By Alicia Forest, MBA
The Business Shifter™
I first learned that there are only 3 ways to make more money in your business from
Jay Abraham (marketing genius):
1. increase the price
2. increase the number of client/customers
3. increase the frequency of purchases from the existing client/customer base
As business owners, we tend to focus more of our efforts on the first two while neglecting #3 to a great degree. Maybe we do so because we think it’s easier to increase the price or get new clients and customers when in fact, the ‘easiest’ sale often comes from someone who’s invested with us before.
Here are 4 simple ways you can implement #3 to increase your sales today:
An upsell is simply suggesting a higher priced product or bundle during or immediately after someone has made a purchase from you.
Think about your offer for a moment. Consider what’s the next thing you can invite them to? What’s the next logical step they could take with you?Then make the answer your upsell.
For example, if someone purchases your homestudy system, you could offer a couple of private sessions with you to help them implement that content as an upsell.
Where in your business could you add an upsell?
A cross-sell is simply suggesting a related additional product or service during or immediately after someone has made a purchase from you.
Think about your offer and consider what else you can offer them that complements what they’re buying.Then make the answer your cross-sell.
For example, if someone buys your book, you could offer a companion workbook as a cross-sell.
Where in your business could you add a cross-sell?
Offering a down-sell is simply giving someone a lower-priced offer instead of letting them go altogether.
For example, let’s say you have a membership program for $97- month. A current member contacts you to cancel. Instead of just canceling the membership, consider offering them a ‘lite’ version of it for $47- a month. A percentage of people you offer this down-sell to will take you up on it, earning you more money than if you had just canceled the membership.
Where in your business could you add a down-sell?
The Unsell technique is simply when you step back from the buying decision and allow your client or customer to choose No over Yes.
For example, when you’re in an enrollment conversation with a potential client, and they keep coming back to you with ‘yeah, but…?’ and you start to feel like you’re having to convince them to work with you. Simply put ball back in their court by suggesting that perhaps this isn’t the right time for you to work together, or that this isn’t the right program for them. Allow them to convince themselves (and they will, if it’s truly right for them). For your part, you want to always be committed to someone making a decision but don’t be attached to what the decision is.
Designing a business that leverages your time and talent is one of the pillars on which I stand and teach. Learn how to do this for YOUR business (and life) at my annual Online Business Breakthrough Workshop here.
I’d love to hear your thoughts on this – share them with me below
Have you ever done a cleanse of your body? It’s an enlightening experience, to be so aware of what you put into your body and how that effects everything, from your mood, to your brain power, to your energy level, to your creativity, to your health and well-being overall.
And it’s really no different for your business. Whether you’ve been in business for awhile or not, at some point – and I recommend at least once a year – it’s good to detox your business too.
Here are four of my favorite ways to detox your business:
1. Complete working with any ‘messes’ in your business
What do I mean by ‘messes’? Basically, I mean the clients that are difficult or demanding, who don’t respect the relationship between you, and who make your heart sink when you see their name on your calendar.
This also applies to any service providers you’re working with. Jot down a list of the people who do work for you in some regular capacity. Then ask – are they easy to work with or difficult on some way? Do they complete tasks well and on time or do they take too long with constant revisions? Do they keep things simple or make things more complicated?
Did you think of someone? My coach’s request of you is to determine a completion date for your work together and honor it for yourself. And know that releasing that person opens the space for a better client or service provider to come along and fill it.
2. Detox your inbox
This is something I talk about a lot. There can so much overwhelm and negative energy in your inbox, even if you’re so buried in it that you’re not sure what’s even in there anymore.
Here’s what I want you to do – Unsubscribe, Delete, Delegate, and Move.
Go through your inbox and unsubscribe from any list that a) you don’t read (even if you plan to, let’s be honest – you won’t) or b) doesn’t make you feel good when you do read it. This one act alone is going to release so much energy that’s pulling you and your business down.
Then delete anything that’s left that’s irrelevant, delegate to your team anything (and more than you think you can) they can take care of, and move any emails that you want to keep into appropriate folders (better yet, set it up so they automatically go into those folders).
The only emails left in your inbox should be the ones that only you can take action on.
3. Pare down your offers
Look at your offers one-by-one and see if there’s any way to simply them. That may mean breaking up a larger offer into smaller, more easily consumable pieces, or it may mean simplifying the delivery of the offer. And some offers may just need to be retired.
