Thursday, May 16, 2013

How To Grow Any Business – Part 2

Thursday, May 16, 2013 11:51 AM

How To Grow Any Business – Part 2

How do I grow my business? This is the question that we started with last time and where we will start in this segment of “How To Grow Any Business.” Growing any business can be difficult at times but it can be less so if you are starting with the right knowledge.

In “How To Grow Any Business – Part 1,” we covered the three ways to grow your business. In this segment we are going to dig further into the first of these three ways. In case you don’t have “Part 1” handy, the three ways to grow your business are as follows:

            1. You can increase the number of your customers.
            2. You can increase the number of transactions your customers do with you.
            3. You can increase the size of the transactions that your customers do with you.

Let’s dig into the first one of these in order to understand it and learn how to use it to our advantage.

This one states that you can increase the number of your customers. Pretty obvious and it’s where most people spend their time. Pretty interesting that most people spend the majority of their time on this one because it is the toughest one and the most expensive one to do.

Please keep in mind that we are not stating that you shouldn’t try to get new customers, in fact quite the opposite, you have to always try to get more customers. Quite a few years ago, The Harvard Business Review stated that the average American corporation loses half of its customers every five (5) years! Every five (5) years! So of course, getting new customers is extremely important.

What we are talking about is that it is the emphasis placed on this one that can be the most problematic. Also, if you are just starting out, ALL of your efforts are to acquire new customers so don’t let this information throw you. Part of the reason the corporations The Harvard Business Review was talking about lost their customers was the emphasis placed on getting new customers at the expense of their current customers!

This is really a poor way to conduct your business. I see so many people not taking care of their customers once they get them it is mind numbing to say the least. Also keep in mind that studies have shown that it costs six (6) times more to gain a new customer than to keep the ones that you already have – think of that! Rather than treat people the right way, some of us are burning through their customers and then spend six (6) times more to get a new one. All of the hassle, all of the lost revenue, all of the heartache could be avoided if we just took care of what we have!

We must strike a balance between acquiring new customers, increasing the number of transactions, and increasing the size of each transaction. Once you are established and have many customers you need to put as much or more energy into taking care of those that are spending their hard earned money with you.

How do we get more new customers? There are many, many ways to do this depending on your industry, but really your opportunities are endless. One thing that you need to keep in mind is the following statement:

            “Most businesses in any given industry operate like all of the other businesses within this industry.”

What does this mean? Most companies are doing things the same way as their competitors. From here on you are NOT going to be one of them – don’t forget this.

You may do some things like your competitors but you are going to do so many things differently that you will leave them in the dust.

In segment number three (3) of “How To Grow Any Business,” we will share many ways in which you can separate yourself from the crowd and not only find new customers but have new customers finding you.

Until next time, we wish you all success – God bless!

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