Greetings and Welcome,
First, I want to thank you for sending me your story.
Keep your stories coming about your life and journey.
I will personally read each of them and respond.
Now, today I am going to provide you with a quick,
easy strategy for increasing your cash flows – and
when I say cash flow, I mean more money in your
bank account.
Today’s strategy will be a “mental strategy” – a way
you change how your mind looks at business and
as a result, you take actions that create a new
result.
A “mental strategy” begins by changing the
way you think, which leads to a change in the
way way you act, and creates a change in the
result you obtain.
Like most of my strategies your “fast money in the
bank” strategy has 3 steps. They apply to any type
of business (however, if you are in retail, I will give
you a specific way to apply the strategy).
STEP 1. Identify your top buyers. Why? They are
the ones more likely to respond quickly and buy more.
After all, the fact they buy more than your typical
customer is what makes them a top buyer.
If you have a small number of current customers,
lets say 100 or fewer, then choose your top 50% of
buyers. If you have more current customers, then
make it a smaller percentage until at 500 or more
current customers, only choose the top 20%.
Easy enough. Now here is the special situation for
storefront retailers. If you sell by someone coming into
your store, then take the average ticket purchase amount
and apply steps 2 and 3 to this group.
I’ll comment more in step 3 on on how to do this.
Step 2. Select a product: low cost, high profit margin product
product or service (this depends on which you sell most of, but
a product is always a preference if you do sell products
because it doesn’t take service time to deliver) that
will appeal to, therefore attract, many of your customers.
Product/Service selection criteria:
1. low cost – so easy to say “yes I’ll buy it”
2. big profit margin – you can afford to discount it
3. high appeal – many customers will easily buy it!
ONLY chose something to offer that meets
ALL of these criteria!
Low cost is relative to your market and the purchase
price of your typical products and sales. However, if
you can offer a product that is around $20-30 or at
least under $100, that works best (more people will
likely purchase it).
Now by high profit margin, I mean a product on which
you have 50, 60 70, even 80% or more profit margin.
You want a product you can reduce for a “special”
by offering 20-25% off and you still have a nice
profit from the sale!!
This isn’t your loss leader moment. Remember this is
a strategy to put cash flows into your bank account!
STEP 3: Develop a limited time offer that you
will make to your buyers as a “3 to 7 day special”.
YOU want to put money in the bank quickly and give
them a limited time reason to buy now or loose
their opportunity!
If you are in retail, then this is how you separate your
“top buyers.” Simply take your average ticket price
for purchases, and put up a sign (put up several signs
depending on your layout – put it in the window if
possible) that you are offering this great deal for
7 days for purchases “over” your average ticket
amount. This way instead of you having to determine
who your “top buyers” are, they are self-selecting to
become one so they get the special deal!
If you are any storefront retailer OR you are an
online retailer who doesn’t have the ability to easily
segment your list by purchase amount, then use the
above method of determining your “top buyers”.
Every other business should do the following:
Make your offer to the “top buyers” identified
by being your top purchase amount buyers
(50%, 40%, 30%, or 20% of your buyers
depending on how many current buying
customers you have as discussed in step 1)
and MAKE AN OFFER to them at least one
time over the 7 days.
If you are using email, consider making your
offer 2 or 3 times.
Be certain to mention it is TIME SENSITIVE,
a “limited time” “buy now” offer. Clearly
state the big discount (20-25%) they will
receive by taking action NOW.
This is a fast way to create more sales,
create more cash flows so you put more
MONEY IN YOUR BANK ACCOUNT!!!
Let me hear about your results! Tell
me what you did and how much money
YOU put in your bank account!
To YOUR Entrepreneur Success,
.
J V Crum, III, M.B.A., J.D., M.S. Psy
Author, “Conscious Millionaire: The Formula for Creating Wealth.”
Keynote Speaker, Event Presenter, Radio and TV Guest Personality.
Small Business Coaching, Entrepreneurship Training, Leadership Development
Founder/CEO: Conscious Millionaire Institute, LLC / Conscious World Foundation, Inc.
www.ConsciousMillionaire.com/blog
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Keywords: conscious business, conscious entrepreneurship, small business coaching, small business coach, leadership development, nlp coaching, small business advice, complimentary coaching session, entrepreneurship training, j v crum III