There Are Only 3 Ways To Grow Your Business – Part 4
Last week, I continued a 4-part blog series I’ve been writing called “The Only 3 Ways To Grow Your Business”.
In part one a couple of weeks ago, I introduced the series by revealing that fundamentally there are only 3 ways that you can grow your business. These are:
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Increase the number of customers
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Increase the size of the transaction
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Increase the frequency of purchase
That’s it!!
It was a concept first introduced by Jay Abraham the well-known American marketing guru.
In the first week of the series, I illustrated the magic that happens to the revenue in a business when these 3 variables are applied.
Go here and read the first blog post in the series if you haven’t already done so:
https://www.fundingtrack.com/blog/3-ways-grow-business/
Then in the last couple weeks, I’ve focused my attention on each of the three variables in turn.
Previously I looked at how to increase the number of customers into your business and then last week I analysed how we can increase the size of each transaction.
We’ve now reached the final part in this 4-part series, and this week we’re looking at:
Variable 3 – Increase the frequency of purchase:
What do I mean by increasing the frequency of purchase?
Put simply, it means getting your clients or customers to buy from you more often.
So for instance, if your customers currently buy from you twice a year, the question is: ‘how can I get them to buy from me more often’? Instead of buying from me twice a year, what can I do in my business to get my customers to buy from me three times a year or even four?
One of the quickest and most effective ways of increasing the frequency with which clients or customers buy from you is by looking at your existing customers.
They’ve already bought from you once before, so the question becomes, what can you do within your business to get them to buy from you more often?
And one of the best things you can do, is to make it as easy and simple as possible for your customers to do business with you.
It sounds obvious, but when it’s easy to do business with you; existing customers will keep coming back for more, more often.
And ultimately, what this does is provide additional value to your customer thus leading to increased customer loyalty.
A great example of this is Amazon.
They devised the “one click checkout” which means that after you’ve purchased something on Amazon the first time, your debit or credit card details are automatically stored which means next time you shop on Amazon, you chose your item, press “checkout” and you’re done!
In other words, Amazon have made it as simple as possible for existing customers to keep buying from Amazon.
And then they went one step further by offering Amazon Prime – this provides you the customer with additional value which in turn leads to increased loyalty. And so you keep on buying from Amazon.
If you haven’t done so, have a study of Amazon as a company. They haven’t become one of the most successful companies in the world by accident.
Amongst many other things, they’ve been able to increase the frequency with which customers buy from them by making it stunningly simple to buy from them the first time and to then keep on buying from them.
Outside of making it easy for your customers to deal with you, here are a few other ideas that will help the frequency with which clients and customers will buy from you:
- Responsiveness to requests, calls and emails
- Consistency in your offering
- Follow-up and follow-through on all telephone calls and meetings
- Doing what you say you will do
While these may seem like common sense, think about the number of businesses you’ve stopped using simply because they were too difficult to deal with.
For instance, I’ve been using the same broker to arrange my travel insurance for the last 6 years, but I’ve just switched because they’d become so painful to deal with – unresponsive and not following through.
Whatever you do, don’t become like that to your customers.
And that’s it! The 3 ways you can increase the revenue in your business.
What next? Why not take some time out, examine your marketing strategies and think through what you could change or improve that will begin to drive “the only 3 ways to grow your business”…….
