When it comes to making your business successful, there are only three strategies:
- Attract more customers to your business.
- Increase the value of sales per customer.
- Increase the profit per sale.
While there are lots of activities you can do, each of those activities will relate to one of the three above. Ideally, you’ll want to be doing all three of these strategies to build your business. Here’s a quick example of how you can strategise a way to use all three in your business.
- Attract More Customers To Your Business
This is a simple one. You need to market your business to the right people with the right offer. Think carefully about what your customers want and deliver a marketing message that offers them value.
You can use numerous different channels, such as SEO, social media, email marketing and even door-to-door, but ensure you know what your customers want to hear, not what you want to tell them.
- Increase The Value Of Sales Per Customers
When a customer wants to buy from you, you have to maximise the value of the sale. This can be done by selling them additional products/services to compliment their existing order. Or you could sell to them further down the line. Selling to existing customers is cheaper and quicker than selling to new customers.
To help you, build a strong social media presence and email marketing list.
- Increase The Profit Per Sale
There are numerous ways to increase the profit per sale but you have to look at the customer life cycle and see ways to reduce marketing costs and the right time to sell.
Reducing marketing costs doesn’t mean spend less, it means be more efficient with your spending. For instance, ensure your Facebook paid ads are targeting the right people or that you’re sending that marketing email to an audience who need that information.
In addition, shortening your sales process can help you reduce costs.
Conclusion
There are many ways to build your business, but each path is related to one of three strategies. By keeping these in mind, you can learn to see where there are more opportunities in your business to grow.
Want to know more information? Then why not join us as a Milwood Approved Trader? We have lots of free marketing information on our website to help your business succeed. Contact us now for more information.
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