5 Secrets to earning a fortune
Here's what you can do to generate higher profits in your business today – for very little outlay and some creative thinking.
This article has been written with the intention of triggering you're creative brain, remember that if any of the points stand out more than others then they are your starting point.
Once you read through these five points you’ll know exactly where you should start. Although every point will benefit your business, it’s the point/s that make you feel most uncomfortable that you should start with. Good luck and enjoy.
Secret 1 - Become an expert in making offers
Learn about your audience - this time of year is the perfect time to start a conversation with your best customers. Find out what their other interests are (other than your awesome business of course) and start grouping some similarities.
Once you've correlated enough data around your best customers buying preferences you’re ready to build an offer that they will love - not just some crappy 10% discount which is boring and most of the time you’ll only attract price sensitive customers (who's loyalty flips with you competitions next big offer).
By now you should know what your audience love, so you can make an offer that not only get's their attention and is something that they'll genuinely benefit from.
Hint: A strategy that works well is a referral incentive for friends and/or family of your best customers. Both referrer and referee need to benefit.
Secret 2 - Learn to ask better questions in your sales process.
This step is where a lot of small business owners make their biggest mistakes. It's such a crucial part of a successful business and yet, it still amazes me that small business owners don't train on professional selling.
Instead they have a generic sales process and try to apply the same strategy to all behavioural types for every customer, or even worse, they have nothing in place at all! So every time they speak with a prospect it's from the top of their head! It's a very expensive way to fail in business.
So what the solution?
Ask better questions, because people think in pictures. What picture are you conjuring up in your sales process? Are you meeting their needs or just getting the job done? Try asking specific questions around how your product will benefit your prospect's life and how the outcomes will ultimately fulfil their desire. Unless you have this fundamental step right people might feel pitched to by your sales approached and that's often enough to put a prospect off purchasing from you even if you've done everything else right. Solution is to ask better questions, don't just try to come up with better answers as most people do.
Tip: The key here is that no one wants to be sold to, they want to be heard and understood. If they feel like you truly understand their needs and can deliver, then they'll feel confident enough to purchase from you.
Secret 3 - Add more value
When it comes to adding value people's needs are subjective, they want what they want, and everyone's different - some people want service some people want a complimentary gift. Up to you which way you go, however, always do more than you get paid for and you'll nail this step.
Secret 4 - Have your clients buy from you more often
You've done the hard work to gain their business, so keep them.
Communication is the key here. Set up a flow chart for communication that includes the emotional experience of your customer’s journey (empathy map) from day one for the life cycle of your client. Then start communicating using a forum that they'll enjoy. To name a few popular ones: texts, calls, emails, letters, newsletters and workshops.
Tip: Keep the interactions as personal as possible and meaningful - set you intention to fill the emotional experience of your customers and you've got the right mindset. Remember that it takes a while to build trust, don't push too hard as this could actually do the opposite of what you're trying to achieve.
Secret 5 - Improve your margins
Easily said, hard to do.
One way is to stop discounting. When you discount all you do is take your profit away.
If you do want to run a discount campaign try asking your suppliers for a discount with volume so your margins stay the same.
Hint: Some wholesalers will also provide you with marketing material and support for free (if it's a big enough campaign). It never hurts to ask and you'll be amazed what people will give you.
Apply and thoroughly measure these five practical steps in your business. There's no limit to what you can do when you’re creative in business. Be genuine and have fun remember Einstein's immortal words: "Imagination is more important than knowledge."
So work smart, kick arse and enjoy yourself.
This article is a Guest Blog Post provided by Jason Allender, Business Strategist and Mentor at AMG Coaching.