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Shorcut Guide 21 Ways to increase Your Profit in 30 Days
Dear Reader Here are 21 ways to increase your profits . These ideas are used frequently to help my clients ‘get out of the blocks fast’ and immediately start to increase their profits.
Now you can use them to boost your profits too! If you want me to help you put them into practice, just contact me on 61 2 9476 0399 or e-mail email@example.com I’m happy to help, and in particular I’d like to show you how to uncover all the ‘hidden profits in your business.’ The 21 ideas have been extracted from the
Instant Sales and Marketing Toolkit –
a ‘treasure trove’ of ideas and strategies that lists and explains 358 proven ways to multiply your sales and boost your profitability. I’ll tell you more about some of the fantastic results we’re getting with the Toolkit in a few moments.
How to Put the 21 Ways to Work Many people in business are going in circles because they have no clear direction, no master plan and no specific goals. They are operating from the past to the present instead of the future to the present and as a result they are doing the same thing over and over again and in many cases expecting a different result. I’ve heard that one of the definitions of insanity is to keep doing the same thing over and over again and expecting a different result
“In other words we have to look to the
future for our inspiration and direction
As Anne Kaiser Stearns – an American novelist – once said – “If you keep doing what you always did, you will always get what you got!” f you have no destination in mind for your business – a vision or a goal, then you’re like a rudderless ship wandering aimlessly; a ship, a business, that could end up anywhere. Can I suggest you take the time now to set yourself a direction and give yourself 2-3 goals that are important to keeping you focused and heading in the right direction. For example, you might choose to increase sales by 30% this year and have the weekends off with your family. Or maybe you’d like to be home by a certain time to put your children to bed on at least some workday nights. Whatever is important to you, really important to you, set it as a goal. Goals come in ‘three sizes’ – want to goals; need to goals and have to goals… what are some of your ‘have to goals’ right now?
more profit and a healthier business. I really enjoy coaching and mentoring people who take action, because they always get results – fast!
Accountability If you’re like most people then there is a reasonable chance you’ve broken a promise to yourself at some time. Too often we get caught up in the day to day running of the business and we forget to find time to improve it. If that’s you, you might want to consider having someone to report to weekly or monthly. Someone who can hold you accountable. It works for me - and my clients. It can be lonely running a business and that’s why many people enjoy the relationship they develop with a business coach or mentor. The old saying ‘two heads are better than one’ is very true particularly if one of the ‘heads’ can be completely objective about the task at hand.
Key Point I’m going to say something that may surprise you or even shock you. There is wealth hidden in your business or professional practice, wealth just as real as diamonds, gold, silver or oil. Wonderful, precious wealth that is simply waiting to be found! Why am I sure of that? Because in 37 years as a business practitioner, trainer and coach, I’ve helped thousands of business clients through my coaching and training programs find and capitalise on their hidden assets. In all those years, there were very few ‘mines’ that had to be abandoned. Very few dry ‘pits.’ In fact, in almost every case, we struck ‘pay dirt.’ And when we did, my client’s sales and profits grew in immediate and sometimes even ‘explosive’ ways. Now, together, if you’re up for it, we can help you find and capitalise on your hidden assets. However, I must point out - I’m not talking about assets such as your office or your office equipment; your workshop or factory, or your accounts receivable. The hidden assets we’ll be looking at on these pages are less visible to the eye
than inventory on the shelf or pieces of equipment standing in a factory. But they are every bit as real and potentially of much greater value to you in the long run. Most business and practice owners never recognise the wealth that’s right under their noses. Have you read Russell Conwell’s famous essay entitled ‘Acres of Diamonds?’ If not, I strongly recommend it to you. Russell Conwell delivered this ‘speech’ over 6,000 times around the world between 1900 and 1925. ( Just ‘google’ Russell Conwell for his story) What Russell tells us to do is ‘Dig in our own back-yard first!’
So, the essence of this REPORT is to look at 21 ways to increase your profits – in as little as 30 days by ‘digging’ in your own back yard!
