Here I want to talk about the three ways to grow your business. These are by Value, Volume and Number.
How can you increase the Value of the transactions; assess the value of transactions from this information you can start to grade your customers into segments of the
- most critical relationships
- most valuable relationships
- and least valuable customers.
You increase the value of transaction by focusing your resource on the most valued customers and to please them further and grow their value.
How can you increase the Volume of the transactions, this is how your customers buy from you, analyse if the segments of customers buying habits differ. Does one customer buy one item, or several items in one transaction?
Once you understand the volume of each segment it is easier to present each segment with an offer that attracts them to a higher volume and value. The offer you make to your customer will be influenced by how valued a relationship it is. Here you can look at matching your product or service to the customer wants and needs, increase price, reduce cost, upsell a premium product or cross-sell other related products.
This is the most challenging area, increase your number of customers, it cost 5-9 times more to acquire a new customer than to sell to an existing customer and existing customers spend over 60% more than new customers. The focus of your business may be on selling more, more often but it should be on build relationships and keeping your customer very happy.
In the next video I am going to talk in more detail about growing your business through customer experience.
If you like this blog you may also like this https://theproblem-solver.com/assets/what-are-the-5-business-growth-factors/
Janice B Gordon: The Problem Solver Business Growth Consultant, Mentor, Speaker and Author. Business Evolution – Creating Growth in a Rapidly Changing World will give you the guidance you need to evolve you and your business and exceed your customers wants and needs.
More videos can be found on my Youtube channel : Problemsolvertv1