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In essence, there are only three ways to grow your business. Increase the number of customers, increase the purchase frequency, and increase your average transaction value. However, there are a number of not so obvious ways to increase sales and make your business more profitable. Here are four of them. Are you ready? Let’s go.

1. Automate as much as possible

Today, there are hundreds of tools out there to help you automate repetitive business processes. Simply automating a few things can help you significantly reduce wages and free up valuable time. Start with things that don’t directly contribute to your profit. Here are a few things you can automate quickly and easily.

  • Social Media Posts
  • Invoicing
  • Email Marketing
  • Online Advertising
  • Lead Generation
  • Sales Processes & Follow Up
  • Internal Task Management
  • Review Management

Tools like Zapier and Integromat can help you connect various services and software to make processes even more efficient. 

Some examples:

  • When you have a new lead -> automatically add contact to a list -> then send follow-up sequence
  • After a customer makes a purchase for the second time -> send invitation to review on Facebook
  • When a purchase is made on your website -> automatically create invoice in Xero

2. Launch a re-targeting ad campaign

Many business owners already use ads to attract new customers and generate new business. However, if you only run direct ads, you are missing out on a huge chunk of potential customers by ignoring this simple strategy. Re-targeting ads are a powerful tool that allow you to show specific ads to people who have already interacted with your content in the past, adding continuity to your customer experience and significantly increasing the chances of turning them into customers.

Se if you can offer them something of value in relation to certain pages or blog posts they have visited on your website. 

Example: A yoga studio might show a re-targeting ad for a free yoga pass to people in their area who have read blog posts on the benefits of yoga on their website. When people see the ad, they can enter their email address to claim the free yoga pass and automatically be subscribed to an evergreen campaign. (See next point)

3. Stop focusing on one-off promotions and develop an “Evergreen” campaign instead

The majority of business owners think of marketing and promotions in terms of one-off activities. It might look something like this:

  • January -> Promotion #1
  • February -> Promotion #2
  • March -> Promotion #3

While this might work well, it also requires you to continuously come up with new promotions, which can be exhausting and feel like you’re always running behind.

Instead, create an “evergreen” funnel that sends new leads or customers a series of pre-designed offers from the moment they join your list. Then keep adding new offers to that sequence. Over time, this strategy allows you to develop a marketing machine that continuously produces sales without ever having to worry about what your next promotion is going to be. You just need to make sure that offers in that sequence are timeless and not seasonal.

All you need is a good email automation tool, like Mailchimp or ActiveCampaign.

4. Make Partnerships “evergreen”, too

Partnerships and joint ventures with other businesses that complement yours is a powerful strategy. You might have already partnered with another business in the past to run a one-off campaign promoting your products or services. Maybe you’ve asked the other business to hand out vouchers to all their customers.

See if you can turn this strategy into an evergreen campaign, too, like in the previous example. Look for businesses that already have an evergreen funnel and see if they are happy to plug your offer right into it, while you can do the same for them. 

Example: One of my clients owns a massage clinic, while another owns a yoga studio. I got both of them to add an email to their existing evergreen sequences promoting the other business. Now, everyone who receives a massage at the massage clinic, also receives a complimentary yoga gift card, and everyone who joins the yoga studio, receives a discount voucher for a massage a month later.

There you have it. Four (not so obvious) ways to grow your business over the next few months. All four are “set and forget” strategies that you only have to set up once and will profit from forever.

To your success


Today, it’s easier than ever to collect vast amounts of data about our customers. There are many low-cost Point Of Sale systems out there which provide you with some nice reporting features that you can take advantage of to help you grow your business and make better business decisions.

However, many small business owners aren’t aware of how important it is to track your progress and how to use metrics to make sense of it all and measure their success.

Here are three simple metrics every business owner needs to know that can provide a starting point for taking your business to a whole new level.

Average Transaction Value (ATV)

Average order value (ATV) is pretty self explanatory. It gives you the average of how much is spent on average with each transaction made. This metric is very important, as it can help you decide on whether you should be focusing on increasing your order frequency (by using more touch points in your marketing) or your average transaction value (using up-sells and cross-sells).

How to calculate Average Transaction Value

Simply divide your total sales for the day by the number of total transactions for that same day.

