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Thursday, October 25, 2012

3 Steps to Grow Your Business

Whether your business needs short or long-term growth, you must analyze 3 distinct categories to determine your best course of action:

1.       Increase the number of prospects – by expanding effective marketing efforts to increase inquiries or intensifying your direct selling efforts

2.       Improve your conversion rate  - by boosting the number of prospects (those who want or need your product/service) that become customers (those who are paying for your product/service)

3.      Grow customer value – by increasing the amount of your average sale, increase the number of times a customer typically purchases your product/service in  a given amount of time, increase the typical number of referrals from the average customer

Step through each one of these categories, analyze where you can get the best return for resources (time and money) invested and focus your efforts on the one or two of those areas that will make the biggest impact for your immediate needs (fast growth, cash flow, long-term growth, etc.).

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