Have you hit a wall in your Service-Focused Small Business? When I say small, I mean under $5 million in total gross revenues. Have you had some success and it's getting harder to duplicate? Are the same tactics running out of steam? Do you have new competitors in your marketplace? Are you asking yourself what's next? What do we do from here?
You will find the answers here. At Perpetual Customer Growth, we call this Profit Explosion: a process of discovering new ways to package what you already sell to stimulate growth, and Revenue Maximizer: finding your hidden gems to increase backend profit margin and overall lifetime customer value.
There are two key aspects that will lead you to a Revenue Surge in your marketplace.
Arguably the biggest factor in generating a branding edge...the "Who." You have to know who you are selling to, where to find them, and how to attract them.
The second biggest factor in generating a branding edge is who you are. Define who you are, develop what you will say, then create messages that will attract.
Below, you will find articles that I will be publishing to help you determine how to create a profit explosion in your marketplace, along with articles on how to maximize your revenues to increase your average lifetime customer value.
Secret No. 1: Assess your strengths. List all current services.
Secret No. 2: Assess your strengths. List all current products.
Secret No. 3: List your top three best selling services. List your top three best selling products.
At Perpetual Customer Growth, we developed what we call the I.R.G. (Internal Revenue Generator). It's a step-by-step roadmap for Service-Focused business owners. Three stages, three steps in each stage, from point A to point B. In the current stage "Breakthrough" we are working through the "Profit Explosion" strategy and the "Revenue Maximizer" strategy.
Secret No. 4: Pause and think. How can I repackage my best selling services and products to create something new, unique, different in my marketplace, yet has enough familiarity that my customers and prospects are attracted to it.
Example: McDonald's. They took their best selling products (burger, fries, coke) and packaged them together to make the value meal. The only thing they really changed was the presentation and perception of how their best selling products were purchased. They made it easy and convenient for their customers to order, at the same time increasing sales by selling their three main products together at once in a newly packaged offer.
Secret No. 5: Packages. Everyone likes a package deal. The buyer feels like they are getting more for their money, and that they received a great deal by purchasing multiple items and/or services all at once.
Secret No. 6: Give yourself a mathematical advantage. Combine your best products and services into uniquely designed packages for twice the power in your marketplace.
Secret No. 7: "Would you like fries with that?" The famous question McDonald's proposed. That question built an empire. They found a revenue generation secret in the art of the upsell. What can you upsell...what will become your famous question to increase profits?
Secret No. 8: Upsell the Upsell. "Would you like fries with that?" "What you like to add a box of Ronald McDonald or chocolate chip cookies to your order?" McDonald's started upselling the upsell. Brilliant. Two offers. Simple, easy questions. Fast, convenient, expanding the odds of profitability. They brilliantly captured more "pocket revenue (pocket change)" from a good portion of their daily customers.
Secret No. 9: "Incremental Price Increases." Lower increases, more often, on a schedule. Get your customers and prospects used to occasional increases. If you do not use this strategy correctly you will find yourself pinned up against a wall being forced to increase your prices significantly without any warning to your customers. They will not take this well, and many will leave to find new providers.
Nine essential revenue secrets were just revealed to you. Have you thought these things out previously, or is this new territory for you? The Perpetual Customer Growth I.R.G. (Internal Revenue Generator) System was developed by a Small Business Owner for Small Business Owners.
The steps four and five in the system are dedicated to generating more revenue. I classify a Small Business as any business with a relatively small staff grossing under $5 Mil per year. Here is the Ultimate Magic Formula for Service-Focused Small Business Owners:
Growth Magnets + Gift Magnets + Upsells + Incremental Price Increases =
Perpetual Customer Growth
Are you ready to discover the I.R.G. (Internal Revenue Generator)?
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