How And Why Increasing Value Is Sometimes A Whole Lot Easier Than Constantly Trying To Generate New Customers!
Have you ever stopped and tallied up the real and total cost, for starting any type of business or service? Especially an offline, traditional bricks & mortar type of Mom & pop type of business.
Think about starting up, your typical Mom & pop pizza business. First of all, you need a commercial location, right? And it needs to be in a fairly high traffic-ed area, correct? Which definitely adds to your overall cost, right?
And let’s not forget about those pizza ovens.Even if they’re not top of the line, they’re not exactly cheap, correct? Would you add all of those traditional, upfront out of pocket cost.
In many instances, increasing value of a business or service.Is not only a whole lot less expensive. Especially on the back end. But it typically, isn’t as much of a struggle either.As you’re about to discover.
Have You Also Noticed How Increasing Value Can Be A Whole Lot Less Expensive Than Constantly Trying To Generate First Time Customers!
Case in point. A friend of mine who starting out working part time, (initially) only on the weekends. For a father & son team- doctors office. She was initially hired, to help this father & son team, recover, (as much as possible), any missed or under billings of patients.
And within six short months, she had recovered or identified, an additional two million dollars, of temporary lost billings. And as a direct result, the two doctors, offered to double her current salary, over what her current employers were paying her.
And increase her overall benefits package, by at least 25% over what her currently employers were providing. And since she had been with her current employers 15 years.
A 25% increase was pretty substantial.
But here’s the main point. What if the doctors, or you, simply tried to go out into their incredibly competitive market place, and add an additional two million dollars worth of billing.
Think of potential, traditional out of pocket cost. BTW, you do realize and appreciate, there are some extremely qualified specialty experts.
Who specialize in helping doctors or lawyers. Save or guarantee to save their lawyer, CPA or chiropractor clients, X% off their tax, electric or inventory or time management etc.
There Are Many Ways For You To Add Or Increase The Value Of Your Business Or Service!
One of the sure fire ways of doing so. Is by understanding and implementing, some proven marketing fundamentals. For example. By understanding, your ideal customer or clients, total lifetime customer value metrics.
This being the case.Let’s say you run a non franchised landscaping business. And you’re finally starting to branch out, and start pro-actively cross promoting, with other local, non directly competing vendors.
Who target the same potential prospects as you. But with different products or services. Link the carpet cleaner,the residential window washer service provider and the kitchen remodeling company.
While all three of you need primarily, residential home owners or investment property owners. You start pro-actively cross promoting each other.
By allowing the others, to offer, extremely time sensitive discount coupons, to each others customers.
And using them as bonus incentives, to re-activate, ex customers. Your main train of marketing/promotional thought being. For every ten first time customers you initially bring in. At least X% of them, will sign up for your ongoing maintenance plan.
And your ongoing, continuity plan, might be once every 90 days. And by closing tracking your ideal customers, total lifetime value customer metrics,.
You discovered, they will remain loyal customers, for at least 36-48 months.(Three or four years on average, before they either cancel your service or move on to another local, major competitor.)
Every Time Your Business Or Service Adds Additional Continuous Revenue You Increase The Overall Value Of Your Business Or Service!
Case in point. Think about all of the commercial real estate, which has at least five stories or more. And the bottom floors, are temporarily empty. No new commercial tenants have occupied these available spaces for months.
And rather than let them sit by idle. Some extremely savvy commercial real estate brokers. Allow local businesses, (especially local restaurants), within an immediate 3-5 block radius.
They place their signs and add their text number to the bottom of these signs, so passers by, primarily on foot, can text in their lunch or dinner orders.
And in exchange for doing so.Every tenant, (meaning the employers and their employees/associates.) In that particular building. Guess what? They get special super discounted prices, on certain products, on certain days!Say what? That’s correct.
And this additional business,which comes about for literally pennies on the dollar. Right? Is what makes steadily increasing value of the restaurant, not only a whole lot more likely. But it’s easier to convert some of these first time customers, into long term repeat customers.Don’t you agree?
Look For The Non Traditional Areas In Your Business Or Service To Systematically Crank Out More And More Front And Back End Profits!
P.S.Now as is customary during this part of our show.Please share your extremely valuable comments
(in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
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