Today on TIM411, Tim starts Part 3 of The 4 Ways To Grow A Business series.
The third way to grow a business, according to Jay Abraham’s 3 Ways To Grow A Business, is to increase the frequency of purchase from a customer.
If customers buy your product once a year and you can entice them to make just one more purchase in a year, you could effectively double your revenue in a year.
I’ve seen many people misconstrue transaction frequency to mean continuity or subscription income. It can be, but not all continuity businesses make more than a company that gets someone to pay in full up front. The reason is people churn out of continuity — they pay for 5 months before quitting. Where a company that finds a way to charge the equivalent of 6 or 7 months for the same five months worth of product would be more profitable.
Listen in to find out how to increase the frequency of purchase in your business.