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Low Hanging Fruit Strategies to Rapidly Increase Sales
with Business Optimizer Coach Stacey Hylen
What you are going to learn:•What are the biggest mistakes to avoid if you want to grow rapidly•Quick and easy low cost strategies to rapidly increase sales!
1. Lack of Strategic Planning
• Reactive instead of Proactive
Mistakes made by business owners in today's economy that will stop your growth:
2. Working “in” the business instead of “on” the business.
Mistakes made by business owners in today's economy that will stop your growth:
3. Lack of Accountability• Poor implementation• Tracking not in place• "Accountability breeds responsibility.” Dr. Stephen Covey
Mistakes made by business owners in today's economy that will stop your growth:
4. Business owners are focusing on cutting back on the little things in their business vs. investing time, energy and resources on growth.
Mistakes made by business owners in today's economy that will stop your growth:
5. Lack Of Resourcefulness
Stacey With Tony Robbins
Mistakes made by business owners in today's economy that will stop your growth:
6. Not using Leverage: getting more out of less- Time, Money and Resources!
Mistakes made by business owners in today's economy that will stop your growth:
• Your main focus should be that 20% of your business actions will get 80% of your results.
• Cutting back on costs is only half the battle, you must INCREASE SALES!
What you should be focusing on!
Things that you may be overlooking in your company that are:
• quick and easy to implement and get results• can rapidly increase sales and profits• low cost or FREE to implement
What is Low Hanging Fruit?
• Instead of cutting back on staff and resources try looking at things that may be overlooked in your company – Low Hanging Fruit.
• There is no need to go searching for other ways (new brochures, etc.) to increase
business when there are things that can be optimized in what you already have!
Take advantage of overlooked opportunities.
• These strategies seem simple and you may say to yourself “I know that” • The question is are you using these strategies CONSISTENTLY in your business?
Knowing vs. DOING
How much is a client worth to you?
• Average Sale, per month, per year, lifetime value?
• How many clients do you want/need this month? • Pick the strategies as we go along to implement
Exercise
• An upsell is offering your clients additional products or services at the point of sale and before the customers complete the order. These can be complimentary or more expensive products or services.
• This technique can bring extra business revenue without any additional expense.
Low Hanging Fruit Strategy #1: The up-sell
• McDonalds asks:
“Do you want fries with that?”
Simple and easy to implement.
Example
store hit hard by both recession and new low priced competition
employees had been with company 40+ years, several 80 years old+, others were family members, had tried everything to grow but refused to fire staff very small town,
Client Example Challenges
Solution: Upsell system for his most popular productResults: Sales up 40% in one month compared to same month pre-recession
Client Example
• Make a list of the top 20% items you sell. • Determine what the up-sell for that product would be.• Create a written process. Train staff or workers on
the plan.• Implement CONSISTENTLY.• Track the implementation and retrain when necessary.• Reward for increased sales.
Implementing the up-sell technique
• Make a list of the top 20% items you sell.
• Determine what the up-sell for that product would be.
Exercise
• If you’re up-selling 30% of the time in the first week, what
happens the second week? The second month? Are you still getting that 30% up-sell?
• Is there an increase or decrease? Look to see if the up-sell is being offered every time.
• Reward the staff for the increase in sales! If you work by yourself, give yourself a reward!
Implementing the up-sell technique (continued)
Another place to upsell is on your websiteAt the time they are buying offer an additional product, service or upgrade.Examples: www.godaddy.com
www.Amazon.com
Upsell
Extending the Term
Upsell Packages
One Time Only Offers- Upsells
Average Sale Currently: $________Upsell Offer: $________Estimated # of Upsells: ________Increase in sales: $________per week $________per month $________ per year
Exercise: Monetize this Strategy
• Already like, know and trust you.• It is not your clients’ job to remember you, it is your job to make the clients remember you.• Even if they don’t buy from you again you’re deepening the rapport you have.• You’re also creating a top of mind awareness.
Strategy #2 Reactivation Of Past Clients
1. Past clients- on and offline- haven’t purchased for a certain amount of time.
2. Online customers whose credit cards have expired.
Strategy #2 Reactivation Of Past Clients:WHO?
1. Email Campaign2. Phone3. Direct Mail Campaign
Implementing: 3 ways to reactivate clients
1. Create a list of past clients that you want to call. If you have past clients that weren’t your best client, don’t put them on the list.
Implementing
2. Create a script of what you will say to them, something conversational. Ask them questions, interact with them. Ask rapport building questions and ask questions they can’t say no to.
Implementing
Implementing
3. At the end of the conversation let them know you have something that may interest them.
• Returning Client Only Specials• Subscriptions• Package created just for this offer• Limited Time Offers• Bring a Friend
1. Create a series of contact points, email, phone, etc. to remind them that their card has expired and that they will be missing out on ….. and the benefits of continuing and the costs of stopping your product or service.
2.Be persistent you are not at the top of your list.
