0:00:00 Ben Wright: I’ve been tried and you know, I’ve been tested.
0:00:06 B: Welcome to the Friends in Business podcast with your hosts, Ben Wright and Jemima Ashley. Ben, known as the sales strategist, and Jemima, our resident visibility expert, are here to share their wealth of knowledge and experience with a little fun along the way. Whether you’re a leader, entrepreneur, or aspiring business owner, this is the podcast where we share everything we know about business to help you succeed.
0:00:31 B: Let’s get started. Welcome to the Friends in Business podcast.
0:00:43 Jemimah Ashleigh: Hi, welcome back to Friends in Business podcast. Ben, how are you?
0:00:48 Ben Wright: I’m really good today. It’s one of those days where I just woke up feeling happy, feeling strong, and ready to record a podcast.
0:00:57 Jemimah Ashleigh: Thank goodness. Cause I flew in last night and it would be awkward if you were like, please go home. We can’t do that today.
0:01:04 Ben Wright: Yes, absolutely.
0:01:05 Jemimah Ashleigh: It happened last time I came in.
0:01:07 Ben Wright: So maybe I’ve been gearing for this moment.
0:01:08 Jemimah Ashleigh: Just excited, you know what I mean?
0:01:10 Ben Wright: Great.
0:01:11 Jemimah Ashleigh: We’ve color coordinated the jeans to the dress. Love that. We should have. We really could check those clothing memos a bit closer, right?
0:01:16 Ben Wright: Yeah. Well, great mind sneak alike. And it’s almost short twitter here.
0:01:21 Jemimah Ashleigh: What a day. Niece is just bringing their vibe, which I’m here for. How’s things? How’s business?
0:01:27 Ben Wright: Business is good. We’ve actually been spending a fair bit of time talking around growing revenue and growing it fast. Where last year’s problem was getting the most out of staff, this year’s problem for a lot of the business leaders I’ve been working with has been around growing revenue.
0:01:42 Jemimah Ashleigh: Yeah. And we are seeing, especially since pandemic, the end of the pandemic. We’re seeing a lot of businesses really underpump financially. We’re seeing a lot of, like, a lot of expenses have increased. Right.
0:01:51 Ben Wright: Yeah.
0:01:52 Jemimah Ashleigh: One of the highlights of coming to Noosa for me and to visit Queensland is everything’s a thousand times cheap Melbourne. But this seems to be the issue across the board as people are trying to raise, get more revenue coming in. They’ve got a lot of other expenses as well. And today we were thinking about. We might talk about growth.
0:02:08 Ben Wright: Yeah, yeah. Look, for those who know me, my background is in building businesses fast. I guess our flagship business went zero to 40 mil annual revenue. And your recurring revenue actually, over about an eight year period, we won a couple of fast growth company awards. So really driving that revenue growth hard is in my blood and it’s something I love to share with people. And I think we often overlook some of the real basics around how to grow revenue. And that’s what I’d love to talk about today.
0:02:37 Ben Wright: Just three ways that we can grow revenue. And for me, importantly, I think when we define what those three ways are, it actually gets our attention and we can recognize how we’re going about growing revenue rather than hope and a prayer that this year we’re going to grow.
0:02:51 Jemimah Ashleigh: This will be better. This year will be better. I’m going to do better. I’m going to do something. And really going back to what we do really well here and what we’ve heard from our listeners and what we’ve seen from the comments we’re getting from you guys is these tangible takeaways. This is what we’re doing today. This is what we’re going to talk about. And here’s the thing that we’re going to talk about.
0:03:09 Jemimah Ashleigh: And so that’s been really interesting. And we’re really, really going to hone down on those top three things today for growth. And I think so valuable because I think I’ve never met anyone’s like, just no more money. I can’t just no more today, short of the tax man looking at them.
0:03:25 Ben Wright: Well, there is a point, though, where you do grow too fast, actually. And we do need to say, you know what? Let’s just foot on the brake. Let’s get some basic systems and processes in play, and then we’ll grow again. Because if we do grow too fast, we do let our customers down.
0:03:40 Jemimah Ashleigh: Yes, scaling way too quickly can take your business down versus not having enough money, cash flow.
