Growing a business doesn't always need to be complicating, with different strategies or tactics. Because when all is said and done, it all comes down to these three ways. This is what I learned from the legendary marketer, Jay Abraham. Let's jump right in and discover what those three ways are! (00:00): What's up everyone. Welcome back. And this is Lik Foon. Today, I want to share with you the simple three ways to grow any business that I learned from the legendary marketer, Jay Abraham. So Jay Abraham, the OG marketing guru said that there are only three ways to grow any business. And they sound really basic and simple, so simple that most people just ignore it. Sometimes we just over overcomplicated things and trying to seek for the next secret and the next strategy, and that's why we get stuck. But when all is said and done, in order to grow a business to the next level, these are the three different ways to do it. (00:43): So the first way to grow a business is obviously to get more customers. When you are just starting out, your primary focus is to get more customers, nothing else. You are going to create content, putting out different hooks, running campaigns, and do everything to get customers in door. And this is what we call the acquisition phase. You want to acquire as many customers as possible. And the keys to this is you need to become really good at three things, hook, story, and offer. You need to become good at creating hooks that stop people from scrolling and give you attention so that you can tell a good story explaining what you have for them and why they need it. And then finally present your irresistible offer. So that's number one. (01:37): The second way to grow a business is to get your customers to buy more. You want to make each customer, the same customer to buy more things. That's when you will create up-sell and send out followup emails, push them into buy more products from you. Your goal is to make each customer worth more for you because that's equivalent to free money. Because think about this, they already buy something from you and become your customers. They are going to spend money with you anyway. So you may as well get them to buy more things at the same time. You don't even have to run ads to retarget them, or re-acquire them because they are already your existing customers now. And I said this before that the second yes is always easier than the first. Once they have agreed to spend money with you, it is not hard to get them to say yes again, because at this point, all the friction in buying and the skepticism are now gone. They already know like, and trust you. And that's why they're willing to buy from you. This is what we call the Ascension phase. You are trying to ascend your customers to the next things, your next product, your next service that you have in your business. And that brings us to number three. (02:57): Now that you have consistent sales coming in, you have new customers every month and people are buying. Now, you want to shift your focus from getting people to buy into buying more frequently. You want the same customers to come back more often and buy more frequently. This is when you can have some sort of continuity or recurring charge for your product or service so that you get paid consistently every single month. And this is really the ultimate goal. It is way easier to and better to have the same 100 customers to pay you consistently every single month, than trying to acquire new different customers every single month, right? As long as you serve them right, you build rapport with them and relationship with them, genuinely helping them, people are willing to continue to become your paying customers. And this is what we call the Monetization phase. (03:53): You want to maximize your monetization from each customer. And when you have a group of people who are willing to pay you every month, you don't have to worry anymore. Your business will be able to continue to grow and strive no matter what. And these are the basic three ways to grow your business to any level. Obviously there are different strategies and tactics out there that you can also apply to grow a business, but understanding these fundamentals will give you the clarity on the direction of where your business is heading, moving on. All right, that's all for today. Hope you get some valuable lesson today and with that said, I will talk to you again tomorrow. Take care.