Archive for July, 2010

5 Easy Ways to Upsell Your Products and Services

By Stacy Karacostas -

5 Easy Ways to Upsell Your Products and Services

1) If you sell and ship products, put an ad or coupon for a related product or an upgrade in the box.

2) Send new clients a thank you card with a promotion for or mention of one of your other services.

3) Put a sign up in your store or office announcing a new offering or special deal. Just make sure it doesn’t get lost in the clutter. And ideally train your staff to point it out.

4) Send targeted follow-up emails to clients or customers offering them a related product or service (you can do this automatically with a good email autoresponder and shopping cart)

5) On your Website, offer an added discount for buying two products or services together (Amazon does a great job of this by always offering a second book on the same subject below your main selection).

Remember, upselling is really just a matter of offering something else your customer is likely to want, based on what they’re buying now. Simple as that.

You’re doing your clients a HUGE disservice if you don’t tell them you have something else they may want or need. And you’re leaving money on the table in your own business.

Are You Upselling?

Are You Upselling?

By Stacy Karacostas – Fri, 07/16/2010 – 12:28pm.

A while back, my hubby and I were on our way back from one of my speaking engagements, and decided to pick up dinner to go. So we called one of our favorite teriyaki joints (Seattle’s Best, on 1st Ave S), to place an order.

Since it’s a little out of the way for us normally, we hadn’t eaten there in a while. So we were rather excited to have it conveniently located on our route home.

Then life got even better…

The woman who took my husband’s order asked if we’d like brown rice instead of white!

Now I don’t each much white rice. But I love brown rice! In fact I’ll order it every time if given the option. So this was a very pleasant surprise.

My husband said yes right away even though it cost a bit more. And boy was it good! This place has the yummiest teriyaki sauce, and it is divine on rice (white or brown).

I can say for sure we’ll now be going out of our way to eat there more …And I bet we’re not alone.

My husband and I were very impressed from a sales and marketing standpoint too. Because they’re clearly paying attention to changes in people’s eating habits, and changing their menu to suit. And they’re making sure customers know about this new option…They actually asked for the upsell!

—–
Upselling doesn’t have to be hard or uncomfortable
—–

With the simple act of asking if we’d like their newest menu item as a substitute, Seattle’s Best made $1.90 more. And now we’ll be there more often, and spending more money each time to get that fine brown rice.

All they had to do was let us know this option is now available, and boom, they grew their business. Best of all, I’m thrilled to have spent the extra money.

This was upselling at its finest. And it’s most simple.

What’s interesting is that big companies and chains often train their employees to ask if you want to make it a combo, add fries with that, try their new dessert, etc. Yet it’s rare to see this done in small restaurants (or any small business).

Which is silly. Because it’s one of the easiest things to do. And almost any business can do it (not just restaurants!).

When I worked in my parent’s animal hospital, we boarded pets. And we always asked if clients wanted their pets bathed before going home. More than 50% said yes.

Added convenience for them, more revenue for us!

The key here is…We were trained to ask.

All too often small business owners (or their employees) just don’t ask. Maybe because they aren’t comfortable selling.

Or they feel like they don’t have time to train employees in this much detail.

Or don’t know how to get the employees to do it.

Or, even worse, they think the employees are asking, when in reality it’s not happening (When was the last time you had a “secret shopper” call in to see what employees really say when they answer the phone???).

In the last case, the poor business owner is usually left thinking the promotion isn’t working. Or the new product or service is a dud.

When in reality clients don’t know it exists!

The bottom line is, you have to let people know about other options, or you probably won’t sell very many. Thankfully, you don’t even have to be there in person to do an effective upsell.

How Social Trends Benefit Business

How Social Trends Benefit Business
By Abby Johnson – Wed, 07/14/2010 – 11:38am.

4 current trends you should pay attention to

Although many businesses now realize the power of social media, they have a hard time discerning which social services are effective and which are not. To make matters worse, new social sites, services and applications are emerging almost daily.

More SmallBusinessNewz Videos

So, how can businesses keep up? It’s a challenging task, but a necessary one. As discussed in the above video, businesses should try to watch the most current social trends before deciding if they need to embrace them.

Currently, one of the most popular social trends is location. People are constantly “checking in” with applications such as Foursquare and Gowalla. Both Twitter and Facebook support location information support as well.

Since these location services are continuing to grow, businesses have the opportunity to leverage them through promotion, advertising, and more.

