How to Grow Your Business?
Essentially there are only three ways in how to grow your business. Can you think of them? A lot of people will try and work out different complicated strategies or methods that are involved in growing your business, but it is much simpler than that.
Fundamentally there are only three ways!
– Get more customers
– Get more profit per sale
– Get customers to buy more often
Sounds straight forward, yet when I ask different business owners whether they know how they are able to grow their business, often they don’t even think of these three simple methods.
So, let’s break down each method
- Get more customers
We all get customers, but what most business owners are lacking in is having ENOUGH customers. There are many different methods for which you can get more customers. Here are a few
– Get a website that has a clear message and call to action
– Optimize your website for the search engines
– Collect people’s names and emails so you can market to them
– Start a PPC campaign (Google Adwords)
– Do direct mail response advertising
– Be listed on local directories
– Encourage current clients to refer you
– Follow up with prospective clients
– Go networking and meet business owners that need your help!
As you can see there are plenty of methods for getting new customers, and these are just a few.
- Get more profit per sale
Look at your current price points. Often I will work with businesses where we look to increase prices and we weigh up the net effect this will have. Often a price rise won’t result in fewer clients, or unhappy clients, as long as we can justify the price rise!
This also works in reverse also. Maybe your prices could be lowered which will result in an x percent increase in sales. We need to track and analyze our market so we can get optimum conversions.
Also, it is important to work out a back end sales funnel system. This means you get them in the door on a lower price point / lower product, and once they are in your sales funnel, you continue to supply premium services at a competitive rate. This isn’t difficult but many business owners are only concentrating on getting them in the front door, and then not so much after that!
- Get customers to buy more often
How often are you reminding your customer base to buy from you? How often is your product or service needed by your customer base?
It’s our responsibility to remember as business owners to continue to carry out EFFECTIVE marketing on our current clients. If we don’t remind them to buy from us, they will look elsewhere, and will go to your competitors if your competitor is marketing to them and reminding them to buy!
Look to incorporate an email auto responder series when they opt in on your site, or when they buy a product or service from you, look to collect their details. This will enable you to continue marketing to them in the future.
Current customers are much cheaper to maintain and advertise to than marketing to cold prospects, so make sure you put the effort in to market to these individuals.
By reminding your customers to keep buying, you will make more sales!
These three steps are not difficult to analyze and interpret, yet few business owners do. Once you understand how you can get more customers, how to keep your customers longer, and how to increase your margins, you will have a successful business that will work for you.