5 POWERFUL STRATEGIES TO PROFITS
Are you ready to increase the bottom line in your business?
If you said “YES!” to the question above, you’re in for an absolute treat because you’re about to discover 5 powerful strategies that will help your business increase it’s profitability in a creative and cool way.
If this excites you and you’re serious about increasing the profitability of your business, then do your bank account a favor and continue reading, o.k.?
Warning: Implementing Any Of These 5 Strategies May Have The Side Effect Of Greater Income
Strategy #1: Re-position your products and services so that you can charge higher prices
One of the easiest way that you can increase your profitability is to simply charge more for your services.
Increasing your prices is the easiest way to boost your profitability…the key is to do it in a way that builds additional value and warrants the price increase.
If this seems a little intimidating to you, fear not my friend because studies show that less than 20 percent of people actually shop on price alone.
Knowing this information absolutely blew me away. If you implement it correctly, it can potentially boost your profits too.
If you’re not sure exactly how to re-position your product, simply follow the steps below for best results:
Step #1: Take a look at your current product, and find out what’s missing in it since you first released it and use this information to improve upon what you’re already offering. If you’re not sure what to add, simply take a look at customer feedback of areas that they felt were missing, or take a look at what your competitors are offering and creatively brainstorm how you can make it better.
Step #2: Re-package it in a format that warrants the increased price hike.
Step #3: Test various increased priced points till you discover the real winner, then keep that price point as your control.
Step #4: Offer the new version to current customers at a discount rate, or give them a free upgrade with an additional offer for your to profit from.
Strategy #2: Systemize Your Business And Eliminate Wasted Spending Of Your Money And Time
Did you know that right this second your business is most likely wasting both time and money by not having the proper systems running behind the scenes?
To combat this situation, make today the day that you take a personal inventory of how you spend both your time and your money and take the time to begin creating systems that save you both time and money in the long run.
If you need a little bit of extra help in this area, you don’t have to work alone. Simply press the contact button in this blog post, and send us a message so that we can chat on how we can help you.
Strategy #3: Increase The “LCV” of Your Current Customer Base
Contrary to popular belief it’s much easier to sell more products to your existing customer base then it is to go out and find new customers.
Now that you understand this concept, be sure to make the most of your lifetime customer value utilizing these time-tested action steps:
Step #1: Survey your current customer base to discover additional product ideas that your current customers wish you offered already.
Step #2: Evaluate the data you collect and create the new products and services that they are requesting.
Step #3: Offer the newly created products at a special rate to your current customers who previously provided you feedback via the survey and use their feedback to fine-tune your offer/product before you launch it to everyone else.
Step #4: Create incentivised referral programs for your current customers so that they are inspired to refer their friends and family members to your product line.
Step #5: Smile all the way to the bank knowing that you increased your revenue simply by meeting your customer’s specific needs!
Strategy #4: Create Add-On’s That You Can Upsell To Your Current Products
If you don’t want to re-position your entire product the way I outlined in strategy #1, consider adding a simple add-on as an upsell at your point of sale.
Why? Doing this helps both you and the consumer because it increases the likelihood that your customer will actually achieve their desired outcome and if they use your add-on, and it also increases your profitability AT THE SAME TIME!
Definite “Win-win situation”, RIGHT?
Strategy #5: Create A Positive Environment For Your Team
One of the best ways that you can increase your profitability of your business is simply to take care of the team members that are actually helping you to build your dream.
One of the best ways to accomplish this is simply to reward and acknowledge your team members for exceptional work.
Create a more positive working environment as soon as TODAY!
Profiting Is Dead Simple When You Know How
If after reading this blog post you’re still scratching your head on what you can do to increase the profitability of your business, then you need to strop scratching your head, pick one of the strategies and simply IMPLEMENT IT!
The truth is this, both procrastination and paralysis by analysis will kill your profitability far more then implementing any or all of the strategies that I’ve shared with you today.
Don’t just take my word for it though, implement one, expect a positive outcome and let me know how it increased the bottom line in your business, o.k.?
Have a great day and I’ll see you at the pinnacle of your success!