3 Ways To Grow Your Business | Marketer Monday 34
Dan Kennedy has said there are only three ways to grow your business. Here’s how we have interpreted that for our businesses…
3 Ways To Grow Your Business:
1 – Get Your Customers To Spend More
2 – Get Your Customers To Buy More Often
3 – Get Your Customers To Buy More Profitable Items
I gave examples of we do each (and how you can too) in this weeks episode of Marketer Monday.
Links From This Video:
– The Perfect Tripwire: https://www.youtube.com/watch?v=FDdxxqxchak&list=PLYDchgsGcaUdDQj-ucqtQaDZnhfHbdpFc&index=33
– Lead Value Optimization: https://www.youtube.com/watch?v=aPmV1a20zZk&list=PLYDchgsGcaUdDQj-ucqtQaDZnhfHbdpFc&index=17
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Are you using these techniques to grow your business? Let me know in the comments section!
Hey guys. Anton here from Performance Marketer and welcome to another episode of Marketer Monday. Listen, in this episode, it’s going to be pretty short – right to the point. I want to share three ways for you to grow your business. Now, if this stuff’s going to work for you, it’s assuming you already have a business, which of course you should be if you’re watching this channel and you’re trying to learn how to get more value out of all of your leads.
Now, the three things that I’m going to talk about right now really were, I guess like made famous by Dan Kennedy. If you don’t study any of this work, I highly recommend going on Youtube, typing in Dan Kennedy, watching some of his videos because he’ll dive a lot deeper into this. But according to him, these are the only three ways to grow any business. And honestly, they are ways that have worked very, very well for us which is why I’m sharing them with you today. Now, the first way should be pretty obvious.
But the first way to grow your business is to get your customers to spend more money, okay? Now, how do you do that? How do you get someone who’s buying from you to spend more? Well, we do it a few different ways. This is what I call “lead value optimization”. Now, I’ll link to a video I made regarding this topic below. It’s different than “conversion rate optimization” because with lead value optimization we are working to do just this; to get our leads and to get our customers to spend more with us. Now, a few quick ways that I can share right now. With our ecommerce businesses, we cross-promote our niche-related stores. For example, if I have a store that sells treadmills and I have a store that sells free weights, I’ll promote them to one another, to each other’s customer. I will also do things, like if I sell treadmills on an ecommerce store, I’ll upsell things like meal delivery plans, right? I’ll promote that as an affiliate. I’ll upsell things like expedited shipping like white-glove delivery, like extended warranties, okay? That all falls into category number one which is getting customers to spend more.
And I’ll be honest, guys, a lot of people don’t even make an effort here because even if you just go for like a one-off sale, you probably could have a very profitable business. Like, a lot of the things that we do in this space, we don’t have to do. We do because we know there’s extra money to be made, to be had, like on the table that we could just take. It’s the easiest way to increase the size of your business. And honestly, you might hear us saying from time and time again, that amateurs focus on the front-end and what that means, guys, is amateurs focus on getting a customer to buy from them and the people that are really doing this right, they focus on the back-end; the real money, the real profits. The extra money is made here, by getting people to spend more. So definitely put some time and energy into this. Think about how it can apply to your own business and again, check out the video that I’m going to link to below that I made on lead value optimization because it’s going to go deeper in to point number one.
Okay, guys, the second way that you’re going to use, the second tip I should say that you’re going to use to grow your business is to get your customers to buy more often. So while this first piece is really focusing on that first sale and what like you can get them to buy, pretty much instantaneously, this is focusing on the frequency in which they purchase from you. Now, a few easy wins that a lot of people don’t do, like I didn’t do them for years, because again, you don’t really have to; it’s just extra money. This is where having an email list and especially now in 2017, having a Facebook pixel on your site plays a big role. Now, there’s a few different ways you can people to buy more often. Our biggest one is via email. We have different holiday promotions, we have different products come out, we email people and we tell them, “Hey, this is the deal. This is on sale and now check out this product. I know you bought this. You might like that.” And same thing with the Facebook pixel. Once we have someone, basically we have the ability to follow them around the internet, we do that. And same thing; we announce promotions, we announce new product offerings, we do whatever we can to get people to buy more often.
