There are only 3 ways to grow your business
As a copywriter, I’m constantly asked, “What’s the best way to get more business.”
Sure, there are 1000 of marketing tactics, but there only 3 ways to grow a business.
Small businesses seem to be paralysed with fear when they think of marketing and the 1000’s of marketing tactics. There’s so many to choice from, they don’t know where to start. So they do nothing, they’re looking for the silver bullet that’s going to solve all their marketing problems.
Then you have the business owners who believe marketing is some kind of voodoo, only used by a conman. (Yeah I know there some charlatans who would sell their grandmother if they thought they could make a dollar.)
So how does small business know which is the best marketing solution?
You’re asking the wrong question
3 Ways to grow your business…
Remember how I mentioned there are only 3 ways to grow a business.
Let’s take a look at these:
- Get more clients…
- Get them to spend more, and…
- Get them to spend more often…
I know you’re probably thinking “what about this idea, surely it’s a different way to grow a business”
You will find it’s just a variation of the 3 business growth concepts.
Usually, business focuses on the first one – Getting More Clients (this is the most expensive option)
It estimated it costs 8 times more to get a new client than to work with your existing client base.
You see these people already know you. (You’ve built a relationship with them, hopefully, if you did a good job, they trust you)
It seems crazy to invest all your marketing dollars in getting new clients, without allocating any funds to service your existing clients.
Still with me?
Good, let’s move on.
So for now, let’s look at getting your customers to spend more and more often.
It’s sad to see so many businesses squandering these valuable resources.
For starters, when was the last time you sent them additional information? On how your product or services can help them solve their problems.
If you’re looking for the quickest and easiest way to get more sales, then send them an email or better still a letter.
Give them useful information on other applications your product or service solves.
Let them know of the other services you offer, as they may not be aware what else you provide to help them
Every time I have used this method, I have always got more enquiries and more sales. It works like magic.
If you’re not talking to your customers every 90 days, you can bet your competition are.
Help them to buy more from you. Make it easier for them to do business with you.
You could send out newsletter packed with
- Case studies of what successful client did…
- Results they achieve using your product…
- Tricks and tips for getting the most out of your products…
- Ideas they can use to grow their business...
- Letting them know of updates and special releases…
Most people smile when asked, “Do You want fries with that? Of do you want to supersize your order” (I know what you’re doing)
McDonalds thinks this is so important, they spend a week teaching the 16-year-old kids, to Upsell.
So if McDonalds believes this is so important. Why aren’t you using this in your business?
I know you’re saying ‘but my business different, I’m not selling hamburgers.”
Let me give you 2 examples I’ve implemented into businesses.
Checklist for Hardware store
Imagine you’re gone to hardware to buy a paintbrush and some paint.
The staff are trained to be aware and ask you questions
It goes like this
It looks like you’re planning to do some painting. I’m I right?
That’s right, I’m painting the lounge room this weekend.
Great, we find most people who plan to paint, always seem to come back, because they forgot something.
So we created a painting checklist, to make sure you not spending all day coming backwards and forward to the hardware store.
Would you like me to run through the checklist to make sure you don’t forget anything?
Your checklist comprises a series of questions like
- What are you painting?
- Do you have sugar soap to clean the walls?
- Do you have drop sheets?
- Do you have sand paper? and
- What about Edging Brush?
And so on
At the end of the list, it has suggested bundled paint kits, for each situation.
Do you see how powerful this is?
As a potential painter. Do you feel threatened because they used the Paint Checklist to make sure you have all the painting gear to get the job done?
Or do you feel they were looking after your best interest?
They didn’t just stop at painting, they had a checklist for most projects tackled by the home handyman.
The results were outstanding,
They had customers who spent more and were happy to tell their friends of the great service they got at the hardware store. Over 60% bought additional items to help them complete their projects. They also saved time money and time because they had already put the painting packs or tiling packs etc together.
How can you apply this to your business?
The question that was worth $47,000
Do you want to know what the single question that was worth $47,000 in profits?
I thought this might be of interest.
One of my clients had a hire business, supplying the exhibition industry.
An exhibitor would ring to book their furniture for their exhibition.
All staff were trained to ask one additional question
Do you want a rubbish bin with your order?
Is that all? Yip that’s it. One more time for the slow people “do you want rubbish bin with your order” (I’ve heard that before)
7 out 10 people said yes. That’s an extra $10 per order – doesn’t sound like much. That’s a whopping $47,000 sheer profit because they were already going to their stand and they had hundreds of bins.
You do the maths they averaged 3 shows a week with an average of 50 stands for 45 weeks a year.
What could you be doing to get your clients to spend more?
Next time we will look at how can get your customers to buy from you more often.