Hey everyone, Stefan here from projectlifemastery.com and in this video, I am going to
share with you three ways to grow a business and these three ways are pretty general,
they are pretty basic, but they are really important because if you can understand
that it is the simple things, the fundamentals that make all the
difference then that is going to allow you to transform your business and take it to a
whole new level. Now, these three ways are actually from Jay Abraham, who is a
marketing genius.
I saw him speak not long ago and I am actually reading his book called 'Getting
Everything You Can Out of Everything You Got'. If you don't know Jay, if
you don't know his work, I highly recommend it because he is a marketing
master and the three ways, real quick are number one, in order to grow your
business, one way of doing it is to increase the number of customers that
you have. To get more customers. Pretty basic.
Obviously the more customers you have, if you are selling a product or a service, the
more money that you are going to make. That is the first thing. The second
thing is to increase the transaction value of a customer. Now a lot of people
don't realize that you can get a customer, you can acquire one, but if
you can make more money from a customer, then why wouldn't you? If you could
increase the overall transaction value then of course you want to do that
because a lot of people don't realize that it is actually very costly to
acquire new customers. If you could find a way of somebody that is already
invested in you, is already a customer of yours, if you could already find a way to increase
the value of that customer, either by providing another product or
service that can serve them or can help them, that can solve a problem or
a need or help them in some way, you can earn more money from that and now you are
earning more money from that customer. Now your transaction value has
increased. It is a lot cheaper that way as well because you don't have all
the marketing costs to acquire a new customer. That is always a more efficient and
much better way to make more money from a customer to grow your business.
The third way is to increase the frequency of purchase from a customer.
To get some residual income from a customer and, again, all of this, by
the way, getting customers and increasing the transaction value and
increasing the frequency of purchase, all of these different ways to grow your
business, you got to do it in a way where you are innovating and your adding value.
If you are adding value through solving a problem or meeting a need,
you are going to create a raving fan, you are going to create a customer that is
going to want to do business with you again and again. That is really the key
thing. If you over deliver, you add massive value to a customer's life, they are going to
want to do continuous business with you.
They have already got that trust, that relationship, you have already gotten them a
result, they know that you represent a standard of quality and excellence, that
you are going to take good care of them, that they can trust you.
That is the ultimate position to be in so you always want to make sure your
intentions are strong.
I know for myself, everyone that invested in me, I am ten times more invested back in you,
I am committed to my customers, I am going to add more value to you than anyone
else will,
I am going to add value to you long term, I am going to meet your needs, I am going to give
you, not just what you want, but what you really need
and that means that I am going to continuously improve my products, I am
going to add more value. I am going to listen to you so I can constantly innovate
and meet your needs. That is the standard that I have and that is why I have been able to
build a raving fan business, a raving fan culture and customers. By
utilizing those three areas to grow your business, your business will grow.
Ideally, you want to think, "How can I improve each one?
How can I increase my customers by 10%? What are ways I can get
more customers, how can I market more?" Maybe it is using search engine
optimization, maybe it is using publishing or maybe it is using YouTube
or blogging or Facebook. Maybe it is just implementing a new strategy,
a new social media strategy or a new way of getting tracked online. Maybe
that one thing
can increase your business by 10%. Maybe think, "How can I
increase the transaction value, maybe I can increase the price of my product.
Maybe I could do some testing." If you look at the purse market,
the handbag market, there is Louis Vuitton, it might cost
$3,000 or $4,000 to buy a purse, or you could buy a purse for $20.
The $20 purse might just be as durable as a Louis Vuitton purse
that you might buy for $4,000, only costs them about $15 to $25
to make it but they are charging $4,000 for it
because they have built an identity, they have built feelings that are associated to that
product. It is just as durable as a $20 purse, but the one
that is $4,000, they are able to charge a premium, they are going
after a totally different market, they are making more money for it. That is one way
that you could increase the transaction value. I know for myself and my business,
I much rather create a really incredible product that will really
transform someone's life than create a cheap one and charge more money for the
better product. I could create cheap products, but
I am going to do my customer a disservice. If I create
If I create products that are less than $100, they are going to be good
products that are okay, but it is not going to really help you build a business that could maybe
make you millions of dollars. That is what I want to do. I
want to work with the people that are committed, that want
the premium content, they want the very best that I could add massive value
to. The transaction value, the repurchase
frequency, maybe it is having upsells, maybe it is having downsells, maybe it is
complementary products, maybe it is leveraging affiliate marketing and finding
other ways to meet a customer's needs.
Maybe it is creating a continuity program. There is so many ways to increase the frequency
of someone buying from you again and again and again. Those are the three
ways, again those are directly from Jay Abraham. It is some pretty basic stuff, but you
want to think, "How can I improve each one by 10%. How can I improve how many
customers I have by 10%? How can I improve my
transaction value?" Maybe I can do an A and B split test. I can test things
that can make me more money per customer. Maybe I could ...
There is may different things you can do so how can you improve each one my 10%?
That is my challenge for you is thinking how can you increase each one. Really
think about that, think about, "How can I grow my business by leveraging, not just
one, but all three of these three ways to grow a business?" I would love for you to leave a
comment below, let me know what you think, let me know what you are going to do and make
sure to like this video if you enjoyed it, if you really appreciated it and subscribe
for more videos like this. Of course, if you guys want to learn how to build
an online business, step by step how to get started, and you don't have one, or if
you already have one and you want to take it to a new level, then enter ... Click the link
below in the description in this video,
head on over to that page, put in an email address, I have got a free course that is
going to add massive value to your life, it is going to who you how to build an
online business, the different ways and strategies to do it. You guys will enjoy it,
you guys will love it, a lot of great free content information there for you
but that is it for this video guys, thank you for watching, I will see you guys
in the next video.