084 – Eliminate Your Assumptions And Update Your Offers For Radical Business Growth

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In this video:

00:06 – Question all the assumptions in your business
00:11 – Offer customers a choice between something and something
00:26 – Can you win back ‘lost deals’ with a new offer?
00:38 – Repackage existing products/services or add new ones
00:55 – Follow up “lost sales” with news (because nobody else will)
02:05 – What do you like about these video news updates?
02:27 – What can you make into a recurring element in your business?

Transcription:

James Schramko here with a business news.

Give options to customers
Here are my tips this week. Have a look at all the assumptions you’ve made in your business and just question if they’re still relevant but one thing that you can do that’s great is to offer customers a choice between something and something instead of something and nothing. Sometimes in service consulting or if we put up products, we offer a price.

What you might want to do is have a look and see; are you missing deals, are you saying no to things that you could get? Maybe they can have this one or that one. Generally, having two choices is better than having 20 choices but maybe you’ve only got one thing for sale right now and maybe it’s time to just add the next package; the one above it, the one below it, the one for a slightly different market, the one that you didn’t think you could actually offer before but now you can because you have new team members or you have a better process, or a better system, or the market shifted on you.

Always provide your customers with options

Keep people up to date with newsletters
Here’s a great marketing tip you can use with your news follow-up. You know we put up these weekly news videos. Well imagine if you have a weekly news video or a monthly news video, or a daily news email or whatever.

The point is, when you lose a sale, you should be trying to add everyone who’s come into contact with your business to your news updates. That way you’ll be following them up even if they didn’t buy from you.

Now here’s the thing I learnt from the luxury motor vehicle industry. When someone purchase the different model other than what I sold, which was upsetting at the time, I’d still follow them up and send them news clippings. But my competitor, who’d actually sold the vehicle, would not follow the customer up. I mean you know what it’s like. You buy something and you never hear from the sales person again.

Well unless they had a perfect experience like a 100% perfect experience with that other vehicle purchase, they would more often than not come back and visit me when it’s time for the next car. That could even be as soon as a week or a month when perhaps their wife or their husband was after their vehicle. So put everyone you can on to your newsletter ethically and with permission because you’d never know when they’ll get to that buying window and it’s more than likely their competitors are not following them up.

Please leave a feedback
I’m going to ask for some feedback here, I’d love it if you can post near this video. What is it that you like about these video news updates?

I know that this particular news update goes out to several thousand people. It gets several hundred watches each week on YouTube and I’d be interested to know what you’re enjoying. What do you want to see more of? Post below this video.

Create a recurring program
Another tip this week, what can you make a recurring element? Now you might think you’ve got a one-time product or service or it’s a rare thing. It could be a slow sale cycle like a house or a car. But the thing is most things can have a recurring program.

Even when I sold cars, I would actually say to the customer, I don’t view this as the end of the sale, I view this as a start of a relationship where I’m going to be the person you come to to look after all your motoring needs.

Imagine that an office manager goes down to the local stationary supplier to buy a stapler and then when they’re in the store they offer them a membership card that joins them to a newsletter and then in the monthly news they have 20% off filing cabinets. And they look across the desk to the old filing cabinets rusting away and the boss says “Hey, go and get some new filing cabinets they’re 20% off. Go and buy six of them.” That’s how you get that recurring sale.

Get people onto a recurring program wherever possible because it’s more than likely that they will have a repeat need in the future. Even if they came into your existence just for a one time need. Indoctrinate them, help them find out what else you do and stay in touch with them regularly.

I hope you’ve enjoyed these tips this week. If you’re not already on the newsletter, be sure to join right near this video.

Head over to iTunes to rate this podcast.

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