4. Release the ways you run your business that simply don’t work for you
This is a big one. Instead of trying to run your business one way, following someone else’s formula or blueprint, doing things your own way will always serve you and your market better. I’m all for following a proven process – I definitely don’t think anyone needs to re-invent the wheel – but just make sure that you tailor that process in a way that feels good and true to you. Don’t be afraid to throw out the parts that don’t resonate, or to add something in that is unique and different. The biggest successes I’ve had in my business have been when I’ve done it my way.
I’d love to hear how this resonates – please comment below.
By Alicia Forest, MBA
The Business Shifter™
I have a successful business because I know what to do and I do it. I make a good income, I work with clients I enjoy, I get to be creative and I get to do all of that in a way that keeps my family and my life first.
So while I’m always open to learning how to do all of this better, at the moment, my intention is to shift the way I envision my business as I reinvent it for its next iteration.
Here are four of those shifts:
1. Money comes from within
As I assess the current state of my business, I’m excavating where I need to spend my time and energy on to continue to evolve my business in the way that honors my life and my own strong boundaries around that life.
For me that means really listening and following my intuition more, taking care of my personal energy more, hiring a higher level assistant, and adding a whole lot more ‘Alicia flavor’ to the mix.
2. Always come back to what I want
When the thoughts get muddled and the confusion sets in with all the choices of what to do in my business (and my life), I will keep coming back to this single question:
What do I want?
And I’ll keep asking it until what I want is crystal clear. Then I will know exactly what to do.
3. Systems and structure equals more freedom
I’m great with systems – we have one for pretty much everything in my business – but structure is lacking a bit, and that is because I can operate well on the fly. However, just thinking about how a little bit more structure would benefit me and my team and how that would lead to more freedom for me got me excited about actually putting that structure in place right away.
4. My non-negotiables are my success
I have been looking more closely at this, and I realized that a big attraction piece for my audience are my non-negotiables (family first, summers off, etc.). From this place, I’m able to draft the new design of my business and I could not be more excited about what is to come.
Designing a business on your terms, in your time, is one of the pillars on which I stand and teach. Learn how to do this for YOUR business and life at my annual Online Business Breakthrough Workshop here.
Would you like to increase your sales BEFORE you launch your product, program or service? The following are some of the most effective ways to do just that:
1. Use Social Proof
What is “social proof”? Simply put, we are all conditioned to watch what others are doing and follow along (think teenagers). Using social proof in your marketing helps you to influence your customers to purchase your products/services, get new prospects to sign-up for your list, and get people talking about you and your offering – and that’s just the start.
So, how do you use this psychological trigger in your marketing?
One way is to use results-based testimonials. Ask your current customers or clients to give you results-based testimonials. They literally say, “I used this product and these are the results I got.” Having celebrities give these to you is great, but make sure you have testimonials from REAL people. Those are the ones that are really going to cement the idea in your potential buyer’s mind that they can do it, too.
2. Answer your prospects #1 objection
To take “social proof” to a deeper lever, anyone who is buying anything almost always has this #1 objection: “Sure, you can do it, but can I do it?”
In addition to using yourself as an example (if appropriate) as evidence that what you are offering does what you say it will, it’s also important to make sure you get “social proof” from people in your client/customer’s peer group. Then your potential buyer sees people like themselves and understands that “Hey, it worked for them, it can work for me, too.”
3. Use a time limit
Creating a sense of urgency around your offer will make it that much more enticing to potential buyers. For example, offer an early bird rate for one week only. Just knowing that you have one week to buy at a lower price creates that sense of urgency.
4. Use a limited quantity
If you are selling a physical product and you are only having 100 produced, then use that information to create the same sense of urgency you would with a time limit. Use a countdown on your website to further create the feeling that if your potential buyers don’t buy now, they may miss out.
5. Use a time or quantity limit on bonuses
Additionally, you could offer bonuses for a certain length of time (first week only) or for a certain number of products sold. For example, the first 30 buyers would get an additional special report (valued at $XX).
The last three strategies also help your buyers feel like they are part of your “club” when they join by purchasing your product or service.
At my annual Online Business Breakthrough Workshop, we’ll focus specifically on:
How to Launch Your Products & Programs Successfully – REVISED AND UPDATED for 2012
This article is about 1% of what you’ll learn during this session at OBBW – and what I know for sure is that this one section alone can dramatically change your bottom line for the better.
You can get your ticket right now for the lowest price available here.
I love to know how this resonates with you – share your thoughts with me below…
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