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

No comments:

Post a Comment