If you follow our YouTube Channel or Instagram Profile, you’ve seen the series of sales videos I’ve done where I share very simple ways that can 10X your sales. Or at least, get you thinking about some great ideas to boost your profit.
But for the sake of—my favorite people—the readers, here’s a written compilation of these tips with a few added details:
1-The worst business statement I often hear
“But our products have mass appeal, why narrow our targeting?”
About 40% of my clients have said that about one of their services or products; even though they are big players to fall victim to such an obvious mistake.
Believe me, even if you’re selling chocolate, you still need to narrow down your target market. Of course, unless you are Cadbury with the budget to have different campaigns for each geographic location, further customizing to the demographic that buys the most from you in each location.
Just because anyone can be your customer doesn’t mean you should target everyone.
Let’s go with the chocolate example, and build a case for a luxury artisanal chocolate brand.
- Are all age groups buying from you?
- Can all income groups buy from you?
- Are you a gift someone buys or a nice afternoon treat a colleague student may buy on their way to university?
As we answer these questions a target group starts forming. However, if you still try to sell to all income groups, all age groups, and the entire region, you will end up with a small fraction of each market segment.
This leaves you fully vulnerable to a segment-specific competitor swooping in and capturing everyone in that segment.
Same thing if you’re selling software or an investment tool
There’s a huge difference in the dialogue that will appeal to busy mid-30 executives vs. what will work for colleague women under 22.
I have to add, though, there’s an exception to that rule. A trick that works with some brands, which is to address a common intangible challenges. You then become the person who sells the solution to everyone suffering from this particular need.
2- Go bottom-up, not top-down
These are the words that changed how I do business
Right now, how are you generating sales? You are already doing something right. Even if you are making 10 sales a year, that one tactic that’s working for you is what we should focus on building upon.
Your next move should be one level up from where you are today.
For example, if you’re selling courses on your website, instead of trying to be a mega education platform right off the bat
Publish a beginner-version of your courses with mega-education platforms and use them direct traffic towards the more advanced courses on your website
Another example, If you are mainly reliant on personal selling, then the next scale-up is to strike a commission-based deal with a business executive who’s well-connected in a neighboring market, helping you expand to said new market.
3- Sell again to your previous customers, and here’s how to do that as a B2B, SaaS, or a business selling investment-heavy products:
Do your homework:
- Do they need to protect themselves from something in the near future or a vulnerability they are unaware of?
- Do other departments need one of your services or products?
- Maintenance services
- Other supporting services
- Upgrades
Don’t let the simplicity fool you! Your current clients know your quality, they trust you, and there is less friction in the way of the purchase decision.
4- Did you know you have a product you haven’t been selling
No matter what you’re selling, create several DIY courses aimed at allowing your target audience to build a smaller version of your product themselves or at least learn how to maintain it.
If you’re thinking that may impact sales of your actual products you are not seeing the full picture, my dear reader! Here’s why:
Clients who need your services and products will still buy from you because you offer more than the product itself. Most people buy your company’s aggregate expertise and skills, as well as their time and comfort. Not the product.
By adding DIY courses to your products you are empowering your clients to achieve three things:
- The security of knowing they can fix small mishaps
- A deeper understanding of the work that goes into the services you provide and products you develop
- Increase their trust in your brand and strengthen your relationship with your customer base
So if you’re selling a pie teach them how to do it, and if you’re selling a website show them how to fix it or how to build a one-pager (stay tuned for these services 😉 )
5- Your ideal market is always the people actively seeking what you are selling
Don’t be fooled by the simplicity of the statement. The whole trick is to figure out how do you find them.
There’s no one-answer-fits-all here, but if you dedicate a large chunk of your sales efforts to find:
- Those who are solution-aware,
- Who are actively trying to solve challenges your products can solve
Not only will they be receptive to your pitch, but there will be minimal friction in the sales process, and most importantly this is a sure-fire way to 10X your sales.
6- Every business should have two types of offers
- Core Offer
- Profit-maximizer offer
Storytime, recently I shifted hosting companies, the new one—even though it’s the most expensive in the market—offered me an 85% discount upon sign-up. Effectively getting me to leave the hosting company I’ve been using since 2011.
Let’s call that their core offer. For the next couple of years, I will get their main product for a significant discount.
Now I am their client and I trust their quality. This is what you want to achieve
Then they will jump in with the Profit-maximizer, and so should you.
Here is when the hosting company will sell me additional emails, experience enhancers, SSL certificates, new domains, and of course renewal of my hosting at a significant profit. Because (1) they can and (2) I’m more likely to agree as a current client rather than one still wondering if I’ll buy or not.
I’m not saying offer existing clients obscenely expensive products.
The point here is to aim for minimal profit on your first sale with a client and maximize your profit on the second.
The hosting company here offered me a service at a fraction of what retaining me costs them in terms of CS, storage, and tech team share per user. But they are looking at a long-term client who they know they’ll make so much more off of their loyalty.
I’d love to hear your ideas, sales tips that worked for you, or even if you want to just say hi. Feel free to reach out