Have An Impact On Your Business Today

If you have poked around our blog for any length of time, you will have heard us say that there are only three ways to build your business. We usually say that they are:

1. Increase the number of prospects – that is people hearing about your business

2. Turn more prospects into customers

3. Increase customer value by either increasing the size of each sale or getting your customers to buy more often.

Those same three concepts can be summed up into three words:

1. Traffic

2. Conversion

3. Backend

So, those are the three ways to grow your business. Now, if you want to see the three things that can have the greatest impact on your bottom line in order from most impact to least – for the dollar spent. Watch this:

1. Backend

2. Conversion

3. Traffic

It costs you almost nothing (or very little) to increase your backend where as increasing traffic is the most expensive (and least effective for the dollar).

So, how can you increase your backend? Well, first look around and see if there are any ways that you can increase the size of each purchase. Are there products you can bundle together? Can you recommend additional products to customers as they are completing their transaction? Can you partner with another, somewhat related business and get a commission for sending them clients? Are you following up with past customers – make them an offer they can’t refuse, get them back to your business. Increase their value to you.

If your business has been struggling in this economic decline, then start with the cheapest, easiest way and grow your business today.