0:03:44 Ben Wright: But that’s not today’s problem. Today’s all about revenue growth.
0:03:47 Jemimah Ashleigh: Today’s about revenue growth. Who doesn’t want that? I’d love some more revenue in my business. So, Ben, tell us. Yeah, tip number one. What do you got, guy?
0:03:55 Ben Wright: I love to categorize things into threes and fives.
0:03:58 Jemimah Ashleigh: You really do. You really do.
0:03:59 Ben Wright: It is very much me. Today we’re doing three. So the most common ways, I’m gonna start with what is the most expensive way to grow your revenue, but the most impactful when we get it right. And that is all about new customers. The number one way to get revenue to the business is new customers. Why is it expensive? It’s expensive because we generally have to go out and pay to acquire them. Generally, not always.
0:04:28 Ben Wright: But if we get it right, if we get new customers in our door, it actually leads into number two and number three, around revenue growth. So getting new customers, it’s pretty, pretty straightforward. But what I wanted to talk about today was some of the really impactful ways to get those new customers?
0:04:44 Jemimah Ashleigh: Yeah, for sure.
0:04:45 Ben Wright: Spoiler alert. Next week, we are talking all about lead generation.
0:04:49 Jemimah Ashleigh: Oh, goodness.
0:04:49 Ben Wright: So I’m going to dive into this really deeply, but the most important thing that we need to get right when it comes down to it’s got suddenly got really breezy where we are here, but I think we’re still good. The most impactful is a tornado.
0:05:01 Jemimah Ashleigh: Like a tornado warning.
0:05:03 Ben Wright: Well, you’re calling me the tornado, so it’s my turn today. And maybe here’s a sign of what’s next.
0:05:07 Jemimah Ashleigh: Yeah, yeah. The volcano’s next.
0:05:10 Ben Wright: So fast revenue growth with new customers. This is all about understanding who your ideal customer is.
0:05:16 Jemimah Ashleigh: Yeah, for sure.
0:05:16 Ben Wright: So to get new customers on board quickly, we need to be really clear about who the customers we should be targeting are. Once we know who those that we should be targeting are, we can then get out and do our thing.
0:05:28 Jemimah Ashleigh: And I hear this a lot, like, who’s your ideal client? And people say things like, everyone. Yeah, or people just like me. No, because if we’re just like you, they’d be running the business. And if they’re everyone, that’s too many people.
0:05:39 Ben Wright: Yeah, yeah. It simply doesn’t work being able to target everyone. But to get new customers on board, it is all about those who we know meet our market fit, those who have had experience with our product already that can provide referrals, those who in particular have a very clear problem to solve or opportunity to take advantage of.
0:06:00 Jemimah Ashleigh: So, yeah, one of the things I’ll say, like, about that problem and the referrals part, so important, if other people know what we do, if we’re clear about what we do, what other people know what we do. Just the money.
0:06:11 Ben Wright: Yeah. Yeah. Well, let’s talk about some of these ways to get new customers. Number one. And in fact, we’re probably going to start here at the cheaper end and it gets more expensive as we go. But number one, if you can get this right, it is customer referrals.
0:06:22 Jemimah Ashleigh: Yes.
0:06:23 Ben Wright: There is, without no doubt in my mind, no better way to get people in the door than through customer referrals. So we need to be leveraging it. What I will say, however, is that unless you systemise referrals in your business, they don’t happen. Just relying on going to your salespeople and reminding them to say, at the end of the sale, we need to ask for a referral. It doesn’t work. What we actually need to do is have a targeted campaign where we regularly stay in front of our past customers because they won’t always be able to refer someone at the moment you ask.
0:06:55 Jemimah Ashleigh: Them, but they will come on today. But when they find that person later.
0:06:59 Ben Wright: That’s right. When they find that person later, when they come into that situation where they could refer you, we need to make sure we’re top of mind so we can start with referrals. Absolutely. Really powerful. There are even platforms out there now that do this for you. There are a number actually out there where you can automate it depending on your type of business. Low transactions. B, two, c really, really easy.
0:07:19 Ben Wright: The higher your transactions and the more you orient towards business, the harder it gets. But we need to systemize referrals, number one. Number two, in terms of easy to acquire at low cost is networking.