A second social trend that is growing that also involves location is group buying systems. These systems provide daily bargains for people within certain cities as long as a specified number of people participate. Two examples of these systems include GroupOn and LivingSocial.

By getting listed with these services, local businesses can use them to attract new and repeat customers.

Thirdly, businesses should pay attention to mobile ads, since mobile is growing in significance right along with social. According to a recent report from large mobile advertising network AdMob, smartphones have doubled their share of ad requests in the past 2 years.

Incidentally, Google acquired AdMob last year but was only recently granted regulatory approval. Apple is also investing in this space with its iAd platform announced last month. If both Google and Apple find the mobile ad space important, then it is probably something businesses should watch as well.

The last trend that also pertains to mobile and is quickly gaining momentum is mobile payment systems. Consumers are doing more and more from their mobile devices, so why not allow them to close the deal directly from their mobiles?

PayPal has payment apps for the iPhone, Android, and Blackberry mobile devices. Square is another mobile payment method that works with iPhones for credit card transactions. Interestingly enough, Twitter Co-founder Jack Dorsey is listed as one of the developers of Square.

Visa has stated that it plans on entering the mobile payment market as well.

As you can see, there are many ways that businesses can benefit from these social trends. Can you think of any other important trends that could provide opportunities for business?

Bernanke Calls Again For More Small Biz Lending

By Doug Caverly – Mon, 07/12/2010 – 2:49pm.

Fed chief describes process as “crucial to our economic recovery”

Small businesses that are in need of loans will receive them – or at least become more likely to receive them – if Federal Reserve Chairman Ben Bernanke has his way.  Bernanke stressed the importance of supporting small businesses earlier today.

Ben BernankeBernanke acknowledged this morning that there’s a cause and effect relationship between the availability of money and the possibility of success.  He admitted, too, that the current state of things isn’t exactly great.

Specifically, Bernanke stated according to Tom Barkley, “The formation and growth of small businesses depends critically on access to credit.  Unfortunately, those businesses report that credit conditions remain very difficult.”

Then here’s the key part: Bernanke also said, “Making credit accessible to sound small businesses is crucial to our economic recovery and so should be front and center among our current policy challenges.”

So again, let’s hope all of the right people are listening and follow Bernanke’s recommendations.  Preferably while not increasing the national debt and/or making the U.S. enter another cycle in which loans are way too easy to obtain.  Another recession wouldn’t do anyone much good.

As always, we’ll see what happens.

Small Business CEOs Optimistic About Growth

By Mike Sachoff – Mon, 07/12/2010 – 5:09pm.

CEOs expect to increase profits

While CEOs of small to medium sized businesses have lowered their expectations for the pace of growth in the overall economy, they remain confident that, over the next twelve months, they will increase revenues and profits as well as hire new employees, according to the Vistage CEO Confidence Index 2nd quarter results.

In the fourth quarter of 2008, CEO confidence indexed at 48.7 – an all-time low since the survey began in 2003. According to University of Michigan’s Dr. Richard Curtin, who has directed the survey since its inception, CEO confidence rose to 94.4 this quarter, marking the sixth consecutive quarterly increase.

According to Vistage International Chairman and CEO Rafael Pastor, the Q2 results are particularly significant, “CEOs of small to medium size companies have adjusted to the lean economy, are doing more with less, and have positioned their companies for success. Their continued confidence sends a strong message that small and medium sized businesses will be among those who will lead our overall economic recovery.”

Planned declines in employment fell to just 9 percent in the 2nd quarter of 2010, the lowest level in three years. Plans to expand their workforce were reported by 44% of all CEO’s in the 2nd quarter survey, unchanged from the prior quarter. Among all firms, however, 47% expected to keep the overall number of employees constant, up from 44% in the prior quarter and the highest percentage in the past decade.

Growth in revenues was expected by two thirds of all firms in the 2nd quarter, unchanged from the previous quarter but well above the half of all firms that expected revenue gains a year ago. Increasing profits were expected by 54 percent of all firms in the 2nd quarter of 2010, a level that has not changed over the past three quarters.

The majority of CEO’s (87%) believe the federal government does not understand the challenges face by small businesses well enough to expand their business opportunities. These CEOs are concerned about increased taxes, regulations and government interference that hinder entrepreneurship.

 Page 1 of 6  1  2  3  4  5 » ...  Last »