There are many ways to grow your business. But these three methods are proven and relied upon by marketing gurus.
- Increase the amount of each purchase (larger sales)
- Increase the times your customers buy from you (repeat sales)
- Increase your customer base (new customers)
Cash flow is the life of any business. Lets look at some ideas to grow your business.
1. Increase the amount of each purchase (larger sales)
* Making larger sales is done by add on’s. Example: offer deserts after a meal; having a special, like buy three and get one free;
* Increasing your prices.
2. Increasing the frequency your customer uses your product or service.
* Using bag stuffers with a coupon;
* Writing a newsletter or special mailing for your customer with a discount or coupon for only them;
* Finding additional products or services to offer your customer;
* Incentives-punch cards to earn free products.
Car salesman Joe Gerand sold more cars than anyone else in the country 12 out of 15 years. He sent a card out to every one of his customers every month to keep his name in front of them.
3. Getting new customers is the hardest and most expensive of the three ways.
The easiest and least expensive way to get new customers is referrals from your current customers. Not only are referrals great leads; they require less selling time and create more loyalty. Offer your customer’s gift certificates, free gifts or a discount for referrals. Recommend a friend regards is a great profit method for simulating work of mouth referrals. You offer an incentive to a customer in exchange for a referral. Ask first, then use their name as a referral source. You are using that person’s credibility to turn that person into your customer.
Increase your customers by activating old customers. First they cost 20 times less to acquire than new ones. It is a fact that 50% of old customers stopped using your services for no reason. Get them back with a special offer or reminder letter. Use any method you can to keep your name in front of your customers. Thank you letters with an explanation of the benefits they received by using your services is a great way.
The hardest way to attract new customers is advertising. If you use this method track your responses to measure the response effectiveness. Different headlines can change a response by 21 times. You only have a couple of seconds to get their attention. Price can change a response by 10 times, even if the price is increased! Changing the way an offer is stated can change response by 6 times. Always state the benefits you are giving your customers not the features your product or services offer. Find out your potential customers hot buttons, why they buy and then tell them how you can help them. People buy form you because of the benefits offered.
These are a couple ways to grow your business, there are 100’s more. If you are interest in learning more give me a call and we can sit down so I can learn more about your business.