Featured Coaching Training: 17 Steps to Maximize Your Profits
Many business owners think you need to increase sales substantially to make more money. However, there’s another way to make more money, which is to maximize your profit margins. Here are 17 tips to make it happen!
Featured Coaching Excerpt - Notes & Transcript, Part 1
Lesson Nugget: Step 6: Consistently Cross-sell and Up-sell.
Notable Quotable: “Half the battle is selling music, not singing it. It's the image, not what you sing.” -Rod Stewart (British rock singer-songwriter. Born and raised in London.)
Lesson Nugget: Cross-selling is to sell a different product or service to an existing customer.
Title Here: The important point goes here...
Notable Quotable: "You do not have because you do not ask."
-James 4:2 (The Holy Bible)
Ask Yourself: Am I cross-selling and up-selling enough in my business?
- Step number six, consistently cross-sell and upsell. Clay, this is a pretty cool one, I can feel it comin'. 'Sup with that, what's up with this one?
- Well, the thing is is that a lot of people, we have a great idea, we have a great skill, we have a great art, we have a great product, but we can't sell it, and so I'm gonna read you a little notable quotable from our main man Rod Stewart. He's a pop artist. A lot of people make fun of him because he's singing ridiculous songs, but all I'm saying is, Rod Stewart, he started singing some classical songs, so he's a good guy, he sang some jazz standards. He's also sang some, ♫ If you think I'm sexy ♫ ♫ And you want my ♫ He's also sang some songs that are pop songs, but the thing is, he says this, "Half the battle is selling music, not singing it. "It's the image, not what you sing." What does that have to do, let me repeat it one more time. "Half the battle is selling music, not singing it. "It's the image, not what you sing." I'll just paraphrase this for your business. Half the battle is selling blank, not producing blank. It's the image, not what you produce. All I'm saying is it's so, so important, thrivers, that we get very, very, very comfortable at selling. So cross-selling, I'm gonna give you some examples. I worked with a dentist today. He came in the office around one o'clock today, and the dentist, he mostly deals with a conglomerate called Sooner Care. It's government insurance for the state of Oklahoma. So you come in, you want to get your teeth cleaned, and you don't have enough money to pay your own way, or you don't have normal insurance, let's say through a private company, so now you have to use a government insurance company called Sooner Care, and so people come in, and they come in to get their teeth cleaned, and he did not have a system in place for cross-selling. So here's the system. This is an action item for you. All we did is, we're working with him to ask the question, hey, are you aware of all the services that we offer? And the customer, half the time, goes, But every time they'd go, no, what do you do? And he goes, well, we do veneers if you want to have veneers or teeth to improve your smile, if you want to do Invisalign it helps straighten your teeth, it's kinda like braces but without the wires and stuff, we also do X, Y, Z, A, B, C, one, two, three, boom, boom, boom. If you're interested in that, we have that available for you. And people go, well, how much would it cost? And you go, well, with our program we have called Care Credit, we're allowed to offer this service, things that would cause you thousands would only cost you a couple hundred bucks a month, maybe $100 a month. Would you be interested in exploring the alternatives we have or the options we have? Just by asking that question, thrivers, ask yourself. How much money does homeboy make extra a month? I'll tell you this. Not 100 extra customers a month, but probably 20 to 30 extra customers a month are saying yes as a result of him just asking the question.
- And that adds up, too.
- It does, you have 30 extra customers a month and you're a dentist, people sign up. That's why at Best Buy, every time we check out a Best Buy or a Guitar Center, they're like, are you familiar with our rewards program? And you're like, uhh, yeah? And they go, well, if you want to sign up for our credit card today, we have you set up at Target or Guitar Center or whatever, we'll give you a discount today if you want to, you can sign up for zero money down. But the thing is, you have to ask. Have not, ask not. We'll put the verse on the screen, if you're a biblical person, if not, okay.
- You have not because you ask not.
- Yeah, but I'm saying, if you don't ask, people aren't going to say yes. So you have to ask systemically. Think about your last trip to Jiffy Lube. Jose, You been to Jiffy Lube?
- I have.
- Are you a Jiffy Lube guy, or are you kinda like dealership guy?
- No, well, I'm Jiffy Lube, but now I have to take it to a dealer.
- Okay, but before the dealer,
- [Jose] Very loyal. Very loyal Jiffy Luber.
- Okay, so you go into Jiffy Lube. What does the guy say to you every time?
- He always says hello and he welcomes me, and then,
- Popcorn, there's a little popcorn.
- Yeah, I get popcorn, drinks, chocolate, donuts,
- But he comes in, and he shows you the air filter, does he not?
- [Jose] Oh yeah.
- Mister Miranda, your filter looks a little bit, here it is. We look at filters every day, we don't even know what we're looking at. Sir, your belt, it looks a little bit worn.
- Yeah, the up-selling.
- Flush the radiator, all that.
- Do you want to go ahead and drive on that, or do you want us to replace it?
- They give you the scare tactic.
- And you're like, will I die? That's kinda what we're thinking. Well, I'm not saying you're gonna die, I'm just saying that your filter is a little bit, what I would call worn, and it's healthier right now if we go ahead and have a proactive approach. You're like, fine, just replace it!
- [Voiceover] How much is it? So you end up walking into that Jiffy Lube for the $19 oil change for what, $150? Last time you got out of there, how much did those homeboys hit you with? What was your tab, dude?
- $60, $70, easily.
- Dude, every time it took a hundred bucks from me. Every time, and I'm probably just an easy mark. They watch me, they're like, this guy's a sales guy, we can sell this guy. 'Cause sales guys can be sold, but I walk in every time, and the guy, every time, he's like, Sir, you got a lot of kids coming here with you today. Is this a family vehicle? Every time, every time the guy off 101st asks me that. And I go, well, yes, our family drives it. Now, sir, little concerned here, your belt appears to be a little bit, and we can do a complete radiator flush, we can replace the transmission fluid here, sir, we can get you, and it's almost like, he doesn't say it, but he's like, do you care about your family? Almost that kind of thing, so you're like, well, okay. But I'm saying is, he gets me every time. We are not thrivers, we are not, you are not, you are not, I guarantee, if you ask yourself right now, are you up-selling and cross-selling enough? Guarantee you're not. I'm not, you're not, we're not, nobody is. So we need to ask ourselves, what can we do to increase that?
- You gotta do it more often, thrivers. There you go.