You’ve got your marketing in order and have a steady flow of prospects coming in, and you’re converting those prospects to clients at a high rate. Now, you need to get them to spend more money when they do spend. It’s the old “Would you like fries with that?” story. One little sentence adds millions to the bottom line. So easy, so simple!
How can you apply that to your business? Remember, these clients are already committed to buying from you so they are in buying mode. Here are six easy strategies to easily maximize revenue for each of your clients:
1. Increase your prices.
Just do it. Add 10 percent to all of your prices today. A small percentage of clients will object, but the extra profit from the other clients who don’t care and are happy to pay the slight increase will more than cover this. Sell by adding value and selling the benefits. Make your service unique so that there is no other product or service to compare it to. You have very little to lose and a massive amount to gain. So increase your prices by 10 percent today.
2. Cross sell and up sell.
Just like McDonald’s approach with “Would you like fries with that,” there are always other add on products or services that you can sell your clients. If you only offer training sessions, you need to find other products or services to offer as cross sells or up sells. It may mean creating a deluxe version in which you provide six nutritional programs during the first six weeks of your client’s program to lay the groundwork for their long-term success. It may mean selling them nutritional products to help them recover from workouts and increase the likelihood of them complying with your nutritional recommendations. You might even form a strategic alliance and sell someone else’s complimentary services, like a dietician or massage therapist, if you don’t have anything else to sell your clients initially.
Often in the sale process, it’s easy to get caught up in the sale and forget to cross sell or up sell. I suggest you make a checklist so that you and your staff remember to offer the cross sells and up sells at the point of sale with every sale.
3. Package deals.
Like McDonald’s (and you wonder why our county is fat) offering their customers a #1, #2, or #3 (and probably a half-dozen other package options), how about having a package deal where everything your client needs to be successful is included for a discount. You can offer training, nutritional coaching, supplements, and even a foam roller and training journal in one complete package to guarantee the client’s success. Even if the client starts thinking that they don’t really need everything, the package deal is so good they’ll take it. This is a great strategy to get clients to try things they might not normally have been interested in like supplements or nutritional coaching.
4. Payment terms.
Having payment terms to allow the client to make bigger purchases can dramatically increase what a client is willing to spend. Our company uses EFT billing for everything so clients can break their investment into monthly payments just like their mortgage or car payment. With this approach, a client who might not have been able to invest a lump sum of several thousand dollars can get the services and products they want and only have a monthly investment of a couple of hundred dollars.
5. “Do X and Get Y Free.”
If you typically have clients who choose to work with you twice a week and you want to ‘sway’ them to training with you three times per week, offer an incentive for only those clients training with you three sessions per week. For example, you could use something like this: “If you choose to work with me three times per week, you’ll also receive our six-week nutrition coaching program free.” If your cost to deliver the nutrition coaching program is reasonable, this is a great way to get someone in the habit of training with you more frequently on a long-term basis.
6. Focus on Grade A clients.
Grade A clients are the ones who don’t complain, pay full price, tell you how wonderful you are, give you great feedback, and tell all of their friends (who are likely grade A clients as well) about you. Identify those clients and nurture them like your own family. Provide them with exceptional service and make sure that they are the first to know about any new offers, programs or deals. They will love it and purchase more often.
Just choose a couple of these suggestions and implement them in your business. You’ll see the average monthly revenue that you make from each client increase by 10, 20, or even 30 percent!