Think about other avenues that you can explore to make money where you aren’t currently.
I just got off a call with a client who owns a huge trailer company. They have over 50 trailers located in 70 dealers across the country. He’s a 8 figure business, and we’re looking to advance his business into a 9 figure company.
I was just explaining to him that there’s so much money being left off the table by so many companies not realizing that they can make money off of the very things their customers currently see as problems.
Wordy, but let me elaborate.
Best Buy, Macy’s, Bloomingdale’s?
Do you have a credit card of theirs?
Once upon a time there was no such offer.
Until they got an idea from AMEX, VISA, MasterCard, Discover…
“Wait, a minute…they can take home the goods now and pay me later, and I can make money off of them waiting to make their payment by charging them interest?”
Financing has become a better money maker than the actual business!!!
This is why Mercedes Benz decided to create their own financing company instead of pushing you off to Ally Bank or US Bank to handle the payment collections.
These are why furniture companies WANT you to buy their credit card.
They WANT you to make the minimum payment. As long as the collection department does their job, they know they’ll make way more money off of you by delaying payment than actually paying for everything up front.
((Now, I’m not a fan of making money off of high interest rates from vulnerable people and using fine print to do so (or, 0% introductory APR’s where it then goes up to 27%), but the premise is…you are missing opportunities!!!))
(And being honest here, the advent of credit actually has benefited us in many ways…the opportunity to get capital with interest is better than no opportunity at all…we do have to be very disciplined with it and use it for high ROI investment purchases, not consumption purchases.)
Here’s the key takeaway – Your customer is probably in love with many things you do and frustrated by other things that you do.
Instead of sweeping it under the rug, find a way to add more value to your customer! And it could very well be that it’s a brand new product line for you!
Similar to the department stores creating their own credit card company to give you the clothes now and pay later, it’s time to make money off of the missing links in your chain.
People were busy with many other things and didn’t have “time” to read my MP45 workout program and meal plan.
Solution: Create videos every single day walking people through the program so they didn’t have to read it. Charge $197 additional for the videos. Problem solved.
That one move has brought in some additional revenue for the company. About 25% of people take action on that product.
And people are happy they have that experience.
Best Buy realized they can make a lot of money off of their Protection Plan. People complained that they didn’t want to send out the product to the manufacturer and wait 2 weeks for an answer. They’d rather just bring their product into Best Buy.
This is one of the reasons I feel Best Buy has stayed alive in an era where Amazon is absolutely dominating. That, and a price match guarantee.
Stop being short-sighted and care immensely for the wellbeing of the customer.
Not only did they solve your problem, but they know you’re willing to pay for it!
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