If you registered for the ISSA 2020 Virtual Show, you might have been a little overwhelmed by the sheer number of talks and presentations. I know I was. I didn’t know where to start. This article is intended to act as a taste of the actual presentation. Taking an hour out of your day to watch a video might not sound like a good use of your time as a business owner. So, by the time you read this, you might decide for yourself if you want the full experience. If you weren’t sure if you wanted to attend the virtual show itself, then this article will serve as a way for you to definitively decide. Many of the presentations and products on display will be available until March 31st, 2021.
Carrie Knight once again leads a presentation for the ISSA Virtual experience. This time, it is about how you can grow your business in 3 easy steps.
Carrie says most small businesses fail because they need to work ON the business, not IN the business. This means they’re too busy trying to be the handyman on particular problems. Carrie says just hire someone to fix it for you. You need to be the CEO.
Not only that, but small businesses also fail because they don’t understand marketing, sales, and simple strategies that will have a massive impact on their business.
Carrie went on during this presentation to share the strategies that have lead to her business making over seven figures a year for the past four years and double-digit growth year after year.
In fact, Carrie says there are only THREE ways to grow ANY business. They increase the number of customers, increase average cart price, and increase the frequency in which your customer buys.
To increase the number of customers you have, you have to focus on retention. this requires you to increase customer acquisition and lower customer cancellations. But it’s not that easy. Fortunately, Carrie tells you exactly how to accomplish this. Create an “irresistible offer”.
Be careful about creating this irresistible offer, however. If you go about it incorrectly, you might attract the wrong type of customer. Carrie explains it perfectly in her presentation.
Another very important part of Carrie’s talk harped on the importance of customer retention. She gave a statistic about how companies focus 70% more on gaining new clients rather than retaining old customers. This is ludicrous if you do the math. It costs five times more to get new clients than keep the old ones.
The third major step in Carrie’s strategy is increasing frequency. She argues that bi-weekly customers are the cornerstone of her plan. They are already loyal to your business. They see the value in it. If they are lifetime customers they are pumping a significant amount of money into your business.
If you can manage to get your monthly customers to become bi-monthly, you’ve essentially doubled your income.
By the end of the talk Carrie says you should start doing these few things NOW: Create an irresistible offer, focus on customer retention, increase your prices TODAY, and change your mindset to focus on bi-weekly’s.
She also says you need to stop doing these things now: stop competing on price, stop discounting, stop being cheap, stop focusing on one-off customers.
Carries went into great detail about all of these things that were mentioned. As this article is only meant to be a taste, I highly recommend watching her talk by clicking the link below. She gives great advice and a lot of it. Her expertise could make you a LOT of money.