The geometry of business growth is a simple concept for getting spectacular business results with up to 80% reduction in time, effort, manpower, money and risk, writes Robert Clay of Marketing Wizdom
It’s blindingly obvious … once you know about it. Yet hardly anyone in business is aware of the geometry of business growth or uses it to their advantage. Embrace this one concept and you can grow your business massively, even exponentially, in a fraction of the time.
Only three ways to grow a business
Let me start by asking you this: When you reduce it to its essence, what do you think are the only three ways you can grow your business?
I get a lot of answers to that question. A number of things might come to mind, but they may not be the three things I’m just about to share with you. So here goes …
The first one is obvious: it’s increasing your number of customers.
If you decide right now to double your business, where would YOU focus your efforts? It’s highly likely that you’d think in terms of doubling your number of customers.
How do I know? Because that’s where 98% of businesses focus all their time, effort and attention.
Yet that’s also the most expensive, management intensive, time-consuming and stress inducing option available to you. Yes it can work. But it’s definitely not the best or most effective way to approach the task!
The First Dimension of Business Growth
We refer to increasing your number of customers as the first dimension of business growth. There are literally hundreds of ways you can do that.
Growing your customers alone is an extremely costly and time consuming process.
- You have to find enough of the right prospects
- You have to develop effective lead generation methods
- Your prospects have to have a need right now for what you’re offering
- They also have to be in a position to decide and buy
- You have to engage with them in the right ways to build trust and advance your relationship
- And to be really effective, you need to guide them through every step in their decision process.
Acquiring new customers requires a LOT of time, effort and thought. You can’t just wish all those things into existence, or the result you’re seeking. And it’s a lot more expensive than most people realise.
If your only focus is on getting new customers, you’re only growing your business in one dimension. And you’re leaving a lot of potential on the table.
One of the REAL secrets of success is to grow your business in three dimensions simultaneously. It multiplies your results for a fraction of the time, effort, manpower, money and risk. That’s because it harnesses the incredible power of compounding.
The Second Dimension of Business Growth
The second dimension is to increase your average customer spend. That means the average size of every sale and the profits you generate from that sale. And there are dozens of ways you can do that very rapidly.
If you can double your average customer spend, you can double your business without having to find a single additional customer.
The Third Dimension of Business Growth
The third dimension is to increase your average frequency of purchase. That means that you get more residual value out of each customer by getting them to come back to do business with you more often.
If you can get your existing customers to come back twice as often, once again you can double your business without having to find a single additional customer.
Focusing all of your efforts on getting more customers is hard, and expensive. Growing your business in all three dimensions is working smart.
When you grow your business in all three dimensions simultaneously, you can virtually double your business with only 25% more customers, if you can also get them spend 25% more and come back 25% more often.
An Example of Geometry at Work
If you have 1,000 customers who each spend £250, and buy from you twice a year, you’ll have annual revenues of around £500K.
If you decide to double your business to £1 million a year and focus only on getting more customers, you’d need another 1,000 customers.
Alternatively you could achieve almost the same result by growing your business 25% in each of the 3 dimensions.
That’s a LOT easier to do in most cases, than doubling your number of customers. And you’d end up with 1,250 customers who’d each spend an average of £312.50, 2.5 times a year, just about doubling your business to £978K.
Once you embrace the geometry of business growth it could become a major turning point in your business fortunes. It’ll help you outsell, outsmart and outperform your competition and you may never look at your business the same way again.
So watch today’s video, then answer these questions …
Geometry of Business Growth Questions
- What revenues would you achieve if you could get just 25% more customers to spend 25% more with you, 25% more often?
- List all the approaches you currently use to attract new customers. What could you do to increase this? What other avenues could you explore?
- List all the approaches you could use to get your customers to spend more when they do business with you. Which ones could you implement most easily?
- List all the approaches you could use to get your customers to come back more often. Which ones could you implement the most rapidly?
Please share your thoughts and add your questions to the comments below. I’ll try to provide as many answers as possible in my future online videos, seminars, workshops, masterclasses and blog posts.
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