The Strategist

Today's Top 5

As outlandish as the above headline may sound – it's possible to purchase thousands of dollars in profit each and every year – for a one-time investment of $500 or less.

Try to make it real easy for first-time customers to buy from you. You don’t have to sell new customers on the whole package or deluxe version of your product or service. Instead, offer something as an introductory level purchase.

Advertising gives you total control of your message and allows you to deliver it in a way that captures attention, interest, curiosity and response. Effective advertising is the engine that powers many successful businesses.

Whatever helps you stay positive is what you need to do first thing each morning…and whenever you find yourself getting off track. Negative messages may be all around, but you don’t have to be adversely affected by them.

Look for opportunities to add additional products, services, packages or expertise in addition to that which you currently offer. Electronics and appliance retailers offer extended warranties as an extra option.

February 9, 2016

As a business, you probably have acquired plenty of assets that may or may not be used to their full potential. Hidden assets can include anything that has perceived value such as customer lists, prospect lists, staff, trucks, equipment, warehouse or office space, trade show space, accessibility to hard to reach markets, ad space, relationships with key companies, high-traffic web site, newsletter subscriber base, showroom location, proprietary methods, etc. Each hidden asset can be turned into cash – either as a lump sum or as monthly payments over time.

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January 10, 2016

Look for opportunities to add additional products, services, packages or expertise in addition to that which you currently offer. Electronics and appliance retailers offer extended warranties as an extra option. Service businesses, such as HVAC companies, offer long term service agreements to protect the consumer from unexpected equipment failure and maintenance programs to stop problems before they start. All are additional ways to generate greater revenue – often at a substantially higher profit margin – from the same number of customers. Observe the wants, desires, problems and annoyances of the marketplace, then look within to examine possible ways to offer additional moneymakers at the point-of-purchase, as an up-sell or a back-end product.

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December 11, 2015

Even a slight increase in efficiency daily can make a huge difference over the course of a month, a quarter, or a year. The improvement you make personally can produce compound returns as other staff members in turn increase their own efficiency. Any increase in efficiency translates into greater profitability. Carefully record time expenditures on a daily basis. You’ll soon spot obvious areas for improvement. Organize yourself and your business operations. Prioritize tasks. Eliminate time wasters. Economize meetings and communications by getting straight to the point.

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November 6, 2015

That first sale is the most difficult and costly one you’ll ever close. Once your prospect makes the decision to buy, it’s much easier to sell them again and again down the road. Generating subsequent sales from your own list of customers is much more cost-effective than trying to persuade cold prospects.

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October 30, 2015

Point out the added benefits of an upgraded purchase. Sell them on the added convenience,savings in time and money, ease of use superior quality, longer lasting, or the extra comfort, relief or security an upgraded package offers. Illustrate the extra value they get by purchasing the “deluxe” package. If you take the time to demonstrate the differences, you’ll immediately boost your cash flow and profit-per-sale as a number of buyers will opt for the upgrade.

 

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