|
  |
|
|
Grow Your Business in 7 Key Areas
By Stefanie Strauss of Innovabiz Pty Ltd
There are just 7 key areas in which you grow your business. Using all 7 of these will let your business reach or get very close to its potential very quickly. These areas are: 1. Lead Generation
2. Boost your Conversion Rates
3. Increase the Size of Customer Transactions
4. Increase your Profit Margin
5. Increase the Number of Purchases
6. Increase your Customers “lifetime”
7. Get More Referrals There are numerous proven strategies you can apply to massively improve each of these 7 key areas, and by combining the power of expanding in all these areas you have the ability to grow your business to heights you never thought were possible. Lead Generation involves your advertising and marketing strategies. You can increase the leads you generate through your marketing by increasing your advertising (use bumper stickers classified advertising, bulletin boards, bag stuffers, etc) and targeting your advertising to a niche market (advertise in trade journals, workshops, trade markets) You can boost your conversion rates by using a number of strategies. Guarantees and Risk Reversals increase the likelihood of customers buying your product or service. Unique Value Propositions and targeting a market audience will also increase your conversion rate. Increasing the size of customer transactions involves maximising your profit per customer by getting them to buy more of your products. To do this, you can use techniques such as up selling, the “back-end” sale, follow-ups, financing options, and package deals. There is more than one way to increase your profit margin. Obviously you can increase your prices across the board. You can also decrease costs through outsourcing, increasing efficiency, recycling, collecting outstanding debts and bypassing low quality customers. Increasing the frequency of purchase involves both generating new clients and selling more to your existing clients. You can do this by offering incentives such as frequent buyers rewards, increasing customer rapport by over-delivering on your promises, and directly addressing clients’ needs. Customer service is the key to increasing your customers “lifetime”. Follow up, deliver more than they expect, invite them back, upgrade for free and customer appreciation events are all strategies that will keep your customers coming back. You get more referrals from your customers by offering them outstanding service. Other ways of increasing referrals are by joining business networks, offering money back guarantees, working within a niche, letting the media know “what you are doing” and sending referrals to others. |
Innovabuzz Blog
PLEASE VISIT THE CONTRIBUTOR'S WEBSITE
Please login or sign up to rate this intel.
Please login or sign up to add a comment.
The copyright for this content entitled "Grow Your Business in 7 Key Areas" has been specified by the contributor as:
All Rights Reserved
This content may not be copied, distributed or adapted by anyone under any circumstances.
|
 |
May, 2012
2008
January, February, March, April, May, June, July, August, September, October, November, December
2009
January, February, March, April, May, June, July, August, September, October, November, December
2010
January, February, March, April, May, June, July, August, September, October, November, December
2011
January, February, March, April, May, June, July, August, September, October, November, December
2012
January, February, March, April, May
|
|
Not a member yet?
Qondio is a powerful network for making it online. If you have a website to
promote, we can help.
Sign up and get in on the action.
|
|
Welcome to Qondio! Discover the awesome power this network can deliver by going to our About page. Or you could skip straight to the Sign Up form.
|
|
