Three Simple Ways to Grow Your Business
There are tons of ways to grow your online boutique, but it can be broken down into three main tactics:
- Get new customers.
- Sell more to existing customers.
- Grow your margin.
Acquiring new customers and followers is ultimately the best way to expand your business. The more people that know about your boutique, obviously the more potential customers you gain. However, it’s time to be smarter about who you are targeting and why. Ofcourse it is awesome to constantly grow your followers/new customers, but statistics show that 80 percent of our revenue often comes from 20 percent of your list. That means it is critical that you are treating your existing customers well and re-marketing to them via an email list or loyalty rewards program?
Your list can be reached out to via text message marketing or a segmented VIP email list to not only to put more money in your pocket, but to keep your customers happy and willing to spread news about your brand by word of mouth. Something money can't buy.
This is also your opportunity to cross-sell and upsell. Cross-selling is providing your customer with another product that compliments or pairs well with the one they are already purchasing. Up Selling is adding on a low-cost sale to your existing sale to increase your AOV – Average Order Value.
Make the most out of your efforts by nurturing your customers and they will, in turn, grow your business with a few super fans rather than a thousand cold followers.