Example:
$5000 turnover / 100 Transactions = $50


Customer Lifetime Value (CLV)

What is every new customer worth over the lifetime of their relationship with your business? It’s a simple metric with big implications. Knowing the lifetime value of a customer is a crucial part of understanding how much is reasonable to spend on acquiring a new customer. Measuring CLV is also a good way to determine whether your business is taking full advantage of its customer relationships. In many, if not most cases, it costs less money to increase revenue from existing customers than it does to acquire new ones. Yet still, most business owners are still more focused on acquisition than retention.

How to calculate Customer Lifetime Value

CLV = Average Transaction Value * Customer Frequency * Average Customer Lifespan

Example:
$50 Average Transaction Value * 1 purchase per month * 12 months average retention = $600


Cost of Customer Acquisition (CAC)

What does it cost you to acquire a new customer? While the importance of knowing the cost of acquiring a new customer is obvious, surprisingly a lot of business owners don’t pay as much attention to this metric as you’d expect them to. Keeping customer acquisition costs top of mind can benefit a business in numerous ways.

For starters, many companies spend more than they estimate on customer acquisition and in many cases, they continue to invest in marketing channels that make little sense given the lifetime value of their customers.

How to calculate Cost of Customer Acquisition

CAC = Total Ad Spend / Number of New Customers

Example:
$500 Facebook Ad Spend / 50 New Customers = $10

If, like in the example above, your Customer Lifetime Value is $600, it makes sense to spend $10 to acquire a new customer. However, if your CLV would only be $20 you might need to look for a new strategy to acquire new customers or focus on increasing your Average Transaction Value, Purchase Frequency and Retention Rate.


Are you currently tracking any metrics that have helped you grow your business and make better decisions in your marketing? Let me know in the comments below!

Each entrepreneur wants his or her business to succeed, but for this to happen, you need to make some changes to improve your business dramatically and that will surely push you to the top of the pack. Successful people believe strongly in their ideas, so much so that they will do everything possible to manifest them. They have a powerful path that keeps them true to their principles and ideas, even during times of disagreement and adversity.

1. Give Back

First thing you can do to improve your business is to give back. Ensure you have a life mission reflecting your need to make a difference in the lives of others. Money should not be the main motivation because the non-monetary purposes are what will bring you the significance, self-satisfaction, and happiness that you are looking for.

2. Practice Physical Activity

Engaging in physical activity is one of the best ways to improve your quality of sleep, boost brain chemistry, become more creativity, and clear your mind. It also helps to boost your longevity, happiness, and health so you can be more productive to grow your business.

3. Self-coaching

Maintain positive inner dialogue through positive self-talk, which can help you talk yourself out of or though challenges. It takes little effort to become a negative person but if you want your business to be successful, then you need to develop a positive outlook on things.

4. Be Willing to Do What It Takes

You cannot be successful without making sacrifices so make it a habit to show up every day. Commit to the long haul and be willing to devote unlimited energy and time in working toward your goals. Most unsuccessful entrepreneurs are often unwilling to pay the price to attain higher levels of commitment. Identify time-consuming distractions that you need to eliminate from your business or life and put your work responsibilities first, with leisure coming in second.

5. Love What You Do

Most successful entrepreneurs are doing things they want to do most in life and as a result, they earn a substantial income. Work to make sure your work adds value to the society in order to get to the point where you love what you do.

6. Journal

Another thing you can do to improve your business is to make a journal. Write out your thoughts so you can translate them into tangible form. Writing offers perspective to your wants, your current position, your goals, mistakes you want to avoid, and your strategy. Journaling can help you gain perspective in finding solutions to problems.

7. Improve your Business by Making Lists

Write down the goals you want to accomplish for the upcoming day, week, month, and the year. Afterwards, prioritize the list so you can allocate the necessary time to each task effectively based on importance. A list is a contract and when you write things down, you are agreeing to make these things happen. Tasks in written form are more likely to become accomplished.

8. Learn to Listen

Listen requires immense self-control because you have to check your impulses for your own needs and analyze the people you work with to understand the message being communicated. Pay less attention to the messages conveyed on the surface and listen instead for the underlying message. Without this discipline to sense and listen to underlying messages, you may become lost in translation and derail your own success.

