Jacob Griscom, Copywriter and Marketing Consultant – That’s right, there are only 3 ways to grow a business:
- Increase the number of customers
- Increase the average transaction value per customer
- Increase the number of transactions per customer
I’ve learned to call this “Customer Value Optimization,” and I use it to build a checklist of areas to grow a business, often for free, but always at a profit.
These are the 7 leverage points that make an enormous impact on your bottom line:
Step 1 – Determine Product/Market Fit
How well do you really know what your customers want?
If you haven’t specifically asked them about their needs and challenges, or haven’t asked recently, I can guarantee there are golden opportunities to grow here.
Step 2 – Offer a Lead Magnet
With a fresh perspective on your customer’s needs, you can offer potential customers something irresistible to generate a steady stream of new leads.
Step 3 – Offer a Tripwire
What’s a low-dollar high-value offer that new leads will be hungry to say “Yes!” to? THAT is a “tripwire” offer designed to turn more leads into customers as quickly as possible.
Step 4 – Offer a Core Product
These are your “bread and butter” products or services at the core of your business…they are always ripe areas for continual improvement and conversion. (Hint: See Step 1)
Step 5 – Offer a Profit Maximizer
These won’t be for every customer, but they make your core offer better, faster, stronger, safer, easier, etc. These are the “Would you like fries with that?” offers for your business.
Step 6 – Choose a Traffic Source
NOW is the time to focus on advertising, search engine optimization, networking, radio, newspaper, or any other way people will find your business.
If you’ve done the first 5 steps, every dollar, minute, and bit of energy you spend on promotion will give you a higher return on your investment.
Step 7 – Create the Return Paths
At each step in this customer journey, people may forget, get distracted, have other priorities, or “get around to it later.” Return paths plug the leaks and bring people back in wherever they left off.
One of the best things a business owner can do is take the time to get fresh outside eyes and new perspective on how to grow and better serve their customers.
That’s why I’m available to sit down with you for a FREE personalized walkthrough of the 7-step Customer Value Optimization checklist for your business.
Let’s see what we come up, and if you’d like help implementing any of this, I’m available for that too.
You can contact me right here: jacobgriscom.com, or give me a call 530.210.6247.