A lot of what I discuss in my training is the importance of working with your existing and past clients as a source of business growth; too many companies work so hard to only attract new clients, and allow their current and past clients to fall by the wayside.
I have always advocated for business people to look for the value in their existing clients especially. They represent a huge opportunity for profit while you increase the quality of what they receive from what you offer them. You have already done the work to attract them, so why not maximise your investment?
This post will introduce three ways, that I describe in my resource The Business Growth System that you can use NOW to make more profit from your existing clients.
With these strategies, I’m going to show you that your profit isn’t always in selling your product or services to new clients; quite often, you can earn thousands just from maximising the clients you already have.
Increase Your Prices
One way to automatically earn more from your clients is to charge them more for your product or service. I’m not telling you to raise your price exponentially by doubling it or anything like that.
I am urging you to consider just raising your price 10% over what you’ve been offering. For instance, you may sell something for $2,000; increase that to $2,200 and right there, that’s $200 in profit you didn’t have before.
Chances are, with a price increase, the value to your customer will also go up as well. People don’t mind paying top dollar for things if it is worth their investment. It is your job to show them that what they are paying for is worth every dollar of what they are paying for it.
Upselling is one of the oldest tricks in the book in terms of getting more profit from your clients. An upsell occurs at the time of purchase. At this point, you have made the sale, and have gotten them to the point where they are ready to open their wallets. When they are ready to make their purchase, you recommend they upgrade or buy something additional. For instance, if you are in the business of selling audio equipment and you sell someone the newest iPod release, you can increase your profits by “piggybacking” off the efforts of selling them the iPod by also showing them how the new set of noise-canceling head phones you just got in can improve their listening experience exponentially. Then there’s the speaker system and the docking stations, and all the great things that are made to enhance the listening experience.
Upselling is all about recognising the value of the product or service that you offer, and finding ways to add more value to it through other products or enhancements of what they already have committed to purchasing. Perhaps you work in the financial sector and you have just spent time working with someone to increase their financial health as a service. They then admit to you that they want to actually look into investments, so now you have the opportunity to upsell them on a package that helps them put together an investment portfolio.
Upselling is a win-win: you get more profit, while your client ends up with a better product or service than what you were originally going to sell them.
Backend Products or Services
When you backend as a sales strategy, you have an arsenal of products or services at the ready to sell to your client, even if you don’t offer these products or services yourself.
When you backend, you take stock of what you are able to offer, against what your client may possibly need. If there is a gap in what you are able to provide, then this is where you will be able to reach into your network, and sell other people’s products for them for a nice percentage of the sale.
Using the strategy to backend products or services requires you to be humble and recognize that there are ways that people can serve your client that you can’t. It’s also a great way to show your client that even if you don’t have what they need, you’ll help them get it. They don’t need to necessarily know that you are also gaining a profit from selling them other people’s products or services.
Put These Strategies to Work
I have seen several times in my own businesses, the businesses I work for and in those who take my training programs that when these strategies are used, it can lead to 20-30% growth in your business. Can you imagine what you would do with 20-30% growth of your business, that didn’t require much from your marketing budget?
These strategies are simple, but incredibly effective. I urge you to consider how in your own business you can increase your prices, upsell your product or service, or backend other businesses’ products and services to increase your product. Remember that your current clients are one of your biggest determinants of future growth for your company.