3 Ways To Grow A Business
I want to share with you 3 proven strategies that will help you grow and maximize your business.
If you can understand that it is the fundamentals that make all of the difference, then that is going to allow you to transform your business and take it to a whole new level.
These business growth strategies can be found in Jay Abraham’s book, “Getting everything you can out of everything you’ve got: 21 ways you can out-think, out-perform, and out-earn the competition”.
Jay Abraham once said, “The key to all of life is understanding how to add value to others”.
For myself, every customer that invests in me, I am 10x more invested in them. I focus on giving my customers what they want AND need.
I continuously add to my products and listen to my customers so that I can meet their needs, which is why I have been able to build a raving fan business and culture.
Watch the video below:
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According to Abraham, there are only three fundamental ways to increase the profitability of your company:
#1 – Increase the number of customers you serve
Research shows that a 5% increase in customer retention can result in a 75% increase in customer value. Ask yourself, “How can I improve retention by 5%?”
#2 – Increase the transactional value of a customer
If you can find a way to increase the value of a customer, you can earn more money from that customer, thereby increasing your transactional value, and reducing your marketing costs.
#3 – Increase the frequency of purchase for a customer
Email marketing is one of the most powerful tools you can use to increase customer purchase frequency. This could be in the form of upsells, down-sells, complimentary products, affiliate marketing, continuity programs, etc.
With each of these strategies, you need to add value and be innovative. If you do, you will create raving fans.
If you over deliver to your customers, they will want to continuously do business with you. That is the ultimate position you can be in.
Ask yourself, “How can I increase each of these strategies by 10% in order to drive the continual growth of my business?”
Take action and watch your business transform to a whole new level of success!
Hey everyone, Stefan here from projectlifemastery.com and in this video, I am going to share with you three ways to grow a business and these three ways are pretty general, they are pretty basic, but they are really important because if you can understand that it is the simple things, the fundamentals that make all the difference then that is going to allow you to transform your business and take it to a whole new level.
Jay Abraham & the three ways
Now, these three ways are actually from Jay Abraham, who is a marketing genius. I saw him speak not long ago and I am actually reading his book called ‘Getting Everything You Can Out of All You've Got: 21 Ways You Can Out-Think, Out-Perform, and Out-Earn the Competition‘. If you don't know Jay if you don't know his work, I highly recommend it because he is a marketing master and the three ways, real quick are:
1. In order to grow your business, one way of doing it is to increase the number of customers that you have. To get more customers. Pretty basic. Obviously, the more customers you have, if you are selling a product or a service, the more money that you are going to make. That is the first thing.
2. Increase the transaction value of a customer. Now a lot of people don't realize that you can get a customer, you can acquire one, but if you can make more money from a customer, then why wouldn't you? If you could increase the overall transaction value then, of course, you want to do that because a lot of people don't realize that it is actually very costly to acquire new customers.
If you could find a way of somebody that is already invested in you, is already a customer of yours, if you could already find a way to increase the value of that customer, either by providing another product or service that can serve them or can help them, that can solve a problem or a need or help them in some way, you can earn more money from that and now you are earning more money from that customer. Now your transaction value has increased.
It is a lot cheaper that way as well because you don't have all the marketing costs to acquire a new customer. That is always a more efficient and much better way to make more money from a customer to grow your business.
3. Increase the frequency of purchase from a customer. To get some residual income from a customer and, again, all of this, by the way, getting customers and increasing the transaction value and increasing the frequency of purchase, all of these different ways to grow your business, you got to do it in a way where you are innovating and your adding value.
Create raving fans
If you are adding value through solving a problem or meeting a need, you are going to create a raving fan, you are going to create a customer that is going to want to do business with you again and again. That is really the key thing. If you over deliver, you add massive value to a customer's life, they are going to want to do continuous business with you. They have already got that trust, that relationship, you have already gotten them a result, they know that you represent a standard of quality and excellence, that you are going to take good care of them, that they can trust you.
That is the ultimate position to be in so you always want to make sure your intentions are strong. I know for myself, everyone that invested in me, I am ten times more invested back in you, I am committed to my customers, I am going to add more value to you than anyone else will, I am going to add value to you long term, I am going to meet your needs, I am going to give you, not just what you want, but what you really need and that means that I am going to continuously improve my products, I am going to add more value.
I am going to listen to you so I can constantly innovate and meet your needs. That is the standard that I have and that is why I have been able to build a raving fan business, a raving fan culture and customers. By utilizing those three areas to grow your business, your business will grow.
Ideally, you want to think…
“How can I improve each one? How can I increase my customers by 10%? What are ways I can get more customers, how can I market more?” Maybe it is using search engine optimization, maybe it is using publishing or maybe it is using YouTube or blogging or Facebook. Maybe it is just implementing a new strategy, a new social media strategy or a new way of getting tracked online. Maybe that one thing can increase your business by 10%. Maybe think, “How can I increase the transaction value, maybe I can increase the price of my product. Maybe I could do some testing.”
If you look at the purse market, the handbag market, there is Louis Vuitton, it might cost $3,000 or $4,000 to buy a purse, or you could buy a purse for $20. The $20 purse might just be as durable as a Louis Vuitton purse that you might buy for $4,000, only costs them about $15 to $25 to make it but they are charging $4,000 for it because they have built an identity, they have built feelings that are associated to that product. It is just as durable as a $20 purse, but the one that is $4,000, they are able to charge a premium, they are going after a totally different market, they are making more money for it.
That is one way that you could increase the transaction value. I know for myself and my business, I much rather create a really incredible product that will really transform someone's life than create a cheap one and charge more money for the better product. I could create cheap products, but I am going to do my customer a disservice. If I create products that are less than $100, they are going to be good products that are okay, but it is not going to really help you build a business that could maybe make you millions of dollars.
That is what I want to do. I want to work with the people that are committed, that want the premium content, they want the very best that I could add massive value to. The transaction value, the repurchase frequency, maybe it is having upsells, maybe it is having downsells, maybe it is complementary products, maybe it is leveraging affiliate marketing and finding other ways to meet a customer's needs. Maybe it is creating a continuity program. There are so many ways to increase the frequency of someone buying from you again and again and again.
Those are the three ways, again those are directly from Jay Abraham. It is some pretty basic stuff, but you want to think, “How can I improve each one by 10%. How can I improve how many customers I have by 10%? How can I improve my transaction value?” Maybe I can do an A and B split test. I can test things that can make me more money per customer. Maybe I could … There is may different things you can do so how can you improve each one my 10%?
That is my challenge for you is thinking how can you increase each one. Really think about that, think about, “How can I grow my business by leveraging, not just one, but all three of these three ways to grow a business?” I would love for you to leave a comment below, let me know what you think, let me know what you are going to do and make sure to like this video if you enjoyed it, if you really appreciated it and subscribe for more videos like this.
Of course, if you guys want to learn how to build an online business, step by step how to get started, and you don't have one, or if you already have one and you want to take it to a new level, then enter … Click the link below in the description in this video, head on over to that page, put in an email address, I have got a free course that is going to add massive value to your life, it is going to who you how to build an online business, the different ways and strategies to do it. You guys will enjoy it, you guys will love it, a lot of great free content information there for you but that is it for this video guys, thank you for watching, I will see you guys in the next video.
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