0:07:30 Jemimah Ashleigh: Yes, networking.
0:07:31 Ben Wright: Lead generation via your connections or your team’s connections. Really, really impactful and can be done really quickly.
0:07:39 Jemimah Ashleigh: Super. And it can be relatively cheap. The only thing it will cost you generally, is time.
0:07:43 Ben Wright: Time, yeah, absolutely. And a few bacon and egg sandwiches or coffees or drinks or whatever happens.
0:07:49 Jemimah Ashleigh: Who doesn’t love a good brekkie?
0:07:51 Ben Wright: No, I certainly don’t. So. And that actually then leads quite easily. You’ve gone from your current network and your strategy around networking, that actually leads into social media for me. And this is your paid socials. This is your organic socials that you’re doing yourself. Also, relatively low cost, but takes time.
0:08:08 Jemimah Ashleigh: Yes. And strategy as well. Like, that’s something you have to think about because I, you know, as anyone knows me knows I love a good social. Love a good socials, yes. But you have to have the plan in place and you have to have that again because this is the referral tag a friend. This is the front of mind stuff. This is the reminder of 42 days till someone forgets you exist. This is that. And just that consistency turning up.
0:08:31 Ben Wright: Yep, absolutely. So three really easy ways. And by the way, I wouldn’t expect any silver bullets from today, but training is hugely beneficial when we focus not just on learning new things, but also remembering old things that we may not be implementing now. A lot of the training that I undertake actually reminds me about something I learned from when I was younger.
0:08:49 Jemimah Ashleigh: Yeah.
0:08:49 Ben Wright: From when I was 28, not 30 as I am now. Great. I got that one through 4145-6041 thank you. In fact, I have my doing some biological age testing.
0:09:00 Jemimah Ashleigh: Oh, yeah.
0:09:00 Ben Wright: So results will be in soon. I’ll let you know how we go. I might let you know how we go. So that’s the first three done number four, we then start to talk about industry associations, industry groups, all those places where our customers hang out that we can get a part of. So if we’re in the roofing business, we hang out in roofing industry associations or we go to trade shows. Right. Where your people are frequenting at number four, that one often gets overlooked because it can begin to get expensive.
0:09:23 Ben Wright: But if you’re very clear with where your customers are, that then allows you to be really focused on your strategy.
0:09:30 Jemimah Ashleigh: I will say that I do, and I’m just going to use this as a hypothetical that my client definitely did. Was one of these conferences was like five grand to attend in a ballroom, like, it was like all day. And so they were like, I’m not spending five grand on this. Do you know where they went? The bar.
0:09:46 Ben Wright: Yeah.
0:09:46 Jemimah Ashleigh: Was a hotel.
0:09:47 Ben Wright: Yeah.
0:09:47 Jemimah Ashleigh: This one sat in the bar and they made tenfold back.
0:09:51 Ben Wright: I am a huge advocate for. I call it guerrilla trade marketing. And that’s when you will find an industry event that you go to your senior salespeople to. You pre brief them with who’s attending.
0:10:03 Jemimah Ashleigh: Yeah.
0:10:04 Ben Wright: Often you can get the delegates list. And if you can’t get the delegates list, what you can get is the speaker list. And when there’s 60, 8100 speakers at these bigger events, if you can reach out to them and get time with them, that’s when things start to get really interesting.
0:10:17 Jemimah Ashleigh: You know, no one really does this. So I speak at a lot of events, and I know that you do as well, but how often people get scared of the speakers? Do you find this?
0:10:24 Ben Wright: Yeah.
0:10:25 Jemimah Ashleigh: Like, if you go to the bar, people are like, hi. And they’re like, can I talk to you? And you’re, like, dying to talk to people. Right. You’re there to make sales. You’re there to, like, meet people as well. But how many people are tentative on that stuff? And people really do want to reach out?
0:10:37 Ben Wright: Yeah, look, I’ll be open. It’s my number one lead generation, so really nice piece to do. And I want to flip through this pretty quickly. Okay. Then we’re starting to move into things where you’re paying for marketing, that’s paid search, that’s paid lead generation, that’s paid outbound. I don’t want to spend too much time on that because I think that whilst the ROi can be really strong on those, you’re also needing to put lots of money in before you’re getting that out.
