That's your business. Exploding into the upper realms of revenue and growth.
But to reach such lofty heights, you first need to understand how to leverage what Albert Einstein called, "the 8th wonder of the world".
So, what is this 8th wonder of the world?
If you have a retirement account or invest in the stock market you might already know.
It's the law of compoud interest.
When Einstein was asked what makinds greatest invention was...he replied..."compound interest."
Now, why would one of the greatest minds in human history voice such words about compound interest?
Because it beats the heck out of that rocket up there. And it has the potential to transform a small input into a massive output.
If you're unaware of what compound interest is, let me explain.
Compound interest is the phenomena of leveraged accumulation. In other words: An input piling on top of itself and growing exponentially larger as time passes.
Think about it.
How does one retire? How do investments grow to such large amounts? How can one seemingly insignifiant amount proliferate into a small fortune?
Compound interest.
Still not convinced?
Let's run through a little example.
Say you have $2,000 of residual income to save and invest at the end of every year. Or to get really granular, you're putting away $167 dollars a month for 40 years. Very doable wouldn't you agree?
You're 25 and don't plan on retiring until 65. Meaning, you have 40 years to accumulate your retirement money.
At face value, and at the age of 65, you would have $80,000 in your retirement account. An impressive sum, but not nearly enough to comfortably retire with.
So, what gives?
Well...interest of course.
Let's say you're retirement account returns a very conservative 6% interest a year. So.. at the end of year 1 you're account would rest at $2,120 ($2000 investment + $120 from the 6% interest). Not a bad little return.
But if you were only to earn $120 a year on your retirement account, at the end of 40 years you'd only have $84,800.
Now again, $84,800 isn't a bad sum of mula' but can you comfortably retire with that? Probably not.
So, what gives?
How do people retire?
You'll never guess...
Yep, compound interest.
Okay, let's finally explore compound interest and figure out how much an ivnestment of $2,000 a year returning 6% a year will yield at the end of 40 years with compound interest.
Let's get right to it no time to mess around.
$348, 667.
I won't bore you with the equation and math.
Quite a bit more wouldn't you say? And an amount you feel a lot more comfortable retiring with.
So why is it so much more?
It's because each year you earn interest, you're earning interest on the interest.
Remember how we said you'd have $2,120 at the end of year 1? Well, because of compound interest you're earning 6% not only on the $2,000....but on the $2,120.
This really adds up...and after 40 years it become quite significant.
So why bore you with numbers and math and equations?
What does this mean for your business?
Easy.
Look at your marketing as a way of compounding your brand awareness.
Every time your business has an interaction with a customer or lead, you're gaining interest...literally and mathematically.
If I've seen your ad or business 10 times...the 11th interaction will compound the previous 10 interactions.
The 11th time isn't a one off.
I've interacted with your business 10 times before leading up to the 11th interaction...and i've devloped some sort of opinion or idea about your brand.
I'm far more aware of your brand than I am of the brand that's only interacted with me once or twice.
What does this mean?
The interactions compound.
And just like a retirement account...each interaction stacks on top of the previous ones to create a stronger, and more powerful effect.
I know what you're thinking.
"But Ian, how can I interact with my customers and leads often enough to produce this compound brand awareness?"
Easy.
Email marketing.
If you're sending 1 email a month that's going to take years to compound your brand awareness.
To be honest...
Your list will forget about you faster than the interest will compound. That's just a fact.
If you email 3 times a week your brand awarenss will compound, albeit at a slower pace. In other words, you may have to invest for 80 years rather than 40.
So what's the quickest way to grow and compound your brand awarness?
Emailing every day, 5-times a week, Monday through Friday.
Email gives you such a great opportunity to interact with your customers and leads on a consistent basis. And just imagine how quickly your brand awareness can compound if you're emailing your list and creating 20 interactions a month?
That's 240 interactions a year.
Tell me this.
Would you forget someones name if you interacted with them 240 days out of the year?
If so, you may need to visit a doctor...there's more concering problems abound.
Quite frankly, you'll know a lot about this person. And if you're still interacting with them after 240 days that means you must like something about them.
I digress.
Interacting more frequently with your customers and leads will establish a relationship. These interactions will compound, you're brand awarenss will compound and people will remember you and your brand....which means...they'll think of you first when they want to buy a certain type of product you're selling.
Don't fight the 8th wonder of the world.
Use it to blast into the hyperspace of revenues and sales.
That is all.
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