Assuming you have a useful product or service, your sales ability drives growth. I am formally trained in multiple sales methods including the Sandler Selling System, Jay Abraham Business Growth Method, and the Brian Tracy Sales System. All methods focus on three core ways to increase sales, which is growth principle #7.
Concept:
The three ways to grow a business are:
- Increase the number of clients or customers. Think about how McDonalds used franchising to rapidly expand their business.
- Increase the size of the transaction. Imagine going into a store to buy a television. The store can cross-sell or bundle services such as HDMI cables, a sound bar, offer expert installation, or sell you an extended warranty.
- Increase the frequency or value of the transaction. Think about how Amazon expanded its offerings to get customers to shop more often. Starting out as an online bookstore, they expanded rapidly into selling electronics, toys, and apparel. Now Amazon is “The Everything Store.”
To grow your business, implement strategies that address all three areas to produce a compounding effect.
To grow personally focus on your network. The three ways to grow are:
- Increase the depth and breadth of your network. Expand your network to include people both inside and outside your company; people outside of your industry; and people outside your region or country.
- Activate your network to increase the value you provide the network. Connect contacts that share the same interests. Help connections reach their goals through assistance and/or guidance.
- Leverage your network to increase the value the network provides you. Do not just build a network, leverage it using specific asks. Ask for introductions to potential mentors, sponsors, and clients.
Reflection:
- What do clients do before, during, and after they use your product or service?
- How can your network help you grow personally and professionally?
Action Steps:
Identify and implement strategies to increase the number of clients, the size of the transaction, and the frequency or value of the transaction. Reach out to someone in your network with a specific ask.
