Entrepreneurship Graduate Group Coaching Call
Introduction
Many businesses feel pressure because of tight cash flow, and a lack of resources. Here are some ways to find new value with little or no costs.
1, Turn Unused things into assets- Spa tanning beds- Spa owner needed more business but had a bad location. She had 4 new tanning beds that were never used. She said they were costing her money every month. I said these are an asset. Make some coupons for 10 free tans and have your staff give 10 each away. The free tans brought in lots of new business.
2. Increased perceived value of a product or service- There are things a business owner can do to increase the value of his service without giving anything away.
On my videos I gave a free life time replacement guarantee. It increased the value of my videos and prices increased from $4each to $19.95each. Customers were willing to pay more for value rather than buying on price.
3. Recontact past customers or patents- I coached a plastic surgeon to help her increase her business. The market in southern California was brutal and prices were forced down. I had her recontact her past patents to see how they were doing and off a special on a procedure. Many bought. It increased business but cost nothing.
4. The dead list- Every business has on their customer list customers which they could not sell or who were unhappy with their service. Ask businesses that have the same target customer but do not compete, if you can market to their dead list, those names the business could no longer use and you have new customers in your customer’s demographic.
5. Partner with other businesses- If I were an auto detail shop and I wanted more business I could go to the owner of the big car dealership down the road., He has a big list of customers that I would like to market to. I offered to create an email letter to the car dealer’s customers offering in behalf of the dealership exclusively for their customers only a free rock chip repair, no strings attached. The dealer sends the email out to his customers. Some take advantage of the offer and come to my detailing shop for free rock chip repair. Of those some will buy other services and I make money. It is a win,win,win. I get access to the dealer’s customer list, the owner of the dealership earns $100 for each sale I get, and the customers win because they get free windshield repair. The whole thing cost nothing.
7. Get a customer’s products on 50 websites- I had a client who made customer golf clubs. I said he could get them selling on 50 websites across the country. I said, make some emails to send out to 100 websites that sell golf clubs and offer to provide custom club services for their business. All the website owner has to do is to put photos on the custom golf clubs on their website. When they are bought the dealer sends the order to the custom golf club maker and he fulfills the order. The websites only need a photograph of the product, but has no inventory to buy or ship.
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