“Don’t play games that you don’t understand, even if you see lots of other people making money from them.” —Tony Hsieh, Zappos CEO
One fast way to make money in your business is to concentrate on your customers that already exist. Current customers are a cheap way to make money because you don’t have to find them. The suggestion is to build a list of email or mailing addresses so when the time comes you can send out a flier or note to get more business.
There are two ways to involve current customers in your quest to make money fast. They are to get them to purchase more frequently and to make larger purchases. Subscription services are great way to increase your frequency. When the automatic renewal just shows up at the door that’s more money in your business pocket. Another idea to make money fast is to increase your sale. Include add ons, bundles of products, and make discounts attractive to increase your average cart total!
Just like there are two ways to involve current customers, there are two ways to capture new customers. One way to find new customers is to go to different areas. If you normally advertise in a local newspaper, but realize the same demographic that purchases your product also lives in the neighboring town, advertise in their paper as well. Make your advertising area larger! Then simply catch more fish. When you have a larger pond there will be more fish, and that’s when you really want to offer special offers to get contact info. You want new customers on your list – it’s the only way to increase your frequency and average ticket sale! Finally, it’s a simple idea to make money, but increase your price. Rather than just increasing the price you can divide and conquer! Let’s say you charge $99 for 3 hours of a service, why not charge $89 for two hours and offer an upgrade for $39 for an extra hour. It sure sounds better than charging $128 for 3 hours!
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