If you would like to increase your online success, there are only 3 ways to grow your business:
1. Get more customers
2. Increase how many times a customer buys from you
3. Increase the transaction amount
Now, most people focus on trying to get more new customers, even though methods 2 and 3 are easier and less costly. Typically, one of the most costly ways to grow your online business is to get more customers, yet that’s what everyone tries to do.
If you want to achieve online success faster and easier, you should look at each method and grow your business with the goal of generating the most profit with the least amount of effort. At least that’s what I try to do.
If you want to grow your online business by increasing how many times a customer buys from you, it’s really not that difficult. Make sure to follow up with your customers via email, direct mail, and other methods. Look at your sales funnel and your products. Do you start out with free “products”, then have a low-entry product, a mid-level product, and higher priced products? How do you move your customers through your sales funnel?
You can achieve more online success by adding a continuity program, either a web-based membership site, a print newsletter, a CD or DVD of the month club, a monthly auto-ship of your product if applicable, etc. Auto-bill your customer each month. Continuity programs are great because they provide a predictable income stream. Your accountant will love this approach!
Last, but not least, you can grow a successful online business by increasing the transaction amount. I love this one because it can be 100% free and it’s simple to implement. There are 2 approaches here, upsells and cross sells. When someone signs up for your free or low cost product or service, immediately give them another offer for a higher priced option at a special price that is only available to them at that time.
You can also offer an extra product or products during the checkout process to increase the transaction amount. Be careful with this one and don’t get carried away. I’ve been through some checkout processes where the add on offers seem never ending and I get frustrated and decide not to buy at all.
If you are not implementing all 3 of these strategies you are leaving business on the table, and you are limiting your online success. Determine the changes you can make that will provide the best return on investment, and get busy!
Yours In Success,