9. Practice Clearing Your Mind

Clearing your mind is one of the things you can do to improve your business. Learn to make quick decisions that are conclusive. Metal clarity allows you to see the decisions that bring you further or closer to your goals. Before changing a decision, consider the pros and cons of doing so. impulsiveness can be disastrous so if you want to change a previously-made decision, take this chance to learn what needs to be done better this time round and clarify the details that meet your standards. You find more balance when you change decisions intelligently and make decisions quickly.

10. Look at the Details

Pay attention to every action taken on your journey toward success and invest value and meaning into each step. An action without a clear purpose can make you vulnerable unexpected challenges and your reaction to them. Direct each detail of the business towards your ultimate goals and visions. Train your mind to do things that are more challenging.

Have you ever wondered how some entrepreneurs get so much work done in a single day? It can even leave you wondering what it is you are doing wrong when apparently we all have the same 24 hours as Richard Branson or Oprah. For starters, working smarter and harder may not be the formula for success after all, which leaves you wondering what is. Here are 7 ways in which successful entrepreneurs do so well to make sure they get to the top.

1. Successful Entrepreneurs Love Their Work

A smart and successful entrepreneur is in his or her element when doing work they are passionate about. Inspiration and passion are very powerful when combined and the only way you can do excellent work is if you love what you do. Find something you are passionate about and stick with it regardless of distractions or being sidetracked.

2. Successful Entrepreneurs are Focused

Smart entrepreneurs know to stay focused and have a clear vision of what they want, which helps to actualize this vision. Visualization is quite powerful because it is not simply about seeing what you want but also about feeling them. Smart entrepreneurs feel what it is like to be at the top and not the journey it will take to reach there. They view their journey as one that embodies greatness while transporting them towards their destiny. Smart entrepreneurs connect with their visions daily through meditation, quiet walks, mantras, or vision boards, whatever works.

3. Successful Entrepreneurs Set Realistic Goals

It is great to have big goals but they can be harder to achieve. Smart and successful entrepreneurs accept their current position and start with smaller steps while maintaining focus on the ultimate vision. It is easier to achieve your goals when they are broken down into workable phases such as weekly goals or 3-month challenges. Establish daily activities that are relevant to taking you closer to your goals.

4. Successful Entrepreneurs Have a Deep Desire to Succeed

Smart entrepreneurs have the drive to achieve their goals and succeed at what they do. It is what sets successful entrepreneurs apart from the rest of the crowd. This hunger fuels them and keeps them energized to push their businesses to the top.

5. Successful Entrepreneurs Keep Learning

Successful entrepreneurs rarely stay the same as they were when they started out. It is important to invest in developing your business and yourself so you can become a successful entrepreneur. Their passion to grow, expand their businesses, and learn, is naturally in their blood. You can learn through seminars, summits, coaching, books, programs, or furthering your education. You can also learn from entrepreneurs who have gone before you on ways to develop and grow your business to help you also become a source of inspiration.

6. Successful Entrepreneurs Have Mastered Their Minds

Mastering your mind is perhaps the most important way to keep growing. You will not be able to flourish and expand until you become comfortable doing things that challenge you. Your thoughts have the power to become a reality as long as you gain some perspective on them and speak positively to yourself. Face your fears head on so you can move on to greater things.

7. Successful Entrepreneurs Network with Like-Minded People

Smart entrepreneurs choose their company very carefully and they have great support from like-minded people who offer inspiration and keep them accountable. Surrounding yourself with like-minded individuals is a surefire way to drive your business towards greater heights.

If you are looking to join a network of like-minded entrepreneurs, check out Entrepreneur Network Australia – a website that features hundreds of helpful articles with tips on how to better grow and operate your business. Be sure to join their Facebook group to join the conversation! 

Every coin you waste in your business is precious and can be directed towards improving services and products, or reaching more customers. Most companies face the problem of funneling their money towards irrelevant expenses and often it is because they do not take time to reassess their way of “doing things”. If you keep doing the same things over time simply because you have been doing them this way, you could be wasting a significant amount of money. Here are some of the areas in which businesses spend too much money and how you can fix it.

1.  Hiring More Employees than Necessary

Today’s era is one of independent contractors and virtual assistants, so businesses do not need to hire salaried full-time staff to deal with daily tasks. Businesses can outsource these duties to freelancers who can work on a per-project or hourly basis. Your business needs to monitor their salaried workers constantly to make sure their positions genuinely require a full-time employee and only add new positions when the workload calls for it.

