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Your store is having an identity crisis

• You believe you are a product developer, not a business owner

• You focus all your energy on making new products, and avoid the business side

• Without a plan, you're planning to fail

• commit to a proven growth process

• Decide how you will play the game

Designing Products is 50% of the work

the other 50% is putting them in the hands of the right people

The Three Fundamental Shifts In Business

First Shift, from Product Developer to Entrepreneur

You're spending too much time developing new products and not spending enough time on the business side.

Important Notes:

• Avoid "Growth Agencies"

• A good agency can take what you already have and run it for you, making your business more efficient but cannot jump start your business in the first place.

• Powerful entrepreneurs own growth, powerless entrepreneurs rent growth

Second Shift from Renter to Owner

You're in Tactical mauver hell. You don't know what works, so you try everything. The result, you make 1 inch of progress in 10 different directions.

So how do you go from confused, to focused?

• Stop looking for the "magic silver bullet"
• Understand that growth is a process, it does not come overnight and takes lots of work.
  If you're making it up as you go, you can't expect predictable growth (you can never scale your business without a proper plan / process)

The Third Shift from Tactics to Process

if you want to transform your business, first transform yourself

Knowing what to do is easy, executing is the hard part.

The Multipliers of Profitable Growth

To achieve profitable growth, you must focus on 3 things

• C - Customers
• F - Frequency
• AOV - Average Order Value

Revenue is nothing more than total customers multiplied by order frequency and average order value.

R = C * F * AOV

R = Revenue

C = Customers

F = Frequency

AOV = Average Order Value

Double Your Monthly Revenue in 100 Days?

To double customers in a traditional way, in this example using Facebook ads, you will need to spend much more than double on advertisements to gain enough traffic to double your customers. Instead, increase each multiplier by around 30%. This small increase in Frequency, or Average Order Value is enough to double your revenue.

Desired Situation

1,300 (c) * 1.3 (f) * $13 (aov) = $21,970

Setting Growth Targets

What you need is a scalable traffic source that you can dial up and down with a button, for example: Facebook and Instagram

Facebook and Instagram are great traffic sources, because the majority of your market is already on these platforms.

By setting growth targets, you are able to calculate information such as How many additional customers you need to acquire in the next quarter, how much each customer costs in Advertising, etc.

Increasing Average Order Value

How to Increase Customer Acquisition

The purpose of a customer acquisition machine is to keep your audience surrounded by your store, if they leave your store at any point you need to be able to pick them back up and bring them back to your store, methods to do this include; Email marketing (A customer visits your store, you grab their email from a signup form, if they then leave the store at any point during the purchase process, you are able to send them an email to bring them back into the store, maybe offering a discount as an incentive to come back), Advertising (This remains the best way to find new customers, customers interact with your advertisements and are thrown into your customer acquisition machine, most customers will not make a purchase when they first see your store, this is where retargeting comes in, by Advertising to a smaller audience you are able to retarget visitors to make them more familiar with your store, and in return make them more likely to make a purchase)

How to Increase Frequency

Email marketing remains the best method for customer re-engagement. Emails can be sent practically for free, you can send emails for so many different reasons, offer discounts, sales, and so much more.

Methods To Increase AOV

1. Raise prices (or lower them to incentivize customers to make a purchase)
2. Actively promote/upsell more expensive products
3. frequently bought together upsells
4. cross-sell
5. play with free-shipping threshold (People would rather spend more to get free shipping than to pay less and pay shipping fees)