With all that’s been happening, it’s important that we continue to focus on growth. I came across this framework, from Jay Abraham, that I’ve used to help myself and many other clients accelerate business growth. I hope this serves you well.

THE ONLY 3 WAYS TO GROW YOUR BUSINESS

1. 1. 1. Increase the number of clients.
      2. Increase the average transaction value.
      3. Increase the frequency of repurchase – get more residual value out of each client.

Increase the number of clients.

Some ways to do this are:

1. 1. 1. Create a Referral System.
      2. Increase the perceived value of your product/service by educating the client.
      3. Use a Risk Reversal Strategy.

Increase The Perceived Value

Some ways to do this are:

1. 1. 1. Add – ons – Refers to an ancillary item sold to a buyer of a main product or service. It is sometimes known as “up-selling.”  Example: If you sell websites, you can offer online security to enhance the websites performance or an optimization that makes the website operate better. Just make sure your add -ons make the product even better.
      2. Incentives –  This is “enticement” to get customers and prospects to do what you want them to do.  Example: Rebates and Loyalty programs are great examples. Product manufacturers use rebates to entice customers to choose their products over the competition with the enticement of future savings.
      3. Bonuses – an additional number of items that are placed with the product or service. Example: You can offer free samples of a non – competitive product or service. There’s also the “Buy 2 get 1” free model where you make your product more attractive to buyers by offering them more than what they are paying for.

Increase The Purchase Frequency

We know the power of referrals but how many of us “hope” to get a referral as opposed to having a strategy that will increase the number of our referrals.

Here are 3 strategies that I have discovered in my research from Jay Abraham, that I have tested and gotten results from, that will either increase referrals or the frequency of sales from your customers.

Some ways to do this are:

1. 1. 1. Create a back-end of products that you can go back to your customers with.

         Example: The place that sells you a bed will also sell pillows, sheets, mattress covers, and services to put the bed together. They will so offer you other furniture to go with your bed.

      2. Create a Group or Club related to your products or Services.

         Example: You own a store that sells fabrics and sewing equipment. You create a knitting club that meets at that store once a week and provides them with valuable techniques and information. The people in that club enjoy it so much they invite other people with similar interests. New people come to your store. Those new people enjoy it too so they buy from your store.

      3. Offer incentives to your BEST clients.

         Example: You can promise a major discount on a customer’s next order if the customer refers a friend or relative. Some CPA’s, offer to do a mid-year tax review at no cost, in exchange for one or more new-client leads.

         Also, there are referral-generating contest, where an awesome prize is awarded to the customer or client who brings in the most referrals.