You don’t have to deal drugs, rob a bank, or break the law to get an amazing profit in business. In fact, the more integrity you have the better you will do.
I have shared many times previously that you need to offer some kind of high dollar service (relative to your average price). One more example just happened this week in our office…
Yesterday morning I was working in the office before any other staff came in and the phone wrong. I picked it up and it was someone in need of a service that we offer (and subcontract in). It really wasn’t a big deal to us and we normally would make about $400 on arranging this service and subcontracting our vendor to provide the service (which by the way is not bad for a couple phone calls). I took the callers info and told her I would pass it along to the proper staff member when he got in that day.
When my staff got it, I passed along the message but also told him I think there was a need for additional services on this one and he should explore further. I could smell money on that call. This is a sense that you need to learn to develop. Johnathan called her shortly thereafter and decided to meet her at her office and the event site to discuss further (no other person she called did this).
When he arrived and they went over everything, he was enthusiastic and offered her much advice on a bigger vision for the event. We hunted around a bit for a budget number to work with by giving the usual range (we offer service from $500 to 50,000 so you really need to give us a general idea what we are working with). Get this… a $15,000 budget for the entertainment portion of the event. We have an awesome vision and a scaling it back to hit $15k (yes things can get expensive quick). I would say at this point we have 75% chance of securing the client around $15,000 that started as a potential $500. Best thing is about $8,000 of that will be profit.
So lessons to learn…
If you assume you miss out.
If you don’t ask, you will never know.
If you are lazy, you miss out.
If you act like all your competitors you lose.
This by the way is after putting out a $22,000 quote on a wedding this Monday. It can be done!
Profit 911 Consulting
P.S. There are just 2 days left to snag the tickets to the “6 Figure Sales and Marketing Academy” in Las Vegas on April 10th for $150 off. You can get more detail and register before the price goes up again at www.pbxpreday.com or contact me with any questions.
Right now, my staff and I are beginning setup on a very large job for Saturday. This account is billing close to five figures. It is a great opportunity during what is a slow season for us. I tell you this not to brag, but to encourage you to offer high end and expensive services and products.
Not only do they smooth out cashflow, but they can be highly profitable (usually not one by one but put together). Here is the lesson, you need to advertise and promote expensive packages or you will never book them. You need them listed right alongside everything else you offer. Not only does it make everything else look less expensive, but it is almost guaranteed you will never get the high paying customer if it is not listed. There is a such thing as being too cheap. The customer sees you as inferior and not in their league. They do not trust you and they will further negotiate you down. This doesn’t happen nearly as much on higher end products and services.
Do it today. Add a super-deluxe offering to your pricelist and try to sell it. You will likely be super surprised when someone books it without batting an eye.
Profit 911 Consulting
It seems everyone has gone powerball crazy here in the United States and also forgotten about basic math. With the largest lotto jackpot ever in the world at $1.3 Billion USD, people are buying tickets like crazy.
The bottom line is it is a waste of money. Statistically you basically have ZERO chance of winning. If you buy one you are buying based on emotion and not logic.
Here’s some interesting articles:
Tax on the poor: https://www.youtube.com/watch?
Is it rigged?: http://gawker.com/is-the-1-3-
Lottery can Ruin Your Life: http://www.daveramsey.com/
Now here is the interesting part… all buying decisions are first made on emotion and then (usually) justified with logic after the fact. You are buying hope…. false hope, but hope nonetheless. To an extent, hope is what I sell people too but with a heck of lot better odds of achieving a victory. Gambling is not going to be your win. Whether it be gambling in the lottery, gambling on an ad, gambling on a new venture, or any other business gamble. You have to separate logic from emotion. You have to realize hard work is what it takes, not dumb luck.
Get to work on your real plan for success this year.
Profit 911 Consulting
P.S. Yes I bought a powerball ticket as my wife insisted (see emotional purchase based on marriage not logic or even hope of winning).
We survived the Thanksgiving and subsequent shopping holidays. So, one question for you…. how did you do? Did you find a way to cash in on Black Friday, Small Business Saturday, or Cyber Monday?
Our Black Friday was down from last year but still one of our best days of the year.
