Growing your business should be the number one priority on any business owner’s task list. There are 3 ways that it can be done, and this goes for any business in any industry. Individually, each of these strategies will grow your business, but when you do them together, you will see explosive growth and continued success across the board.
1. Increase the number of clients you serve.
Focusing on turning more prospective clients into paying customers. It’s always a good idea to spend a significant amount of time focusing on already existing clients. The cost of new acquisitions is significantly higher than the cost of upselling to already existing clients, from a marketing standpoint, so spending time focusing on your already existing clients is never a bad idea.
Already existing clients know you and your business, and are more likely to become repeat buyers. It takes less time and less effort to sell to these other individuals or businesses, because you already know what they need, how to communicate with them, and you already have all of their information.
2. Increase the dollar amount of each transaction.
This is pretty self-explanatory but can be handled in several different ways. You can increase your prices, which you should be doing regularly anyway. Or, you can offer upsales and add-on services, depending on what it is you do as a business. No matter what your industry, you should have different tiers of offerings to offer to your customers and part of your focus should always be to move them up the ladder so that you are bringing in the most money possible for each transaction.
3. Increase the frequency of transactions.
This goes hand-in-hand with marketing to already existing clients. To really grow your business, you want to increase the number of times a client purchases from you every year. This is why having a CRM system in place is so important. Having that data on your clients means that you don’t have to try to chase down information on them, instead you’ll have it right at your fingertips. You’ll be able to track when the client last purchased, what they purchased, and so on. This makes it much easier to sell to them over and over again.
While none of these strategies are necessarily “easy” they are all pretty simple. Start doing one or two, and you’ll see increased growth and profit in your business almost overnight. Combine all three, and as I said before, your growth and income will be explosive.