3 Ways To Grow Your Online Business

Do you know how you can grow your online business? Many marketers focus so much on getting new customers as if this is the only way of growing their businesses. Little do they know that it’s actually the most costly and time-consuming method of growing their businesses. Focusing on existing customers to build your business by coming up with various ways for them to buy more and more often is actually the quickest and cheapest way to grow your online business and to increase your income.

That said, I would like to draw your attention on 3 proven ways of growing your online business, which include getting new customers, selling more to existing customers and selling more often to existing customers. Do you do that? Well let’s focus on one by one to throw more light on the importance of learning to grow your online business with the three methods.

1. Getting new customers.

As already pointed out, getting new customers to grow your online business is the hardest and time-consuming method. Persuading new customers to buy from you requires you to do a lot in terms of marketing and advertising.

People do not easily buy from strangers. For you to convince them, it really takes time. You need to build your online credibility and believability through applying proven ways of presenting yourself as an expert in your field of specialization, to outcompete your competitors. This is time-consuming and is one reason why new marketers find it difficult to break through. Focusing on getting new customers without having a clear plan to maintain old ones is another reason why some marketers fail to grow their online businesses.

While getting new customers is very important to grow your online business, you need also to focus on maintaining them so as not to waste the resources you invested in getting them. Learn techniques of getting new customers and maintaining them to grow your online business.

2. Selling more to existing customers.

It’s very easier to grow your online business with existing customers than getting new ones. This is because they already know you and know your products. Because they have already used your products, even when you introduce new products it’s easy to convince them to buy.

Your responsibility now is to create various ways for them to buy more and more from you. You can do this through introducing various promotional programs that will persuade them to buy as they see the benefit of buying again from you.

For instance, if you have 4 customers, who buy products equivalent to $50 each per month, you earn $2,400 from them in a year. If you work hard to get 4 extra customers within the same year, who can also spend on average $50 per month, you will earn $ 4,800 from your 8 customers (4 old & 4 new customers). But if you get 4 new customers and encourage the four old customers to spend 50% more, your revenue will jump from $ 4,800 to $ 6,000 in a year. Do you see how fast you will have grown your business by directing your energy on both old and new customers?

In the example above, what you have done is to increase what your old customers buy from you by 50% and this is what is known as the TRANSACTION VALUE. Always focus on your old customers by coming up with ways of increasing their transaction value to grow your online business. Will you do that?

3. Selling more often to existing customers.

Growing your online business will largely depend on how often each of your customers buys from you. This is very important. You need to come up with ways to keep them coming back to buy from you.

Let me illustrate this by building on the same example above. If each of the 4 old customers you have spent $50 per month, you would earn $2,400 in 12 months. But if you worked harder to encourage them to increase their transaction value by 50%, each customer would spend $75 per month and you would earn $3,600 within one year. If the 4 customers increase the number of times they purchase from you to 3 times per annum, through your promotional efforts, they would spend a total of $10,800. Can you imagine your revenue jumping from $6,000 to $10,800 as a result of focusing on the frequency each customer buys from you?

In the example above, your assumed revenue has increased from $6,000 to $10,800 due to the number of times each of the 4 customers returned to buy from you. You have not got new customers but your revenue is increasing. That’s what is known as THE FREQUENCY OF PURCHASE. Grow your online business by focusing on the number of times each customer buys from you!

As you work hard to grow your business, ask yourself the following questions and make sure you find the answers.

I. How many customers do I have currently?

ii. How much do they spend on average in one transaction?

iii. How many times do they spend in a month or in a year?

iv. What would happen if I increased their transaction value by 5% to 50% or even more?

v. What can I do to increase their transaction value?

vi. What can I do to increase their frequency of purchase?

When you successfully find answers to the above questions, you will obviously find no obstacle in building a successful business. You will have known how to grow your online business. Will that help you?

Key Features of Small Business Consulting Services

The term “business” is derived from the word “busy” and resembles the company’s or individual’s state of being seriously involved in a professional work aimed towards client satisfaction and long term profits.

Every business is seriously taken up to offer best products and services to consumers. However, it’s not easy to setup a perfect business strategy easily. Many concepts and strategies are required to get best output. Further, due attention is to be given towards deep research and analysis. A systematic research and analysis is performed on a number of facts and considerations to lay the foundation of the most prosperous and smart business.