3. For the future put a tickler in place to remind you to contact client BEFORE card expires.
Implementation of Credit Cards Reactivation
Make Reactivation a regular and ongoing process in your company
Implementing
Number of Clients to Contact to Reactivate:________Estimated % Convert to new sale ________Estimated # of New Sales ________Average Sale $________Estimated Profit Boost $ ________
Exercise: Monetize this Strategy
Offer clients additional product or service
Strategy #3
• Examined current clients needs and purchases
Discovered need that they were currently outsourcing
• 100k/month in increased sales!
Client Example
Slow Or Fast
Two Ways to do this:
1. Develop a product or service to offer to your clients/list
2. Find a company that has a product that would benefit your clients/list and set up affiliate or referral fee
Two Ways to do this:
Example: Web design clients may need video produced
Exercise: Brainstorm a list of products that may interest your clients
Number of Clients to Contact to offeradditional product or service : ________Estimated % Convert to new sale ________Estimated # of New Sales ________Average Sale $________Estimated Profit Boost $ ________
Exercise: Monetize this Strategy
Offer your products/services to someone else’s
clients/list.
Strategy #4
1. Make a list of what type of businesses have your perfect clients.
2. What could you offer to their list that would be a good fit?
3. Write a script to approach these businesses.4. Keep going until you get a yes!5. Do the marketing for them.
How to implement:
EmailsTweetsFacebookLinked iNPinterest PicsGuest Blog postsInterviewsPodcastsLettersETC……
Do the Marketing for them
Tire Center/Garage Offered a Free Gift for Used Car Dealer in his town to give to customers who purchased a car
Win-Win: Client: No marketing cost to get new client only had a cost if someone became a new client. Built his list.
Strategic Alliance Partner: Made him look good, gave something of value to clients, separated him from his competition.
Client Example
1. Email- they send to their list2. Stuffer in mailers, catalogues, invoices3. Direct Mail piece4. Event5. Gift or Coupon for their clients
Some Formats to consider
Number of Strategic Alliance Partners to Contact to offer your products/services to their clients/list : ________Size of their ListEstimated % Convert to new sale ________Estimated # of New Sales ________Average Sale $________Estimated Profit Boost $ ________
Exercise: Monetize this Strategy
Ask for Referrals
Strategy #5
Spend more money Buy more often Are more profitable Are more loyal
Referrals
Clients Former Clients Competitors Prospects Prospects who didn’t convert Other businesses and professionals Associations, etc.
Who can refer prospects to you?
1. Identify the qualities you like about working with client
2. Let them know that you enjoy working with them and why.
3. Ask them who they know that has the same qualities
4. ASK for the referral!!
Implementation
Make referrals a part of your company culture and start prepaving for referrals with prospects by letting them know a lot of your business comes from referrals.Make this a regular processHave triggers set of when to ask
Implementation
Dentist: created trigger system to remind him and his staff when to ask for referrals
1. Intake and welcome process2. When patient said they were surprised
by how painless it was.3. When patient came back for check up
after smile makeover and said how happy they were, how many compliments they
received, etc.
Client Example
____________________________________________________________________________________________.
____________________________________________________________________________________________.
Exercise: Identify your catchphrases and triggers to ask for referrals.
Number of Clients to Contact for Referrals: ________Estimated % Give Referral ________Estimated # of New Sales ________Average Sale $________Estimated Profit Boost $ ________
Exercise: Monetize this Strategy
Have a Sale
Strategy#6
A sale is NOT to be confused with LOWERING Your PRICES!
1. Scratch and Dent2. Products you don’t promote much3. Special Events4. Package Deals5. Close outs on products you are discontinuing
Type of Sales
1. Brainstorm possible products/ packages to promote.2. Tie in to something to make it fun and creative3. Create a sale/ promotion calendar4. Develop marketing plan and actions for each promo.
Implementation
Estimated # of New Sales ________Average Sale $________Estimated Profit Boost $ ________
Exercise: Monetize this Strategy
Have an Open House
Strategy #7
Challenge: wanted to get in front of her target market quickly
• NO Budget for trade show• Her sales calls were not getting her results
Client Example
Client Example continued…Solution: Created Open House with other vendors who also wanted to get in front of her target marketEverything was paid for by charging other participants or had things donatedResult: Got in front of over 70 ideal buyers without the competition of hundreds of booths a trade showDeveloped rapport and relationships much faster than through sales calls.Got sales!
Can be Online or Offline
Create a reason or an event for people to buy, bring a friend, expose prospects to what you offer, promote new products
Can be cohosted or sponsored to reduce costs
Implementation
Estimated new leads from an Open house: ________Estimated % Convert to new sale ________Estimated # of New Sales ________Average Sale $________Estimated Profit Boost $ ________
Exercise: Monetize this Strategy
Follow Up
Strategy #8
70% or more of leads are never followed up on! It takes an average person being contacted 5-7 times before buying.
Scary!
Poor Follow Up? 2 things happen:
1. Prospect cools off, gets busy with something else, or
2. Buys from competitor.
Follow-up needs to be pre-planned for each marketing strategy you use.Example: sales, presentations, tradeshows, magazine ads.
Implementation
Start with where you have the most leads coming in from.
