All small and medium size business owners, at some point in time, are faced with the pressure to offer lower prices or greater discounts. This is especially true for those of you who sell, or want to sell at the higher end of your market. There are many schools of thought about dealing with this common sales objection, but the general consensus is to steer the prospect away from the conversation of price and toward a discussion of VALUE.
Who would you go see if faced with a life threatening medical diagnosis? A general practitioner or a specialist? You’d be drawn like a magnet to the expert, wouldn’t you? Well, this same decision making process works for selecting any business or professional your prospects trust with their business. The PERCEIVED expert has a massive competitive advantage in any marketplace.
So, are you the recognized expert in your niche and community? Do your customers and target prospect agree? Regardless of the business you are in – even in a business that is considered a commodity – there is usually a way to gain the EXPERT ADVANTAGE. (more…)
3 Ways Profit Maximization Can Turbo-Charge Your Sales Growth
Marketing Spend Slasher #3 – Self Fund Your Marketing
What do I mean by Self Fund? By focusing your efforts on optimizing your profits, you can reinvest those “found” profits into advertising or other marketing efforts. Dr. D “saved” about $1,500 a month (see part two). So he could now reinvest “found money” into another form of marketing…PPC, SEO, direct mail, bigger advertisement, a tele sales effort etc. The new found profits literally pay for your “risky” marketing. It is like going to Vegas, winning big, putting your original money in your pocket and then gambling with the winnings…with no real downside whatsoever. (more…)
3 Ways Profit Maximization Can Turbo-Charge Your Sales Growth
Marketing Spend Slasher #2 – Reduce Client Acquisition Cost
In coaching hundreds of companies, only a handful knew clearly what their cost per customer acquisition was…that is, the total marketing spend divided by the number of customers.
Why is this so important? Because, it enables you to significantly reduce your marketing spend, by first reallocating it towards lower cost alternatives.
All of these will result in different costs to get a customer.
REAL WORLD EXAMPLE:
