Note: This posting is based on my weekly “Thank God It’s Monday” that helps you and your company thrive!
This week’s focus: accelerating revenue growth
There are only 3 ways to grow revenues:
- Increase the number of customers who purchase
- Increase the average purchase value for each customer
- Increase the frequency of purchase by customers
Most businesses focus on attracting new customers (#1) which, of the three approaches, is the most difficult to execute. Most pay little attention to approaches #2 and #3.
If you’ve done a great job executing what your customer wanted, it is a lot easier to grow revenues using techniques #2 and/or #3.
What can you do today to put plans in place to address strategies #2 and #3 and help your company thrive?
Thought for the week:
“Fast food is a strongly entrenched in American culture. Where do you think it would be if the marketers had called it what it really is: fat food?” – Dave Gardner
What do you think? I welcome your blog comments!