In part 1, we looked at what most businesses tend to focus on – growing your customer base. In part 2, we discussed the potency of increasing the frequency of purchases. In this last segment, we will look at how to get your current customers to buy more from you, also known in the marketing world as up-selling and possibly cross-selling. How this is different from increasing purchase frequency is the emphasis on getting your…
In part 1 of this series, we looked at the most common way that businesses tend to approach growth – by trying to get more customers. Today, let’s take a look at the second way that companies can boost their business profits – increasing the frequency that current customers buy from you. Contrary to the first way, which involves a huge investment of both time and money to reach these new potential customers,…
I thought it would be a good time to relook at the 3 basic strategies that can be used to grow any business and yes this includes the hosting industry. These are not so much alternatives but strategies that should be used simultaneously. The first way is to grow your business by getting more customers. The second way is to increase how frequently these customers purchase from you and the third way is when they…
Appetite for Risk Purchasing customers is certainly more risky than growing organically due to some of the areas I’ve mentioned. The upside however is growth is much faster and may give you a boost in market share and will ideally lead to economies of scale that may provide you with a boost to your bottom line. Access to Capital How do you intend to fund an acquisition? Generally it will require a significant upfront cash…
“Should I grow my business through acquisitions or organically through marketing?” Sometimes I hear variations on this question – “I would much rather grow through acquisition than through marketing – it’s much less risky”. More and more frequently I am being asked some form of this question so I thought I would share some of my insights. There are a number of considerations to evaluate. This is not a comprehensive list but a few of…
You can admit it now: In your heart you always knew the housing/credit/market bubble was going to burst one day. So now what? I recently read an item by a marketer saying they were glad the bubble had burst, because now they could get back to real marketing. What did they mean by that? If I read it correctly, the writer – a marketer – was saying that while the various bubbles grew and grew,…
When you think of copywriting do you think of those direct mail pieces that arrive in your mail box? Or do you think of the text of a television ad? Or do the words in a radio spot come to mind? If so, you’d be right in all those instances. Yet you’d also have missed some. At its essence, copywriting is persuasive writing.