0:10:56 Jemimah Ashleigh: Yeah. I will say that if you are looking at going down, that your ROI needs to be the minimum three to five fold.
0:11:02 Ben Wright: Yeah. Minimum 300%, right? Absolute minimum. Because we’re talking then if we’re getting three times on our spend or our roas. Our roas, right? If that’s three times, we’ve got to be making a gp of 33% before we actually breaking even on that. And whilst we often look at customers over their full lifetime, so it might cost us, we might break even on the first sale. What happens after that is where we make the money. We still be careful about not overcapitalizing early, because otherwise we can run into the dreaded anchor of a business, cash flow, and we want to avoid that. So.
0:11:34 Ben Wright: But paid search in particular, when you prove a model that works, right, whether it be LinkedIn paid work, Instagram paid work, whether it be Google Adwords, whether it simply be paying for lead generation from outsourced consultants, if you find one that works, can be a really impactful part of your business, so certainly not worth glossing over. Okay, so next one we’ve looked at paid lead generation. Next one for me is referral partners.
0:11:57 Ben Wright: Yes, referral partners, free salespeople. Cue someone at the other end thinking they’re not free, they cost money. However, they are free until they deliver something. So they are essentially like commission agents for your business. So you only pay on the service.
0:12:12 Jemimah Ashleigh: That they provide in 10% of anything that you’re earning. You didn’t get that 90% if they weren’t doing the work.
0:12:17 Ben Wright: Absolutely.
0:12:18 Jemimah Ashleigh: And you’ve got none of the heavy lifting. So I use referral partners quite regularly, and I think this is something that we could do a whole podcast, we might do a whole podcast from referral partners because they are really, really important, because I think what we don’t recognize is a lot of them are not very difficult to obtain. So how. I’ve always looked at referral partners, and I don’t know if I would love to hear your thoughts on this, is that it’s a person who, like, we’re in the same sand pit, right? We’re at the same playground, in the same stamp here, but we’re not playing with the same toys.
0:12:47 Jemimah Ashleigh: Like, we might have the same ideal client, but we’re not teaching the same thing. We want to certainly be playing with the same kids on the playground, but we’re not crossing over too much, if at all. So they tend to be people who are the same ideal client as me, and we do dealing in the same sort of money, sort of. Not exactly, necessarily exactly the same, but also the kind of work that we want to be dealing with.
0:13:09 Jemimah Ashleigh: And when we find those people, they’re a natural sales tool for us.
0:13:13 Ben Wright: Yeah, yeah, yeah. I think the key is that they service the same customers.
0:13:17 Jemimah Ashleigh: And I’d say with some referral partners, some of mine, I don’t pay anything.
0:13:21 Ben Wright: Yeah, yeah.
0:13:22 Jemimah Ashleigh: So some of them, I mean, referral partners I was naturally going to send people to anyway.
0:13:27 Ben Wright: Even better. Yeah, yeah. And I certainly do the same. I refer people to businesses that I know and respect, knowing that in return I will likely get referrals from them. If not, it’s a circular economy where the world goes around. Okay, sure. Great. So that’s revenue growth according to new customers. There are plenty more options, but for the sake of today, I want to get through three of the key levers to pull. So we need to look at how we’re pulling our levers to our business. Number one is, are we pulling that lever through new customers recognizing, yes, it’s the most impactful way to our business, but it’s often the most expensive.
0:14:01 Jemimah Ashleigh: Yeah.
0:14:02 Ben Wright: So impactful, high impact, but high cost. Let’s look at number two. You ready for number two?
0:14:06 Jemimah Ashleigh: Ready.
0:14:07 Ben Wright: I mean, number two. Okay. Getting more from existing customers. So this one here is all about basket size. So I’m going to use an example from my fruit and veg days.
0:14:21 Jemimah Ashleigh: Oh, you’re really taking the basket thing really literally. I’m here for it.
