Business is easy or so people would have you believe. Well, if you look at the following three questions, then you can believe that it is. One of Peter Thomson's key approaches to growing your business is to focus on the following three questions :-
- How many customers do you have?
- What is your average transaction value?
- What is your average transaction frequency?
The key to really growing your business is to grow all three at the same time. Just growing your number of customers by 10% means a 10% increase in revenue. However growing all three by 10% at the same time, can result in a 50% increase in revenue. It's simple compound mathematics. So, how can email marketing help with this?
Using email to market to 'non-clients' is the most cost effective way of growing your customer base, and something that in my experience, very few small to medium size firms do (see my previous article on this subject).
The biggest effect that email marketing can help is on the average transaction frequency. By executing a carefully planned email newsletter campaign we believe that you can increase the frequency with which clients instruct you. The key to getting clients to come back more often than they might have, is to raise their level of anxiety to the point where they need your help. Well written newsletters can help do this.