Tuesday, August 7, 2012

The Revenue Triangle: Perpetual Profit Machine?

Two things my family knows about me that you should, too:

1) I can't draw. For beans.

2) I'm impatient.

Now that you know this, you'll understand why I couldn't wait to share this hastily drawn picture with you.

It is -- literally -- a "back of the envelope" idea. But take a moment to study it closely ...

This strategy, which I termed, The Revenue TriangleTM, could hold the key to massive new profits for your business or sales career.

Here's why ...

If you're like most entrepreneurs or sales pros, you're probably focused on the left side of the triangle: More Clients. And that's fine. You need more clients.

You can get More Clients in any of the following ways:

  • advertise more (roll a successful promotion out to another medium)
  • advertise better (test continually)
  • get publicity (use a service like www.PRLeads.com)
  • make more-appealing offers (study copywriting)
  • use more testimonials from clients (duh!)
  • close more sales (use a script, for example)
  • use a unique selling proposition, U.S.P. (Why should I buy from you?)
  • use a money-back guarantee (to remove risk)

But ... what if you're neglecting the other two sides of the triangle: More Sales and More Referrals?

Those are where you'll find the REAL profits. Because those areas have little or no acquisition costs -- you get more sales and more referrals AFTER you've acquired the client. So most of the resulting revenue is pure gravy.

Nice, eh?

You can get More Sales in any of the following ways:

  • offer a cross-sell ("Would you like fries with that?")
  • offer an upsell ("Would you like to supersize that?")
  • offer a third option (a "good," "better," and "best" value)
  • raise your prices (just 2% can make a big impact on profits)
  • bundle products/services (package 2-3 items at an overall savings)
  • hold a client appreciation sale (people love to buy and to belong to a group; this does both)
  • send 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?)

And, to complete the triangle and start the cycle over again, you can get More Referrals by doing any of these:

  • 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)
  • educate clients to help them get better results, by seminar/webinar/teleseminar (and get clients talking about you)
  • give extra care and attention to your top referrers (to encourage more of what's already working)

Meanwhile, are you an entrepreneur or business owner with clients, not customers? 

If so, my Free Client Cloning Kit can help. It's not some cheapo download -- this is a real business-building kit you can hold in your hands. Grab yours now, while you can

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