How To Increase Your Profit by 10-30%

Have you ever purchased a Phone, or Digital Camcorder, or a Car and been asked if you would like to buy the other attachments or extended warranty?

Or have you ever gone to purchase a basic appliance, say a washing machine, and planned on spending say #25,000 – but instead left with a better model to meet your needs, which costs #35,000?

And have you ever found yourself saying “sure, why not” to such offers? Even though you didn't order or intend to order that additional item when you arrived? 

The fact is, statistically 30% of people say “yes” to these questions and the companies effectively employing this simple strategy earn as much as 10-30% of their profits from this time tested marketing tactic (ironically, our survey shows 88% of companies don’t systematically use this tactic).

The concept is called up sell or cross-sell.

Up sell is where you get the customer to purchase more or a greater quantity of what they are ordering and cross-sell is where you get the customer to buy an additional item or service that they did not intend to order.

The key to such systems involves timing, proper item selection, understanding of marginal profit and a measurement system.

Ok, let’s start making some money.

Do this:

Offer 10 of your customers an additional item at the point of purchase and see how many say yes (make it a small added cost). Change the way you ask for the offer itself.

Write it down! I know it is simple but if you experience 2-3 saying yes and then calculate how much that will earn you, this will get you excited to formalize a system. 

Part of my seminar benefit come Oct 29 2014 @ space fm conference hall liberty road Ibadan.

HOW TO CREATE A SUCCESSFUL BUSINESS NOW!

Dear Friend and Fellow Business Owner,

Do you remember why you went into business for yourself?

You may say it was to “make a lot of money”. Even though it’s true that you can make a lot of money owning your own business, that’s not the real reason you went into business.

That was only PART of the picture.

The real reason you went into business for yourself…

The real reason you went into business for yourself was to “chart your own course”… to be your own boss… to have a little more “free time”.

Free time. Yeah right.

Instead, what do you have? You have a 24 hour a day/7 day a week… J-O-B!

Do we even remember how to spell VACATION? Oh, I get it. Vacation was the last time you went to that friend for job deal!! Do you see what has happened? The real reason you went into business for yourself has all but vanished.

“Vision without Action is a Daydream-

  Action without Vision is a Nightmare”

You can have all the plans in the world, but if you fail to take action on your plans, it means nothing. It’s just a daydream. On the other hand, if you have forgotten the real reason you went into business for yourself, you are taking ACTION without VISION, and that’s a NIGTHMARE!

Here’s how it works… You wake up every day and just respond to whatever problems that come up for the day. You don’t have a clear vision. You are just taking action. You are just reacting.

Without clearly defined goals, you will never know where you are going and if and when you ever get there! 

This is a deadly assumption.

They quickly realize that someone has to do the marketing. Someone has to do the bookkeeping. Someone has to answer the telephone. The business needs a certain amount of funding just to cover cash flow…and on and on. All of a sudden, it is not about running the business anymore. It’s about running a business.

Michael Gerber of E-MYTH coined a term called “working ON  the business” rather than “working IN the business”.By working “on” the business, i.e. planning the business, implementing a marketing plan, having an operational system, creating a financial forecast, etc. would be the determining factor of whether the business was successful or not. Of course you have to provide a good service…

but there are plenty of great BUSINESS OWNERS that are starving.

Why? Because they don’t understand or are unwilling to run the business. 

So, in order to reach your goal of going into business (like taking a certain amount of time off), is going to require some working “on” the business. It will take planning the business rather than simply letting things happen by accident. Success doesn’t happen by accident – it happens by intentionally focusing on what it is you want, outlining a plan – and implementing that plan.

Assumptions, Strategies, and Discipline

Dr. Peter Drucker states in his book “Management Challenges for the 21^st Century” that any successful  business is based on 3 things: Assumptions, Strategies, and Discipline.

1. Assumptions. If we do not make the proper assumptions about our marketplace, the production of our people, etc., then it does not matter what you do. If I assume that the public wants a certain widget, and they aren’t the least bit interested, then I really don’t have anything to work with.

2. Strategies. Our assumptions can be “dead on”, but we apply the wrong strategy. Example… we complain that our customers won’t pay our price. This hints that we are assuming that people should or that there are some out there that will. That assumption is correct. However, if we are advertising the lowest price and using techniques that do not attract high quality clients then it is no mystery why they won’t pay our price! So, in this case, the assumption is correct, but the strategy is all wrong. The strategy must match the assumption!

3. Discipline. We could have both our assumptions, and our strategies right on target, but if we fail to implement, it means nothing. This reminds me of the difference between successful and unsuccessful people. Successful people are willing to do what unsuccessful people are unwilling to do. Not that they can’t just that they won’t. You can put the perfect plan together, but if you don’t implement it, it won’t do you any good at all. It’s worthless.

This is part of what you will learn at MONEYMATTERS round table with Joy Akinlolu on Oct 29, 2014 @ Space fm conference center liberty road Ibadan. Fee: #5,000 only. 

For more info call 08032241926.

HOW TO BECOME THE MOST WANTED EXPERT IN ANY FIELD

Maybe you've heard of experts who never need to think about marketing, yet they’re fully booked.

In many cases, the stories are more hype than reality. But becoming the most wanted expert isn't impossible.

It doesn't mean you can charge outrageous fees and always have a year long queue of clients.

You can, however, charge more than most experts in your field and get new clients consistently with relatively little effort. Of course it won’t happen overnight, and there are several ways you can sabotage your progress.

It all boils down to a few key aspects of building your business:

1. Pick the right focus for your business.
2. Use effective ways to reach your prospects.
3. Get referrals from your clients.

The first points is surprisingly common problem for most people.

It’s very easy to pick such a wide “focus” that prospects won’t trust you. If you claim to be good at everything, they just won’t believe you. Jack of all trades.

Instead, they pick someone who did a better job at picking the focus for their business.

There are a lot of things that go into picking the right focus for your business (your specialty), but most importantly, you need to do it. You can’t just be a general “expert.” That is
just too unfocused to work.

Reaching your prospects in an effective way is much easier when you've figured out your specialty. You’ll also get more referrals because you’ll be easier to refer.

But it all starts with the right focus.

You can start by thinking of what you want to focus on, but there’s a lot more you need to think about to get the best results.

There’s a whole lesson about finding the right focus for your business on my show #moneymatters on space fm 90.1 every Tuesday 4:15-5 pm and from my training for consultants. Inbox me or leave a comment if you will like to join the train of successful consultants.

A GIFT FOR YOU IF YOU ARE INTERESTED IN ONLINE BUSINESS

If you had listened to the interview i did for Timothy Anietie on my show on Tuesday then you would love to have this special gifts from him.

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I hope this is helpful to you. Share with your friends too!