Three Ways To Grow Your Business
There are three ways to grow a business according to Jay Abraham.
Increase the number of customers (clients).
Increase the average transaction value.
Increase the frequency of repurchase from existing customers.
Take this small company for example.
The graphic above showcases what the company is currently doing. Now imagine the same company uses Jay's technique and grows each category by just 10%.
A 10% increase in each of those areas translates into a 33% increase in revenue.
Okay, that's simple and perhaps not as impressive, but now imagine growing each of those areas by 20%. Growing each category by 20% would translate to 72.8% increase in revenue or $345,600. Now let's say same company increases its number of customers by 33%, current average dollars per sale to 25%, and increases repurchase frequency by 50%, now you are looking at 150% increase in revenue or $500,000. This is how we can compound growth.
Try this exercise using your own numbers starting with your current numbers.
Now use Jay's technique and start playing with percentages. What would it take for you to reach your first million dollars?
Now that you know what you need to do, it's time to identify three ways to grow your business. But first, make a list of your current marketing pillars. How are you marketing your product?
Digital Marketing (social media, organic, paid acquisition, SEO, etc.)
Acquisitions and Joint Ventures
Endorsement (influencer marketing)
What is working? What is not working? What growth channel will you commit to in the next year? For Resources, go back to the Growth Track and watch our Video Guides, Tools and Resource section.