3 Simple Ways Any Business Can Blow Up Profits Tomorrow! WrightB, September 11, 2023 So how can any business increase revenue? Well, you can do this in multiple ways, and that’s what I’ll be going over in this blog post. The “Second Sale” First, I’ll be talking about the idea of the “second sale”. The second sale is a concept that separates professional business owners from amateurs. Most business owners sell one thing to someone and then think “Wow that person bought one thing that’s just great”, but instead they need to be thinking about how they can get that person to buy multiple things. Most business owners know that the first sale is the hardest i.e. getting someone to buy a product who doesn’t know anything about you or your business is the hardest sale. However, very few even think about trying to get that customer to buy more things. Imagine when you go shopping, have you ever decided to get one thing and then by the time you’re about to leave you’ve got 3 bags in your hand and you’ve spent far too much money? So how can you apply the idea of a second sale to your own business? Well first you need to have products that go together, This one is pretty simple as most people who have a business sell similar items. Second, you need to be prepared to outright ask customers if they’re interested in the second product. This is as simple as “Oh hey by the way our face wash goes great with our lotion” (of course an example but it gets the point across). Go through and figure out the items that pair well together and try and always sell them all together. Raising Prices (I know it’s simple just read) So what’s another way you can increase your business? Well, this one is very simple and it’s raising prices. Now I know this sounds ridiculous as most people believe that half the reason people buy something is because of the price point, however, it is hardly ever true. How many times have you spent too much money on something but didn’t care simply because you wanted it? Well, guess what, most people are like that! People enjoy spending money because everyone loves to brag about how much something costs and it makes them feel validated in their decision to purchase your product. So if you’re trying to make more money then you can simply raise your prices, it’s actually that simple! Collaborations/ Partnerships Now another final way that any business can get more money is by leveraging partnerships/ collaborations. This is something that almost no one ever considers as they believe it’s a competition with every other business around. This could actually not be further from the truth. A basic example is the fact that there’s a Starbucks inside basically every target. Why? Because people like drinking Starbucks and shopping at Target it’s a great partnership. So how can you as a business owner create a partnership? Well, there are two ways to go about this, one is asking your customers the other places they shop at. This is extremely simple as once you ask 5-10 people where else they shop I guarantee one of the places they say will click in your mind. Another way is to go around to other businesses you know and ask if they’d be open to a partnership. This could be something as simple as you each have a 10% off coupon for the other store that you put in everyone’s bags. Extremely simple but it gets customers going to both stores that might not have otherwise. So to recap, any business can make more money tomorrow in multiple ways but here are three simple ones. Utilizing the “second sale”, think “Hey by the way since you bought this you should also get this they go great together”. The customer has already decided to shop at your store which means the hardest part is over. So leverage that relationship more Raising price. I know stupid easy right? But I promise you it’s that simple, just pick an item tomorrow raise its price by 10%, and see what happens in the next week. If someone says it’s too expensive just put it back at the regular price for them, easy! Utilizing partnerships/ collaborations with businesses that your customers shop at along with yours. Simply ask your customers what other places they shop at. Or, what other products do they buy It is that simple. I hope you enjoyed this blog post, and if you’re looking for someone to help you increase your revenue schedule a completely free consulting session with me and I’ll help you find ways to increase profits and attention to your business. https://calendly.com/wrightbeisel/free-consultation-session Marketing Posts AdviceBusinessMarketingProfits