Mar
16

Only 3 Ways to Grow A Business?

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Did you know that there are, essentially, only three ways to grow a business?

1. Increase the number of customers.

2. Increase the average transaction value.

3. Increase the frequency of repurchase.

Find a way to maximize each one and your business will experience an astonishing rate of growth. Ignore any one area and your business will not achieve it’s potential.

Most small business owners and entrepreneurs have a tendency to focus on number one and ignore number two and, particularly, number three.  Take a few minutes today and think about how you can begin to improve these areas of your business.

Can you reach out to existing customers with a new product or service that will compliment what they are already buying or using? Can you create packages that will allow someone to purchase several items together, increasing the average transaction value for new or returning customers (people love packages – I know of several businesses where over 80% of the purchases made are for higher-priced packages rather than individual purchases).

What customized marketing strategies can you come up with to improve in all three areas?


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Comments

  1. admin says:

    What are some of the ways you do each of these?