Capital investment in any business is the first thing. It is estimated keeping in mind a vast number of factors which include:

- quality of services to be provided
- time required for setting up the business
- promotion required for the business, etc.

Starting a business is not a tough task, but to let a business develop into a successful one is surely a daunting task. For reaping the best benefits of a business, services of small business consulting services are very important.

Following are the key features of small business consulting services:

a) Web Design Services and Internet Marketing

In the modern world of marketing, online marketing also known as virtual marketing has gained real significance. Companies like to get immediate and effortless services through online companies. A Small Business Consulting Services firm takes care of this point deliberately by designing and developing your company website as per contemporary standards. Moreover, such consulting firms provide facilities for instant business growth, such as Paid search Management (PPC), Search Engine Optimization (SEO), Email Marketing, etc.

b) Strategy Planning and Marketing Services

For running successful company operations, perfect planning and successful marketing campaigns are highly important. The consulting services have a number of well thought out and proven marketing plans for your business. They can provide ideas on launching new products/services or for enhancing the sales of your present ones. Whatever the case may be, aim remains the same-the growth of your company.

c) Hire Social Media Tools

In the present Internet world, everything goes online. Thus, it is essential to have online social media connects as they serve as the best platform to promote your website products/service on world wide scale. A good small business consulting company realizes the importance of social media tool and puts efforts to boost your company on major social media platforms, such as Facebook, LinkedIn and so on. Having an account on any of these platforms connects you to millions of users, eventually increasing sales and growth.

There are many Small Business Consulting Services companies in the market, which are specialized in providing best consulting services to the clientele. Choose a company that offers the best services according to your budget and quality requirements.

Toasting Business Success When Looking for New Investors

Just tell someone you are looking for investors and the advice will flow. Advice is so easy to give, even when it’s not backed up by experience in finding business funding. However, when it’s time to make a presentation to potential investors, some of the best advice you can find may not be where you expect to find it. Toastmasters International offers toasting tips that you can follow to get your presentation off on the right footing. That advice is to keep your presentation personal, customized, brief and earnest.

When looking for business investors, the first thing to understand is that you should not be desperate for the funding. Venture capitalists, angel investors and equity partners will not be fooled by an overly optimistic business and marketing plan and will quickly zero in on your desperation. Desperation does not set the right tone for a presentation and it seldom leads to funding. Desperation equates to risk and risk assessment is what investors are experts at completing.

The business proposal presentation begins with a personal approach. The personal aspect refers to the fact that you are the one developing a new business concept. You are the one who has the innovative idea and a plan for taking it to the marketplace. You are the one asking for business funding and looking for investors. Investors will be interested in the kind of person you are in terms of experience, background, knowledge and ability. You will have to show that you personally know the industry and the competitive market and that your talents can lead the business to success.

The business plan presentation should be on-target or brief. Keeping a business plan presentation brief requires pre-planning and organization. The investors will ask any questions that need answering, but in-depth study of the business plan will take place long after the presentation is over. That’s why you need to succinctly present the most convincing points during the presentation but insure the business plan covers essential topics in depth.

· The type of business
· Product design
· Market delineation
· Customer needs
· Competitive advantage
· 5 year operating plans
· Investor returns
· Documentation
· Investment collateral
· Financial statements

The presentation must be customized too in that it should specifically appeal to the type of investor you are approaching. This can take many different forms. For example, equity partners will be interested in the level of control they will have over business operations. Venture capitalists are usually considering large amounts of business funding, so business growth will be a major topic of interest. Angel investors may concentrate on risk if you are looking for startup funding or are in the early stages of business development.

Finally, your presentation should be earnest. Earnest in this situation means you are truthful, well prepared and always honest. This is the right time to demonstrate how the money coming from equity partners, angel investors or venture capitalists will lead to business growth.

There’s more you can learn from those who give expert toasts.

· Always practice the presentation until fully comfortable with it
· Use a confident tone of voice
· Convey confidence
· Avoid rambling
· Summarize important points

Looking for investors is a two-step process in reality. First you look and then you convince. It’s all in the preparation and presentation.