-By Adam Witmer-
One of the most valuable hacks any business can make is to consider ways to upsell existing products or services.
Up-selling is the simple act of turning a sale (that is in process) into a larger sale. This is usually accomplished by offering a premium version of the product or service a customer is already interested in purchasing.
The idea is that the person buying your product or service is already...
Read MoreCross-selling is the art of offering a complementary product or service to a customer who is in the process of purchasing a different product or service. The idea of a cross sell is to provide in additional product that complements the product they have already decided to purchase.many times the product or service that is offered any cross sell is actually very beneficial to be purchasing customer.
Read MoreA convenience item is a product or service that is available at the right place and right time for a customer. These are items that are often sold at a premium price compared to what a customer could purchase the item for if they bought it in advance, at another location, or in a larger quantity. The end result is that customers are willing to pay more for an item when a business offers the item at a time and/or location that is convenient for them – meaning the value proposition is convenience rather than price.
Read MoreGrowing up just north of Fort Wayne, Indiana, there were two roller rinks that would compete for our business: the Roller Dome North in Fort Wayne, IN and Bell’s in New Haven, Indiana. We would frequent these two businesses for birthday parties, school functions, and other organizational outings.
As a kid, I really couldn’t see a difference between the two businesses - we went there to skate and have fun. Now as an adult, I can clearly see two different business models.
Read MoreProduct bundling is simple - it is the process of grouping together multiple products and selling them at a packaged rate.
Whether it is McDonalds, your cable provider, or your insurance agent, product bundling is a common marketing strategy that is used to increase sales for the business while also providing a value to the customer. As customers, we are used to purchasing bundles and bundling is a strategy that has proven to work so much, that many industries would never consider selling without bundles.
Read MoreIn my article How to Increase Sales Through Product Bundling, I explained the benefits of product bundling and gave five ways to increase sales by bundling products. But bundling products is not just a hack that will help you sell more.
Product bundling will help you create a competitive advantage.
Read MoreThe key to effectively using coupons is to understand why they work and then to strategically implement a coupon program. Without being strategic, you could just be arbitrarily cutting into your margins without understanding the effectiveness of the coupon. Basically, if you just hand out coupons on every sale you make without having a reason for doing so and without raising your profits, the result is decreased margins and subsequent profits - just like you reduced your prices.
Therefore, it is important to have a strategy behind your coupon program. Here are six ways you can strategically use coupons to make more money.
Read MoreDo you ever get tired of trading your time for money? If you are like many of the small business owners I talk to, then you certainly do. You know that the product you are offering is worth more than what you are getting, but you just can't imagine charging more.
That is okay. You have been basing your prices on the cost of the product to you instead of the value that the customer ultimately receives. If this resonates with you, then you may want to consider shifting your buisness model to a "value-based" model rather than a cost-based model.
Read MoreMany cash-strapped small businesses delay investing in much needed repairs, investments, inventory, or even services. The problem with this is that growth is often slowed when these essential investments are not made.
Fortunately for these small businesses, there is an alternative to paying for these investments.
Read MoreI just stopped in at a Panera for lunch after not visiting there for several months. When I got to the front of the line, I remembered that I always struggle to order from their menu.
At first, I thought my ordering challenges were probably just me. But then I heard
Read MoreIn working with numerous entrepreneurs over the last decade, I have often heard one main theme: “I never went to business school.” To these entrepreneurs, they feel that their businesses are somehow at a disadvantage because they are not experts in business.
But why would they need to be experts in business? After all, business owners need to be experts in their specific industry. Well, these entrepreneurs understand that their business does have a “business side,” which can result in HUGE returns - if properly managed.
The good news is that I don’t believe that anyone is at a disadvantage for not having gone to business school. In fact, I feel that not going to business school can actually be an advantage for a business owner.
Read MoreAdvertising is the key to any successful Karate dojo. The reason for this is simple: you need students to make money and advertising is what brings in new students.
As I recently explained, marketing for martial arts studios should be all about getting students in the door. Of course, you then have to have a strategy to keep them around, but the key to advertising and marketing efforts is to get them in the door.
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