“Sustaining a successful business is a hell of a lot of work, and staying hungry is half the battle.”
~ Wendy Tan White
Every once in awhile, we like to remind ourselves that business, despite us entrepreneurs doing everything we can to overcomplicate it, is actually quite simple.
As long as you can get a few essential things right, you’ll make a lot of money.
There’s really just 3 Basic Ways to Build your Business:
- Customer Acquistion – get more first-time customers to find you.
- Get your current customers to come back and spend more money.
- Get your customers to spend more money each time they buy.
That’s it. Those are the 3 ways.
Get more new customers. Do more business with your existing customers and/or remarket to them with a higher costing item/ service. Whenever you get confused, go back to the basics.
Those 3 things are worth printing off in big letters, and pinning up in your office as a constant reminder.
Most business owners get stuck on the first method, constantly chasing after new customers, but never thinking about the other 2 methods of increasing sales.
Unfortunately, acquiring new customers is like pedalling a bike up a steep hill on a hot day.
It’s tough, sweaty work, and you may have to get off the bicycle and walk it up the hill for a while. You have to do it, but it can be a real chore.
On the other hand, reselling to existing customers is like coasting down the opposite slope of that hill.
Too many businesspeople fail to realize that all the profits are in the last two business-building methods.
They’re not building long-term relationships with customers, and they’re certainly not making those people enough additional offers. Because of all that, they’re losing money that could be theirs.
Sure, it’s important to bring in a steady stream of new customers at the bottom of the funnel. But the real money is made when those people come back and spend more money.
There’s plenty more advice to help move you forward in your Business or start an Online Business.
Nicky & Dave