There Are Only 3 Ways To Grow Your Business
If you've ever seen me speak live, there's a good chance I mentioned the three growth levers for business.
In fact, these are the only ways you can actually grow your business, and it's one of my core frameworks when I go into large Amazon companies in Chinese to rapidly grow them.
Most people are only focused on one of them, leaving massive amounts of cash on the table.
Here they are:
- Increase the total number of customers
- Increase the frequency of purchase, the average number of times a customer buys from you.
- Increase your average order value, or selling price.
It's a simple concept, but the effects of each stack and multiply
a 30% increase in each of these metrics will double your revenue.
To get a 30% increase in each of these isn't that hard.
The problem for most sellers is... they don't have enough products to add upsells and cross sells, and launching new products is too capital intensive or time consuming.
So what's the easy solution?
Add Affiliate offers, digital products, and dropshipped products to your lineup!
Imagine this - you sell dog supplements on Amazon, and your profit per sale is $10.
We already know the customer has a dog, so we can market other products for their dog.
After opening up www.offervault.com and CJ Affiliate, I can see dozens of affiliate offers for pet owners - everything from dog food subscriptions, doggie dental plans, doggie CBD, Chewy.com, Pet health insurance, and hundreds more, with payouts ranging from $20-$150+
If just a few customers buy these affiliate products -from your product inserts or emails - you'll be making a lot more money.