How to Grow Your Business by 33%

Achieving 33% growth in your business might sound daunting, but it’s easier than you think.

This significant leap forward doesn’t require drastic changes or major overhauls.

Instead, it’s about making intelligent, targeted adjustments that can significantly impact your top-line revenue.

Trust me, unlocking this level of growth is within reach.

Are you ready to add some severe revenue this year?

Let’s dive in.

Step 1: Increase Your Prices by 10%

Increasing your prices is a straightforward way to boost your revenue.

A 10% price hike can significantly impact without alienating your customer base.

Here’s how to do it effectively:

Increase Your Prices by 10% for All New Customers

Start by implementing the price increase for all new customers.

This approach ensures your loyal existing customers aren’t surprised by a sudden change, while new customers come in at a higher rate.

Improve Your Product/Service

Enhancing your product or service can justify the price increase for existing customers.

Add new features, improve quality, or offer better customer support.

When customers see the added value, they are more likely to accept the higher price.

Rethink Package Sizes

Consider adjusting your product or service packages.

Offering different sizes or tiers can help cater to varying customer needs while allowing you to introduce higher-priced options.

This strategy can make the price increase seem more manageable to customers.

Yearly Price Increase for Existing Customers

Implement a small, yearly price increase for existing customers.

Gradual increases are easier for customers to accept and can help you keep up with rising costs and market rates.

Pro Tip: Make sure to write a yearly price increase in your contracts!

Double Pro Tip: Use the “Three Yeses” rule to increase the price by MUCH more than 10%. It’s simple. When you get three yeses on your current price point, it’s time to raise your prices.

Step 2: Get 10% More Customers

OK, now that we’ve increased our prices, it’s time to get 10% more customers.

To achieve this, you should aim for multiple fruitful inbound and outbound channels.

If you don’t have a consistent channel yet, it might be time to rethink your strategies.

Here are a few of my favorite ways to attract new customers:

Outbound Sales

If you’re not doing outbound, it’s time to start.

Outbound is simply a numbers game.

E.G., Send 100 DMs on LinkedIn, get 5 appointments set up, close 1.

Outbound LinkedIn Outreach

Leverage LinkedIn’s professional network to connect with decision-makers in your target market.

Here’s how:

1. Identify Key Contacts: Use Sales Navigator to find potential leads and decision-makers in your industry.
2. Share Insightful Content: Post valuable content that showcases your expertise and addresses industry challenges.
3. Engage in Meaningful Conversations: Actively participate in discussions, comment on posts, and send personalized connection requests.
4. Send a Value Add DM: When you send a direct message, try and add value. Share a piece of content, answer questions, perform an audit, etc.

P.S., I teach people how to do outbound through my LinkedIn Income Accelerator.

Inbound Marketing

Inbound can take time to build up, but it’s well worth it.

Here are a few things I wish I would have started years ago.

Social Media Marketing

Utilize social media platforms to share valuable content, engage with your audience, and build a loyal following:

1. Consistent Posting: Share high-quality, relevant content regularly to keep your audience engaged and attract new followers.
2. Engage with Your Audience: Respond to comments, messages, and mentions. Active engagement fosters community and loyalty.

This channel won’t happen overnight. But when you have thousands of followers, you’ll be “kind of a big deal.”

Lead Magnets & Email Newsletter

Offer valuable resources in exchange for email addresses and nurture these leads:

1. Create Lead Magnets: Develop cheat sheets, checklists, webinars, or other valuable resources that address your audience’s needs.
2. Capture Leads: Use landing pages and opt-in forms to collect email addresses from interested prospects.
3. Nurture with Email: Send regular newsletters that provide helpful content, updates, and special offers to keep your brand top of mind.

If you missed last week’s issue. Here’s my guide to build a million dollar newsletter.

Step 3: Increase Buying Frequency by 10%

Increasing the frequency with which your customers buy from you can significantly boost your revenue.

Here are some strategies to achieve this:

Develop Pricing Packages

Consider adjusting your product or service packages.

Offering different sizes or tiers can help cater to varying customer needs while allowing you to introduce higher-priced options.

This strategy can make the price increase seem more manageable to customers.

Subscription Services

Subscriptions are the holy grail recurring revenue.

I mean, who doesn’t love recurring revenue?!

If possible, try to develop a subscription model inside your current business.

This could be longer term contracts, a community, or a paid email newsletter.

Upsell/DownSell

You probably know how hard it is to get a lead on the phone.

Don’t lose them with a single offer.

Develop an upsell or a downsell.

E.G., You offer business coaching. Develop a course that walks customers through your service. When someone can’t afford your coaching services, you can downsell them to your course.

The Math

Achieving a 33% increase in your business can be straightforward.

Let’s break it down with simple numbers:

1. Increase Your Prices by 10%:
   • Current revenue: $100,000 from 10 customers (each customer spends $10,000).
   • New price per customer: $11,000.
   • New revenue: 10 customers x $11,000 = $110,000.
2. Get 10% More Customers:
   • New customer count: 10 + 1 (10% more) = 11 customers.
   • New revenue: 11 customers x $11,000 = $121,000.
3. Increase Buying Frequency by 10%:
   • Current buying frequency: 1 purchase per year.
   • New buying frequency: 1.1 purchases per year (10% more).
   • New revenue: 11 customers x $11,000 x 1.1 = $133,100.

By increasing your prices, getting more customers, and increasing buying frequency, you can grow your revenue from $100,000 to $133,100—a 33% increase.

Boom (mic drop).