Define Business Growth Strategies

Business Growth through Optimisation

Are you already the best at what you do? If you are, success in business comes down to great marketing and systematic leverage /optimisation of what you already have in place to achieve a better return on your investment.

There are only three ways to influence exponential leverage (optimisation):

• Increase prospects and customers / conversions

• Increase the frequency of purchase.

• Increase average unit of sale (how much they buy) – i.e. ‘programme’ the customer to buy more and to know the good reasons, benefits, value in doing so.

What is the key to success?

Having the best product does not guarantee a better income. Most businesses in any particular sector operate within a 20% variation of each other in their pursuit of success. They all play by the same rules, measure success the same way and view marketing as a necessary expense.

As a result of their inability to truly influence, manage, measure or maintain their success they resort to rearranging their priorities in accordance with what everybody else is doing in the hope that they will achieve better market penetration, greater awards, improved efficiencies and so on.

Very often these businesses are very technically competent within their field but they are generally not very skilled at truly optimising their business because they don’t really know what is and isn’t working and, more crucially, they don’t really know what the target market wants. And in the final analysis, that is the easiest thing to sell.

If you just open the doors every day and hoping to do better than yesterday you might get lucky but you will never know why and therefore you won’t be able to repeat it.

3 Simple Questions

• What is it about your business that gives greater advantage, benefit and/or results to your customer? If the answer is “service, quality, dependability “ …well, everybody says that so it have very little impact unless the customer gives you the chance to prove it. So, what do you really offer your client that distinguishes you from the rest?

• What is the lifetime value of your customer? For most businesses the answer is “I don’t know”. Perhaps this is because most businesses see marketing as an expense rather than an investment. Try looking at it this way – if the lifetime value of a client is £10,000, how much are you prepared to invest to win and keep that client?

• How can you maximise the leverage on your investment whilst minimising the investment? In other words, how and where can you optimise?