Regardless of the size of your online wealth business, 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 wealth business is to get more customers, yet that’s what everyone tries to do.
Instead, 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.
Let’s take a look at each of the 3 methods in more detail. Another problem with getting new customers is that many businesses just focus on 1 or 2 ways to get new customers. What happens if things change and those sources no longer work as well? They’re left scrambling and could lose everything. You wouldn’t invest 100% of your savings in a single stock or investment, or at least I hope you wouldn’t, but that’s another discussion.
You want to have multiple streams of traffic, just like you want multiple streams of income and diversified investments.
If you want to grow your online wealth 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?
Consider 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 your online wealth 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 now I would like to invite you to claim your Free Access to “15 Ways To Grow Your Business Online”. Just click here to send me a blank email and you’ll start receiving valuable information that can help you get more traffic to your website or blog and make more money from your visitors.