Just before we get started on the ‘21 ways’ programme… Your customers are your biggest asset and even though we should know why they are - many business owners miss it. They just don’t get it. Many business and practice owners fall into the habit of viewing their customers in a ‘one-dimensional’ way. They start to see each customer, client, patient or student as a one-time buyer, as someone who might make one purchase, then go away – never to return again. Owners of new businesses sometimes make the same mistake. I know it sounds incredible, but it happens. It’s an insidious mental trap that leads to lost sales and lost profits. Unless you see your customers as wonderful people with whom you want to have a long, warm and mutually beneficial relationship, you won’t take the steps to build lasting relationships – in the first place. Those lasting relationships are critical because they give you an opportunity to serve your best customers in an ongoing, mutually profitable way. Also, it is much easier to do more business with people who have already shown that they like you than it is to attract new customers whose loyalties are uncertain.
Remember, customers are your greatest asset. Your business will grow and prosper only if you do one or more of seven things that make up the very heart of my business-building strategy: 1. Improve or maintain your customer/client retention rate 2. Consistently generate leads/enquiries 3. Improve your lead conversion ratio – make more sales 4. Increase the value of each transaction you have with your customers 5. Have a system that encourages customers to comer back, more often 6. Decrease and/or keep a ‘tight control’ on your Cost of Goods Sold and 7. Spend wisely – watch your expenditure I don’t know what it’s costing you in terms of your marketing expense to acquire new customers, but I’ll bet the first sale you make to a customer or client costs you more than the second, third, fourth or fifth sale. That’s right – isn’t it? If it is, then it follows that the profit on your fifth sale to a customer is greater than it was on the second, third or fourth!
The richest veins of business gold are in the follow-up sales. Instead of spending money on advertising that may or may not bring you new customers, client’s, students or patients etc., make sure you’re doing as much business with the clientele you already have. I’ve found that many businesses actually prevent their best customers from doing business with them – because of their attitude, their lack of systems or their lack of understanding of some of the basic principles of marketing and selling. Can you imagine that? It’s a shame! Its gold - - just sitting there waiting for you to pick up! So here’s your first ‘gold-nugget’ idea… Good Luck and (always) Good Selling!
Trevor Marchant Senior Partner, ABBY Business Coaching
# 1 Compute A Customer’s Life Time Value To You If you know what your customer will spend with you over a period of years you can get a better idea of what to spend (and what to offer) to get them, in the first place. The most profitable thing you’ll ever do for your business is to understand and ethically exploit the marginal net worth of a customer. What is the current marginal net worth of one of your customers? It’s the total aggregate profit of an average customer over the lifetime of his/her patronage – including all residual sales – less all advertising, marketing and other related acquisition, production and distribution costs. So how do we calculate this figure? Firstly you calculate your net marketing profit…this is the profit left after you have subtracted the profit on the sales you make from the cost of the marketing campaign or annual marketing budget. For example, let’s say you pay $4,000 for your marketing and it generates 100 enquiries (prospects). You manage to convert 20% of your prospects into sales and each sale is worth $450 each. That means you have 20 sales. (Totalling $9000). Each sale has cost you $200 ($4000/20) Assume also that your production and distribution costs are $240; this means that your profit per sale is $210. Therefore total profits are $4200. This means that your net marketing profit is $200 ($4200 - $4000) or $10 per sale. That doesn’t sound like much does it? So we should look further ahead to the marginal net worth. Let’s say your customers, on average, make three purchases from you over the next two years. Each purchase is still $450 but your profit has now gone up to $300. (You don’t have acquisition costs and/or production and distribution set-up costs)
This means you now have 20 customers each worth $900 to you over the next 2 years. ($18,000) So each customer who originally cost you $200 to acquire and gave you a profit of $10, now returns you a profit of $900. This is the customer’s marginal net worth. So it’s feasible that you could spend $900 on your marketing and still break-even after 2 years. I could add one more dimension to this and ask you how many ‘referrals’ do you get from each customer and how many of those turn into sales. What if 20 customers gave you 10 referrals and you converted 50% of those. This means you would have – over the two years – another $4500 worth of profit. This means each customer’s marginal net worth has now risen to $1125! This data is invaluable for these reasons:
Smarter AD spending. You can justify spending more to win customers when you
know that each will ultimately bring in $900 in gross profit. ( or maybe even $1125) You can spend as much as $100 to bring in each new customer and still keep $800. And the higher outlay has the possibility of generating more new customers.
Better cash flow tracking. You can estimate your future cash flow with some cer-
tainty. You know that whenever you run a similar $4000 ad/campaign, you’ll probably generate about $18,000 in gross profit over the subsequent two years.
