You may recall we have already discussed the first two strategies to grow a business; ‘increase customers or clients’ and ‘increase the transaction frequency’. Let’s explore the next strategy: Increase the transaction value.

This strategy is often referred to as the ‘do you want fries with that’ approach to growing a business because the fast food industry was an early adopter of this approach. Since then, they have moved onto the ‘upsizing’ and ‘value packaging’ concepts which are all great examples of ‘increasing the transaction value’.

Many service based businesses have also used this method to increase their transaction value ie mechanics have different service levels which include more checks and value for increased prices. How often have you seen or even received a special price for a ‘service package’ or even a ‘multi insurance policy discount’?

Actually when you stop and think about this strategy, there really is no business that could not simply and cost effectively implement a solution for their needs. The trick is always ensuring it is the right strategy for your business and that it fits in strategically with your overall growth, marketing and business plans.

For some industries ie builders, this may not involve having a standard price list, instead use your observations to look for opportunities to improve the clients plan, suggest this to the client and then price accordingly.

If you would like to explore business growth strategies for your business in more detail, please feel free to contact us. After all, we’re here to help!

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