Hopefully, you’ve read and started to implement some of what you discovered in Part One. If so, you should now be starting to fully appreciate how extremely savvy small business owners, startup entrepreneurs, and service providers are sitting on untapped money-making goldmines.
You should also hopefully realize that it is a huge and common marketing mistake to miss out on easy-to-pocket additional gross profits. Making this mistake can and will potentially cost your cash-strapped small business a fortune.
How Savvy Small Business Owners Add 25% More Gross Profits
Here’s another untapped marketing possibility, which has the potential to positively affect your businesses’s all-important, back end marketing sales funnel.
Think about how many times per day (all across America anyway), local cable representatives show up either to install or troubleshoot cable services.
And after they perform the necessary tasks, they simply have their customers sign off and then they leave, correct?
Sound familiar? Unfortunately, your local cable company and tons of other far less successful service providers are missing something. These people make frequent house calls 5-7 days per week and are making the exact same marketing mistake.
And doing so, over and over again, is literally costing them a fortune!
Successful Lead Generation Strategies Have Many Forms
What do you think will start to happen when the reps begin A/B testing various back end offers and prefacing them with an amazing deal? Imagine them saying to their customers, “By the way, there is currently an extremely time sensitive offer available to you! And we’re offering it simply because you are brand new or existing customer in good standing.”
The reps then let their customers know they qualify to get X,Y and Z upgrades in their new or existing cable services. These upgrades will save the clients 20-75% for the next six months to a year. In other words, they’ll be rewarded with locked in additional savings, simply by acting immediately.
The reps let their customers know they also automatically get to choose any three Pay-Per-View (PPV) events (or whatever ethical bribe you ultimately decide on). And they can save an additional 50% (or X%), just for doing so. The reps could also reduce or waive some customary fee for anyone who enrolls right away.
My friend, fast food giant McDonald’s has and does make a fortune on a daily basis using a similar, proven upsell marketing technique.
Your Small Business Is an Untapped Marketing Opportunity
Just think how much more profitable your local cable provider will become even if only 30% of those daily service calls yields more business.
When you start marketing additional products and services to your existing client base, you’ll quickly move away from the typical 10-20% gross profit margins to 50-70% gross profit margins.
Now of course, your particular product likely has nothing to do with providing cable services, right? So you might be wondering how in the world you can effectively tap into this marketing opportunity.
Following is a simple example of how aspiring service providers can strategically generate at least 25% more gross profits. They can do so simply by selling additional services to their existing or first-time customers.
The Marketing Possibilities Are Staring You in the Face
Let’s say you provide carpet cleaning services in a very competitive market. You constantly face various types of discount price wars.
Both you and your major competitors are busy slashing prices to razor thin gross profit margins. You are racing each other to the bottom.
But from now on, each time you land new, discounted price customers, you immediately need to make them aware of something. They need to know how much more expensive it will be for you to come back at a later date. After all, you have ongoing expenses such as gas, paying your employees, etc.
Therefore, it makes far more economic sense for them to take advantage of your additional savings right now. All you have to do is add another room or two to your current offer.
Your Business Can Serve as Another Vendor’s Lead Magnet
Plus, you cross-promote another non directly competitive vendor’s time sensitive “ethical bribe.” Employ this particular proven marketing strategy if you don’t currently have any market-tested ethical bribes of your own yet developed.
And my friend, with just a little strategic A/B ethical bribe testing, you will quickly discover a simple way of systematically adding an additional 10-40% more gross profit (found money) to your bottom line.
And you can do so in the next 90 days or less! Don’t you agree?
So hopefully, between this two part series, you have discovered how some extremely savvy small business owners routinely add an additional 25% more gross profit to their bottom lines.
In the comments section below, please share your extremely valuable advice that people can apply to their businesses in the next 30 days or less!
As always, if you got any value out of this post, please Google Plus or tweet this. Thanks!
And be sure you grab your explosive, free 22-step small business marketing idea kit series. It will help you increase your profits by as much as 25% in the next 90 days or less.
It will also help you master effective communication in marketing skills, no matter what your particular niche market is. It’s a $97 dollar value and it’s free!
Latest posts by Mark Newsome (see all)
- How to Add 25% More Gross Profit to Your Bottom Line Part Two - April 26, 2017
- How to Add 25% More Gross Profit to Your Bottom Line - April 25, 2017
- How to Use Lead Magnets to Grow Your Business Effectively - March 20, 2017