I’d written a #SmarTini tip for Twitter and Facebook the other day stating that we should grow our businesses “geometrically”.
It raised a few eyebrows to say the least. After all, what the heck does THAT mean?!?
Here’s what I mean when stating that all business owners should grow their business geometrically:
Rather than focus all your time on creating new products and services to sell to new customers and clients, you want to:
1. Sell EXISTING products and services to NEW clients,
2. Sell EXISTING products and services to EXISTING clients,
3. Sell NEW products and services to NEW clients and
4. Sell NEW products and services to EXISTING clients.
By spreading your marketing and promotion across these four categories, you ensure that:
1. You never have “all your eggs in one basket” or, better said, “all your clients in one program”,
2. You minimize your product development costs since you continue to offer existing products to new clients (and existing clients) and
3. You minimize your new client acquisition costs since you focus on offering new and existing products to existing clients.
This describes the concept of growing your business “geometrically”.
Give it a try — I promise you won’t regret it! 🙂
© Copyright 2009 Sandra P. Martini