Bundle Your Services For Increased Sales

There are basically only three ways to grow your business.  You can increase the number of prospects you have, you can convert a higher percentage of prospects to customers, and you can increase the value of your customers by having them buy more or purchase more often.  Let’s take a quick look here at having your customers buy more.

In some ways, this is a variation of “would you like fries with that”.  The point here is to increase the value of the sale.  But many businesses don’t know or understand how this applies to them and what they offer.  I am just a simple ________ or I just provide _________ service.  No way, you may be leaving a lot of money on the table.

I recently was doing some consulting for a local service business.  This business offers services that you might use for your wedding.  Initially they had a simple wedding package which included a certain number of hours of service.  You could purchase additional hours of service beyond that if you wanted to.  The problem with this model is that people see the base price and then they want to make sure they go “over” that as little as possible.  When they do go over and you process their charge, they always feel a bit ripped off because in their mind, they had the base price that you initially suggested.  Even though everything is on the up and up, they were aware of the extra charges and so on, they still have a bit of a bad taste in their mouth.  Here is what we did, we created three different service levels.  The basic one, a middle one and an extravagant one.  The purpose here was not necessarily sell everyone the most expensive package - though that would be just fine too - but rather, to sell them the middle package.  Many people, by the way will often purchase a “middle” package.  They don’t want to feel like they are too cheap to spend money and they often don’t need the most expensive thing you sell.  When we bundled the service, we did not simply add extra hours of service and charge more accordingly, we added more service and also a few extra perks that they would not get if they just took the basic package and paid extra for extra time.  Remember, the point here is to offer a whole extra buying opportunity for them.  The base package included 4 hours of service for $600, the middle package includes 7 hours of service plus some extra perks for $900.  The customer gets way more stuff for only half the money extra.

It makes it a lot easier to sell too.  When someone calls in to book the service, we can say, well, if you only go over the basic package you are paying almost the same price as package #2, but if you book package #2 in the first place, you also get this and this and this.  Needless to say, package #2 has become our best seller and by doing that we have pushed what would have been a $600 sale up to $900.  That is the value of a package.

Create Expert Status: Increase Your Visibility

You may have a strong business idea and a great product, but are you doing everything you can to be seen by the right people? Increasing your visibility can change the way that potential customers see your business.

Visibility is the glue that holds all other strategies together when it comes to achieving expert status as a business owner. Each strategy gets your name out among other business owners, movers and shakers and potential clients. Being seen goes a long way with the word-of-mouth crowd.

Here are a few ways that you can increase your visibility:

• Take advantage of all opportunities that come your way
• Attend business seminars
• Public speaking
• Write press releases
• Start a blog
• Publish a newsletter

If you are comfortable doing what you are doing and it works for you, still try at least one or two of these ideas. No one ever made a fortune playing it safe or being comfortable. That comes later on when you are the Big Cheese. Trying new things to elevate yourself within your business is a part of the process. And, it can be fun to learn just how good you are.

Some business owners are too picky. They want to do certain things to achieve expert status. This goes back to the issue of comfort level. When you are on Facebook and a fellow business owner is looking for speakers for his online conference or a local event in your area, throw your hat in the ring.

Someone in one of your associations needs advice or a speaker for the next meeting? Take that spot for yourself. Every opportunity places another feather in your cap. It is a point that you can add to your bio and also your press releases for new products or events.

And, you can create newsletters for your customers. Sending a monthly or quarterly newsletter about your business gives you the chance to add information about accomplishments that have occurred since the last newsletter. Each solidifies your expert status in the eyes of current and potential customers. Newsletters can be printed and passed around to others.

Once you put all of this in place, keep a monthly check on your ventures to be sure that they are still bringing about the desired effect. Some of it won’t require much tweaking just checking in with the movers and shakers to be sure they still know your name.

Achieving expert status inspires confidence on the part of customers and fellow business owners. Increasing your visibility is the first step and the information in this article can help you do just that.

Creating Expert Status: Using Your Noggin, Not Your Muscle

Achieving expert status is not all hard work. What it takes is a mind that is open and knowledgeable about their business subject. With a little bit of creativity, you can leverage what you do already to increase sales and product variety.

