Getting Everything You Can Out of All You've Got

1. Maximize Your Current Resources Before Seeking More

There are only three ways to increase your business: 1. Increase the number of clients. 2. Increase the average size of the sale per client. 3. Increase the number of times clients return and buy again.

Optimize existing assets. Before seeking new opportunities, focus on maximizing what you already have. Analyze your current client base, sales process, and business model to identify areas for improvement. This approach often yields faster and more cost-effective results than pursuing entirely new ventures.

Leverage untapped potential. Look for hidden assets and overlooked opportunities within your business. This might include:

• Unutilized employee skills
• Underperforming products or services
• Dormant client relationships
• Unused equipment or space

By thoroughly assessing and optimizing your existing resources, you can often achieve significant growth without substantial additional investment.

2. Develop a Unique Selling Proposition to Stand Out

Your unique selling proposition is that distinct, appealing idea that sets your business apart from every other "me too" competitor.

Differentiate your offering. In a crowded marketplace, it's crucial to clearly articulate why customers should choose you over competitors. Your Unique Selling Proposition (USP) should:

• Address a specific customer need or pain point
• Highlight a benefit that only you can provide
• Be easily communicated and understood

Integrate your USP everywhere. Once developed, incorporate your USP into all aspects of your business:

• Marketing materials and advertising
• Sales presentations and pitches
• Product development and service delivery
• Customer service interactions

A strong USP not only attracts new customers but also reinforces the value you provide to existing ones, fostering loyalty and repeat business.

3. Eliminate Risk for Customers to Boost Sales

If you take away the risk to your prospect or client, you lower the barrier to action, thus eliminating the primary obstacle to buying.

Implement risk reversal. By assuming the risk in a transaction, you remove a significant barrier to purchase. This can dramatically increase sales and customer trust. Consider offering:

• Money-back guarantees
• Free trials or samples
• Performance-based pricing

Go beyond basic guarantees. To stand out even further, consider offering "better-than-risk-free" guarantees. This might include:

• Keeping bonuses even if the product is returned
• Offering additional compensation for dissatisfaction
• Guaranteeing specific results or outcomes

By confidently assuming risk, you demonstrate faith in your product or service, which in turn instills confidence in potential customers.

4. Upsell and Cross-sell to Increase Transaction Value

When you close a sale, it's the perfect time to make an additional sale—particularly if there's a very good reason and benefit for the client to buy your package deal.

Maximize each transaction. Once a customer has decided to buy, they are more receptive to additional offers. Develop a systematic approach to upselling and cross-selling:

• Identify complementary products or services
• Train staff to make appropriate suggestions
• Create bundled packages that offer additional value

Focus on customer benefit. Successful upselling and cross-selling should always prioritize the customer's needs and desires. Avoid pushy tactics and instead:

• Explain how additional products enhance the initial purchase
• Offer package deals that provide better value than individual items
• Suggest upgrades that better meet the customer's stated goals

By thoughtfully increasing the value of each transaction, you can significantly boost revenue without the need to acquire new customers.

5. Test Everything to Optimize Performance

You don't have the right to determine what the market wants. But you have the duty to find out.

Embrace a culture of testing. Continuous improvement requires ongoing experimentation. Implement a systematic approach to testing various aspects of your business:

• Marketing messages and channels
• Pricing strategies
• Product features
• Sales techniques

Use data-driven decision making. Don't rely on assumptions or gut feelings. Instead:

• Set clear metrics for success
• Use A/B testing to compare alternatives
• Analyze results objectively
• Implement winning strategies quickly

By consistently testing and refining your approach, you can identify the most effective strategies for your specific market and continuously improve your results.

6. Leverage Strategic Partnerships for Growth

You can arrange to gain additional benefits from the clients you've acquired, the prospects you couldn't sell to, or the clients you sold to long ago.

Identify complementary businesses. Look for companies that serve the same target market but don't directly compete with you. Potential partners might include:

• Suppliers or vendors
• Businesses in related industries
• Companies serving different stages of the customer journey

Develop mutually beneficial arrangements. Create partnerships that provide value to both parties:

• Cross-promotions and joint marketing efforts
• Referral programs
• Bundled product or service offerings
• Shared resources or expertise

By strategically aligning with other businesses, you can expand your reach, access new customers, and create additional revenue streams without significant upfront investment.