Making your business more attractive. If you want to sell your business, show a
prospective buyer a projection of customers’ marginal net worth. This type of data can go along way to closing a sale. So, isn’t it time you started thinking long-range and seeing what each of your customers brings to the bottom line? There are so many things you can do to increase your profits and have a better business, it can be puzzling to know where to start. Sometimes you need a good idea or two. Other times you just need to know which strategies are the most suitable for your business. In this Shortcut Guide you’ll find some of the most powerful ways to increase profits quickly. Some things might take a bit longer than 30 days to give a return, but they are critical to your success. Much depends upon where you are now.
# 2 – Measure Your Marketing & Sales Results Do you do lots of ‘bits’ of marketing and are never exactly sure whether or not it’s worked for you? For example, many businesses put advertisements in the papers, send out direct mail letters, put up a website and do all kinds of things but don’t think to measure where the enquiries come from. And that means you can’t analyse what’s working for you and what’s not. Once you figure this out, you soon begin to realise that marketing brings in more money than it costs – if you’re doing it right. It’s like making $2 for every $1 you spend. If you could easily identify which part of your marketing does this, you would spend all your money on the strategies that work and abandon the ones that don’t.
So how do you measure? This depends upon the marketing strategy you’re using. Here are a few ideas you can put into action today. Create an enquiries sheet and ask every customer where they heard about you. Use a unique phone number on your website, a different one for yellow pages and yet another for newspaper adverts. When the related phone rings, you’ll know where it’s coming from and you can assess whether or not you’ve hit upon a great marketing tactic. You can use a coupon in your advertisements and give a discount with it, or something similar and just as appealing. To seal the deal, throw in something they didn’t expect – something that gives them the perception that they are getting a great deal. Then place a time limit on it, which pressures them into making a decision. Make sure it is something they will value highly and which isn’t a great cost to you.
Look for low cost products that have a high ‘perception value.’ Stipulate a time frame during which the offer is available. Make the ‘special something’ either useful or memorable.
# 3 – Take Action On The Things You Already Know Work Every business owner I’ve worked with has a head full of ideas and knowledge of things that they know will work for their business. It’s just that you’ve temporarily forgotten about it. Perhaps you did some telemarketing a few years ago that produced customers, or may be you did a seminar that got you a big sale. You might even have asked a customer for referrals but haven’t done it since. Here’s what you do. Make a list of all the different ways that have brought you business in the past. Prioritise them and put them in to your calendar to take action on, one at a time, over the next to 30 days. Work through them and count the dollars as they come rolling in.
# 4 – Relentless Follow-Up Some people take ages to make a decision to buy. If you don’t bother following up after a sales meeting, you will be losing more sales than you can imagine. And if you’re prepared to follow up again and again and again, you’ll get even better results. For every enquiry you get, for every telemarketing call you make, for every potential customer that talks to you, put their name into a calendar system and relentlessly follow them up until they give you a decision. A no is better than never being sure if they might have bought and a ‘Yes’ is best of all!
# 5 – Get Organised With A Customer Database It’s amazing that only a few companies keep track of the people they talk to. From main street shops and restaurants to internet sales operations, if you don’t record at least the name, email address and ideally the phone numbers and address of your customers, you will lose control of your relationship with them - and won’t be able to keep in touch. This is crucially important. If you don’t do this, your competitors will crush you. Here are my thoughts on the subject. Whenever you have contact with a customer, make sure you get enough details to keep in touch. If you feel uncomfortable asking for the information, give them something in return. Examples of things I’ve done with customers are give them free information (like this e-book you’re reading now, for example, in exchange for an email address and name) or entry into a monthly free draw for something. A bottle of champagne or dinner for two both work well.
# 6 – Set And Publish Sales Targets If you’ve got a sales team, they are there to do one job. They are there to bring in a lot more sales than their own salaries cost. The majority of companies have no sales targets in place and so the sales team just cruise. If your sales team are cruising, the chances are you’re losing money. Your sales team will be competitive and hungry for success. If they’re not, you may be hiring the wrong type of people to sell for you. Here’s an idea. On a white board draw a simple bar chart with one bar for each sales person – that resets every week or month. Draw a line with the minimum value of sales they must make. If your sales team fail to hit targets for three months in a row, start to manage them out of your business unless their performance picks up. Don’t make exceptions apart from very special circumstances for long term high performers.
