I'm sure you're thinking that there are a million and one ways to grow your business.
Sure you can set up funnels, run ads, post content on social media and more...
But, what it really comes down to is 3 main areas!
These are the only 3 ways to grow your ecommerce business on Shopify:
1. Get more customers
2. Increase the size of your orders
3. Increase the order frequency
Not too complicated if you think about it in these simple terms right?
Most business owners only focus on #1 which leaves them vulnerable.
They probably don't understand that getting new customers is expensive.
In fact acquiring 1 new customer costs the same as retaining 5 existing customers.
Did you know if you focus on getting each one of the 3 things that I have listed above a 10% increase actually equals a 33% Increase in revenue?
Number of clients: 1,000
Avg $ per sale: 100
Purchase frequency: 2
Total Revenue: $200,000
Now with a 10% increase:
Number of clients: 1,100
Avg $ per sale: 110
Purchase frequency: 2.2
Total Revenue: $266,200
Once you understand this, hopefully you never look at business the same way and not only focus on getting new customers.
Yes, new customers is a part of the equation but focus on the other 2 ways to grow your business and you'll grow faster then ever!