While you may not be able to implement all of these ten strategies, read each of them carefully and ponder how you might creatively use them in your business or practice.
1. Raise your current prices and fees
This is a no brainer and requires little skill. However, it does require a lot of courage. The reality is that people will pay you more than you are currently asking. Maybe not 50% or 100% more but certainly 10% – 30% more. All you have to do is convince yourself of this and transfer this conviction and confidence to your buyers.
2. Change your target market
Start going after the type of clients who are not price shoppers. While price is a consideration in most buying decisions, research shows that less than 10% of buyers buy strictly on price. You must retrain yourself that price is not the reason most people don’t buy from you. It may be that they don’t trust you or they don’t see you as an expert or they don’t see the value in what you offer. Whatever the reason, it isn’t price.
3. Stop giving stuff away for free
Sales people are notorious for giving away products and services for free. Some where in their head they have the idea that if they will be nice and give “more value” (that usually means the company’s resources) they will be elevated and achieve exalted status in the eyes of the buyer. That’s rubbish. The reality is that the more you give away the more they want for free and the harder it becomes to get them to pay for future products or services. The solution: Charge for everything.
4. Bundle products and services together
Instead of selling individual items, start selling packages by bundling various products and services together into one sale. It is much easier to sell three items as a package deal than it is to make three individual sales.
5. Sell a deluxe version of your product and service
Offer a premium or deluxe version of what you sell. At least 20% of your buyers will upgrade and by the “platinum” version of your product or service. This is easy money that you are leaving on the table. The more affluent the buyer the more likely they are to want the “upscale” version.
6. Upsell with the current sale
Once you make a sale give the buyer an irresistible offer to buy an additional product or service or add on as part of the original order. Present this as a one time offer and have the guts to stick to it. You will be amazed at how many people will buy it because they don’t want to let the opportunity pass them by.
7. Upsell immediately after the sale
Immediately after the sale offer the buyer an opportunity to purchase an additional product or service within a very limited time frame. This offer can be made via the phone or mail or in person.
8. Build in a renewal program
Offer an automatic renewal program that will lock your customers into future purchases unless they opt out of the program. This eliminates the need to sell them every time your current contract expires.
9. Develop a continuity program
Develop and offer a continuity program so that you get ongoing, residual, monthly income from each account or customer. Examples of this might include newsletter subscriptions, service contracts, etc. Sell once and get paid repeatedly.
10. Change what you sell and how you sell it
The fastest growing segment of the North American market is the affluent market. Every 8 minutes a new Millionaire is created. At present there are 8.4 new middle class millionaires in the US alone.
While the middle class struggles, this class continues to amass wealth. They have plenty of disposable income and are not price sensitive when it comes to indulging their preferences, Seek them out. If you don’t have a high end product or service that targets the affluent you are missing the runaway economic freight train.