# 7– Invite Old Customers Back Again Every business loses customers over the years. (The rate at which you lose them is called your ‘retention rate.’ – a key profit driver) and for reasons unknown most businesses never try to get them back. Now, because they’ve bought from you before, you know they use your services. This makes them an easy target market for you. Take these three steps to get them back:
.Work out why they left you in the first place. Why did they stop buying from you? Did your service lapse or was it something else? You might have to ask a few of them. Fix whatever caused the problem. If you only sell one product – develop another offer – give yourself a reason to talk to them again.
Write a letter – a confession letter – and confess that you were really sorry to lose them as customers and that you’ve made improvements. What do you have to lose? Explain what you’ve changed and finish the letter by telling them you’ll call them in a few days. Make sure you give them a great offer, too, for welcoming them back to you.
Remember to make the follow up call!
# 8 – Hold A ‘By-Invitation Only’ Customer Event Customer only events are a great way to make people feel special about themselves and to value your business more highly. For example, David Jones card holders are invited to preview evenings where no general public will be present. The enticement to go as a card holder and avoid the ‘sale’ crowds is enough to pack the store a few nights a year. If you want to do this you will need that customer base you’re building right now, or a list of customers from somewhere that you’ve collected. For example, one of my clients (a jeweller) had a list of people who had repairs done and used that as the target list. Come up with a strong reason that will make people want to come to your ‘special event.’ That might be a personality, or a special promotion, or perhaps just a chance to meet other likeminded customers. Write a letter to your customers and ask them to RSVP by email, phone or letter. You might be surprised by the results – the jeweller I mentioned earlier did a week’s takings in just 3 hours from the first event.
# 9 – Differentiate Yourself From Your Competitors There is huge choice in the world today, in just about every single market. Imagine being the very first Aspirin salesperson. How good would that have been? You would have been selling something that almost everyone wanted, – at one time or another – it was inexpensive, and you didn’t have any competition. Just out of curiosity, next time you’re in a pharmacy check out the numbers and varieties of Aspirin you can now buy. It’s confusing. We have so much choice and so little time to choose. If your business is not distinguishing itself in some unique way from everybody else in your marketplace, then how on earth do you expect customers to choose you instead of them? The answer is – they probably won’t! You need to come up with a way to differentiate yourself from your competitors in a way your customers care about. Here’s a thought. Don’t try to be all things to all men and women. Decide who are the best customers for you and then focus on delivering great service just for them. This is called a niche and it’s far easier to target a specific type of customer than trying to sell to everybody, because you can focus on what matters most of all to them. For example, if you’re a mobile phone shop, you’ve got huge competition. But if you stock the widest range of Nokia phone accessories in the country, you’ve got a powerful message to shout about to Nokia owners. Your differentiator would then be to give the widest choice – which to the customers means if there’s a Nokia accessory available, you ‘can get it from us.’ By narrowing your market, you actually increase the number of customers you can get because they will perceive you as a specialist – and we all like to buy from specialists because they’re the best!
# 10 – Pick Up The Phone One of the most powerful marketing tools available is the phone. You’ve got one, you’ve got a list of people who you know might buy from you. So just pick it up and use it! The key with using the phone as a marketing tool is discipline. Set yourself a daily target of calls to make and stick to it like glue. Put a meeting with the phone in your diary and stick to it, every day. Make a list of people to call. Start with the people you’ve met who didn’t buy in the past year or two. Expand the list by looking at your contacts database and just pick up the phone for a chat with them. Have an offer of some kind to make – a special deal, a demonstration, a free consultation. And most importantly – have a conversation with them and let them know you’re interested in them and their business. Finally, stick at it. 100 calls per week is 5000 calls per year. Do you think there might be a few more orders for your business out there if you made 5000 more calls per year?
#11 – Create Powerfull Offers The majority of advertising doesn’t include a compelling offer to really motivate your customers into buying from you. When you create a strong offer, you give them a reason to call or buy. Here’s something that’s worked for me time and time again. Identify something you can give away to your customers that will be of huge value to them, but will not cost you ‘crazy’ money to give away. For example, you could offer free samples, advice, health-checks and first order discounts (based on the marginal net worth of your customers). You might like to note that if you’re giving a discount, an actual value will normally make a bigger impact than a percentage. A $10 voucher feels a lot bigger than 10% off every order over $100. Calculate your return on investment (ROI) to make sure it’s affordable and profitable for you. It’s okay to make nothing on your first order if your service means they’ll spend money every month with you. A powerful offer can be a great way to make your advertising work properly. Just make sure you’re measuring your leads generated and the value of sales you make from it. Check the offer to make sure it will have a real impact. Be careful not to fool yourself that you’re giving a lot away when in truth nobody will notice the deal. Ten percent off deals are often like this, which is why you may better off to avoid percentage offers – unless you can make them substantial.
