If you just took one of these strategies and implemented it into your business you could end up seeing a windfall of profit for your business. The best way to find out is to choose one of them and try them for your business. The most successful marketers, entrepreneurs, and businesses business owners use these strategies right now in their businesses. I’m part of multiple masterminds in the UK and the USA so I’m constantly learning the most successful and latest tactics.
1) RAISE PRICES The biggest question every business owner faces is “How much do I charge?”. It’s no easy task however many business owners underprice their products or service to try and “beat” their competition’s price. Most business owners believe that if the price is lower they’ll sell more. That’s a myth and if you live by the lowest price you’ll also die by the lowest price.
The fear of losing the sale or losing a customer keeps businesses from charging what they should for their product and services. If your product or service solves a problem and the prospective customer believes in your product or service then they’ll buy regardless of price, assuming they can afford it. Your buyer needs to want the product or service more than they want the numbers in their bank account. Raising your prices is the easiest thing you can do right now to improve your business, and the great news is you can implement this strategy right away! You can test different price points and strategies instead of picking a random number.
A great way to make products or services seem more affordable is introducing different payment terms such as one-time payments, three payments, etc. People buy with emotion and back their purchase decision up with logic, so payment terms allow people to back their decision up. “It’s only three payments of £50 so I can afford that”. In every market there is price elasticity so double your prices now and test the response.
2) CHOOSE YOUR MARKET The biggest problem most business owners make is trying to cast their net too wide. It’s tempting to believe that the whole world wants your product or service, however they don’t…Unless you’re Mark Zuckerberg and create Facebook, then the chances of reaching the whole world are slim. You don’t need to appeal to the mass market to be successful.
When you focus on creating something that appeals to a small audience, chances are you’ll be more successful as there will be less competition and your product or service will be more valuable to your target market. When starting out finding and selecting a specialised target market is a safer and better bet than targeting the masses. If you want to sell to mass markets then you need a serious marketing budget to spend a lot on advertising. So choose your market and align all your marketing material to that specific market and call them out.
All your marketing material will get a much better response if your messages are very targeted and geared towards your target market. Be The Ferrari Not The Renault When you think about a Ferrari what do you think? Expensive, quality, exclusive, a whole number of things come to mind. When you think about a Renault what do you think? Cheap, average, boring, a car you see everywhere, the list goes on. If you were stuck in a traffic jam and a Ferrari and a Renault were parked next to each other, which car do you think everyone would be looking at? The Ferrari of course because it’s special – it’s unique.
You need to be a Ferrari in a traffic jam full of Renaults. What will make your business different from all the rest? Why should people buy from you even though your prices are higher than everyone else by 20% When people think of your business make sure they think of the Ferrari not the Renault.
3) FOLLOW UP! As business owners, it’s natural to pour time, money and resources into attracting customers. The truth is many businesses get people to find them online, see an ad, see your sign, walk in your shop, call your office and your receptionist and that’s it. There is no capture of name, number, email address, physical address, and no pivot to offer to send an information pack, free report, consultation, nothing! What a waste. I know I’ve been guilty in the past of this common mistake and I see it happening all the time even as a consumer.
If you currently run a business how many wasted leads do you think you’ve lost? Probably a lot. You pay the price every time you don’t capture information and follow up. Doing nothing once you receive a new lead, enquiry, phone call, every walk-in, is quite frankly like flushing money down the toilet. Imagine you ran an advertising campaign on Google Adwords and you generated 20 leads at a cost of £10 each. If you’re not going to do anything with one of those leads you might as well take a crisp £10 note out of your wallet, crumple it up into a ball and flush it down the toilet and watch it go away.
If you’re going to waste 10 of those calls get a pile of £10 notes and do it one after the other and see how it feels. Do it now and experience that feeling so you remember each time you fail to follow up a lead it’s costing you money each and every time. 2% of sales are made on the first contact 3% of sales are made on the second contact 5% on the third contact 10% on the fourth 80% of sales are made on the fifth to twelfth contact.
Did you know that if we can have 8 contacts within a 12 day period of them requesting your attraction magnet it can increase the likely hood of getting business by 500%? Most business only try one or two times and then give up. The price is a hefty one to pay if you don’t follow up on your leads.