The first part of any strategy you use to become an expert is visibility. Others have to know that you exist and have something important to say. Through article writing and distribution and networking with other business owners, your “sphere of influence” will begin to grow.

But you are still just scratching the surface. Wouldn’t you like to take advantage of tools that help you become an expert without expert work? We figured that you might. So, here are some ways that you can do that.

The Pitch…

Let’s say that you have been writing articles and submitting them to article directories. You might have even written enough to be considered an expert on a certain topic on that site. Ezinearticles.com has experts who blog, answer questions, write articles and provide other multimedia content. Having that label there is a big boost for your business.

The Hit…

Those articles are not just articles but pages of potential. One piece of written content can give rise to another. Look at your articles with new eyes. See them turning into:

• eBooks
• Special Reports
• Audio products
• Video products
• Course material
• Seminars

The list goes on but you get the idea. The information in the articles can morph into each one of these. Better yet, take a series of articles, bundle them to create a special report or an eBook if there is a lot of information. Take each section of the eBook and create a course that customers can buy. Add audio and video to the course and turn your course material into a study guide to accompany them.

It’s Out of the Park…

Instead of one solitary article that has increased your visibility through article marketing you now have leveraged that article into a variety of product offerings all of which will add to your expert status and your bottom line. Instead of the press release saying that you have written hundreds of articles, it will also say that you the author of several eBooks, business courses and a lecturer. If that doesn’t say expert nothing does.

If you have a bunch of articles floating around in cyberspace or just sitting on your PC, give them a second look. Each one can bring a new product for sale and a new path to expert status for you.

Creating Expert Status: Writing Articles

What’s the first thing you notice when you click on a website? There are words everywhere! No matter what other media marketing tools you use on your site, the ones that people still gravitate towards include words. Use article marketing to help you gain expert status as an online business owner.

Why Articles?

You might be wondering about articles. Perhaps you have shied away from them up until now because you don’t write very well. Maybe your 11th grade English teacher scared the bejeebers out of you with her killer writing assignments. You don’t have to go into therapy to write an article – simply write what you know.

Articles are the quickest and easiest way to drive traffic to your website. When people type all of those keywords into search engines, they are looking for information. It can come in a variety of forms but the one that most people know and are comfortable with is the article format. On your website, hopefully you have some form of content displayed there to keep your visitors happy.

Writing the Articles

Since you know a lot about the subject of your business, use that knowledge to elevate yourself to the level of expert. With what is trapped in your head, you could probably write a hundred articles.

How should you write? Create a list of topics that are related to your business. Because the subject is familiar, it will probably only take you about 30 minutes to write a 400 word article. This length is pretty normal for blog posts and article directories.

Did we mention article directories? These are the places where you will be submitting your articles to gain visibility. When you write articles, use the bio box to provide a link to your website so interested readers can find your business.

Some types of articles work better than others when it comes to promoting an expert status:

• How-To Pieces
• Tips
• Article Packs/Reports

With how-to articles and tips, you are sure to gain the reader’s attention with bulleted and numbered points. Using numbers in the title also alert the reader that your work is something they want to check out. When you can put what you know into a format like this, you actually become an instant expert. And, the writing is fairly straightforward for those who doubt their skills.

An article pack can be created from ten or so articles that you have written on a similar subject. Marketing them on your site as a guide to “Learning How To Install Flooring” or whatever the subject of your business is.

Writing and submitting articles will get you noticed. Linking them to your website can increase your sales as you go from business owner to business expert.

Creating Expert Status: Networking

You may know a lot about your business niche, but does anyone else know that? If not, it’s time to set yourself up as an expert.

Sometimes it is WHO you know that counts, like when you’re trying to accomplish something and need help. On the path towards expert status, you will need others to reach the destination.

I know, I know – you are not the type of person to shamelessly self promote. Don’t worry because there is no shame involved. To do any less, than tell others about what you have worked hard to learn, is selling yourself short and that IS shameful. Even for shy people, networking with others in the business world can only help. What makes it a bit easier is that you and those you network with are all after a common goal – increased profits.