#12 - Collect And Use Customer Testimonials It’s often been said that you can promote anyone but yourself, because people don’t listen to self-praise. If your customers promote you, then it must be the truth. Ask your customers to comment on the relationship they’ve had with you, the service experience they received from you and your business, or why they like dealing with you. Have your customers write it down and send it to you. You can then use the information in a variety of ways – brochures, press releases, websites, or as supporting documentation for your quotes. Knowing that other people have bought your products and enjoyed their benefits is a powerful persuasion technique. In fact, it has been studied by psychologists and identified as one of the most powerful persuasion techniques. It doesn’t take a psychologist to understand why though – it’s great to have reassurance that we are not taking a huge risk because other people have already benefited from the same purchase.
#13 – Deal With Low Performers The saying goes that ‘one rotten apple spoils the barrel’, and it’s very true when it comes to your team. Nothing will put the brakes on your business faster than somebody who does not pull their weight. As the owner or the boss, you must face up to it quickly and deal with it or you will lose the respect of the ‘real’ performers in your team. Depending upon the employment arrangements you have will determine your approach – suffice to say if you are unsure seek professional guidance. The last thing you want is to end up in court because you didn’t deal with the situation in the proper, lawful manner. To deal with your bad performers you need to let them know their performance is unacceptable. Introduce a standard disciplinary process and use it to make them shape up, or leave. Give them a very specific action plan and hold them accountable to hit targets. Ensure that you’ve got specific items you can measure, like number of calls for a sales person, or volume or work per hour produced, etc, so that you are managing them tightly but fairly. If things don’t improve, you’ll progress to dismissing them with your HR consultant at your side – if necessary – to protect you from legal action.
#14 – Go To A Business Networking Event Meeting people is a great way to generate new business. There are lots of networking meetings around and some businesses generate all their sales via this method. Find out what’s going on in your area. Check out the Chamber of Commerce, the business development officer at your council, your local SWAP and a number of the more ‘commercial’ groups. Make sure you take a box of business cards with you so you can exchange details with other like minded business people. When you are networking, don’t just tell them the name of your business and what you sell. Have an offer of some kind and mention it, but don’t over-push it because the hard sell doesn’t work at these business networking meetings. It’s all about creating and building relationships. Spend some time asking people what they do, show an interest and they’ll repay the favour. Mingle with people you’ve never met, so you make new contacts every time. Set yourself a target to come away with two or three names of people who are interested to talk with you later on. If you’ve not read Dale Carnegie’s classic book, How to Win Friends and Influence People, can I suggest you get a copy and read it before you go to your next meeting. It’s awesome and could just be one of the best investments in a book you ever make.
#15 – Create Powerfull Headlines For example – THE BEST BUSINESS ADVICE YOU’LL EVER GET! The majority of ads written by small businesses start with the name of the business at the top and when buried in a sea of similar adverts, there’s nothing very eye-catching about your advert. If you think about newspapers, the stories that grab your attention are the ones with the best headlines. Stop using your company name as the headline and create a compelling reason for people to look at your ads. (Give me a call if you need some help – 61 2 9476 0399) Writing great sales copy takes learning and practice. So first of all, be prepared to have a go. Then, brainstorm some ideas you think will interest your potential customers. For example an ad for an Indian restaurant could have the headline ‘Great News For Curry Lovers’ in extra large, extra bold letters at the top. That headline speaks directly to the people who might buy from you (curry lovers) and gives them a reason to read (great news). A lot more powerful than ‘Benghal Tandoori Restaurant’, which is a more typical business headline. There are some proven ‘power words’ in copywriting you can take advantage of when writing your headlines. In the Instant Sales and Marketing Toolkit there is a comprehensive list of ‘magic words and tragic words’ as well as my bonus ‘copywriters cheat-sheets’ however in the meantime here are some top words you can include in your headlines: Free, New, Announcing, News, Secrets, Discover, 7 ways to … Finally, remember to test everything you do. Each headline will have a different pulling power and you must be able to work out which one works best for you.
