Would you believe that many people think that growing a business is complicated. The truth of the matter is, it really isn’t.
No matter what type of business you have, there are 4 components that will help you to grow your business and generate more money.
These 4 components are relevant to both ‘bricks and mortar’ businesses and online businesses – but for the purpose of this blog post, I’m going to veer towards ‘online business’ in relation to any examples I use.
Let’s take a closer look at the 4 components
#1: More Visitors / Increase Your Audience
This is quite an obvious one but it is one of the biggest. Get more visitors to your offers, or tap into a bigger audience.
The more people you can reach, the more sales you will make. It’s basic math.
Most businesses barely scratch the surface when it comes to reaching their target audience. In 2022 there are lots of ways to broaden your search and reach your target customers. There’s social media, search engines, YouTube, Reddit, and paid traffic sources.
That’s just to mention a few!
Before you can improve other areas of your ‘sales process’ you first need to get your products and services in front of your target audience – So be sure to reach as many people as you can.
#2: More Products or Services
Many businesses focus on bringing in NEW customers which is great. However, they often forget that their existing customers are far more likely to buy from them, than ‘cold’ prospects are.
Once a person or company invests in one of your products or services they are a customer. There’s a level of trust, loyalty and rapport that has been built, and therefore they’re more likely to buy from you again in the future.
With this in mind, CREATE new ‘additional’ products and services that you can market to your existing customer base, to grow your business further and generate more sales.
#3: Convert More Sales
This is one of the most important components yet it is the one that gets overlooked the most.
It’s important to convert as many of your visitors / prospects as possible, so that they become paying customers.
In sales and marketing terms, this is called ‘sales conversion’.
There are many things that you can do to increase the ratio of people that buy your products and services.
After a prospect enters your sales funnel you can send them a content driven ‘marketing’ email sequence that pitches your products or services.
You can include strategically placed ‘buttons’ and links within your websites, blogs and marketing pages.
You can setup ‘tripwire’ offers, upgrades and so much more.
Improving your sales conversion is all about ‘leaving no stone unturned’ and making sure you optimize your entire process and capitalize on every opportunity to present an offer, or close a sale.
#4: Increase Your Prices
This one is by far the quickest way to generate more money – and that’s to increase your prices.
However, this requires serious thought and consideration.
Are your prices due an increase? Have you been stacking up the value and improving your products or services? Have your competitors increased their prices?
Maybe you are passed the ‘startup’ phase, have honed your skills, have some customers and are ready for the next phase?
You can often increase your prices without seeing any drop in sales. If you can justify it, then increase your prices slightly and enjoy an instant pay rise.
Business Doesn’t Have to Be Hard
The basics of business really isn’t that complicated. Making simple adjustments can have a huge impact on your business, sales and income.
If you have a business, take a look at some of these key areas and see where you can make improvements.
To your success!
Andy Black