A couple of weeks ago, I posted 3 Low-cost Keys to Finding More Sales. In the current issue of my newsletter, I talked about a couple of more. Here’s a recap of it.
Key 4 -Find ways to add value to a sale.
The first step is to make sure that what you are offering for sale is worth more than you are charging for it. When you do this, quite
But sometimes, additional value can be added that will help the customer quickly make a decision in your favor. The idea is to make buying from you a “no-brainer” in a way that is good for your business overall. A good way to to do this is to offer a bonus – something that the customer would like but that doesn’t take much extra from you.
Let’s look at a wedding cake business. Her price is competitive to the bakeries. She has better flavor than they do. She is offering custom design and exquisite decoration (and getting paid a reasonable return on it.) As she speaks with the bride, the bride may be impressed but still hesitant. An offer to throw in a dozen decorated cupcakes (for the snacking pleasure of the wedding party before the wedding or as honeymoon treats) can add a strong pull. And for the business owner, to do some cupcakes at the same time as the cake is a snap – very little extra cost and time, but great return.
There are lots of ways to add a bonus that is meaningful to the customer but easily produced by the Creative.
Key 5 – Find a natural, related market.
Every business has its target market. And that target market should be the primary focus of the business. But for every focused target market, there are several related markets that have some overlap with the target market.
The idea is to find a market that is naturally related to your primary business so that you can easily expand your offerings without having to acquire new skills or to start all over in acquiring customers. You leverage the resources, marketing, and customers that you already have.
For instance, a saddle maker has a natural secondary market in the tack that completes the equipment needed to ride a horse. It is so natural, that many times you see them combined – a saddle and tack shop. But that is not the only secondary market. Of course, what often comes to mind is to carry additional items in horse care or horse adornment (mane and tail braids, etc.)
But another natural, related market is custom belts and hatbands that are tooled to match the saddle and tack. When you already have a saddle customer (current or previous), you have an opportunity to be the one who meets his related needs/wants. And you don’t have to make the sales at the same time. Suggest the secondary line to existing customers (perhaps through email or a postcard mailing to them.)
For tack makers, consider that many customers who have horses also have dogs. Here is an opportunity to offer the customer matching leads and collars for the dogs (matching the horse tack.) It uses basically the same materials and techniques and expands the line without having to acquire a whole new customer base. Yet, it can open the door to new customers.
Every target market has some overlap with other markets, what is the overlap in your market that you could sell to with little added effort?
Did you find these helpful? My newsletter subscribers got a lot more information on this in the last issue, with more on its way. It’s another good reason to subscribe.