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but for commercial purposes as well. Title: There are only three ways to grow any business Word Count: 787 Summary: ThereÆs a lot of hype about how to improve turnover and profitability. But did you know when it all comes down to it, that there are only 3 ways to grow a business? Read on to find out more. Keywords: Marketing consultant, marketing, marketing tips, marketing services, marketing agency Article Body: Raise price, frequency of purchase, quantity of purchase! To make your business prosper and grow, it is necessary to understand the principles on which your business growth will be based. Raising prices, frequency of purchase and quantity of purchase are critical to your business survival and growth. Business is based on principles. The best ways to expand and grow your business is to follow these 3 basic principles. Raise Price: Inflation forces retailers to raise the price of goods. There is no such thing as static price and businesses everywhere are forced to raise prices on goods in order to stay in profit. The problem facing businesses is the fact that consumers see price raises in a different light. They see it as price gauging, and feel that the business is taking advantage of them. You must be careful when you raise prices to be sure that the sales do not go down. Here are some points to help pacify customers when price raises confront them: 1. Try to add value: this will help to justify price raises in the consumerÆs eyes 2. Raise prices gradually: buyers can tolerate 50c or a dollar, but if you do bigger price hikes you will lose sales. 3. Make sure the items are popular items, so that customers will still feel compelled to buy despite the raise in price. Frequency of purchase: Frequency of purchase is necessary for your business survival. If customers are not buying with reasonable frequency then you cannot make enough profit for your survival. In order to make this happen you will need to do 2 things. Retain customers and keep them purchasing from you: You can do this by over delivering to your customers and building good customer relationships with them. This will help to make them your loyal customers. You can also achieve this by selling them back end products. These will be related products that will be offered as bounce back offers when they purchase from you. Much of your profit will be gained this way. In fact it is estimated that 20% of company profits are from the primary product and 80% will be from back end products. Have a flow
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