Last time we looked at how increased prices can make a major difference to your profit. Next, I want to take you through seven tricks - or strategies if you prefer - that you should be considering.

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Transcript of video:

My name is Nick Leighton and for the next few minutes, you are exactly where you want to be.

This is originally recorded March 30, 2021

Last time we looked at how increased prices can make a major difference to your profit. Next, I want to take you through seven tricks - or strategies if you prefer - that you should be considering.

Not all of them work for all businesses - but you can be the judge on whether they are appropriate for you.

If you are still hell-bent against changing your marketing or sales and too scared to raise your prices… there are a few other options you can look at.

1 - At the very least create a “premium version” of your product and sell that for more money. You won’t get any customer complaints, and you will often be shocked at how some subset of your customer base is always going to buy the most expensive thing available because that’s who they are. Help that man out and give him something expensive to buy!

2 - Package Goods Together - add two (or more) products together. That may actually reduce your cost, and if appropriate you may want to pass that cost saving on. It’s a win-win... the sale is bigger, your customer gets a discount and you can make more profit. NICE!

3 - Offer a Free Prize - think makeup counter at Macy’s. If your customers spend a certain amount with you they get a prize or reward. That will promote them to increase their average spend with you. So long as your ‘free prize’ can be covered by the cost of the increased sales… you’re going to be making more money.

4 - Up-Sells at the point of sale. The customer wants product A, but at the point of sale, you offer product B that is a higher value or …you add other products that compliment the first… of course you have experienced this many times - a famous example of a functional up-sell is the “Would you like to supersize that?” fast-food tactic.

5 - Keep Selling over time - As soon as your customer buys one thing, offer them a second product or service that goes well with the first. Once you have a trusted customer the customer acquisition cost decreases. So don’t forget to keep selling to your customer base.

6 - Do you have a Loyalty Program? Customer loyalty programs for small businesses are an inexpensive way to increase sales and customer retention. A loyalty program also can prevent customers from visiting your competition while increasing the number of purchases your average customer makes each year. This means the time and monetary investment pay off significantly in the form of greater profits and fewer lost customers.

If Loyally Program does not sound right for you - what do you think about a member’s area? It works the same way.

7 - And seventh of the list - Move from a single sale to a regular (for example monthly) sale and then take your customer’s credit card (or similar) payment method so that you get regular sales. This is essentially a subscription or membership service and it has four main advantages. I go into that in more detail in my More Revenue worksheet. Follow the link and check it out.

Summary:

Premium products
Create bundles
Offer a free product for high-value sales
Up-sell at the point of sale
Sell over time
Subscription or membership service

And if you like the tips and tricks here:

check out our new more revenue worksheet - I’ll link to it below
please do me a small favor - like and share.

My name is Nick Leighton and I wish you passion, profit, and happiness.

Would you like to increase your revenue this year? This is for you: https://www.exactlywhereiwanttobe.com/MoreRevenue

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More Revenue - Part 8 - aka 7 Sales Tricks To Consider [Video]