How much money are you leaving on the table by not fully utilizing all of your marketing assets? If you have a small- to medium-sized business, with revenue under $5 million annually, you probably have some hidden marketing assets that can be leveraged to increase profits, without spending additional money on advertising. These are assets in which you have already invested.
Advertising is a huge expense. If you know exactly how much business your advertising is bringing you, then that’s good! If you can point to the marketing activities that bring in the most revenue, then you’re doing a great job at targeting your market.
But if you have a sense that you could grow, or reverse a downward trend, then there’s probably money sitting on the table in the form of customer data and marketing strategies that are not being put to advantage.
A few simple words could be worth hundreds of dollars in increased revenue for your business. The most famous examples of up-selling, of course, are “Want fries with that?” from McDonald’s and in the movie theater “Do you want butter on your popcorn?”. Just asking if the customer wants another item gives them a chance to say Yes and adds money to that sale. Another obvious option is the up-size — “Would you like a Large for 25 cents more?”.
Nearly every type of business has the chance to offer an additional item. At the hair salon, if the customer is getting hair coloring, ask if they want their eyebrows and eyelashes colored as well. Salons already do a good job selling hair care products, but it works better if a similar item cannot be found elsewhere at a better price for comparable quality. If your car is in for maintenance, an oil change “while it’s on the hoist” is a good potential up-sell. It’s even more attractive if there is a discount from the normal price. Continue reading
In a New Year, we all like to revitalize our businesses and make plans for growth and improvement. This is a great time to look at how you are spending your marketing dollars and what you can do to get more revenue without increasing your budget.
When I go through an opportunity analysis with a client, I look at four main areas where they can see rapid business growth:
- Their Unique Selling Proposition (USP) or extra value proposition.
What this business does better than any competitor.
- Integration of the USP into all marketing and business activities.
The business and all staff have to be “living” the USP in everything they do.
- Existing customer database. This is a huge, often-untapped resource
in any small-to-medium enterprise.
- Alliances and partnering. This is a very powerful way to grow.
The free, no-obligation opportunity analysis is basically an asset-finding interview, where we discover the many ways that the business is leaving money on the table. Along the way, we often find other problems that can be quickly solved to increase revenue. Continue reading