Monday, July 15, 2013

How To Grow Any Business – Part 4

Monday, July 15, 2013 9:33 AM
In our earlier posts that we have made concerning How To Grow Any Business, we focused on increasing the number of our customers. In this post of How To Grow Any Business we are going to switch gears and focus on:

  
  -How to increase the number of transactions our customers do with us.

What does this mean? It means how to get our customers to buy from us more often. How do we engage them to come back and spend more? Many business owners and or managers mistakenly believe that when the customer is done placing their orders, that’s all they are buying. Nothing could be further from the truth – let me give you some examples:

            -A customer comes in to your auto repair shop and has some work done. They pay the       bill, you give them their keys and you are pretty happy with your daily totals.
           
            This is great until you dig further. Upon digging further you find out they went on their way and later  realized they needed their oil changed so they went to a quick lube place and spent their money there. They may have also gone to get their exhaust system checked and needed some work done so they had it done at a muffler shop, after all they are muffler experts!

If they don’t know that you do all of these things they won’t buy from you. You need to be in their mind when they are ready to buy. They may not have been ready for their oil change when they had their auto in your shop but they were in your shop, give them a reason to come back before someone else does!  

Another example:

            -You may sell computers to individuals and to other businesses. A company purchases 25             computers from you and you and your sales person are extremely happy about your sale.        
You may have made some low margins on the hardware but all in all it was a pretty good  order.

            You need to ask a few questions, if they are buying 25 computers, what are they going to do with them? They may need them hooked up to a network, do they have a network?  You may ask how you are supposed to know this information – by asking the customer!

            You may be surprised to know they not only are hooking these up to a network but they   are currently looking for someone to help them design and install their network or  upgrade it. Here is a quick fact – there is 20 times more money “behind the wall” than there is in the computer itself! What do we mean?

           
The computer needs to be hooked up to a cable that is plugged into the wall. Now they  need cables and a wall jack. The jack is connected to either copper cable or fiber optics that runs to their telecommunications closet where they have all of their networking gear. All of these items could have been purchased from you. Just by simply asking the     customer what they are doing with their computers.


            
In our next installment of How To Grow Any Business, we will give you real-life examples to prove the points above. Until then – we wish you all success!


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