Are you looking to make A LOT more money in your current business? Are you having a hard time understanding why your customers aren’t spending as much or spending as frequently as you’d like on your products?
In this article, I’m going to reveal to you 7 proven strategies that I’ve learned from EXPENSIVE marketing courses and seminars. These strategies will systematize your business so that your customers will SPEND MORE, and BUY MORE OFTEN from you again and again.
Let’s jump right into this stuff…
Today, people are more freaked out than ever to part with their money. They want a ton of up front value, a great product, and most of all—they want a long-term commitment with your services to ENSURE their success or happiness.
See, when someone buys from you, they trust you. If they’ve had a positive experience from you, they’re 100 times more likely to spend more money on you. That’s because they’ve become emotionally attached to you from their buying experience. However, one of the biggest mistakes that I see people make again and again in their business is that they only rely on the front end, or one-time sale to make a profit.
You need to see the BIG PICTURE.
If you want to make your customers spend more money on you more often, read very carefully about these 7 great ways to make more money in your business…
1) IMMEDIATE UP-SELL OFFERS
When a customer buys from you, they’re extremely more likely to buy other related product in the checkout process. That’s because they’re already REALLY excited about their first purchase. They don’t see the harm in adding on a couple extra bucks anyway.
For marketers, this strategy is known as UP-SELLING.
A classic example of an immediate up-sell is seen in fast food restaurants using the phrase “would you like fries with that?” When we think about it, doesn’t it make perfect sense that after purchasing a burger, we might want some fries to go with it to complete our meal?
For the customer, it’s almost always YES.
Since the person is already buying a burger, they don’t see the harm in adding fries for a couple extra bucks. It’s related to their meal, and it benefits their overall fast food experience.
So, how might you use this strategy in your business? Start thinking about some of the low dollar items that you can offer to them at the checkout. What are your ‘fries’ that you can sell your customers?
2) CROSS SELLING OFFERS
Cross-selling is a profit maximizing strategy that has huge potential, but you must also be careful using it.
Essentially, cross selling is making an additional offer after an initial purchase that is not necessarily related to that product, but targets the same target market’s interests.
For example, if a customer bought a book on the Atkins Diet, a cross-sell method for that might be to offer a sophisticated scale to measure your weight loss. As you might imagine, this can either work really well, or it can work not so well. It all depends on execution.
Amazon is doing this cross-selling method really, really well. When viewing a product, Amazon will actually tell you what products other customers bought along WITH buying this particular product. This way, they are able to market to their target audience’s specific interests.
3) SLACK ADJUSTING OFFERS
Slack adjusters are your chance to really shoot for the stars and make an offer so big that only about 1-3% of your customers will actually buy it. While this strategy might seem impractical, SOME of your customers will buy the product from you.
And that’s all that matters.
The slack adjuster isn’t supposed to reach your average customer. It’s your chance to really take a shot and see just how much a handful of your clients are willing to pay for a PREMIUM product.
Emphasis on the PREMIUM part!
Not only will the slack adjuster put some nice juicy dollars in your pocket, but it will also make your brand seem a lot more professional, luxurious, and credible to your customers. By offering a premium, high value, high dollar product, your customers will instantly view you as a much more respected and authority actor in your niche.
And that’s EXACTLY what you want my friend!
More trust = more incentive to buy = more cash.
4) BUNDLE OFFERS
One of the best strategies to selling is to offer a ton of value to your customer in relation to the money that they give you in exchange.
What’s another word for value?
STUFF. A lot of stuff!
Bundle offers are great because you basically take a great selling, medium-dollar items that you have and bundle it with a lot of low-dollar items that relate to it. By doing this, you are not only increasing the level of actual value in the deal, but you are more importantly increasing the level of PERCEIVED value as well.
What’s perceived value?
It’s whatever value your customer perceives that they are receiving in the deal. This means that by bundling your medium-dollar item with a bunch of low-dollar items, you can actually charge a lot MORE for that bundle all of a sudden because the level of perceived value has gone up.
When you’re bundling your products, try to include as many low-dollar items as you can with the medium-dollar items so that you will be able to charge a lot more for that kit. While the actual value of that kit has gone up only by a little, the perceived value has gone up a ton.
And this means that you’re going to make A LOT more money.
Use this awesome strategy in your business. Then you can come back and tell me just how awesome it’s turned out for you!
5) RECURRING BILLING OFFERS
Wouldn’t it be nice to get paid every month over and over again for a sale that you only made once?
Enter: the recurring billing offer.
This is the absolute holy grail of all profit maximizers you can leverage in your business to really make a lot more money. Not only will this method increase profits, but it will create a constant stream of PASSIVE income for yourself.
Recurring billing means that your customer signs up for a subscription, membership, or service that charges on a monthly basis. Every month, if they want to continue receiving that service, they need to pay again, and again, and again.
Sound good? You got that right.
Some everyday examples of these types of businesses are:
- Cell phone plans
- Gym memberships
- Property leasing
- Online courses
My favorite part about this strategy is that you only have to make the sale ONCE. After that all you have to do is make sure that your customers stay happy with the service you provide. Also, if you can set up an automated payment plan, your customers are a lot less likely to stop using your services because they are typically going to be too lazy or passive to actually terminate the deal.
Get this happening in your business as soon as you can.
6) LINE EXTENSION OFFERS
How would you like to become the one-stop-shop in your niche? Or, dominate an entire industry?
So many businesses make the mistake of letting their product define their brand. What they don’t realize is that just because you are currently selling only one thing, does not mean that you cannot extend your line of products down the line if the demand is there for it.
For example, if your business is only selling dental floss, that doesn’t make you a floss company. Just because you are selling floss right now, it doesn’t mean that you can’t expand later on.
You are not in the flossing business, you are in the TEETH business.
You need to understand that while you should BEGIN your business with ONE great product, you also cannot just limit yourself to that one product forever. You need to EXTEND the line of products that you have based on the level of demand that there is for them.
So, instead of only selling dental floss, start selling toothpaste, or mouth wash, or teeth whitening strips. As long as the demand is being met, keep going!
Once you figure out what business you’re really operating in, and when you have the means to do so, I would highly recommend that you expand further into the industry you operate in by extending a line of products.
7) SPEED AND AUTOMATION
Last but not least, another great way of maximizing your profits is to offer an upgrade service that makes the product faster, better, or easier for your customer to use.
For physical products, a great example of this that Amazon uses is to offer faster shipping. If you want to get your product faster than normal, Amazon offers expedited shipping for an additional cost.
For digital products, maybe you can offer a template or a ‘done for you’ service that will make your customers lives a lot easier.
Finally, for businesses in consulting or coaching, maybe you can offer some additional experience in your customers learning process. This can be done by allowing them to try a more hands-on approach, or by becoming a part of a mentorship program to learn from the best.
If you can discover how to make your product faster, better, or easier for your customers, you really need to jump on it now so you can just watch your profits take off!
To your continued success,
>>> If you enjoyed this blog post, then I would like to ask you for a favour. Please rate, share, and leave me a comment below. Thank you!