Three Ways To Grow Your Business Now
Growing a business can be stressful and lonely, but it doesn’t have to be complicated.
If you’ve ever researched how to grow your business, you will have seen that there are thousands of tactics, strategies, tools, and techniques you could try.
For most people, it’s daunting and overwhelming. When faced with multiple options and seemingly endless decisions, overwhelm usually kicks in. For humans, this means we make no decision. A little bit like a rabbit caught in headlights, we freeze.
So, here’s how we make it really simple.
If you want to grow your business, there are three things you need to focus on:
- Increase the number of clients, get more new prospects into paying customers
- Increase the average transaction, get each client to buy more at each purchase
- Increase the frequency that the average client buys from you, get each customer to buy from you more often
Here are some tips to help you accomplish all three.
Increase the number of clients.
Work with others…
Great news! You don’t have to view everyone as a competitor anymore! In the collaborative economy, you can work with other business owners to build a profitable cross referral business.
For example, if you own a yoga studio you could create partnerships with local physical therapists, nutritionists and massage therapists.
You profit from more referrals, and the client has more rounded healthcare. #winwin
Increase the average transaction value
If you have a product or a service that can help someone, it is your responsibility to give them the option to buy. It doesn’t matter if it is one service or twelve, to allow them the opportunity to buy every available product is your duty. By ‘bundling’ your products, offering upsells and down-sells, as well as services at various price points, you not only allow your client the opportunity to buy, you also increase your average transaction value.
Increase the purchase frequency
Reward and encourage loyalty. We all love a loyalty card. We’ll walk further, wait longer and pay more to get that little stamp. A cheap and simple strategy, this makes your customer feel valued, rewards them for their loyalty and increases your revenues. This is a strategy you can’t afford to overlook! Adding an expiration date to your loyalty cards adds an extra twist that not only encourages your clients to return more often, it also shortens each buying cycle.
Taking a client that usually spends $200 every 4 weeks to spending that every 3 weeks, means instead of spending $2,600 per year, they spend $3,467. An increase of over 30%. Apply that across your whole business, and it’s life changing!
I promised you three strategies but, we like to over-deliver so here’s a fourth strategy you can implement right now to grow your business.
Look after yourself
Most people started their business because they wanted to use their talents to help people and make a difference and the truth is, the world needs you. It needs your talents and skills. But, if you burn out and aren’t taking care of your physical and mental health you won’t be able to help anyone. Remember the flight attendant’s mantra, ‘put your own oxygen mask on first’. In business, putting an oxygen mask on means; taking some exercise, eating healthy meals and taking time to be mindful or meditate.
Take care of yourself, so you can serve the world.
Do you want to grow your business?
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