0:14:24 Ben Wright: We are going way back. And I mean, you can picture this. This is me dressing as staff, and I are all dressing as milkmen. So white shorts or pants, white polo top, milkman’s hat. And in fact, my milkman’s hat said Milkman by day, superhero by night. So I was pretty proud of that. I was 27.
0:14:39 Jemimah Ashleigh: It’s a real specific look, isn’t it?
0:14:41 Ben Wright: Very specific.
0:14:42 Jemimah Ashleigh: Do you have a uniform still?
0:14:43 Ben Wright: I do still have a uniform. I have a little book that was written about it. And we actually got interviewed on one of the Melbourne radio stations.
0:14:49 Jemimah Ashleigh: I wouldn’t mind seeing if we can find that for another future. Maybe a Christmas episode.
0:14:53 Ben Wright: Yeah. Fantastic.
0:14:54 Jemimah Ashleigh: No chance.
0:14:54 Ben Wright: Okay, so I will be talking to your wife during those days. I knew back then, and this, this is 15 years ago, I had a $46 asp.
0:15:02 Jemimah Ashleigh: Really?
0:15:03 Ben Wright: That was my average basket size. Okay, so that 15 years ago, we’re probably talking about 100 to 120 now when you look at inflation and so forth. So I knew that every customer cost me that first sale. Yeah, it cost me about $50 to acquire a customer. So if I could get my asp up, I was going to have an impact on bringing that cost down of acquisition. But that was only small because that was only at that point of sale. I knew that my average customer stayed with me for twelve months and they were ordering weekly.
0:15:31 Ben Wright: So if I could get my average sale price up by $10 or 10%. Let’s look at 10%. I knew at the time I worked off 10% that would $46 went to dollar. 51 is about $5. If I could get $5 for every single week up, that’s $250 extra revenue per customer. I had hundreds and hundreds of customers. My cost of acquisition came down dramatically because I’d moved that dial just that 10% where my first sale cost me.
0:15:57 Ben Wright: The revenue was actually driven from the marketing cost. I knew that from that point onwards, the more revenue I could drive, the more impactful that marketing spend became and the better off the business was because that $250 extra that I generated per year cost me nothing. Yeah, it had a zero acquisition cost, zero dollar acquisition cost. So where we can be getting more from our existing customers, that is a really powerful way to grow our business.
0:16:25 Ben Wright: What I will say though is that whilst it’s cheap, it generally costs us nothing. It won’t move the dial like getting a whole new customer will. We’re talking about 5% and 10% and maybe 15 or 20%. We’re not talking about 100% new sale here.
0:16:38 Jemimah Ashleigh: Yeah. And I will say that I’ve always found that, you know, then the old adage is the first dollar is the hardest dollar.
0:16:45 Ben Wright: Yeah.
0:16:46 Jemimah Ashleigh: Right. So this is where we saw the rise of, particularly in the noughties, it was things like $3 e books, those $7 ebooks. So understandably, if you can get additional money from the current clients, you can do that.
0:17:01 Ben Wright: And look, I’m only going to touch really quickly on these, but how do you do that? Well, we look at things like price Rise is a really obvious one. It actually sometimes is very powerful, particularly when you get customers seeing more and more value from what you do, you get better and better at it. Absolutely. New products.
0:17:15 Jemimah Ashleigh: Yes.
0:17:16 Ben Wright: Adding new products to your suite that are completely unrelated, new products that are very closely related. So if you’re a business that sells swimwear, when you can sell the goggles with that. Right. Same saying, but that’s the same wheelhouse, right?
0:17:27 Jemimah Ashleigh: Yeah.
0:17:28 Ben Wright: When you’re a business that sells swimwear and you can move into other sporting goods. Right. You branch out to be bigger sporting goods type of business. So absolutely you can do that. In terms of basket size, we can often look at just selling more of the same. So it’s a discount. Spend $50 and you get a certain discount. But more importantly is buy a second one and take x percent off. Now, that will cost you obviously something because you’re giving a discount.
0:17:51 Ben Wright: But all those costs to pack, to pick, to ship, they’re generally pretty marginal and they don’t change. So you end up servicing that customer at a much lower level.
0:18:00 Jemimah Ashleigh: Yeah.