2. Indirect Marketing Campaigns

Data analytics have come to play a significant role in everything that businesses do and any company that fails to measure its marketing efforts can find itself left behind. Before purchasing paid advertising or posting on social media, ensure you monitor how your efforts are faring on first. The results of your current email blast could affect your decisions on future marketing campaigns for a long time so it may be worth it. Each dollar you spend could bring in more money for your business.

3. Failing to Monitor Business Expenses

Wining and dining your prospects or clients can be essential for a growing business but you should watch out for those fancy eateries (yep, I know). You could be spending more money than you need to in this area if you do not pay close attention to things. There are various expense- monitoring apps available to help you keep track of your business expenditure. If you are using professional accounting software, like Xero, you can also pull reports at different intervals to show you where exactly your money goes.

4. Is Your Business Overpaying?

If you do not hone your negotiation skills, you may end up spending more money than is required on equipment, supplies, office space leases, manufacturing, and other resources you use to run your business. Learn how to negotiate with your vendors so that you can save money which can be directed toward business growth. You probably spend a lot of time negotiating with your clients to make sure you get the best prices for your services or products, so why not use the same skills on your budget expenditure? Use the 80/20 rule to identify which 20% of your business expenses have the biggest impact on your overall expenditure.

5. New Technology

Businesses usually feel that they should invest in the most up-to-date technology, be it operation management software or devices to help them utilize this software. In addition to spending too much money on software and devices, you could also be investing in building a better marketing foundation and building systems that will allow you to scale your business.

As an independent marketing consultant, I help business owners to design and implement cost-effective marketing strategies that more than pay for themselves. If you are looking for a way to scale your business reliably, using proven strategies, I look forward to having a chat.

To your success,

 

Can superheroes really teach you any valuable lessons about growing your business?

The world has been blessed with a stream of several top superheroes over the years. From Wonder Woman to Iron Man, Firestorm, Superman, Spiderman, and Thor, there is a long list of superheroes to choose from. There are many lessons we can learn from your childhood idols

They entertain us. They also help us to understand more about ourselves. They remind us of some wonderful lessons regarding humanity that we may have forgotten due to the pressures of life.

However, superheroes can also teach us some valuable lessons about growing our businesses.

Here are 6 lessons about growing your business you can learn from superheroes

 

1. Staying true to our aspirations and beliefs

We are likely to forget or abandon our aspirations and beliefs from time to time. However, a close look at these superheroes shows us that we don’t have to go down that route. Pursue what is right for the business until the end, even if nobody else has the same belief in it.

2. Take your power seriously

Superheroes have a lot of power. They also have a lot of responsibilities hanging over their shoulders. Remarkably, they show an uncanny ability to use their power well. They take what they do seriously and so should we while running and growing our businesses.

3. Be ready to make difficult decisions

A close look at any superhero shows that they struggle to make decisions. The weigh each decision’s pros and cons. Sometimes they fail and other times they succeed. What they are very good at though is the ability and willingness to make difficult decisions.

Any person who desires to run a business needs to be prepared to make some uncomfortable decisions, too.

More importantly, making difficult decisions helps us to know our values better! We can all learn from this Harvard Business Review article about making tough decisions.

4. Never be afraid of asking for what you want

Anyone who runs a business also does a lot of asking. We ask for information. We ask for data. We ask clients to give us feedback. We ask clients to buy our products and services. Superheroes are never afraid of asking.

Never be afraid to use marketing automation apps to help the business expand.

We can’t grow any business if we are afraid of asking for help or stating what we want.

5. Stay focused on the most important tasks

Superheroes assume a new aura when pursuing specific goals. They allow nothing to distract them. Entrepreneurs also have to develop such an attitude. It’s important that we stay focused on the areas of our businesses that perform exceedingly well while ignoring distractions. This is just one of the lessons about growing your business you can learn from them.

6. Don’t wait until you feel ready, start now

It’s normal for us to wait until we feel ready to do what we ought to do. That may not be an effective way of growing a business. Superheroes never wait until all conditions are perfect to do something. They get up and do whatever is required now.

There’s no perfect time. Do whatever has to be done NOW!

If it’s digital marketing, embark on it right away! I’ll help you. Let’s have a chat to find out where you’re at and what you need to transform your marketing.

What lessons about growing your business have you learned? Let me know in the comments below.

To your success,


References