Wednesday, May 23, 2012

How to Frack and Extract New Profits

Fracking is in the news a lot these days.

It's a technique to extract oil and natural gas from formerly inaccessible places. And it promises to deliver untold billions of dollars to those who use it.

Good news: The same thinking behind fracking can extract new profits from your business.

All you need do is drill deeper using different techniques than before. And it's not NEARLY as hard or expensive as real fracking.

This is fracking. It takes years and costs millions of dollars.

Example: If clients don't buy as often as you'd like, why not simply ask them to buy on a schedule that you choose?

The easiest way is to hold a client appreciation sale. Create a special offer only for current clients. Write and mail them a letter inviting them to take advantage. It's that simple.

Here's what one of my clients said about the letter I wrote for her client appreciation sale, held at Thanksgiving:

"I am so grateful you came into our lives. You wrote our '20-year anniversary' sales letter of appreciation -- this resulted in 50+ service calls. Nothing could be finer!!!"
-- Kathleen Brogan, All Mechanical Services, Richfield, Minnesota

This is a sales letter. It takes days and costs relatively little.

Now that your brain is warmed up, here are 4 more ways to "frack and extract" hidden profits from your business ...

1) Get more clients.
Examples: advertise more (roll a successful promotion out to another medium) ... advertise better (test continually) ... use more testimonials from clients in your ads ... create a unique selling proposition (Why should I buy from you?) ... use a money-back guarantee (to remove risk).

2) Get clients to spend more.
Examples: offer a cross-sell ("Would you like fries with that?") ... offer an upsell ("Would you like to supersize that?") ... raise your prices (just 2% can make a big impact on profits) ... bundle products/services (package 2-3 items at an overall savings)

3) Get clients to buy more often.
Examples: mail a newsletter (with 90% helpful info and 10% special promotions) ... do a joint-venture promotion and share revenue (who said clients had to buy your stuff?) ... create continuity (a monthly coaching service or "preferred" status for a monthly fee)

4) Get clients to refer others.
Examples: say "Thank you" after every sale (to get clients talking about you) ... follow up after the sale to ensure satisfaction (and get clients talking about you) ... give extra care and attention to your top referrers (to encourage more of what's already working)

New ideas like these can extract profits from your business that you never thought possible -- or even knew existed.

Why not pick just one and try it today?

Bio: Kevin Donlin can help you grow your business and enjoy the results your hard work deserves. To learn how to boost your revenues and profits faster, please click here

Tuesday, May 8, 2012

Your Weakest Connection?

As I first learned in the book Linchpin, Ed Sutt made small changes to an everyday item and, in the process, invented a revolutionary device that will save countless lives.

You see, Ed Sutt invented a better nail.

And yes, this has PLENTY to do with building your business.

Here's the story, from Popular Science:

In 1995 a Clemson University graduate student named Ed Sutt took off for a spur-of-the-moment trip to the Caribbean. But beaches and rum drinks weren’t on the agenda for this civil engineer. Hurricane Marilyn had just torn through St. Thomas, and Sutt was part of a team examining how and why 80 percent of the island’s homes and businesses had collapsed in the storm’s 95mph winds.

   “The destruction was so complete in places that it was almost surreal,” Sutt recalls. “There were troops in the streets and military helicopters hovering overhead.” As Sutt moved through the wreckage of roofless and toppled-over houses, he was struck by the sense that much of the destruction could have been avoided. “In house after house,” he says, “I noticed that it wasn’t the wood that had failed -- it was the nails that held the wood together.”

Get that?

A house is as strong as its weakest nail, just as a chain is as strong as its weakest link. Weak connections lead to catastrophic failures.


Think about your business. Does it ever feel like you're facing hurricane-force winds?

If so, you may fear that your business is failing.

But ... perhaps, it's not your business that's failing. Perhaps it's what's holding your business together that's failing. And that would be relationships.

Relationships hold a business together, just as nails hold a house together.

The more personal relationships you have -- with clients, vendors, partners, bloggers, followers, church/temple/mosque members, et al -- the stronger and more resistant to headwinds your business will be.

Think: Where are your relationships weakest? In your:

  • networking?
  • strategic partnerships?
  • follow-up with prospects?
  • client service?

Your weakest relationships could lead to a catastrophic failure in your business.

You might want to nail them down.

Bio: Kevin Donlin can help you grow your business and enjoy the results your hard work deserves. To learn how to boost your revenues and profits faster, please click here.