7/12/2021 Tip: Give Them a Deal | Growthink

7/12/2021 Tip: Give Them a Deal

Today’s Quote

“Tell everyone what you want to do and someone will want to help you do it.”
~ W. Clement Stone

 

Today’s Tip

Here’s a tip for attracting new customers: give them a deal. Let me explain.

Some companies go as far as to lose money on their first sale (known as a loss-leader), knowing they’ll make it back with an immediate upsell, monthly service plan, or future sales. Your goal is NOT to make as much money as you can on the first sale. It’s to make a first sale!

But of course, it’s better if the first sale naturally leads to selling your next item or service. For example, I know a pressure washing company who will clean your house’s exterior at cost the first time. But then it upsells 80% of these customers to their “twice yearly” plan — this is where it derives massive profits.

Restaurants offer specials, phone companies offer you deals if you switch providers, etc. – I’m sure you’ve seen this. You need to give customers a powerful offer/deal either in the form of a low price or incredible value for their money. When you do, they’ll be much more likely to buy from you.

You’ve also probably seen coupon offers with great deals all the time. This works in getting tons of new customers. However, be careful. A lot of businesses have reported “The Groupon Effect,” in which they will post a special, get a herd of penny-pinchers in the door that take advantage of the offer and then disappear to find the next deal at whoever’s cheapest tomorrow. In other words, it can attract the wrong crowd and may not produce repeat business-which is the whole point of making a first sale.

So use these special offers carefully. One idea is to use direct mail. Doing so allows you to target the specific customers you want with your special offer; the ones who are most likely to keep buying from you.

 

Today’s Resource

Is your marketing plan working?

Ask yourself these 3 questions to tell if your marketing is failing or succeeding:

  1. Does your marketing generate a steady flow of new leads and sales?
  2. Are your marketing activities growing your profits month after month?
  3. Is your marketing so powerful that your competitors would do anything to get their hands on your marketing plan?

If you answered “NO” to any of these questions, you need to stop what you’re doing, and fix your marketing plan right now.

Fix your marketing plan <–

 

Trivia

Today’s Question: When this mobile app was designed in 2009, its designers felt that the attackers needed an enemy and decided upon one based on the swine flu epidemic in the news. What was the app called?

Previous Question: Who owns the most patents in the United States?

Answer: Shunpei Yamazaki, a 65-year-old owner of a research and development company in Atsugi, Japan, currently holds 1,811 U.S. patents. This makes him the current owner of the most U.S. patents in the world.

 

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