Despite the tactics you use to grow your business, it comes down to one of 3 things. If you keep your focus on these three, you can gain a clarity, and gauge activities that you're doing against whether or not they move you closer to growing one of these three areas.
The following 3 areas are the areas of focus that I use with my clients, when helping them grow their business.
In reality, you should be focusing on getting more "clients", not just customers. What's the difference? Customers are people who pay you once for a product or service, clients are those that you have an ongoing relationship with. This could be via your email list, on the phone, or in person.
In the next article I will go into the math of what a seemingly small increase can do for your business. Prospecting (client acquisition) is expensive. So, you want to identify ways to reduce the cost of client acquisition. Whether that is strictly time and energy, or it's advertising dollars spent.
If you increase the effectiveness that you're able to gain move someone into a prospect, and then eventually to a customer/client... You will increase your bottom line. Period. In a future video I'll be covering techniques in which to do that.
Getting more transactions (or sales) per client/customer is another of the three focuses. Think about if you were able to make an additional sale to even half of your client base what that would do for your business.
This can happen in the form of up-sells, down-sells, follow-up offers, or recurring plans or membership.
If you're a wedding planner/photographer, or real estate agent, this could seem impossible right? Well, if that's the case you have to think about transactions per client a little differently. In this case it would be changed to "referrals per client". With that in mind, it should still be a focus of your business.
Also, find something else to offer your clients. Could you offer a deluxe package? How about partnering with businesses that have a similar client base and giving referrals for a small fee from the sale? If you're a carpet cleaner, could you sell a spot cleaning cleaner that they can buy from you?
What about recurring planes or membership? Could you offer services on an ongoing basis, even if it was for a discounted rate? If we go back to the carpet cleaning example, could you offer a monthly plan that gets them a 25% discount on carpet cleaning and you come and clean their carpets once a month like clock work?
What would recurring revenue do to your business?
This one is quite possibly the easiest way to grow your business and increase profitability. All it takes is believing that you can charge more for your products and services. There are a couple of caveats here.
The first, is that obviously if you're going to do this you need to be offering quality. Whether that's your product or service, doesn't matter. If you're offering high quality, you'll easily be able to increase your value per transaction. If you're not offering value, you will not be successful long term.
That being said, let's assume that your product/service is currently $100. Could you charge $110 for the same thing? What could you add that wouldn't be a huge impact on you, but would increase the value your customers get in effort to "justify" your raised prices? Many business owners don't charge more because they don't believe they can. It's a mental thing, and a challenging one.
Think of 3 ways that you could increase each of the three areas above. Then, write them down! Could you focus on one of the above areas each week? What would that do to your business?
If you're looking for one-on-one consulting with me personally, including how you can get a free coaching call click here.
The next video on using these 3 strategies shows how to quickly grow your business by 33%. You can watch that by clicking here.
Consulting with businesses for 10 years, with focus on business growth, sales, and marketing. Implementing and/or improving sales funnels, marketing, and ad campaigns; as well as other organization activities. After studying human behavior for years, sales funnels became more effective, but really found a passion for helping people in all areas of life. Trusted business adviser, and leadership coach, to really get business owners to the next level.