Building A Thriving Business (What's at the VERY CORE) Pt 10

According to renowned business executive, coach, author, speaker; Jay Abraham, there are 3 ways to grow any business:
  • Increase the number of customers
  • Increase the unit sale of every purchase
  • Increase the frequency of purchase

Point 1

Every business leader needs to give their customers incentives for being their lead generators, like, paid trips for high ticket buyers, frequent flyer miles, deals on public holidays or during their birthdays, rewards for frequent buyers (loyalty system) and new member registration, free gift with purchase, the list goes on, but you get the point; right?.

Point 2

You also need to increase the amount of sale for every purchase. One may decide to increase the price or sell more inter-related products/services to the customer (cross-sell). I prefer the latter, as that will build more trust with your customer, because they will see it as you taking the time to get to know them. Remember, no one buys a product, without prepping ahead of time on the synergistic relationship with another. You won't go to McDonald's and just buy the big-mac; either you add a side dressing of chips and salsa/guacamole sauce or preferably wash it down with a coke. Another variance of cross-sell, is up-sell, where you offer upgraded or expensive versions of your product/service, like stocking, a packaged bundle of vegetables at a discounted price, instead of picking them separately from a cart, or stocking an organic equivalent.

Point 3

Finally, the last to think about is extending the life of your customer. In this day and age, your customer will mostly remain loyal, as long as you are CONSTANTLY adding value - check Pt 5 of this series for more details. This was the case in the consumer electronics market, with Sony electronics taking the lead in the late 80's, early 90's because of their high-tech designs and product features, but they fell in love with their products, and lost touch with their customers. Soon afterwards, Apple computers took over, and with the help of the late Steve Jobs, revolutionised the industry through his never ending thirst for being one step ahead. Although, Apple dropped off a bit, after his death; only coming out with the apple watch, they are finding their footing once more, with the air pods, home pods, and rumours of future releases like the apple glasses and something related to motoring called project Titan. If you don't innovate you die in the business world - Anthony Robbins

Conclusion

Just focusing on one of these aspects of growth, could cause a geometric growth in your business, and if you were to master more than one, you could experience an exponential growth in your business.

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