During a recent steak dinner in L.A. with Shark Tank’s Kevin Harrington, I was encouraged to be more open and gratuitous with my knowledge and expertise. To “pay forward” the blessings I’ve had in my business. So, in this article, I’m going to do something I’ve never done. I’m going to spill the beans on aspects of increasing your sales that I usually only share with paying clients.
Over the years I’ve become well-known in my industry for a couple things. Maximizing sales in funnels and maximizing revenue from existing customers. There’s several ways I do that for myself and for my clients, and I can guarantee if you take the time to master these, you can easily add an additional 25% to 100% to your annual profits.
Sadly, I only have room to share some of my golden nuggets from 2 of my usual 5 profit maximization areas.
(If you want the whole enchilada, see the final paragraph).
Initial Order Value (IOV) Maximization
This refers to the average amount each new customer spends in your sales funnel. When your IOV goes up, you can afford to spend more to acquire each customer. There are a handful of hacks and secrets I employ to get this number as high as possible, three of them are below.
IOV Nugget #1
Charge more. Yup. Simple. But there’s a lot of resistance to this these days. For some reason, business owners today have been convinced they need to “race to the bottom” and give their products or services away for as little as possible in order to attract customers. You’ll certainly attract some customers that way. But your business will suck. And many of your customers won’t be the best either. I tell businesses every day, it’s much better to have fewer customers and more revenue, than the other way around. It makes life much easier and will boost your IOV.
IOV Nugget #2
Upsells. I know it’s a dirty word. Too bad. Bottom line, if someone pulls out a credit card and decides they like what you do enough to give you their money, you need to give them more opportunities to buy from you. If you know you can solve more problems for people… why would you keep that from them? On a sales page, this means redirecting to an additional offer after they’ve purchased your front-end offer. In-person or on the phone, it can be as simple as mentioning optional addons or upgrades when you’re about to process the transaction.
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