I could have saved myself thousands of dollars spent on attending business schools and graduate studies had I learned that there are only 3 ways to grow your business. Here I thought, after 4 years of undergraduate studies and an accelerated 1 year completing an MBA, that there were hundreds of strategies and tactics to market and grow a business. I wasn’t wrong because there are thousands of strategies and tactics but each of them is tied to one of these three means:
- Grow the number of clients you have
- Increase the amount each client spends with you
- Increase the frequency with which your customers will buy from you
Too simple to be true? Not so. In fact, it’s too simple not to be TRUE. Your business will grow faster and easier once you understand this concept. My only regret is that I would have read The Sticking Point Solution by Jay Abraham earlier in my career of growing companies.
Numero Uno; Grow the number of clients you have
This is the most common and most obvious means to grow your business. It is also the most abused by most businesses. Billions of dollars are spent every year on advertising and promotions by small and medium sized businesses chasing the UNICORN. You know about the Unicorn right? It is a mythical beast that takes the form of a beautiful white stallion with an ornate single horn. The Unicorn only makes itself known to the noblest individual with the purest heart. In the business community, the ‘Unicorn’ is that one potential client that is going to make the business millions.
Sadly, like the Unicorn, this client does not exist. So many businesses settle for the residual clients they get from their efforts and eek out a profit. So they spend more billions on advertising & promotions looking for new clients and hopefully… the Unicorn.
These businesses do not know of the gold mine they already have. For every 100 prospects they engage, only about 10-15 will become clients leaving another 85-90 on which advertising dollars have been wasted. Or has it? What if for those 85-90 the timing wasn’t right or the offer had not yet become relevant? What if there were another 10-15 clients in the remaining 85-90 at some point down the road? Or what if your offer isn’t right for them but they know someone who does fit and there was another 10-15 introductions in the mix? You could literally triple your business with new customers using only the list you have developed now.
So for your next 90 Day Surge, what would your business look like if you focused on nothing but generating new clients from your existing list of prospects either through timing your offer or looking for introductions?
As per usual, I am running out of space and time. Make sure that we have your contact information up to date and you stay subscribed to this blog. I will discuss more about the other two ways to grow your business and how you can structure a 90 Day Surge to double or triple your business.
Continue on to Part 2 of the 3-part Series >> Increase Frequency