes this thing.
Speaker:So for you, you know, the person that pays you is probably your client.
Speaker:In most cases, that's the buyer.
Speaker:And then the person that refers you well, that's your customer
Speaker:are your referral source. That's very important.
Speaker:Very simple. All right.
Speaker:Next piece here, there's three ways to increase your revenue.
Speaker:Now, we've kind of talked about some of it already, but I want you to understand.
Speaker:One is you could go get new clients.
Speaker:So, yes, we have we have a website and we have
Speaker:Google paid advertising, all that out there.
Speaker:And then we have that and then we have marketing towards the the mavens as well.
Speaker:So we're always trying to get new clients and new mavens into our business.
Speaker:All right. And here's a secret.
Speaker:Here's something that I started teaching years ago.
Speaker:And I've heard one or two people teach it as well now.
Speaker:But here's something I've never seen anybody do that hasn't learned it from me.
Speaker:And that is that you need to count how many new maven's.
Speaker:Have used your business every single month.
Speaker:See, most people count how many inspections
Speaker:and how many more inspections and how many dollars
Speaker:and how many more dollars. I'm future banking.
Speaker:I want to know how many agents have use me and how many new agents
Speaker:have referred me this month or that I'm working with this month.
Speaker:OK, so last year that number was over 500,
Speaker:and I think it was five hundred forty three new agents
Speaker:recommended our business last year, and that was just for one inspection.
Speaker:And then many of them recommended us for a second, a third.
Speaker:I think our top one ended up recommending us for 17 or 18.
Speaker:I think the top two, 17 and 18 new inspections over the period of that year.
Speaker:That's why a mavin is so important to us.
Speaker:And now you want to try to make sure that you get as much money
Speaker:from every inspection.
Speaker:So when you do a sprinkler and a swimming pool
Speaker:and a termite and a raid on and a mold and a sewer cam check, it's not unusual
Speaker:for inspectors to make over a thousand dollars per inspection now.
Speaker:And the other thing is, there's a simple formula for knowing how to raise prices.
Speaker:And I can show that to you at some point.
Speaker:But if you're. But let me just tell it to you this way.
Speaker:If you're booked out more than three days,
Speaker:you need to raise prices, not a barge. Ten dollars.
Speaker:Thirteen dollars, eight dollars.
Speaker:And by the way, any two week period that you're booked
Speaker:out, three days or more, you should raise prices.
Speaker:So when people start coaching with me, it's it's
Speaker:normally what will happen is that they will raise prices.
Speaker:Two weeks they'll raise prices, and then two weeks later,
Speaker:they'll raise prices again and they'll raise prices,
Speaker:sometimes as many as three, four, even five or six times in one year
Speaker:until they get to a point where they're not booked out three days.
Speaker:So, for instance, I keep our company set up so that we have inspectors available.
Speaker:Almost same day.
Speaker:Right now, we're booked out about a day and a half, which is perfect.
Speaker:The average person, the ninety five percent would go, oh, my God,
Speaker:I can't be I need to be booked out as far as I can.
Speaker:No, not in the home inspection business, maybe in the carpet
Speaker:cleaning business, maybe if you're a dentist.
Speaker:You know, my wife went to go get an eye appointment the other day
Speaker:and I said, sure,
Speaker:we could schedule you July twenty fourth or some crazy thing like that.
Speaker:And I told her, I said, well, that's a shame.
Speaker:And I picked up the phone and made three phone calls and we were in.
Speaker:That was a Tuesday. On Thursday, we were sitting in somebody's shop.
Speaker:And that's the way it works.
Speaker:In fact, I want you to hear this loud and clear.
Speaker:The company that offers speed and accuracy,
Speaker:speed and accuracy will win over every other competitor down the road.
Speaker:OK, so you want to get them to spend as much money with you as possible.
Speaker:You want to get new clients.
Speaker:You want them to get as much money as you can,
Speaker:and then you want to get those mavens to refer you more frequently.
Speaker:And a lot of the stuff that we're teaching you gets the maven's to go,
Speaker:oh, you want to use this company? Oh, you want to use this company?
Speaker:Oh, you want to use this company, OK.
Speaker:And we teach them how to say that in such a way that it works well.
