Are You Overlooking Your Hidden Profit Centers?
There are other names given to "Back-End Selling". You may think of it as follow through, or maybe VALUE added. Both are good terms. Let's take a quick look and see just how you can profit from this idea.
For our purpose today, let's just key in on the benefits of "Back-End Selling". "Back-End Selling" is simply the SELLING you do AFTER the first sale. Your profits come primarily from repeat business rather than from the initial (first order) sale of your product or service.
Your greatest COST (accumulated expenses) is in the FIRST sale. This is certainly true in most cases. How long did you have to work before that first sale? Did it take you ten minutes or ten years? All the time this customer was NOT buying from you there was still the overhead to shell out.
Obviously, some high-ticket items can absorb the cost and still be profitable. You only need the one sale from a customer. However, we could probably agree that most items that we sell or buy are of a more moderate dollar value. Meaning the profit return comes from the repeat customer.
Have you ever known a razor company to give away the razor? Why? The profit is in the blades! It's happening today on the Internet. Computers are getting cheaper and cheaper. Even free when you sign up for a service. Sometimes a company will giveaway or "loan" a machine to a customer because the profit is in the supplies. This is known as "back-end" selling.
You have the challenge to find your "back-end"! How can you make more sales to the same customer? Sell more of the same product? Service? Can you offer an add-on? Related items? It can even be something entirely different. Put another way, just keep selling "something" to the same customer. Your best source of new or continuing revenue.
Many firms stop with the one (1st) sale and never realize the added profits they are leaving behind. YOU would never let this happen. On the other hand, maybe it would just be a good exercise for all of us, to ASK yourself, am I selling everything I possibly can to ALL of my current customers? Hits hard, doesn't it?
Think about it! You have been successful in making that first sale. Why? Our basic assumption is that you have earned their confidence. Trust. You have lived up to your promises. Your product or service has met or exceeded their expectation. It's only natural to believe that you will live up to this same level of competence in the future.
Search for your "USP" (Unique Selling Proposition). What is it that makes YOUR firm stand out from the pack? Are you REALLY any different? Do you offer something special that only YOU can provide? This is what separates the great businesses from the also ran. You have to be unique. Different! A visionary. Added VALUE is every customer's expectation today.
Your next challenge is to find as many "back-end" products/services as you can. There is no better customer than one who has already done business with you. YOUR greatest business asset is your customer; without him/her there is no business.
Secret Online Up-Sell Technique:
If you are operating an online business, you may want to simply add (embed) an "up-sell" product right inside your "Thank You" page.
Let's face it, your new customer has just made a purchase from you and you can rest assured that they do in fact understand the value of this freshly purchased product and/or service. Furthermore, trust in you by your new client has been realized. Capitalize! "Why not get it while it's hot?"
Over time, check the added increase to your bottom-line. Chances are, you will undeniably discover a significant positive difference.
This Week's Key Point:
Treat your customer like "Gold"! Look for new products to compliment your initial sale. Separate yourself from the plain and ordinary. Be a crucial source of information. Make suggestions. Offer unlimited assistance. Work hard at keeping every customer happy. After all, they are your most valuable business asset. PERIOD!
Happy Marketing!
About Tony Marino, Ph.D., Marketing
Dr. Tony Marino is not only the CEO of America Web Works (http://www.AmericaWebWorks.com), he is also the Founder of the http://www.AudioVideoStreams.com, the International ePublisher's Association, Christian Times eBusiness Newsletter and the author of the ePublishing Master's Course at: http://www.ePublisherUniversity.com. Additionally, he holds Email Compliance Officer status for many of today's leading Network Marketing companies.
He has also worked with the likes of legendary Direct Marketers Ted Nicholas and Gary Halbert. Best-Selling Authors, Harvey McKay, Jack Canfield and Mark Victor Hansen. ABC Television's, Jimmie Kimmel and NBC's, Carson Daily. Online Marketers, Dale Calvert and Jay Abraham just to name a few. His offices are location in Portland and Los Angeles and he'd love to hear from you anytime!
http://www.AmericaWebWorks.com 866-824-9684
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