|Every time I meet a business owner who wants to learn a thing or two about growing their business, their very first question is “What should be my immediate next step” or “If you were to tell me 1 thing to focus on, what would that be?” or “What is the secret to growing a company exponentially, just like yours“|
My answer to this question is, you should prioritize below two things:
1. Reduce your customer acquisition cost to ~ ZERO
2. Automate/ outsource your marketing efforts
Let’s quickly deep dive into understanding the secrets hidden from common people and are never taught in any schools!
Reduce your customer acquisition cost to ~ ZERO
This is the most ideal state for a business to be, if your customer acquisition cost is near zero, i.e. you are spending virtually no money to acquire new customers – you will grow exponentially! That’s it. Big businesses sell their entry level products with minimum/no profit margins just to cut marketing expenses. Once, customers walks into their marketing Funnel, they up-sell and earn huge profits.
Example – Mc Donald’s make no profit selling you their 1 burger, they just break-even on their marketing budget (the posters and advertisements they make on different medias to make potential customers walk into their chain). However, when they upsell you fries and coke – they make huge margin on those!! Ahaa! did you get the point?
|Automate/outsource your marketing efforts – If you are not automating your marketing and sales efforts, you are losing all that precious time and money that you could use to retain your existing customers. Because, it is way simpler to retain your existing customers than to go out hunting for new customers. All businesses are going online these days, and if you are someone who’s looking to automate your marketing, this is the time you should go ONLINE and automate your entire sales and marketing|