7 Ways to Expand Your Products and Services
Your business is not based off your first sale to a customer. That’s not a business. That’s a product or a promotion. You don’t have a business until you have at least 10 different income sources coming in. This might be ten different products you offer. It might be a mixture of products and services. It might even only be one product you personally sell, and nine outside sources of income (such as a affiliate programs and joint ventures).
The key here is you produce a customer once…and you sell to them over and over again. They become a “valued client” that you build a relationship of trust with. You spend a lot of money finding and closing this customer. You must find a way to continue to help this client reach the goals they’re looking for through other products and services.
Here are a few examples…
Offer #1: Related Items
Offer your customer something else related to their first purchase. If you sell dog food, what else do your customers want? Obviously they may want dog toys, bones, beds, and maybe even dog clothing. They might want books and DVDs on how to pick out a new puppy or train their dog. They could be interested in a membership site to hang out with other dog lovers who want to train their dog…or possibly even a site about traveling with their dog.
Brainstorm a little. Use a dry erase board or a plain white sheet of paper with no lines. Write whatever you currently sell very small in the middle. Then start making lines going outward for it where you write down everything else related to your product or service. This is a simple form of mind mapping. Once you draw a line and figure out something else related to your product draw additional lines from that for other items related to it. You can eventually come up with dozens and possibly even hundreds of related products and services to what you’re currently selling.
Offer #2: Information Products
I love selling information products. It might cost you $1.60 to duplicate that DVD (http://www.kunaki.com), but it sells for $19.95 to $100. Where else can you create those kinds of margins? And information products fit almost every possible market. If you offer any type of professional service (copywriting, coaching, dog training, etc.), you can record a video explaining exactly how to do it. The surprising thing is most of your buyers learn from your material, and they prefer to hire you to do it for them. Instead of costing you sales, it generates more sales because you’re now perceived as an expert on the subject.
Offer #3: Services
Let’s say you sell information products, software, or tools to do _______. Fill in the blank with virtually anything you offer. Your customers will pay you to do it for them instead of them doing it themselves. See the above listing. For example, the copywriter teaches a course on how to do your own copywriting in 10 easy steps. He/she can then charge a premium fee for those who prefer it done for them!
Offer #4: Continuity Programs
This is my favorite type of business…continuity programs. This is when someone agrees to let you charge their credit card every single month. It could be for a membership site, newsletter, coaching program, DVD of the month, software use, etc. I currently have three programs like this in my coaching business: monthly coaching, monthly newsletter, and Online Automation software.
Offer #5: Joint Ventures
No matter how many products and services you sell of your own, you’re still going to be able to make more offers to your client base. Joint venture with other companies to offer their products and services. And the best way to generate a large number of sales is to always make these deals special. By ordering from you, they get something special they don’t normally get from the joint venture partner themselves.
This could be a special discount, a special bonus, or it could be something you personally add to the deal. If you’re negotiating for a special joint venture to your large list, you can easily ask for some type of special from your partner. If you’re just promoting an affiliate program, you can add in your own bonus. For example, I’ve run special “how to use the product you’re buying” teleconferences to help my clients use something they buy. When selling seminars I’m going to be at, I’ve also given 20 minute or 30 minute coaching sessions free to my buyers.
Offer #6: Special Events
Run a special event for your customers. This could be a free customer appreciation conference (where you teach and train them over 1 to 3 days and you make profits from offering them additional products and services). You could also hold a teleconference or webinar for the same purpose…customers only!
Offer #7: Membership Discounts
You might offer a membership type program. These programs started with “frequent flyer” cards…where you earned miles for everything you purchased. I’m sure you’ve noticed they’ve expanded into grocery stores, nutrition stores, and even clothing stores. You earn points back from all your purchases. When you earn enough points you may get a gift certificate or some other type of gift.
Even Internet businesses can get into this. Amazon has their “Amazon Prime” program where you pay yearly for fast shipping on all your purchases. Dan Kennedy runs conferences where his silver subscribers get a $100 discount, his gold subscribers get $300 off, etc. As members purchase higher level memberships from him, they get specials. In my own business, my monthly newsletter subscribers get regular customer only specials…and my coaching clients get reduced pricing on everything.Related Entries:
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