If I asked you what the most important part of your business is, what would you say? Would you say, your Team? Great answer! And yes, your Team is an important part of your business, but maybe not THE most important part. What about your product or service? That’s pretty important, after all—it’s why you’re in business—to sell your product or service. But, when you get down to it, it’s your distribution channel—or your list of clients and customers that is THE most important part of your business.
Have I lost you? Do you disagree?
I’ve said this many times throughout the posts in this blog—I think my team is amazing. They work hard and constantly challenge themselves, which I appreciate. However, if one of them moved away and stopped working for me, I would hire someone else and train them. Eventually that person would be integrated into the team and working hard alongside everyone else.
But, without your list of clients or customers to purchase your products or services, you wouldn’t have anything—just your physical storefront or website and no sales, no revenue, no business.
The most important thing you can do for your business is to keep growing your client or customer base by getting more leads or prospects who might want to buy from you. Are you worried about having too many clients or too many leads? No such thing! When your business is built on a solid foundation (like we discussed here), you can always hire more employees to help you or open another location to serve this growing client base.
So I’m sorry, what’s this whole thing about a distribution channel?
Think about it. If you have spent time and effort to build trust with your client base, why would they just buy one product or service from you? Why could you not try and sell them on multiple transactions? For instance, in my studios, we sell packages of Pure Barre classes. Once we get a client committed to taking class and loving it, we’ve earned their trust and they become more open to other things—like workout clothing, which we also sell.
So now we have 2 revenue streams that we can count on from just 1 client, classes and clothing. What if there was something else we could sell them? Juice, food, accessories, a new type of Pure Barre class—it really wouldn’t matter what the new product or service would be, because we’ve built that trust, we’ve created a client interested in what we’re selling now as well as what we will sell in the future.
How much better off would your business be if you had multiple revenue streams? How can you use your existing client list to grow your business by increasing the number of products or services offered to them to purchase? And finally, how can you grow your leads to grow your business?
That is what I’d like to discuss next week—how to create multiple revenue streams for your business as well as how to increase your leads. You won’t learn this in business school. No MBA required.
Until then, stay on your toes!