Basics of Business Growth
There are only a three real ways to grow a business.
- Get more customers.
- Get your customers to spend more each time they buy.
- Get your customers to buy more frequently.
Of course, these are all principles of business growth. It’s not like you can say, “Okay, I want more customers. Now I’m going to go get them.” You’re lacking the “how”–the real strategies or tactics you will use to actually get more customers.
The beauty of principles like these are that they are timeless. You can always come back to them when you’re getting bogged down in information clutter. Principles stand like monuments amongst the wreckage of worn-out techniques.
On the other hand, principles don’t give you anything immediate to act on. You have to figure out the “how to” part on your own or from somebody else.
With the three business growth principles I’ve listed above, the last two are often the easiest to implement. If you already sell products or services, it takes very little effort to increase your prices. You can increase them a lot or a little, doesn’t matter. You will soon notice that you’re making more money and more profit.
Getting customers to buy more frequently is more difficult. It requires you to communicate with your customers more frequently. And it requires you to have multiple products for your customers to buy. Obviously, you cannot get your customers to buy more frequently if you’ve only got one product.
The first strategy, get more customers, is where you’ll get the most explosive long-term growth. Because once you have more customers, you can still implement the second and third strategies.
How do you get more customers fast?
One way is to do something remarkable… something that has never been done before. Take Crocs, for instance. They created a type of shoe that was completely unique. As a result, people talked about them. The press ran hundreds of stories about the shoes and the company behind them. Crocs got people “buzzing.”
Of course, Crocs didn’t invent shoes. They merely created a new kind of shoe. They adapted an idea and made it their own.
I could give more examples of how to get customers, but sometimes it’s better if you challenge yourself. Ask yourself the question, “How can I get more customers?” Then sit down with a pen and sheet of paper and start writing down your ideas. I bet you’ll find you already know how to get more customers; you simply need to take action and do it.
-Ryan M. Healy