How to Make More Money from Your Business
The following pages each explain how to make more money from
your business in some specific way. Some are probably just reminders
of things you already know you can do, with a few new twists
and tips thrown in to help you out. Others might be methods that
you have never considered before.
Although increasing your total sales is one way to make more
money from your business, as you'll see, there are many other
ways. In fact, some of the methods looked at here might even
lead to less revenue but more profits--and it is
those profits that matter in the end.
What if you haven't yet started your own company to apply
these techniques to? Well, if you're still punching the time
clock you could help out your employer, right? Who knows... that
might be worth a raise.
Using Business Assets
- A systematic way to get more efficient and creative.
How to Find Customers
- My own story and the lesson: Go where the customers are.
Increase Average Sale
Amount - Several ways to do this without pushy techniques.
Increase Customer Frequency
- One of the most cost-effective ways to boost revenue.
Try Price Testing - It isn't
just about total sales, but about the bottom line.
Increase Perceived Value
- As a way to sell more or to raise the prices on what you sell
Deploy Assets in New Ways
- Think broadly about what constitutes an asset as well.
Measure Advertising Results
- To be sure you're investing your ad dollars wisely.
Use Back End Sales - Adding
to the revenue you make from each customer.
Reduce Overhead Costs -
Lower fixed costs translate directly into higher profits.
Use Your Lost Customers
- They teach you lessons about what to add or improve.
Find New Customers -
And why to think in terms of customer-acquisition cost.
Increase Profits with Low-Risk
Experiments - A $20 experiment can lead to...
Customer Satisfaction - Use what you learn to improve what
Educate Customers - This
isn't just about advertising.
Increase Business Visibility
- They can't buy from you if they don't know you exist.
Use Your Customer List -
And if you don't have one yet (with addresses) start creating
Use Headline Tests - Some
marketers have doubled sales with a headline change or two.
Sell Customers to Other Businesses
- Help them find other products and services.
Use Free Bonuses - Everyone
loves a freebie or extra.
Use Word of Mouth
Advertising - And how to encourage more of it.
Copy Success - If they know
how to make more money, well...
Study Business Failures
- Not only to survive, but to improve...
Consider Downsizing Business
Activities - Smaller might be more profitable.
See an Accounting Consultant
- She'll see things you wouldn't notice.
Cross Sell with Other Companies
- You make more and they make more.
Get Customers From Failing
Businesses - A quick way to help your bottom line.
Try Ad Exchanges - Get your
advertising in front of ten times as many people.
Find Ways to Reduce Costs
- A look at how to expenses costs in general.
Find Ways to Reduce Labor
Costs - This doesn't have to mean firing anyone.
Sell Complementary Products
- Improve customer experience while adding to total sales.
How to Get More Customers
- Some specific steps to take to get more customers and the profits
that can result.
Some businesses are run so efficiently, and the marketing
is already so perfect, that there is little room for improvement.
Most do not fit that description though. Now, imagine if you
can put five or six of the above strategies to work for you.
You might increase the average amount spent by each customer,
cut your overhead, lower your labor costs, increase your customer
base by 20%, and do a few other things. Suddenly you are making
50% more profit. This is possible in many companies.
Note: You can also find some pages on how to make more
money from your business in this section: Money