3. more TRANSACTIONS
It goes without saying that gaining additional customers and having existing customers make repeat purchases means more revenue for your business without extra cost.
If you have a business that has current customers, then you already have a relationship established with them. You have already invested substantial marketing funds and resources to attract and keep them as customers.
Now is the time to put into place specific revenue-generating strategies to help them purchase more often so they benefit even greater from your product or service.
We're not suggesting you manipulate or push unneeded products or services onto your customers. Instead, we're advocating that you serve your clients better by offering them additional products and services they want and need.
We have recorded and analysed 33 successful strategies and tactics of which just Up-Sell, Cross-Sell and Down-Sell can easily achieve immediate increase of end profits and cash-flow starting from 30%.
Down-selling is nothing more than offering a prospect an alternative at a lower price when they decline your original offer. The goal is to turn the prospect into a client so you not only realise some short-term financial benefit... but you gain the opportunity to do business with them again in the future.
What’s your current price point for what you currently sell? Think you could come up with an alternative for half that price? How many of those would you conservatively estimate you could sell each week? Now multiply your reduced price times your number of weekly sales… then multiply that number times 52 weeks to reveal your annual increase.
And that’s just one down-sell. How many additional down-sell opportunities would you conservatively estimate you could easily develop?
In a recent case study, I found a Pet Store owner £65,000 in additional annual revenue through targeted down-selling… and that grows year after year.
£65,000 in additional annual revenue increases the valuation of that business somewhere in the range of £180,000 - £250,000.
By getting your customers to purchase more often, you dramatically reduce the cost of growing your business.
Are you missing hidden profit in your business?
If you get very conservatively 10% increases in each of the five areas over a year, what would your profit figure look like?
And what if the increases are 20% or probably 50%?
The only thing standing in your way now is getting all of this implemented in a timely and efficient manner.