One of the biggest killers of highly profitable businesses is the ‘One Sale Wonder’.
Now we’re all in business to serve our customers. So we must believe that we provide value for what we do.
And from that logic, you should be safe to assume that any additional services you’re able to provide to suitable customers are a good thing for those customers.
Not only is it that you will better serve your customers, but the easiest ways to increase revenue (and ideally profit!) is to increase the number of times or dollar amount that an existing customer buys from you.
So how do we transition from a ‘One Sale Wonder’ to a business that serves its clients to the best extent?
Really, it’s any business with a strong focus on:
The first businesses that come to mind are:
Yes, of course. I get that customers sometimes want the bare minimum or only see the value in the initial ‘bump’. But we must strive to serve our customers to the maximum that our businesses can.
For this, let’s take the digital agency as an example.
What about changing the whole focus of your business; your marketing, the language you use, the sales process – all to focus on the ongoing value of content creation vs reacting when a prospect asks for a website?
It may take a bit of education with your market on your behalf, but the rewards of this will work wonders for your recurring revenue.
Look at the table below. Which quadrant do you think would be the easiest to sell to?
Of course, the answer is the bottom left—selling services you already have to clients you already know.
But businesses often focus on selling to the bottom right quadrant instead. Take our advice, and stick with what you know and who you know.
And if you don’t have existing services yet, do get into product development mode and work with your team to identify the needs of your clients and if you’re in a position to provide them.
Working with partners who provide the ‘logical next step’ to your customer, or who provide the step before needing yours.
They can provide the leads for your business (if they are the step before needing yours), or you could negotiate a referral agreement or partnership with customers that you send (if they are the next logical step after you).
|Digital agencies who focus on the build of the website
|Focus on the ongoing content creation, campaigns and development of the site
|The painter who just paints a house
|Come back every so often to clean the surface and add a coat of paint
|The mortgage broker who sorts out a home loan
|Keep in touch with the home owner for car finance, second property etc
|An electrician who installs solar power systems
|Implement a maintenance contract to clean and repair the panels
|An audiologist who sells hearing aids
|Replace batteries and offer upgrades on a maintenance contract (similar to a mobile phone?)
|The cleaning company who work primarily for end of lease bond cleans
|Partnering with a party hire business – in the hope that the parties may need a cleaner…
|Even cafe’s with meeting rooms for hire
|Follow up each hire with a coupon or deal for catering as an incentive to return
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