#16 – Write Ads For Your Customers, Not For Yourself In the previous strategy you learnt the importance of having a powerful headline, but what about the rest of your sales copy? You need to make your ad all about your customer and how they will benefit from your services, rather than how wonderful your product is. You’ve heard of empathy, I’m sure. Putting yourself in the customers’ shoes’ and seeing it from their viewpoint. What do they want? What do they need? Read through your advert and whenever you see ‘I’ or ‘we’ change it to ‘you’ and fix the rest of your copy to make it work. Look through this Shortcut Guide and see how ‘you’ is sprinkled all the way through it – because you’re the important one here – my potential client.
#17 - Apply Aida To Your Advertising AIDA is a formula for sales copywriting that was created many years ago by some of the greatest ad men and women ever to write sales copy. It has been used countless times since by almost every professional in marketing. Each letter stands for a stage in your advertisement – as follows – Attention, Interest, Desire, Action. Your advertising needs to do each of these to get your prospective customers to buy. So when you signed up for this free e-book, or one of the many ways we distribute it, it may have been that the headline grabbed your attention. The first line of two of the text generated enough interest to keep you reading and the description and the picture of the report generated desire. Finally you knew what action to take because the advert explained ‘what you had to do to get a copy’ right now. When you construct your message keep your customer’s self-interests at heart and just follow the formula… Grab their ATTENTION with a powerful headline that speaks to a need or problem that they have Hold their INTEREST by following through in some way on the promise of your headline. They key is to keep it all about them, not you Build a sense of DESIRE by explaining what they’ll get and why that’s great for them ( remember to use ‘you’ instead of ‘I’ or ‘we’) Tell them the ACTION they need to take next to enjoy your product. A call to action for people reading an advert about my business growth coaching services is
When you want to go to the NEXT LEVEL Call 61 2 9476 0399 for a Free Chat with Trevor Marchant
#18 - Start Regular Email Marketing Marketing is about lead generation and branding. It’s about building a relationship with your customers. Keeping in touch via email is not expensive, yet very effective. It’s easy to increase repeat sales and also to keep in touch with thousands of potential customers for years before they choose to buy. Almost any business can use email to market, so don’t allow yourself to think it won’t work for yours. Have a conversation with your web developer about getting an auto responder service set up. An auto responder will automatically send out a sequence of emails you have written in advance. You can set it to send out the same emails to everybody at the same time or to ‘drip feed’ the emails in a sequence from the day a new person is added to your database. For me it’s all a bit technical – so if you’re like me can I suggest you get expert help to set it up.
#19- Write A Targetted Letter One of the most effective strategies to increase your sales is to send out a letter to a specific kind of potential customer with an offer that’s tailored just for them. For example, an appliance repair company could target hotels for repair contracts on their ‘glass – washing’ machines. Or a gardening company could send letters to everybody in the best streets of the suburbs or towns to offer services. However, before you write a single line – be clear on who you want to target with your sales letter. Use some names from your database, create a list of suitable names yourself from the Yellow Pages or similar, or buy a list from an online marketing list broker. Once you’ve chosen a target, create a powerful offer that they will love. Now, you’ve got the raw materials, you can start your letter using the AIDA formula – get their attention with a powerful headline, hold their interest in the first sentences, and generate desire for your services or products. Finally give them a call to action and you’re ‘home and dry’. You can make this even more powerful by following up the letters with a phone call. This can improve your sales performance at least 7 times over. One client, an engineering company in rural New South Wales, sent out 25 letters. These letters and just six follow-up calls generated five new customers who ordered on a regular basis, pushing sales up by $30,000 per month, which was a 17.6% increase in sales with just 25 letters.
#20 - Increase Your Prices Around 80% of small businesses are under-charging for their services. As a consequence you’re losing money that’s incredibly easy to fix by simply raising your prices. This is a strategy that practically every single one of my clients has successfully implemented within weeks of working with me. Here’s the strategy. First, list your competitors. Rank them in order of the quality of their services as you think they are perceived by the market place. Add yourself into the list at the point where you think your business belongs. So if you’re the second best for quality, you’ll be second on the list. Now do another list. This time arrange it in order of prices. Are you still in the same place, or are you lower than competitors who aren’t as good as you? If your prices are lower than companies who aren’t as good as you, then you need to raise your prices! Start by raising your prices to customers who for the want of a better way to describe them – make life a little difficult for you. Yes, you read that correctly. In other words, if you lost them – would it really matter? If there are no real complaints, you know you’ve set your prices at a level that’s still okay. Gradually work through your customer list until they’re paying a fairer rate for your services. The beauty of this strategy is that it’s all pure profit for you. There’s no cost involved at all so you’re just making more cash, pure and simple.