Why Network?

Networking is important in business. Making connections with others in the online world increases your visibility which matters when you want to get noticed. Who do you rub elbows with? Begin with someone with influence in your business area like a guru of sorts. Get to know them by hanging out where they hang out – on their blog, in their social networking groups and by attending events they host or are speaking at.

Networking mutually benefits both parties. While you are getting to know them, don’t forget to let them know who you are. When you comment on blogs, link those comments to your own blog and/or website. If you host a podcast, invite them to be a guest.

Other Ways to Network

Blogs and forums are not the only way that you can make a useful business connection to promote your expert business status. Join local and online business associations. This is not in name only. Do our part and get involved so that others see your face, hear your voice and notice your work.

Your involvement in these professional organizations is a two-way street. Use the time to give but also get. Ask questions when you need to. Sharing business tips, tricks and secrets is a part of the perks.

Don’t neglect the social networking communities. Facebook and MySpace are a lot of fun for connecting with old friends, but they are also big forums for sharing business information. You can post new happenings on your website and links. You’ll be surprised who sees and takes advantage of the news. Invite all of your fellow organizational members as well as clients and other business associates to be your friends so they can view posts to your Wall.

Networking can be intimidating especially for business owners who are not good at self-promotion. But, once you begin, you’ll notice the benefits and get hooked.

What is Expert Status and Why is it Necessary?

Do you have a business? If you do, the second question is how are you doing? The bottom line is always the uppermost concern in your mind. To that end, creating expert status may be just the thing to catapult your business to the next level.

What is Expert Status?

Well, it is comprised of many things actually. Mostly, it is a tool to increase the number of people who patronize your business. It involves raising your visibility level. Potential customers have to know that you exist before they can visit, get advice and buy your products.

But, you knew that already. You’ve told all of your friends and family, and also your church members and co-workers that you have begun a venture. Your marketing strategy has served you well so far to draw traffic, walk-ins, etc. but you wish you were doing better.

Here’s a question: When you need help, who do you go to? Hopefully you seek out someone who knows what they are talking about on the subject. They are the experts and that is what you want to be.

Why Become an Expert?

Experts are not necessarily know-it-all people. They just know a lot about their chosen subject. As a business owner, you had an interest in the niche you chose for your business enterprise. That alone means that you know a great deal more than the average person about your topic.

People like experts. They are the go-to person who takes the headache out of your research. If your information is helpful, these people will come back to you over and over again and bring others with them.

It sounds like a lot of work but it is well worth it. Besides, you love your chosen business niche (that’s why you are in business) and you were going to do the work anyway. So why not reap the additional benefits of being an expert?

Experts have several things going for them:

• Can demand higher pay rates
• Credibility
• Increased visibility
• A sphere of influence

What’s the necessity?

Expert status lifts you head and shoulders above the rest in your field. Where they KNOW about the basics of the niche, you go deeper to provide your customers with a better understanding of what you can offer them. That translates into many more dollars and cents.

So, are you interested in expert status now? It is a worthwhile venture for your online business that creates a win-win situation. The next step is to implement strategies to begin marketing yourself as an expert in your business area.

Mistakes of a Marketing Budget Strategy

When I hear of a company talking about their marketing budget, I usually stop and think – then get a funny look on my face.

You see, “budget” can be defined (dictionary.com) as

• an itemized allotment of funds, time, etc., for a given period.

  Or

• the total sum of money set aside or needed for a purpose.

The problem with this is that it automatically implies that “marketing” for a business is an expense.

In fact, marketing (done properly) is not an expense, but an investment.

If marketing is an expense, then it should be stopped! The whole point of marketing is to increase sales, to turn a profit, to generate revenue. The whole point of marketing is to make more money! That is not an expense to your business. So often you hear of a business doing poorly and one of the first things they cut is their marketing. How are you supposed to make more money if you are not marketing?

