Listening to this video from Jay Abraham about the 3 ways to grow your business. It’s a quick video and has some random Chinese or something in the clip that confused me for a minute. Here are my notes:
- Quantity of clients: Increase the number of buyers or clients
- Size of the sale: Increase the average transaction, get each client to buy more at each purchase
- Frequency of purchases: Increase the frequency of purchases they make in a given time, or the utility value
Know the average unit of purchase is. Many business do not know how many times are year a clients buy something or how many things they buy. Knowing the average shows where you can spend your energy or capital and where not.
The key is to continual each of the ways to grow your business by say 10%. If you increase each of those results by 10%, this would be a 33% increase your total business. That 33% can be double or triple your revenue. That is the power of leverage.
The shorts videos are nice, especially this one about 3 ways to grow your business.
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