7. Implement a Formal Referral System

A referral-generated client normally spends more money, buys more often, and is more profitable and loyal than most other categories of business you could go after.

Systematize the referral process. Don't leave referrals to chance. Create a formal system to consistently generate high-quality leads:

• Identify your best referral sources (satisfied customers, partners, etc.)
• Develop clear guidelines for making referrals
• Create incentives for both referrers and new customers
• Train staff on how to ask for and handle referrals

Make it easy and rewarding. Remove barriers to referrals by:

• Providing referral cards or digital tools
• Offering valuable resources that customers can share
• Recognizing and thanking those who make referrals
• Sharing success stories of how referrals have benefited others

A well-executed referral system can become a powerful engine for sustainable growth, leveraging the trust and goodwill you've built with existing customers.

8. Reactivate Past Clients for Quick Wins

Over 80 percent of all lost clients didn't leave for an irreparable reason, you can instantly take action and get many—even most—of those clients back.

Analyze your inactive customer base. Identify clients who haven't purchased recently and categorize them based on their reasons for leaving:

• Simply forgot or got distracted
• Had a minor issue or misunderstanding
• Experienced a change in circumstances

Develop targeted reactivation campaigns. Create personalized outreach strategies for each category:

• Reminder campaigns for those who simply fell out of touch
• Problem-solving approaches for those who had issues
• New offers tailored to changed circumstances

Reactivating past clients is often more cost-effective than acquiring new ones, as you already have an established relationship and valuable data about their preferences and behavior.

9. Master Direct Mail and Telemarketing

Sales letters are the most powerful prelude to telephone marketing efforts. I have seen many situations where, by sending a sales letter out ahead of a phone call, the effectiveness of the call itself was increased by 1,000 percent.

Craft compelling sales letters. Develop direct mail pieces that:

• Grab attention with a strong headline
• Clearly communicate your unique value proposition
• Include a specific call-to-action
• Use persuasive language and storytelling

Integrate with telemarketing. Use a multi-touch approach:

1. Send a targeted sales letter
2. Follow up with a phone call referencing the letter
3. Provide additional information or offers based on the call

By combining the strengths of both direct mail and telemarketing, you can create a powerful system for generating leads and closing sales.

10. Harness the Power of Internet Marketing

The key to success online has almost nothing to do with the technology. The Internet is simply a powerful, but different, communication and marketing vehicle.

Apply proven marketing principles online. While the medium is different, the fundamentals of effective marketing still apply:

• Develop a clear value proposition
• Create compelling content
• Build trust and credibility
• Continuously test and optimize

Leverage unique online capabilities. Take advantage of features specific to digital marketing:

• Highly targeted advertising
• Real-time data and analytics
• Interactive content and personalization
• Global reach and 24/7 availability

By combining traditional marketing wisdom with the unique capabilities of the internet, you can create a powerful online presence that drives growth and engagement.

11. Use Barter to Expand Your Purchasing Power

Barter gives you the amazing ability to vastly increase your purchasing power—sometimes by as much as five to ten times over.

Identify barter opportunities. Look for situations where you can trade your products or services for things your business needs:

• Advertising and marketing services
• Office equipment or supplies
• Professional services (legal, accounting, etc.)
• Travel and accommodation

Maximize value through creative deals. Consider strategies like:

• Trading at retail value rather than cost
• Using triangulation to facilitate multi-party trades
• Bartering for future credit or services

Barter can be an excellent way to conserve cash, utilize excess capacity, and acquire needed resources, especially for small businesses or during economic downturns.

12. Communicate Consistently to Build Strong Relationships

The more contact and communication you have with a person, the stronger and richer the relationship becomes.

Develop a systematic communication plan. Create a schedule for regular touchpoints with clients, prospects, and partners:

• Post-purchase follow-ups
• Regular newsletters or updates
• Periodic check-ins or reviews
• Special occasion greetings

Provide value in every interaction. Ensure that your communications are not just self-serving:

• Share useful information or tips
• Offer exclusive deals or early access
• Ask for feedback and act on it
• Express genuine interest in their success

Consistent, value-driven communication helps maintain top-of-mind awareness, strengthens relationships, and can lead to increased loyalty and repeat business.

Last updated: August 8, 2024