Insight #9 - Business Development ABC's

As complicated as business development strategy can be, it’s ironic how simple its underlying principles are. When you boil it all down, there really are only 3 ways to grow a business:

  1. Increase the number of active clients

  2. Increase the size of financial transaction per client

  3. Increase the frequency of purchase for each client

    The key to maximizing profits is to focus on all three activities concurrently, and the good news is there are literally thousands of ways to go about achieving success in all three areas. No matter what the marketing or sales initiative, be certain that you are constantly asking how the strategy in question will achieve success in each or all of these three fundamental objectives.

Tip #9: When developing every aspect of your sales and marketing strategy, determine exactly how each initiative relates to the ABC’s of profit improvement: a) new client acquisition, b) increase transaction size, c) increase purchase frequency. Always design programs and campaigns that strategically achieve two or three of the ABCs concurrently and you’ll be well on your way to maximum profits.