by Jama Bryan
Without clients, there is no profit and without profit, there is no money to pay yourself, pay your team members, or pay your business expenses… You must have profit to keep your business doors open.
The more profit you have, the more good you can do in the world by helping your favorite charity! You can share that profit!
How can you accelerate your profits?
Here are 7 tips you can use to accelerate profits:
Provide great customer service to your existing clients. Do you answer emails or phone calls promptly? If there are technical issues, are those resolved quickly? The point is to go above and beyond and take the extra step with your clients so they feel special. A few months ago, I ordered something online and when I got my package, I had a handwritten postcard that said: “Hey Jama!! We are a little too[sic] biased but you’re great! [May your bottles be never-nude.] the freakerteam” Awesome, right?!
Ask your happy clients for referrals and give them an incentive to provide referrals. In my book, Marketing for Small Businesses: Creating an Amazing Referral Program, I talk about setting up a successful referral marketing program, no matter what type of business you are.
Again, ask your happy clients for testimonials. Send them a few questions that they can answer and then draft a testimonial for them. The client can approve the testimonial or even better, shoot a video. Social proof is a everything!
Know what your market wants.
Don’t spend time spinning your wheels and guessing what they want. Go straight to the source — send out a survey to your email list and post on social media to find out what your audience is really interested in and what challenges they’re having. Create a program especially designed for them based on their responses.
Make sure your marketing funnel is in place. Give people the OPPORTUNITY to buy from you! You’ve surveyed your audience and know what they want, now you can create other, different priced programs and lead them down the path to buy. Did you know that someone who purchased a product that’s less than $20 is more likely to purchase something else that’s several hundred dollars? As long as they’re getting value from you they’ll want to buy your products. It’s your job to easily feed into one another and build on one another in a sequence. That’s why it’s called a funnel.
Upsells are similar to creating your funnel. Let’s say you sold a do-it-yourself type program, how creating a done-for you program that you then upsell to the new client that says, “Hey, would you just like us to do it for you? Here’s how it works…” This would be something that you could do a couple of weeks after they’ve purchased the do-it-yourself. For example, you might say, “We often find that our clients think they’ll have time to do-it-themselves, but in reality, they seldom do…”
Pay attention to the data.
Marketing isn’t about throwing spaghetti against the wall and seeing what sticks – well, in some ways it might be!! But, even when you throw spaghetti on the wall, you can visually look and see what stuck! You want to be sure you’re reviewing your data and optimizing what you’re doing. Split testing is a great way to do this. Test and tweak and test and tweak some more!
What are other ways you accelerate your profits?
Sound off in the comments below.