For years I have banged on about marketing being a lot more than just getting new clients.
It's about keeping them and getting them to choose to spend more as well.
I learned this concept more than a decade ago from Jay Abraham, one of the greatest living marketers and business growth specialists. I've spent tens of thousands of £££s buying his audio programmes over the years, and listen to them any time I don't have an Audible book on the go.
There are only three ways to grow your MSP:
- Get new clients
- Get those clients to buy from you more often
- Get those clients to spend more every time they buy
That's it. All you have to do to grow your business, is improve all three of those areas.
Jay Abraham talks about his power parthenon strategy of geometric business growth.
Lots of complicated words... but what he means is focusing on growing all three areas... at the same time.
Because if you can get 10% more clients...
AND increase the frequency of purchase by 10%...
AND increase the average spend by 10%...
The three increases combined will give you an overall 33% increase in turnover.
And trust me, assuming you have a mature business, it's a hell of a lot easier to do that, than grow your client base by 33% in the next year.
I've been banging on about this concept to my 26 Masterminders recently.
And a throwaway comment from one of them put the idea in my head to get a little calculator built, to demonstrate the power of this.
Pop your turnover in the box below. Adjust the sliders to the rate of growth you think you can achieve; and you'll see what an impact that would have on your turnover.