Concentrate 2/3 of your marketing efforts on existing customers and reduce 2/3 of your risk.
There are three ways to grow a business. But most businesses spend most of their time and resources on acquiring new customers via advertising. This strategy can be hazardous to your wealth.
Remember, there are three ways to acquire customers – not just one:
1. Acquire new customers with paid advertising.
2. Convince existing customers to buy more frequently.
3. Give your existing customers more opportunities to increase the size of the purchases they make.
By following this three step strategy, and putting roughly the same dollar amounts in each step – you can easily double your revenue while reducing your risk.