Marketing is something that you design into your business. It should include all aspects of your business from advertising, customer relations, sales, post-sale contact and so on. There are aspects of almost every point of your business that can be tied in to marketing. This means that you can improve on them incrementally to increase the number of sales you make. This means that you should be measuring and constantly improving your marketing efforts.

This means that your marketing should be producing a measurable return on investment. For every dollar you spend in marketing, you should be making two dollars, five dollars, ten dollars in profit or sales. If your marketing is not doing that now, then you should stop it immediately and take a better look at your marketing strategy. If your marketing is producing results, then certainly do not stop doing it when your business is slowing down. What a perfect time to ramp it up and make more money!

Prospect or Customer?

Often times, you will hear someone talk about getting more customers. The media rep will tell you to advertise “to get more customers”, your business might need more customers.

But see, when you advertise, you do not get more customers. It would be nice if you did. But what you are getting is actually more prospects. You see, that is the difference between a prospect and a customer.

Often times, you will hear someone talk about getting more customers. The media rep will tell you to advertise “to get more customers”, your business might need more customers.

A prospect can be defined (by dictionary.com) as someone who is a potential or likely customer, client, etc.

When someone responds to your ad, they fall into that category. They are a potential or likely customer – or they would not have responded.

A customer (dictionary.com) is a person who purchases goods or services from another, a buyer.

See, the difference is the transaction of actually doing business.

Who cares? Well, it matters actually – a lot! Read on…

It matters because it allows you to separate the two in your mind and in your actions towards each group.

It allows you to look at your advertising differently.

We say there are only 3 ways to grow your business. They are

1. traffic

2. conversion

3. back end

See, getting a prospect, and the act of turning them in to a customer are 2 different steps. Each can be handled, improved, tested on their own.

You can increase your advertising – that will get you more prospects. Chances are, they will continue to convert at the same rate. So if you advertise to 100 people and 10 of them respond to your ad, you have a response rate of 10%. If you want 100 new responses (prospects), then you advertise to 1,000 people.

OK, so lets say that your conversion rate from prospect to customer is 20%. That means that 20% of the people who respond to your ad turn in to buyers. Then, you advertise to 100 people, 10 respond (prospects) and 2 buy (customers).

Why does this matter? Well, because now if you want to double your business WITHOUT spending more on the ads, you have 2 options. You can either double your prospects, or you can increase your conversions. If you can get more people to respond to your ad (by making a more effective ad) then you could get 20 people out of every 100 to respond. That is one way to grow your business. Then if you can close 4 respondents out of 10 (instead of 2), you have doubled your business as well.

If you just refer to advertising as the act of getting more customers you tend to ignore your closing rate and you don’t isolate it and spend time working to improve it. What if you could do both?

If you advertise to 100 people and got 20 responses (instead of 10), and then were able to convert 4 of 10 into buyers (instead of 2), then now for your same advertising dollar, you are getting 8 sales instead of 2.

So look at both steps in this process as separate steps and work to increase rates of both prospects and conversions to sales. Then watch your business grow.

Have An Impact On Your Business Today

If you have poked around our blog for any length of time, you will have heard us say that there are only three ways to build your business. We usually say that they are:

1. Increase the number of prospects – that is people hearing about your business

2. Turn more prospects into customers

3. Increase customer value by either increasing the size of each sale or getting your customers to buy more often.

Those same three concepts can be summed up into three words:

1. Traffic

2. Conversion

3. Backend

So, those are the three ways to grow your business. Now, if you want to see the three things that can have the greatest impact on your bottom line in order from most impact to least – for the dollar spent. Watch this:

1. Backend

2. Conversion

3. Traffic

It costs you almost nothing (or very little) to increase your backend where as increasing traffic is the most expensive (and least effective for the dollar).

So, how can you increase your backend? Well, first look around and see if there are any ways that you can increase the size of each purchase. Are there products you can bundle together? Can you recommend additional products to customers as they are completing their transaction? Can you partner with another, somewhat related business and get a commission for sending them clients? Are you following up with past customers – make them an offer they can’t refuse, get them back to your business. Increase their value to you.

If your business has been struggling in this economic decline, then start with the cheapest, easiest way and grow your business today.