In Closing: What Is Your Ideal Profit Strategy?
When it comes to developing your ideal profit strategy, there are several things you can learn from the basic Profit Funnel. Let’s take a look at those elementary principles:
You Have to Start at the Beginning
Getting your foot in the door with a new customer is your top priority. We all know that they sales cycle can take a long time in some cases. But if you are going with a product or service that is relatively inexpensive and can be identified immediately with a need, then you can shorten than cycle a great deal.
Don’t worry about making a huge profit off that first sale. Just get the sale and make sure the product works right. Your reputation and your future opportunities with that client rest on providing them with a quality product as a price they are happy with.
It is for that reason that these entry-level efforts are so important. Sure, the big profit is not there, although you may end up with a nice amount of profit if you are able to move a product or service in bulk.
But make sure you see this as laying a foundation for things to come and not just the beginning and the end of your efforts with this customer. If you handle the situation right, you will soon be in a position to make a great deal more inroads with this customer.
Once in the Door, Look for New Opportunities
Now that you have a satisfied customer who likes what he has bought and now has a reason to trust you, the time has come to look for other ways to broaden your business dealings with your client. Identify mid level products that you can offer to your customer, helping him to get ideas about how and where in the organization they may be effective.
Let your now excellent reputation precede you as you offer enhanced services that work with the original product offering, as well as more upscale services and products that can meet other needs within that company.
Keep in mind that as you expand your presence among various contacts associated with your main contact, there will be additional opportunities to begin the same process as outlined by the Profit Funnel with them. In addition, you will find that your clients are more than happy to act as references for you once you have provided them with multiple offerings that are doing a great job for them.
Anticipate Needs that may Happen Infrequently
You may have some high level services or products that will make a great impact on something your customer does once or twice a year. This is where your rapport with your client has come in handy. You know about these opportunities because you are trusted.
As you become aware of these chances to get involved with your high level offerings, make sure to demonstrate the value that you bring to the table. It is not just that you can save them more money, and most likely in these cases a great deal of money. You also can offer them at least as good and most likely better, than they have made do with in times past.
Keep in mind that though these high ticket chances may not come your way every month, the fact is that people remember when you had a hand in making them shine to their constituency at a critical moment.
Thus, if you offered consulting services that helped your client organize a successful week long conference with persons coming from all fifty states to attend, your client will remember you very fondly and you will no doubt be called upon to provide those same services next year.
Above All, Deliver What You Promise
Always keep in mind that all the goodwill that you have built up as you moved through the low ticket to mid ticket and finally high ticket offerings can be blown completely away with one simple failure to deliver what you promised.
There used to be a saying in the movie industry about a director – he was only as good as his last picture. That is also often the case with vendors who supply goods and services as well.
You can avoid disappointing your clients by making sure you do not promise them anything that cannot be delivered immediately. Far too often, salespersons say, “yes, we can do that” knowing full well there is nothing in place currently to deliver.
The result is that those that are backing you may or may not be able to come up with a solution. If they can’t you have torpedoed your reputation with your customer, destroyed any hope of getting good word of mouth that could have opened doors for you elsewhere, and probably damaged the reputation of your company right along with your personal reputation.
Be honest about what you can provide and stay away from promising that which you know you don’t have in place right now.
A Final Word about the Profit Funnel
The concept of the Profit Funnel provides a common sense approach to selling. You start at this point and continue to build on that success. But don’t get the idea that you take one company through the funnel and you are done with them. Over and over again, you can use the Profit Funnel to create new contacts within an existing client, perhaps at different locations or different departments.
You may even be at several points simultaneously with one single contact, as you identify more and more opportunities within the realm of his authority. By keeping the model of the Profit Funnel in mind, you will never find yourself in the rut of going only after the lowest hanging fruit on the tree.
You will scoop up that fruit of course. But you will also continue to reach upward as you progress from one level to the next, maximizing the time and assets of your customer, making a profit for your company, and getting an ever nicer commission for yourself.
In the end, you are in complete control of developing your persona ideal profit strategy. No matter what your product or service offerings, chances are they fit the mode of the Profit Funnel. Incorporate the concept into your profit strategy and use the Funnel as a way to measure your current level of success.
You will find it an excellent tool for helping you to stay on track as you reach for your goals.
I hope you enjoyed the Profit Funnel series. Next post: Surprise Material, until then see ya later…