Profit Boosting Tips: 4 Powerful Ways To Skyrocket Your Earnings
What's the most important thing in your business
? Profits of course. Profits determine whether you can live off of your business, and whether or not your business is breaking your bank. It's no doubt that everyone wants to boost their profits.
The better your business does, the better you can provide for yourself and your loved ones. With everything you have to do, finding ways to increase profits may seem like another "to do" task on your already enormous list, but it is one of the most crucial things to accomplish.
Here are some effective tips on boosting profits in your business.
Profit Boosting Tip # 1: Stop Offering Discounts On A Consistent Basis.
A lot of times people think that they need to offer discounts to attract more customers. In a way this is true; but then again, you are also taking a profit hit. If you're offering a 25% discount on your $100 product or service, then you are losing $25 on every single sale.
Now don't get me wrong. Offering discounts can skyrocket your earnings in a way that the quantity of your sales could offset the reduced price in a major way. It is only when discounts are offered consistently - making it a normal occurrence - that they no longer retain its bargain value.
Discounts are good and they do attract customers; but they are also supposed to be occurring every once in a while to maintain their distinctiveness. I highly recommend you throw a special discount every now and then, but not all the time.
Profit Boosting Tip # 2: Raise Your Prices; Don't Under Sell Yourself.
Many people assume they need to have the lowest rates to capture the market. This is just not true; you do not have to constantly beat your competitors' prices.
A lot of times, what happens is a company will try to beat their competitors by offering a lower rate. They think that more customers will grab their offer because they are cheap.
If you are only getting customers by offering dirt-cheap prices, then you will not be keeping customers very long. This is because there will eventually be someone else who will want to offer the lowest rate and beat yours.
What you may want to do is to increase the perceived value of your product or service; and make sure your prospects are aware of it. If you're selling an e-book for example, you could create an audio or video version to ramp up the value of your offer multiple times.
Offer something unique that your competitors would have difficulty in creating themselves, and you can outsell them despite having higher prices. There is no reason you can't command an amount higher than your competitors' as long as the perceived value of your product is higher than the price you charge for it.
Profits Boosting Tip # 3: Use One Time Offers Or Upsells.
Using upsells and one time offers are great ways to boost your profits.
You could do this when your prospects are about to make a purchase. Simply offer them another irresistible product complementing the main product they are about to order. They can then choose whether they just want the main product, or the main product with the add-on at a special package price.
Another way you could do this is you offer your customers the complementary product after they've purchased something (but before they've downloaded it).
Some marketers may think this is too much, and they do not want to over advertise or over sell to their customers. But there's no better time to sell to them again than after they have bought something, because they're still in the buying mood.
One time offers are amazing profit boosters; if you are not implementing them, then you could be missing out on thousands of dollars.
Think of it like this, how many times have you been to some sort of fast food restaurant and the person taking your order says they can "super size" it or whatever, for an additional 50 cents?
Most likely, pretty often. Now are you upset with these people for offering you the upgrade? Probably not; whether or not you take the offer doesn't matter because you are grateful they shared that info with you.
Once you have a good selling product that people are obviously interested in, offer them a little more and watch your profits grow.
Profit Boosting Tip # 4: Follow Up With Your Customers.
This is a very important aspect of business in general, and especially if you're looking to boost your profits. Following up with your customers can be the deciding factor between constant customers and one time customers.
A lot of times, it's good to follow up with something like a post card mailed to your customer's house. These days, no one is too enthused about seeing their e-mail box stuffed with mail.
Following up with a physical post card or professional letter makes it much more personal. When someone feels that you are taking their satisfaction personally, they are much more likely to continue buying from you, and even referring your products or services to others.
Implement these profit boosting tips immediately to give your business an income jolt. These can take your business to a whole new level, and provide you with the lifestyle you want for you and your loved ones.
by: Jeremy Gislason
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