5 Ways to Ramp Up Your Profits Within 60 Days
- If you’re looking for new customers, offer an enticing freebie to get them in the door
Due to human nature, there are few things in this world that are more effective than FREE. If you have a strong back-end and customer follow-up sequence, a free offer is virtually always going to be the most effective way to bring in new customers.
The natural next question is, what is it that you should offer? Typically it’s a free sample of your product or service – the exact same concept as free samples at a grocery store. Here are a few examples to get your mind going:
- Movie theatre – two free movie tickets
- Car wash – one free car wash and interior clean
- Donut shop – free donut
Another way to get new customers is to put together an info product such as a free report which you can giveaway. What makes this work is it positions you as an expert which makes it much more likely for your prospects to take the next step with you.
The amount you invest in this free item (or service) will pay you back in spades with long term customers that stick.
Why’s this work so well? Once customers experience the great service you offer, they are much more likely to come back. Every business is built on repeat sales and referrals, and this is a no-brainer way to build a customer base that will keep coming back.
2. Personally Follow Up After Each Sale With Customers
It always surprises me that so few people do this, as its astonishingly easy and can be used by businesses of any size. One way to get people to know, like and trust you is to expend a bit of effort after each sale.
Here’s what I mean: after each sale, have someone in your business call your customer and check in on how they are liking the product or service. Are they happy? Do they have any questions? Anything you can help them with?
Next, send a brief thank you letter to them a week later (real mail works better than email). Give this a shot and see how your customers respond. I think you’ll be pleasantly surprised with how many customers will rave about your service, refer their friends, and ultimately buy more from you. All from just a bit of extra effort…
3. Implement Upsells With Every Sale
Ever been at McDonald’s and been asked, “would you like fries with that?”
If you’re not doing something similar in your business, you are missing out on massive revenue potential. Many companies get upwards of 50% through upsells after the initial sale. The key is offering something congruent with the original sale that adds to the customer experience. It’s often as simple as a quick sentence right after the initial transaction, so there’s no excuse not to use this.
A few examples of how this is applied:
- At a restaurant it could be a delicious dessert or expresso
- At a salon it could be a special bottle of shampoo
- The folks at Amazon are the masters of this. Next time you buy something on Amazon check out how many times they try and upsell you with recommendations of “People like you also purchased”…
Why do upsells work so well? It’s been proven psychologically as the best time to buy, since customers are in buying mood and have just “voted with their wallets.” If the offer is even halfway decent, at least 15-20% of customers will take you up on it.
4. Constantly Test and Measure Different Marketing Strategies
Unless you closely monitor the results of your ads and sales strategies, you will be flying blind and putting yourself at a significant disadvantage. As the great management thinking Peter Drucker said, “you can’t manage what you can’t measure.” This goes for every promotion, email, even the way you greet customers. Don’t get talked into spending any advertising money on anything you can’t explicitly measure, since “exposure” and brand advertising often don’t translate to anything other than waste.
You can test everything from marketing ideas to headlines to prices. Often times you’ll see one variable be 20 times (or more) as effective as the other options. Often times a simple change in the headline alone will make a dramatic difference in your bottom line.
The 3 most important elements of any marketing campaign are:
- Who you target (your list of potential prospects)
- The headline or opening statement in a live interaction
- The offer (how you package what you’re selling)
5. Keep the momentum going with continuous customer communication
The first step here is to make sure you are gathering customer contact info, such as name, telephone numbers, and emails. It’s been proven that it’s five times easier to sell to existing customers than new customers. Best part is, it requires no additional advertising dollars as you already have a list of hungry buyers who believe in what you offer.
There are a million ways to do this – calling your customers, sending an email, or even sending them a letter. The only constant is that you are adding value to their lives and giving them additional opportunities to buy. I recommend spending at LEAST half of your advertising dollars on re-selling existing customers, as this is low hanging fruit.