DON'T OVERLOOK YOUR MOST PROFITABLE SOURCE OF BUSINESS

By Bob Leduc
Posted Sunday, October 31, 2004

A new business owner called me recently with a question I hear often. She asked, "What can I do to build my business faster? I'm making a small profit but cannot seem to generate enough sales to make the real money in this business."

As Karen answered some of my questions it became clear she had done a good job of targeting a niche market. She also provides a compelling reason for prospects to do business with her instead of with her competition. She was obviously effective at attracting customers because she already had over 100 of them.

In fact, she was so busy chasing down new customers she completely overlooked her existing customers as a source of additional business.

HIGHLY PROFITABLE AND EASY TO GET

Your existing customers and clients already know and trust you. It's easier for you to get more business from them than to get business from new prospects. It's also more profitable than business from new prospects because you get it without an advertising expense.

Some businesses have natural repeat sales built into their operation. For example, most MLM companies sell consumable products that periodically need replacing. And web site hosting services collect a new fee at regular intervals to keep your site up.

These replacement needs automatically generate repeat business. But how can you generate additional business from customers when it's not automatically built into your product or service?

HOW TO TURN A ONE-TIME SALE INTO REPEAT BUSINESS

To capture additional business from your existing customers you have to find or create additional products or services your customers are likely to want. Start by asking yourself what else you can offer your customers and clients to improve their lives in the same area as their original purchase.

One type of product every business can use for repeat sales is instructional material. It can be a book, videotape, audiotape, software or any combinations of them.

For example, a pet store owner I know of regularly sends her customers special postcard offers for some of the books and videotapes she stocks in her store. She sells a lot of books and tapes this way. It also generates a lot of profitable referrals from her customers.

AFFILIATE PROGRAMS

Affiliate programs are especially effective for generating repeat business from existing customers. Just announce the product or service to your customers and include your personal endorsement of the program. The affiliate program handles all aspects of the transaction and pays you a commission.

The cost of finding new customers is a big expense. Maximize your return on this expense by getting all the business you can from these customers. Create or locate other products or services you can offer them. You'll be amazed at how easy it is to get additional sales from customers -- and how much additional profit it generates for you.

About the Author
Bob Leduc is a Sales Consultant with 30 years experience in generating low-cost leads. For more info:
mailto:BobLeduc@aol.com?subject=Postcards Phone: 702-658-1707 After 10 AM Pacific Time/Las Vegas, NV