#21 - Rate Yourself As A ‘Gold Prospector’ In this Shortcut Guide we’ve looked at a number of simple and yet proven powerful ways to grow your business and increase your profits.
Now it’s time for my ‘Gold Nugget’ Quiz! Some of the techniques we’ve discussed are designed to bring you new business. Others are strategies that can help you do more business with existing customers or maybe encourage them to come back – time and time again as repeat customers. What I invite you to do now is rate your past and current record as a ‘gold prospector.’ To get any value from this exercise you will need to be candid with your answers because your overall rating will give us some clues as to where you might want to spend extra time ‘in the coming months.’ This may be an area we could discuss as we keep ‘digging’ together to uncover the hidden profits in your business. You’ll see that there are ‘Yes’ or ‘No’ answer choices to each of the questions in the quiz. You should now take the quiz and then read my comments that follow after the quiz. ‘Gold Nugget’ Quiz (Simply circle the appropriate answer below) 1. 2 3 4 5 6 7 8 9
I keep a file on each customer Yes No I try to win back lost customers Yes No I acknowledge my customers’ birthdays and special days Yes No I offer special incentives to encourage more frequent buying Yes No I always try to upgrade a sale Yes No I have calculated what my clients or customers are worth over a ‘lifetime’ of buying from me Yes No I ask my suppliers to help me grow Yes No I sponsor informational events as a way of generating new business Yes No I try to reach customers of other businesses through joint venture or strategic alliance efforts Yes No
If you answered, ‘yes’ to all 9 questions, congratulations. You’re already doing many things to grow your business and increase your profits. It will be relatively easy for me to work with you – if you wish – and help boost your business to the NEXT LEVEL.
(Please don’t be concerned if you feel some of the questions were not all that applicable to your business. I can usually show you how – they are!) If you had eight ‘yes’ answers, well done! Ditto for anywhere from five to eight ‘yes’ answers – you’re heading in the right direction. And even if you answered less than five times, don’t panic! It’s easy for us to work together and turn the ‘numbers ‘around. You won’t ‘know the place’ in nine months time – providing you’re serious about wanting to go to the NEXT LEVEL.
NEXT STEPS Business/Sales and Marketing Coaching with Trevor Marchant – Senior Partner and Head Coach -ABBY Business Coaching (A Joint Venture with ABBY Practice Accounting Services). (For a full profile on Trevor, please see attached file) It doesn’t matter whether you’re an ambitious entrepreneur or a business owner who has been ‘at this’ for many years – if you want to go to the NEXT LEVEL and grow your revenue, improve your cash-flow and increase your profits then we need to talk. In this Shortcut Guide I’ve stopped at 21 strategies because on the one hand I believe there is enough here to get you moving in the right direction but on the other hand there is so much more we could do – if you really want to go to the NEXT LEVEL. For example the Instant Sales and Marketing Toolkit, which I mentioned before, has over 300 strategies designed to multiply your sales and boost your profits.
Here’s a few examples: How you use these strategies is completely up to you…you choose whatever you think works best for your business: For example, you can use # 12 to set up a Referral Template that will deliver a consistent flow of quality prospects wanting to do business with you. # 35 shows you how to simply and easily get a ‘truck load’ of potential customers without costing you a cent. Use # 43 as a simple and cost effective way of attracting hundreds of prospects. # 80, YCDBSOYA will get you up and moving in the right direction and absolutely focused on what must be done to make more sales. # 105 is the easiest way I know to get your name and product in front of hundreds of people for zero cost. # 144 shows you how to break even today and break the bank tomorrow – simply by changing the way you think about your product or service. How to turn your customers on with ‘magic words’ and how to turn them off with ‘tragic words’ is discussed at # 163. # 191 - Get this right and everything else just falls into place. # 234, easily one of the simplest and most effective ways of making more money on every sale. A simple idea that will save you thousands of dollars - # 277 Keep doing this and you will go broke! # 311 #344, one of the best ideas we’ve ever developed to keep in touch with your customers and ensure a never ending stream of referrals. #358. Just do this one thing and you will start to feel better and better about the sales and marketing of your business and you will begin to experience absolutely ‘staggering’ results.
