This is the fundamental business building premise but it still needs to be mentioned.
So many people get caught up in a lot of “Business Building Activities” and forget this one simple principle.
There are only three ways to grow your business:
1. get more new clients
2. get your existing clients to come back more often
3. get your existing clients to dig deeper and spend more each time you do business
That’s it, there are no other variables.
What you may not know is that steps 2 and 3 are cheaper and easier to do. It is far cheaper and easier to have your existing clients return to your store more often or to have them spend more money with you than for you to go chasing new business.
The sad news is that most retailers spend most of their advertising and marketing dollars on the first step… and get stuck there.
Don’t misunderstand us, we are all for having new customers. We’ll talk about that shortly and we have some great strategies for that too.
The big bonus with having your existing clients return is that you have already established trust and therefore they tend to spend more on their second and subsequent visits with you.
The first step in getting new clients is where most people focus their energy and their marketing and advertising dollars. Getting new clients is great, however it is far more expensive to market towards gaining new clients than it is to market to your existing clients.
We know from experience, that a lot of people are thinking at this point “But my business is different” or “We tried that and it didn’t work” or “I just can’t see how we can make it fit our business”.
Would you be interested in learning strategies and techniques that make this easy?