1.    Increase market reach

The market reach is how many potential clients you drive to your website through online and offline advertising and other means.

You can for instance buy banner ads, advertise via Google Adwords, distribute flyers, post on message boards to drive traffic to your website.

2.    Increase conversion rate

The conversion rate is simply how many of your visitors buy your photos or services from you in comparison to how many visitors your website had in total. For instance if 3 out of 100 visitors buy from your website you have a 3% conversion rate. This might not sound very high but believe me, a 3% conversion rate is maybe not outstanding but it’s definitely quite good.

You can increase your conversion rate in many ways by for instance improving navigation of your site, pre-selling your clients and providing a good irresistible offer.

3.    Increase the lifetime value of your clients

The third and final way to grow your business is to increase the lifetime value of your clients. The lifetime value is how much each client buy from you in total over the years you run your business.

Increasing lifetime value can mainly be done in two ways

• Increasing the price
• Selling more times to your client

A client that once purchased something from you is much more likely to purchase again so old clients should always be given special treatments. If you regularly send them special offers they can’t resist they’ll keep buying from you over-and-over again.

Don’t you agree that if you a) increase your market reach, b) increase the conversion rate and c) increase the lifetime value of your client you’ll be able to grow your business as much as you want?

In fact, everything you do should be centered around these three fundamentals for business growth:

1. Increase market reach
2. Increase the conversion rate
3. Increase the lifetime value

Nothing else is important in terms of growing your business.

You can also express the business growth with this formula:

Market reach x Conversion rate x Lifetime value = Money on the bank

Let’s assume you increase

• Market reach with 10%
• Conversion rate with 10%
• Lifetime value with 10%

Your business has not increased with 30%, it’s increased with 33.1% (1.1 x 1.1 x 1.1 = 1.331).

If you methodically and consistently work to improve these three areas you’ll see an incredible growth of your business.