With so many buzz words and marketing ideas flying around, it’s easy to forget the basics. That’s why I wanted to share something with you today, which really helps us focus on what’s important.
As Jay Abraham said so concisely, many years ago; there are only 4 ways to grow a business. They are:
1. Attract more clients or customers (herein called clients.)
2. Sell more often to your existing clients.
3. Increase your prices or fees.
4. Reduce the number of clients, who stop using your services or buying your products (your attrition rate). Though this was not included in Jay’s original 3 ways to grow a business model.
The most effective businesses, focus on all 4 ways to grow a business.
The least effective businesses focus on just 1 or 2 of them.
Many businesses, for example, actively seek to win new clients; but to little to retain their existing clients. Others look after their existing clients supremely well and their clients love them – but they don’t focus correctly on winning new clients.
Whatever business you are in, try and work on as many of these 4 ways to grow a business as is possible, for someone in your industry.