Implementation
STACK It•E-mail – auto-responders – for different times in sales cycle.•Phone – tickler file in CRM
– Should have scripts.•Mail – tickler file in CRM
– with prewritten series.•Fax – NO fax blasts – illegal, but as of this recording, can fax for prior customers.•Text Messaging
Implementation
Trade show stacked follow-up strategy that included:
Phone calls from representatives to set appointmentsE-mail (get appointment – Yes: Thank you/welcome/ what to expect.No: letter– email – call, email-letter, into email databaseMaybe: letter–email call, email– letter –call, into email database Call–Letter, Call–Put on e-mail-list
Client Example
Number of Clients to Contact for Follow Up: ________Estimated % Convert to new sale ________Estimated # of New Sales ________Average Sale $________Estimated Profit Boost $ ________
Exercise: Monetize this Strategy
Strategy #9 : Double your Offers
Free and Low cost• e-mail newsletter “ezine”• eblasts • offers with each newsletter,invoice,• Social media: Facebook, Twitter, LinkedIn, etc• Mobile
Places to consider:
Client ExampleOne of my clients was not regularly emailing his list – when we put together his marketing calendar we increased his offers from monthly to weekly and his sales jumped dramatically.
Remember…“Marketing is the process of separating the people who would be your clients and who shouldn’t be.”
There are some things to keep in mind:
• Newsletters should provide valuable content in addition to your offers that will help the clients.
• Your offers should be written as if you are talking to your perfect client.
Implementation
Plan out what offers you are going to add and how you will get them in front of your prospects or clients.
Exercise:
Number of New Offers: ________Estimated % Convert to new sale ________Estimated # of New Sales ________Average Sale $________Estimated Profit Boost $ ________
Exercise: Monetize this Strategy
A downsell – presenting your prospect with a less
expensive option. This is not to be confused with
discounting or lowering your prices. This is a
strategic method of getting sales from prospects
who weren’t ready to buy what you were offering.
Strategy #10 : Downsell
Sales presentations – many times when you are presenting your product or
service to a prospect and they say no they can’t afford it, the sales
conversation stops.
Challenge
Client ExampleAn accounting firm that offers an extensive service, cost reports, created
downsell to preparing tax returns in order to increase their like, know, and
trust factor with new clients.
Profit LEAK!
If you have only 1 product or service, you are
probably leaving a lot of dollars out there, so
you should create a downsell package to offer.
There are many different ways and places to do a downsell…
Implementation continued…In personTelephone scriptOnline –Shopping cart abandonment – one method is to
offer lower upfront payment, with a balance in a certain number of days (trial offer)
Exit pop-ups – when people leave your webpage with the product offer, they get a pop-up with an exclusive one-time offer.
For example: If it is a physical product, you could do an e-product at a lower price.
Number of Potential Prospect for Downsell: ________Estimated % Convert to new sale ________Estimated # of New Sales ________Average Sale $________Estimated Profit Boost $ ________
Exercise: Monetize this Strategy
This strategy is simple and easy to implement, but as an entrepreneur or a salesperson, there are always many things requiring your attention that keep you from having as many conversations with prospects you need to have.
Strategy #11 : Increase the Number of Sales Conversations You Have
“I’m already working as many hours as I can, and there is an endless list that still needs to be done; client follow-up, putting out fires,….”
You may be thinking…
Implement
• How much is an average sale? Lifetime value?• How many conversations/presentations does it
take on average to get a new client?• What activities are you doing that are not
related to your business growth?
Implement
• Start with delegating 1 item. Create a system for it to be done by anyone with the instructions you provide.
• Either use someone in your organization, or hire a virtual assistant.
Then once you have that item effectively delegated, choose another one.Use the time you gained to increase number of sales conversations. If you market exclusively online, use this time to develop joint venture partners or list building.
*This strategy can even be used for sales-people who can hire a VA to handle administrative details.
Implementation
Increased Number of Sales Conversations: ________Estimated % Convert to new sale ________Estimated # of New Sales ________Average Sale $________Estimated Profit Boost $ ________
Exercise: Monetize this Strategy
The Secret to Getting Results?
Diet & Exercise and Weekly weigh ins?
To Optimize every profit area in your business – you need to have not only effective strategies and tactics but a way to track them and their ROI effectively.
Implementation and Tracking
“People respect what you inspect.” Chet Holmes Set up weekly and monthly times to review your implementation.
Implementation and Tracking continued...
Which of these strategies are you going to implement? WHEN?
Create your ACTION Plan
Total Profit Boost $ ________
Profit Booster Totals
Remember, Don’t just learn, IMPLEMENT!
Email me at: Stacey@Business Optimizer Coach.com
Follow me on Twitter www.Twitter.com/StaceyHylen
Link with me on LinkedIn www.linkedin.com/in/staceyhylen
Friend me on Facebook www.profile.to/staceyhylen
If you want one on one support with implementing these strategies and more to grow your business email me at [email protected] or call me at 1-866763-0713 to schedule a FREE strategy session.
Next steps?
