PULSE CHECK #4 – EASIEST WAY TO GROW YOUR BUSINESS

We’re wrapping up our first series about audiences with one of the most important and often neglected audiences of them all.

Your customers – the people who have already bought your product or service.

There are only three ways to grow a business:

1. Acquire new customers.

2. Get customers to spend more money on their orders.

3. Get customers to buy more often.

Most people focus on the first option. They think once someone buys from them the journey is over and now they need to go find someone else. The problem is that it’s the most difficult and expensive way to grow your business.

It takes time to build a relationship with someone to the point where they are ready to purchase something. And as they say, time is money, whether that’s your time or paying an employee.

Raising ad costs because of greater competition on ad platforms means that it’s costing more to put your message in front of the right people too. Raising that cost to acquire a new customer is even higher.

So why spend all of that money only to have them buy from you once or buy one product from you? Instead, focus on ways you can continue to help your current customers. There’s an almost endless number of options here and it’s largely a personal choice of how you want to run your business.

But here’s the caveat, you have to continue building the relationship with them and nurturing those customers.

You can’t just hit them up with your latest promo or newest offer after not talking to them for months. That’s a great way to ruin the relationship and make them feel like they’re just an ATM for you.

Here’s a great question to ask yourself if you’re struggling to think of ways to continue fostering that relationship…

What is something unexpected I could do after they purchase that would delight them?

The keyword is "delight." Don’t make the mistake of offering something bland or easily forgotten. This is your chance to really make an impression and do something that makes them say, “Wow, they really care about me!”

And then keep sharing things that are helpful. Like the latest industry knowledge, they might be too busy to discover on their own. With the vast amount of information out there today, being a good curator is an incredible skill.

Or if you offer something that periodically runs out, many people would find it helpful to get a reminder with enough time to get a refill shipped to them before their supply is gone.

The possibilities are endless and it really is up to you on where you want to take it or what you want to do.

This newsletter is a product of thinking deeper about the audience I’d like to serve, both those who have enrolled in one of my courses and those still deciding if starting a business is right for them.

It’s my goal to serve and delight you with interesting insights that will help you become a better business owner and enjoy the journey a little more along the way.

I hope these last four articles have given you some new insights into how to think about your audience and how to help them. As always, I’d love any feedback you have so I can continue to improve this.

I haven’t decided what the next series will be about yet, so if there’s something you want me to cover, feel free to comment down below.

If you missed any of the previous episodes of the newsletter, you can find them on my blog or here on LinkedIn. Links are available below.

PC #1 – It’s all about your audience

PC #2 – Go small to be successful

PC #3 – Relationships are everything

Since these newsletters are principles-based and designed to help shift your thinking, they’re worth reading a few times to really help internalize the deeper message.