Only 4 Ways To Grow A Business

A Word Cloud About Marketing FundamentalsWhen you start to look at the fundamentals of marketing, this is the most fundamental of them all;

There are only 4 ways to grow a business.

Just in case I’ve caused you to raise your eyebrows and you’re feeling a little doubtful about that last statement, let’s take a look at the 4 ways to grow your business, so that you can see what I mean.

The 4 ways to grow a business are as follows;

  1. Increase the number of customers you have.
  2. Increase the average order value.
  3. Increase the frequency of purchase.
  4. Increase the length of time that an average customer stays with you.

Of course, there are hundreds, thousands, possibly even millions of different ways that you can apply each of these 4 marketing approaches to grow your business – and that’s one of the things I love about marketing; it’s only restricted by the creativity that we apply to it.

But these are the only the 4 ways you can grow your business – unless, of course, you know differently?

Now, we all have different businesses and, depending on the nature of those businesses, we may place a greater or lesser emphasis on one or other of the 4 ways we can grow them. Unfortunately, many businesses are totally reliant on a single marketing method, which means that, they’re only applying one of the 4 marketing approaches in their business.  In my opinion, this is a big mistake.

Whatever business you’re in, you should always be working on all 4 of these marketing approaches within your overall marketing strategy, especially, if you want to maximise your growth potential.

Seeing The Growth in Your Business in a GraphShould you find yourself reading this and thinking that not all of the 4 ways you can grow apply to your business; for example, if your product or service is a ‘one off’ purchase.  Then my advice to you would be to ask yourself what you can do, or what you can offer, that will enable you to create a repeat aspect to your business that, at least some of your customers will take advantage of.

Again, you’re only restricted by the creativity that you bring to the party.

As I said before, many businesses are totally focused on a single marketing method and, for quite a lot of them, the idea that there are 4 ways to grow their business is something of a revelation. Once we get to grips with the idea that we should be applying all four marketing approaches to growing our business, it opens up some fantastic opportunities.

In forthcoming posts, we’ll be taking a look at the 4 ways to grow your business and finding out why we should apply all of them, how we can apply them and what we can gain as a result.

Please leave your comments, below, and feel free to share this post with your network.

Have a great day,

Steve Bimpson

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