Here’s what others are saying: “When you start a business you need a product, a computer, a mobile phone – probably a vehicle of some sort, and now you need The Instant Sales and Marketing Toolkit. It will literally save you thousands of dollars in wasted marketing efforts. It’s probably saved me $5,000 in marketing costs and its increased my sales by 23% in the last six months.” – Brett Roberts, Parramatta, NSW. “I’ve known Trevor Marchant for about 15 years now. Apart from the fact that he is one of the top Business Coaches in Australia, not many people know that he is also a Master Sales Trainer. I have attended many of Trevor’s workshops, seminars and courses over the years and recommend anything he does. This Toolkit is just another example of the professional and first-class practical material he produces for business owners all over the country. Great Stuff, Congratulations!” – Ewan Fletcher, Melbourne, Vic “At last someone has taken the time to actually save me some time and money. Lots of people tell me they will help me with my business and save me time and money and show me how to make more money – but they usually fall short of the mark! This Sales and marketing Toolkit is just magic! Imagine having – at your finger tips – over 300 ways ( 358 to be exact – how he got to that I don’t know, but it doesn’t matter) to increase your sales, attract, get, and keep more customers and make a serious impact on your bottom-line profits. That’s what this toolkit has done for me and continues to do. It’s excellent value for money!” – Marie Whitford, Brisbane, Qld. “I’m in the Pest-Control business and up until recently it has tended to fluctuate with the weather conditions. Well that has all changed. Just by using a few of the strategies in the toolkit I now have business all year – round and I have never been so busy. Business is good – in the Pest Control Business! A couple of years ago I paid just over $5,000 for some marketing advice – it didn’t work. This Toolkit is worth twice that to meand it comes with a Money-Back Guarantee! Great Value for Money.” – John Evans, Central Coast, NSW “Best educational investment I have ever made, and I have made a lot…Trevor, buying your Instant Sales and Marketing Toolkit was the best educational investment I have ever made. Thank you for what is an ‘extraordinary’ number of practical, workable ideas to grow my business- the value for money is amazing. I can tell you that just 3 ideas (less than 1 percent of what you’ve given me) have already returned my investment and I’m in a business that relies on volume turnover. – Lisa Richardson, Canberra, ACT With the right help to choose and implement a range of strategies tailored to your business, you will be amazed how fast you can grow sales and profits. At the same time, we can work to get you out of the day to day operation of your business so you can concentrate on the really good stuff – fast growth strategies – instead of turning the handle to keep it running at more or less the same speed as always, no matter how many hours you put into it. If you’re worried that business/sales and marketing coaching is not right for you, I’ve got a money-back guarantee. Work with me for just 30 days and feel the difference in your motivation and the way your business performs.
Three Steps in the right direction… 1.
After just 30 days we will have discussed the 7 key profit drivers in your business and analysed your performance to date.
We will have agreed ‘what the numbers’ could be from your perspective and selected the appropriate strategies from the Toolkit – to bring them into the picture.
We will then prepare and monitor a one-page plan for your business with the appropriate action steps necessary to increase sales and profits. All this in just 30 days! ALL YOU NEED TO DO IS JUST PICK UP THE PHONE and CALL 61 2 9476 0399 Or, if you prefer you can email me on firstname.lastname@example.org
A few key points about – Trevor Marchant Trevor is a successful entrepreneur in his own right having started four businesses – three of which are still going. Two of these businesses exceed several million dollars in turnover each year He is a Bachelor of Business and was once the youngest ever appointed Manager in the Bank of New South Wales. Four years later he was Head of Training, Education and Development for Westpac Banking Corporation. He has worked in senior and executive positions for a number of banks and insurance companies He has been featured in the top 5 percent of business and sales coaches in Nett Magazine and has been helping others grow their businesses for the last 12 years Over 5000 people in Australia and New Zealand have now been through his coaching programs, training, workshops and seminars He is co-author of the nationally accredited Business Development Program – The Road to Success Business Mastery System He is a best selling author having written and published the 5 Minute Sales Culture Strategy – for more sales in less time He has produced the amazing Instant sales and Marketing Toolkit – with over 300 proven strategies to increase your sales and boost profitability He is an internationally respected speaker and is highly regarded as one of the best Sales Trainers in Australia One of his keynote talks centres on the idea that ‘everyone knows how to make the thing they sell but they don’t know how to sell the thing they make’ and that every business is two businesses – there’s the one that does the work and there’s the one that sells the work He is now a Senior Partner and Head Coach at ABBY Business Coaching – an affiliated company of ABBY Practice Accounting Services.
Published on Sep 23, 2010