Tuesday, April 15, 2008

How to grow your business

I was recently reminded of some eternal wisdom coined by marketing guru, Jay Abraham. He states that there are only three ways to grow a business:

1. Increase the number of your customers or clients.
2. Increase their average transaction value.
3. Increase the frequency of their repurchases.

Jay simply says that to grow your business, simply find a way to maximize each one. Moreover, if you can nudge all three a little higher, your growth will be exponential!

To increase the number of your customers, you just need to open up your routes to market. That means meeting more people, networking more productively and effectively, increasing your connections and leveraging your existing relationships for referrals, recommendations and introductions.

To increase their average transaction value, all you need a greater share of their wallet. This is the domain of cross-selling and up-selling, and you do that by going deeper with your relationships.

When you find out where people are hurting, what's causing their pain and what's giving them problems.To increase the frequency of their purchases, simply keep in contact with them.

Find reasons to connect, to stay in touch and to give them reasons to keep coming back. then you will sell more, more often and make more profit:)

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