If your current market is working well for you, focus primarily on maximizing your reach there. And in maximizing your profits through your existing clientele.
So, how do your boost profits with your existing clientele (without threatening them in anyway)? Here’s how:
1. Start by boosting the value of your existing products or services considerably. And by increasing your prices by a modest 3-5% across the board. Then apply the same strategy to increase your prices the following year (and the year after that AND the year after that and so forth). If you’re giving them 50,000% more value than before (or even 50% more value), a 3-5% increase wouldn’t even cause them to twitch their ears. You could also throw in a couple of free Lollypops into the deal to make them feel like they’re really getting their money’s worth.
If the increase in value more than justifies the price increase, you’ll retain a great majority of your clients. A couple of them might drop dead upon hearing about the price hike. Hopefully they’ll forget to cancel their retainers with you when that happens.
Overall, you’ll be a few bucks better off next year than the year before. And you’ll also feel a couple of inches taller as a result.
As per the clients you’re trying to “scare away”, try quadrupling the prices on them. If that doesn’t work, hire a couple of Ghosts (that specialize in “haunting”) to keep them away.
2. Suggest additional products and services that your clients will benefit from. For instance, if you run an auto repair shop, why not also give them the option of having their cars picked up and fully serviced for a monthly fee? You can ensure that your clients stay loyal to the new service by having your guys show up at your client’s home/office with several freshly baked blueberry muffins, when the monthly service is due.
3. Recommend “competitor products and services” that you don’t already offer, but only if your competitors are offering similar but DIFFERENT products to yours. In other words, avoid promoting anything that can be perceived as a “directly competing” product or service, even when you had way too many funny tasting “brownies” the night before.
4. Look for ways to systematize and automate as many aspects of your Business as possible. Automation helps increase revenue, have fewer indigestion problems. And give you more time to tend to the more important tasks such as finding new customers and daydreaming.
Then when you have all the wheels spinning in the right direction, have the brickworks put in place for expansion work, and have a competent team of Minions and Managers running your “operation”, you can start boldly venturing into new Markets.