Now, once you acquire a customer, guys, the likelihood of them buying again, of course assuming you gave them a good experience, it’s just, it’s very, very likely and it’s a lot easier to turn that person that already was a customer into a repeat buyer, than to get someone into this side of things. So it’s a huge piece of business, something a lot of people don’t focus on. Even if you had a product that you might think is a one-off deal, let’s go back to my example from earlier, right? Let’s say you sell treadmills, right? That’s your product. You sell someone a treadmill. Are they going to come back to your treadmill store a year later and buy another one? No, they’re not. But you can get them to buy other things more often. If a new workout program comes out, right? Or a new protein shake or another product you believe in, you better be emailing your customer list about this and you better be trying to get them to purchase that through your link so you can make more money, okay? So, same thing guys. This is one is getting them to spend more on that initial purchase. This one is getting them to buy your products more often, throughout the lifespan of your business, right? It’s not something that happens for like a week and you forget about. This literally goes on for years and years. I’ve had businesses for over ten years that we’re still targeting the original customers and having them buy more often from us. So definitely keep that in mind; very important. And I promise you whether you’re in ecommerce, info-product, SAS; doesn’t matter. You can use this as well for your own business.
Alright guys, number three on the list of the ways to grow your business is to get your customers to buy more profitable items. For example, if you have low-end offers, what are usually referred to as “front-end offers”, now a days are talked about as “trip wires” a lot, which by the way, I’ll link to a video I made last week about the perfect trip wire. But if that’s where you’re focusing a lot of your time, it’s great because it’s bringing customers into your business but it’s not going to make you money. Again, amateurs focus on the front end; professionals make their money on the back end. So what you’re going to want to do, is having customers that come into your business, eventually ascend and buy your more profitable products.
And what I mean by that is the ones where you left with the biggest margin. For example, if you’re selling, I don’t know, a $27 item or a $47 item on the front end, maybe you’re making 20% on it. On your most profitable items, maybe you’re making 40% and maybe that item is a $1,000 sale, right? It’s where the real money’s made. So because you have that room for margin because there’s more of an upside for you, what you should definitely do when trying to ascend someone from a smaller product to a bigger product, is start by offering them discounts, right? Maybe that customer that came in at the $47 price point, maybe they’re not a $1,000 customer, right? Maye they’ve never been a $1,000 customer but it’s your job to segment your list of buyers to find out who those people are; those lower ticket buyers are, and to find a way to get them to buy at least one higher ticket thing from you, one more profitable thing because once you do that, once you give them a good experience, they’re going to be a lot more likely to become an evergreen buyer of your more profitable products. So you have to segment your buyers, give them the right messaging, even if you have to offer them discounts or payment plans to first get them into this kind of segment, this is where you want all your customers to be. You want them all spending more money with you when they buy, you want them all buying more often every time you have an offer, and you want them all, no matter where they come into this whole sequence from, you want them buying your more profitable items because again, this is where the money’s made when they buy those higher ticket items with the high margins.
So your whole focus should be getting people to spend more on that first sale, getting them to buy products more often, and segmenting the people that never bought a profitable product and find a way to get them in because that’s where the business is going to grow like crazy. This is where you see exponential growth, this is where businesses grow from 1 million to 10 million in a year, right in this section. So, guys I hope you got value from that. If you have any questions, maybe about how this applies to your business or anything, definitely leave a comment below. I’m happy to answer, to jump in, to leave my feedback and maybe make a follow-up video on it. So guys if you got value, please do give the video a like or thumbs up and definitely subscribe on Youtube.com/performancemarketer if you haven’t yet. That you could see every one of these episodes of Marketer Monday.