"How To Double Your Business Income -- It's Easier Than You
Think"
The only way you can guarantee the long term growth and success
of your business is to continually increase the amount of money
coming in. There are only 3 ways you can increase the flow of
money coming into your business:
1. Increase your number of customers (Get more new customers).
2. Increase the average dollar amount of each purchase (Get
bigger sales).
3. Increase the frequency of purchases by your average customer
(Get more repeat business).
You'll be amazed at the impact a small increase in each category
can have on your total volume of business. Do you think you can
increase each of these 3 categories by just 5% or 10% -- or
maybe more? An increase of only 10% in each category will
increase your total income by 33%. A 25% increase will almost
double it. Look at the following illustration to see how this
works:
Number of Average Purchases per Customers x Purchase x Per
Customer = Total Income
500 x $30.00 x 2 = $30,000
If you increase each category by only 10% you'll increase your
total income by 33%...
550 x $33.00 x 2.2 = $39,930
Suppose you can increase each category by 25%...
625 x $37.50 x 2.5 = $58,594
A 25% increase in each category almost doubles your income
Apply these numbers to your business and do some experimenting.
Most businesses find it impractical to increase all 3 categories
by exactly the same percentage. It's easier and less expensive
to increase the average size of each purchase and the number of
purchases than to get more new customers. For example, you can
double your total income with the 3 following increases:
20% more new customers 20% bigger sales 40% more repeat business
There are many ways you can increase your growth in these 3
categories. The following lists include only 3 for each category
to stimulate your thinking. All 9 are simple and inexpensive
methods any business can put into action.
TO GET MORE CUSTOMERS...
* Implement an automatic follow up procedure to periodically
contact previous prospects who didn't buy. (This one procedure
alone can increase your number of new customers by 50% or more.)
* Set up a proactive referral program to automatically ask every
prospect and customer for referrals.
* Establish a procedure to get free publicity on a regular basis.
TO GET BIGGER SALES...
* Increase your prices.
* Find or develop some higher priced products or services to
offer.
* Propose an "Upselling Offer" in every transaction. Offer an
upgraded product for a higher price. Or, combine the original
product with one or more related products to create a special
package for a higher price.
TO GET MORE REPEAT BUSINESS...
* Develop a special offer for existing customers.
* Find or create additional products or services to offer your
customers.
* Communicate regularly with customers. Keep reminding them of
the benefits you offer.
There are only 3 ways to increase the flow of money into your
business. A small increase in each category will substantially
increase your total income. Use the information in this article
to develop your personal marketing plan to double your business
income. Be sure to include a realistic deadline. You'll discover
it's easier to double your business income than you thought.