0:18:00 Ben Wright: So really encourage people to have a think about, you’ve got the customer, they’re there. What else can you do to add value? So we’re adding value to solve their problem or capitalize on an opportunity. What else can we do to really nail that? And if we can, at time of purchase, have our customer solve their problem more effectively or for a longer period of time or capitalize on that opportunity while they’re there, they’re going to spend that money with us.
0:18:27 Ben Wright: It just naturally will happen. That is this morning when we had to go and get a new set of microphones. Right. We asked them if they also did not just floating microphones, but also if they did cameras.
0:18:37 Jemimah Ashleigh: Yes.
0:18:37 Ben Wright: If they had it on cameras at that shop, we would have grabbed it.
0:18:39 Jemimah Ashleigh: Yeah. Yeah. Straight away it was like, oh, thank you. They’re like, oh, no, we don’t really do those. You should. Ten out of ten recommend. Would people buy them? That’s why we’re here.
0:18:47 Ben Wright: Absolutely.
0:18:48 Jemimah Ashleigh: Yeah.
0:18:49 Ben Wright: So that’s number two. Ready for number three?
0:18:51 Jemimah Ashleigh: Ready. Hit me.
0:18:52 Ben Wright: Okay. Number three.
0:18:52 Jemimah Ashleigh: I’m just, I’m still processing number two. And I was like, you know what it could do? I could put that in again. Great tips.
0:18:57 Ben Wright: It is so impactful. Number three is all about having return customers.
0:19:03 Jemimah Ashleigh: Yes.
0:19:04 Ben Wright: So we are talking about things like.
0:19:06 Jemimah Ashleigh: I love vertan customers.
0:19:07 Ben Wright: A consumable, your customer has gone and finished whatever product they bought. How we make sure we get them back. We are talking about making sure that they are consistently engaging with our business. And that can, even in the business world, for example, commercial higher value transactions, it can be things like maintenance plans, service plans. Right. How we look after the equipment that they’ve purchased. Or it could be that. How we make sure that if we’re in the service game, that we’re keeping in touch with them so that when their insurance policy expires, they’re back towards us. When their contract is about to end, they’re straight back towards us. Right.
0:19:41 Jemimah Ashleigh: Yeah. I will say, like, Amy, straight onto it. Every time my car insurance stuff is like, oh, don’t forget we’re still here.
0:19:47 Ben Wright: And look, Amy and car insurers I won’t talk Amy specifically, but these businesses are really good at reminding you that your renewal’s coming up, but not necessarily providing you value at that point.
0:19:58 Jemimah Ashleigh: No, not at all. And the lazy tax is immediately associated. Right. As soon as you call, they’re like, oh, let me help you take some money off. I’ve always found that they’re recurring because I’ve done product businesses and I’ve done a service based business now. But the thing with Tang’s design, just to throw back to my jewelry business back in the day, you know, where we made so many return sales, we did a lot of shipping, like online, so we had a really good shopify website.
0:20:21 Jemimah Ashleigh: But one thing I did around Mother’s Day, Christmas, and occasionally on Father’s Day with cufflinks, because we did cufflinks as well, we, we used to do this incredible thing where we would send out a postcard with a 10% voucher. We used to literally put stamps on them. We used to hand write and just say, thanks so much for your purchase. We really appreciate it. And I would sit there and just write, thanks so much for purchasing. We really appreciate it. In case you wanted to put a special cover sale coming up, I do a love heart.
0:20:50 Jemimah Ashleigh: I would write hundreds of these just sitting in front of the tv. And then I’d hand write the address later and I would spend, no, I’m not joking days doing this before Christmas. And our orders, as soon as that happened, exploded. And people would say, I couldn’t remember what your names were. I just knew that we had an email. I wasn’t going to go through and look for you, but suddenly it’s personalized mail. It’s not a bill, firstly, and it’s a very lo fi example of this, but I think we bought back, we probably added 100,000 from this very simple 45 cent experiment that we just wanted to try to see if it would work.
0:21:29 Ben Wright: So what we’re talking about here is having the right offer in the right place and at the right time.
0:21:36 Jemimah Ashleigh: Yeah. Christmas, Mother’s Day.
