Ways To Grow Revenue Without Getting More Customers

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Summary

In this conversation, Brett Ingram discusses two ways to grow revenue without getting more customers. He emphasizes the importance of revenue for a business’s survival and success. The three main ways to generate more revenue are getting more customers, increasing customer spend, and getting customers to buy again or more often. While getting more customers is the most common approach, it is also the most expensive and time-consuming. Instead, Brett focuses on the easier and more profitable methods of increasing customer spend and encouraging repeat purchases. He provides examples of upselling, cross-selling, bundling products, offering warranties and service contracts, and implementing continuity, memberships, email marketing, sales promotions, coupons, rebates, and frequent buyer’s clubs.

Takeaways

Revenue is crucial for the survival and success of a business.
There are three main ways to generate more revenue: getting more customers, increasing customer spend, and getting customers to buy again or more often.
Getting more customers is the most common approach but is also the most expensive and time-consuming.
Instead, focus on increasing customer spend and encouraging repeat purchases through upselling, cross-selling, bundling products, offering warranties and service contracts, and implementing continuity, memberships, email marketing, sales promotions, coupons, rebates, and frequent buyer’s clubs.

Chapters

00:00 Introduction: The Importance of Revenue
01:02 Three Ways to Generate More Revenue
04:52 Focus on Easier and More Profitable Methods
05:22 Increasing Customer Spend with Upsells and Cross-sells
08:17 Bundling Products for Higher Sales
10:08 Using Warranties and Service Contracts
12:01 Offering Advanced Training and Implementation Services
19:34 Utilizing Email Marketing and Sales Promotions
21:01 Implementing Coupons, Rebates, and Frequent Buyer’s Clubs
22:29 Summary and Takeaways

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