The way to truly grow a business is through repeat customer sales. Think about it. If every single month you had to start fresh to find and convert new prospects into sales – you’d be exerting tremendous amounts of energy just to stay at the same monthly revenue level.
By contrast, what if your business ran with this sales model. Month one you bring in 30 sales. The next month, let’s say 10% of your customers purchased again. You received the same number of new customer sales plus the 3 repeat sales … so now you have 33 sales for that month. If you repeat this over the course of a year you’d be bringing in 79 sales a month at the end of the year! And this would snowball and continue to grow over time.
Of course your numbers will vary from this example. You may be bringing in more or less than 30 sales a month. And your repeat customer number depends on your product - so it can also be more or less than 10%. Plus there are months when you do shows or other promotional events that bring in more sales. But the theory still works regardless of your numbers.
I’m sure you’ve heard the fact that it costs more (in time and money by the way) to convert a looker into a customer. 5x more for that matter! 5x!!! In addition to all these new customer acquisition efforts, to grow your business you should be building on the momentum you’ve started with your brand new customers too.
Here’s how to do that.
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