Growing Smart: Best Bet Strategies To Expand Your Business
Source: American Express
The easiest, cheapest, safest way to grow your business is to sell more stuff to existing customers because both are known quantities. Here's how: Build customer loyalty (i.e., frequent buyer cards, low price guarantee). Encourage customers to buy more (i.e., "Buy two get one free," quantity packaging, "Best results with frequent use," a.k.a. double the dose, double the gross) Offer extended memberships, multi-year discounts, etc. Sell the Same Stuff to New Customers: This involves grabbing market share by wooing customers away from competitors. It introduces some risk because you're dealing with new faces, but as long as you don't venture into new markets, they should be similar to your existing customers.