Some of the marketing concepts I’ve shared with you are relatively simple and can yield significant profit increases over the life of any business. One example is UPSELLING – simply suggesting an additional item at the point of purchase. Unfortunately many business people either react by saying, “We know about that” or “We’re already doing that.” Fair enough but the vast majority of these companies are leaving tons of profits on the table.
“Knowing” won’t yield any profits. “Doing”, systematically, by taking action will. Start by picking one simple profit strategy and implementing it in a way that it is consistently yielding profits for your business. That one profit stream can yield thousands or even tens of thousands in added profits for the life of your business.
The key is to optimize and maximize what you are already doing. Let me share a simple, real life example. One of my clients, a used computer equipment re-seller, had annual revenue of $500,000 a year. We boosted his revenue to an incredible $12 Million dollars a year by simply optimizing what he was currently doing. For example, his top salesperson was selling 322% more than the next most successful sales person. Why? Because the top salesperson was consistently focused on reselling current customers. My computer re-seller client modeled what his top salesperson was doing and taught all of his other salespeople to do the same. By simply optimizing what was already successful and modeling a top performer, his revenue grew at a faster rate than he ever imagined. The lesson here is clear – examine and optimize marketing practices that are already working for you.
Another approach for harvesting more profits from what you are currently doing is by expanding a marketing practice. For example, if one division of your company had great success at re-contacting and reactivating inactive customers (a powerful approach every business should employ), expand that approach to other divisions.
As you read my Profit Maximizing Tips, take the following actions:
- If you haven’t implemented a tip and it is appropriate for your business “just do it.”
- If you have implemented a tip, measure how well it is currently working and then optimize it for added profits. Also consider expanding it to broader use.
