There’s Gold to be found in the unlikeliest of places.
Most Businesses are leaving money on the table by not tapping into their fullest potential.
For instance, it makes sense to sell toothpaste alongside toothbrushes because people who don’t particularly like the taste of dishwashing liquid, would presumably go for toothpaste.
Likewise, it makes sense to sell Headwear and Sunglasses at Gas Stations because most folks wear em while they drive these days (especially at night). And the Grocery Section helps too, as it saves having to take extra trips to the Store every time you run of Milk (or the Cow’s asleep).
So, what could you be doing to maximize your profits?
1. For starters are you collecting contact info (their cell phone number and email in particular) to market to them on a later date?
2. Are your product/service sales tied to a sales funnel that recommends other closely related products/services that you believe they’ll find beneficial?
3. Do you offer subscription-based auto-billing and auto-shipping options on your products and services? And do you back those with discounted annual and semiannual payment plans?
4. Do you offer free trials on your products and services? If you have the budget for it, let them take your Sheep for a test ride/drive. Even if only one out of a hundred of those free trials convert into paying clients, it’s still a good business (just as long as you don’t have to auction your Pets to actually generate the leads).
5. Are you offering the best service and money back guarantee that you can afford (or the best in the industry)? The better and grander the guarantee, the more likely your customers would be willing to buy. This works best with expensive products and services (ideally $200+) as they rarely ask for refunds.
6. Have you formed alliances with other vendors who provide relevant but dissimilar products and services that both your clienteles would benefit from?
7. Do you increase your prices annually by 2-3% whilst significantly increasing the value of your products/services? This usually only works with services and where you have a clientele who understands and appreciates the value you provide.
8. Do you ask for regular feedback from your Customers and act on them promptly and appropriately?
9. Is your service efficient or do you regularly come across Customers who had fallen asleep by the time you get to them?
10. Do you politely show the door to Customers who make a living through complaining, griping and moaning? Better yet recommend them to your competitors? A helium balloon usually floats higher when you don’t have an Elephant tied to the end of it.
11. How awesome is your Company Culture, Credibility, and Image?
12. How’s the presentation and friendliness of your Staff (are any of them wanted for murder, arson, skipping Doctor’s appointments etc)?
13. How’s the presentation of the workspace and shop floor?
14. Do you have an incentives program enticing enough to make Employees work around the clock without food, water or oxygen?
15. Do have a competitive advantage in the marketplace or some quality that makes you different to your competition (in a good way)?
When maximizing profits, always do it ethically and in a way that makes your clients give you that “Wow! I didn’t know you did that too” smile and not the “Please wait here while I get my shotgun from the Kitchen Cabinet” frown.
