How To Get More Business Without Getting More Customers
Your business.
Well, we could say, there’s actually only one way and that would be to make more sales. Or, boiling it down even further, we could say that what’s really required is to make more profit, so theoretically you could just bump up your prices and make the same number of sales as before.
Of course, there’s going to be a limit on that, so let’s defer Mr. Abraham.
The first way to make more sales is to get more customers.
This involves a lot of advertising and promotion which is usually rather expensive. So the cost of acquiring those customers must be outweighed by the revenue they bring in.
The second way is to increase prices, but as we’ve already pointed out, that has a limit and you’ll lose customers to your competitors.
Of course, you can tinker with prices and try to undercut your competition, but there’s a limit on that too before you go broke!
The third way is to sell more goods or services to your existing customers.
Somehow, this is the most overlooked option, and yet it’s clearly the one that makes most sense!
These people have already spent money with you. They’re the ones most likely to spread word of mouth and also the group most likely to take notice of whatever else you have to offer.
What’s more, you can do much of this kind of promotion for very little outlay – and in some cases it can be completely free.
Watch this video to see how I explained the concept to a group of local entrepreneurs …