0:21:38 Ben Wright: Hello. Yeah. So my encouragement is within our businesses is look at when’s the right time that we want customers returning for us. Is it for a new purchase? Is it to service the existing purchase that they have to get the most out of it? Is it because the current purchase they have is coming in with expiry date, whatever it may be? I really encourage you to look at that again. This is one that is cheap to employ in your business, but I’d argue has probably the lowest impact of the three.
0:22:03 Ben Wright: So we’ve started at high cost, high impact, down to lower cost, lower impact. But I think all three are really important to have as levers that you pulled at different times in your business.
0:22:13 Jemimah Ashleigh: Yeah. As needed.
0:22:14 Ben Wright: Exactly. Right. Yeah.
0:22:16 Jemimah Ashleigh: So let’s recap.
0:22:17 Ben Wright: Number one was new customers.
0:22:19 Jemimah Ashleigh: Absolutely. We were always looking to get new customers in because they are the fresh blood and the real profit. Really much. And they off us quite frequently.
0:22:27 Ben Wright: If they return, that’s when they get that. Certainly become very profitable. Yep.
0:22:31 Jemimah Ashleigh: Two.
0:22:31 Ben Wright: Two is having existing customers spend more with us. So your basket size increases. Probably my favorite once you get an established business because it’s so cheap to run.
0:22:41 Jemimah Ashleigh: Yeah. Three.
0:22:42 Ben Wright: Three is all about having customers return to you.
0:22:45 Jemimah Ashleigh: Yes. 100%.
0:22:46 Ben Wright: So they come back and they revisit your business and they. That’s when we get lifelong advocates. We start to get a whole lot of other stuff.
0:22:51 Jemimah Ashleigh: I have one client that I legitimately mean this, that if I recorded a cd of me playing the Kazoo, this woman would buy. It doesn’t matter what it is. Every retreat she’s in, every. Every, like, new coaching program, I’m coming. Like she’s doing the thing.
0:23:05 Ben Wright: That’s because you’ve added value to it.
0:23:06 Jemimah Ashleigh: Yeah.
0:23:06 Ben Wright: Sorry. So that’s it for today. Short and punchy, which is exactly where.
0:23:10 Jemimah Ashleigh: I want it to be. Thank you so much.
0:23:12 Ben Wright: My pleasure.
0:23:13 Jemimah Ashleigh: Thank you. Actually really fun. I’ve got half me I met for. People watching this video at home will watch me just staring at Ben going. And it was me systematically drawing out a new business in the back end.
0:23:22 Ben Wright: Excellent. So jemima’s built her business from today. I love it. All right, single biggest piece of impact from today.
0:23:29 Jemimah Ashleigh: Just probably retargeting the people who have previously been with us. I think really going back for us, our acquisition of new clients has been really good lately. But from the really tangible thing that I’m coming back to is those previous people that were serviced, I need to be circling back with them a bit stronger, like a really tangible action item. What about you?
0:23:47 Ben Wright: Yeah, look, I love that piece. The bit that I really love is whenever we go to budgets and we’re looking to grow, most businesses go straight towards new customers. What I want to encourage people to look at is the other two levers at the same time. Right. There are. Well, there are at least three ways to grow revenue. However, let’s make sure we’re balancing all three and also incentivizing our team around all three pillars, not just new customer growth.
0:24:14 Jemimah Ashleigh: Yes, yes. I love that. I love that. Amazing. Thank you so much, Ben. That was, I think, everyone’s frantically, hopefully, home writing notes.
0:24:22 Ben Wright: Great. I love it.
0:24:23 Jemimah Ashleigh: Excellent.
0:24:24 Ben Wright: Well, we’re your friends in business. You can have friends in business, and we’d encourage you to get in touch with us if you ever do need a friend. Elaine on please do. Bye for now.
0:24:39 B: Thank you for listening to the friends in business podcast. This episode was brought to you by your hosts, Ben Wright and Jemima Ashley, recorded in beautiful Noosa, Queensland. For more insights and resources, visit [email protected] and [email protected] if today’s podcast has helped you, we’d be so grateful if you could leave a review and share with someone you know. This will help more people in the world benefit from the hard work we are putting in to bring you the best conten
