Ep.3/ The ONLY 3 Ways to Grow Your Business
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Sharing with you today the only 3 strategies for you to grow your business right now- according to marketing guru Jay Abraham. And how I applied this strategy to grow my wellness business and my coaching business.
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Most people, including me, think that increasing business is complex.
But actually, there are only three ways to grow your business
Only three.” said the business executive, speaker, and author Jay Abraham.
Increase the number of clients, get more new prospects into paying customers
Increase the average transaction, get each client to buy more at each purchase
Increase the frequency that the average client buys from you, get each customer to buy from you more often
Why You Should Focus on Repeat Clients Rather Than New Clients first
Depending on the industry, it’s five to twenty-five times more expensive to attract a new customer, than to retain an existing one. When you know that selling to an existing customer is 60-70%, while selling to a new prospect is only 5-20% (Marketing Metrics), you should focus on serving, surveying, cultivating your relationship with your existing customers.
It makes sense when you think of all the resources and time you have to put in to find a new customer and get him/her to try your services, and then the number of times in a lifetime your existing customer could come to rebook your service (think of your customer’s “lifetime value”!).
Behind the scenes of the spa business, I owned for a decade and is still up and thriving:
When we surveyed customers after their first visit for over a year, we found out that the majority of our clients came from either referrals or online searches (mostly Google).
After I discovered this, I printed referral cards to give out to all our customers and encourage more referrals. In terms of search engine optimization, there wasn’t much I could really add, as we already have a great ranking.
Another thing I did was to expand our retail area with more products and train our team to present these products more consistently to each and every client.
What I'm doing in my current coaching business
I mentor private clients in building their businesses. I also teach workshops on various digital marketing topics for entrepreneurs who want to DIY certain aspects of their business. My private clients have the opportunity to join one of my workshops and masterclasses.
For my workshop studies, I plan to offer an up-sell which would be a strategy call with me so they have extra support and accountability to succeed in the implementation of the course.
Conclusion
Quote Jay Abraham: "Do any of the 3 strategies and you can grow in a linear manner. Do any combination of the three and you grow exponentially.
In fact, you could probably double your revenue by just being proactive and concentrating on a few simple ways to increase your effectiveness in these three areas."
When you optimize just one of the variables, growth will be linear. But when you optimize 2 or 3 of the variables at the same time, your growth will be exponential because you’re creating leverage.
Next steps:
How can you apply this to increase your revenue?
How can you create opportunities for your current clients to come to your business more often or to book your services more often?
How can you increase the average ticket price per client and sell more services or products that can increase the effectiveness of their experience with you?
I invite you to brainstorm some ideas, maybe create a mind map, get together with your team and brainstorm. Create a poll on your social media and survey your followers, create a customer survey to discover untapped opportunities.
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