How you expand your business
I believe most people who started their own business are thinking about this question and this question is so important that you need to keep thinking all the time. However, there is a way to think about it so that you can actually think creative and implement that idea into action to make your business even more profitable.
I would like to start off with conclusion. There are three aspect that you need to focus on to expand your business and only three aspect:
1, Increase the number of customers
2, Increase the number of repeat sales
That is all what you need to focus on, pretty simple isn’t it?
If you ask me to make it more simple, there are only two ways to increase sales.
1, increase the number of new customers
2, Increase the number of repeat customers
Probably you may be thinking “I know that, nothing special” However, I found too many people not being aware of this three aspects whenever I do consulting with business that is not growing as much as owner wants to be.
I am always telling my clients to be aware of which aspect are you focusing on right now. It is never emphasize enough to do that as people are really good at forgetting things that is important.
Let me now elaborate on each aspect so that it is much easier to understand and implement on your business.
1, Increase the number of customers
This first one if pretty simple. Your sales will increase as the number of new customers increases.
Those people who is using social media such as Facebook, Twitter, Instagram, also Blog are using those marketing funnel to achieve this goal.
However, there is a downside of using this kind of marketing social funnel.
Because these marketing media are free, those who use them tend to like something FREE.
That is the reason there are so many people who rather use paid media such as Pay Per Click advertising like Google Adwords. I am not sure if that is a really good idea to only use paid media and not use those free social media though.
2, Increase the average order sales
This is what we call cross-sell or up-sell.
Cross-sell is an action or practice of selling something similar to existing customers, For example,
I was cross-sold last time I purchased my MacbookAir at shop when I was only trying to buy MacBookAir. I ended up buying hand carry bag. Also, I was cross-sold when I bought my iPhone that I bought fold type cover for the phone. They are so many example to show and I am sure you have been done many times too.
Up-sell is an action or practice of selling better quality to exisiting customers. For instance:
I used to do free consulting at the start via Skype and later sell my actual consulting which was my backend product.
Needless to say, if you wanted to do the same sales, you would need more than two product or service to sell. However, it is not necessary to increase the average order sales. How?
You can sell the same product to existing customers which we call repeat customers. Cosmetic Product is a good example of increasing the average order sales.
3, Increase the number of repeat sales
How are you going to increase the repeat sales?
Well, the very common practice is to do special promotion or campaign.
I suppose it is easy enough for you to think about the example such as Christmas Sale, Boxing Day sale, Valentine Sale etc.
Also, the company sends out birthday coupon, buy 2 for one sale, introducing punch card. I hope you get your head around of how you can increase sales and please focus on those three aspects and always be aware of which aspect you are focusing on.
In my case, I am trying to get new customers via this blog that is why I am not sending the same message to my existing clients as I do here. I am also very much sensitive on what aspect I am focusing on right now when I am writing up the article for this blog.
By the way, what I said above is something Jay Abraham, very famous marketer, has elaborated previously and I learnt so much about it from him. You can search for his book if you want to.