I heard back from Aaron Abramson who followed our Black Friday Blueprint Training (with his own twist) who had this to say:
“Hey Justin, I just want to say thank you for your Black Friday sale system. I’ve been using Infusionsoft for a year and a half, and have done some successful promotions in the past…
But I have NEVER done a sale with a PDF price list with printable order form… Opening up my emails to see orders sitting there is like Christmas!
I did modify the sale though… We’ve been running it all week (not just on Friday), and Saturdaymorning extending it until next Wednesday (we do well with extending sales).
$9133 in credit card receipts so far this week!”
Aaron wrote that email before Black Friday had even arrived following the basic principles on how we run one time promotions.
So, email me at firstname.lastname@example.org
Did you run a promotion? What did you do? How did you do? You don’t have to have numbers as high as Aaron. I want to hear from you.
Profit 911 Consulting
Last night we did a “call night” at our office in preparation and to boost response for our Black Friday sale. We had 6 people on the phones and placed 662 outbound calls to our master list of leads (we got about halfway through the list).
The results for all the calls… ZERO sales. Now you may be thinking what a waste of time and money but the goal of the calls was not to get bookings. The goal was to get people registered for our sale and opted into email from us. About 1 in 10 people took us up on that. So ~60 people. Consider hourly wages probably cost us $500-600 just for last night. That may seem insignificant to you, but it actually a very significant number.
From past experience, I know that on average each person account for about $210 in revenue during the sale. So 60 qualified prospects should yield around $12,000 in sales. Now the wages seem cheap in comparison.
Yes, calling is one of the most expensive and labor intensive way to make a sale. That being said, it is still profitable and should be in your arsenal of marketing tools. Don’t get lazy. Your business depends on you.
Profit 911 Consulting
P.S. For those of you in the photo booth business that are attending my 6 Figure Sales and Marketing Academy in April, I am working on bringing in a guest who runs call centers for a living to discuss this topic in detail. You can see more about the event at www.pbxpreday.com
Not many tips went out this week with business tips and for that I apologize. The reason is that behind the scenes we have very busy implementing our Black Friday sales strategy and getting all our ducks in a row.
Black Friday is actually our highest sales day of the year in our event business and I think that every business in every industry should run some type of promotion (funerals would be hard but I bet it could be done). Consumers are running around with their wallets open spending money and you really should be present and available to collect some of that coin.
It isn’t too late to plan a promotion and get it in place. Just remember it is not a case of “if you build it, they will come”. You actually have to give great value and promote the heck out of it. Our promotion includes two rounds of postcards, several emails, facebook ads retargetting ads, and even outbound phone calls. The more methods you use, the better.
Seriously, don’t miss the boat or think it can’t be done in your industry. Make it happen and reap the rewards.
Profit 911 Consulting
Have you ever heard this? Somebody selected your competitor….even though they charged MORE and provided LESS!!! How could this possibly be? Are they stupid? You would do a much better job, charge less, and they still went with somebody else.
Clearly the client has made a poor choice but who is at fault? Most often it is you. There are many ways this can happen and you need to make sure it doesn’t.
Take a look at number 4 as it is often the most common reason in this scenario. What do I mean that they are “better” at sales? Often it boils down to follow-up and repeatedly pushing and asking for the sale. I have too many people tell me that they prefer to send info and let the client make an “educated” decision. The problem is that most of them will reach the wrong decision. Decisions are based on emotion and justified with logic.
To quote Zig Ziglar, “Timid salesmen have skinny kids.”
Often times a job is lost if you are a pushover and someone else really wants the sale. The decision maker may be a person who avoids conflict and doesn’t want to upset your competitor. They know you won’t really care. Make sure the world knows what you want. Make sure you push for business when necessary. If you don’t someone else will. The customer will make a poor decision, spend more money, and knowingly waste money. Don’t be weak when it comes to booking. You know you have a kick butt product/service so do everything you can to get that customer to book you. You are doing them a favor.
P.S. Sales is just one part of what we will be covering in my one day live event in Las Vegas on April 10th. To get more info on the “Six Figure Sales Academy” just reply and I will put you on the notification list. The official announcement will be coming soon and those on the list will get the first shot at getting a seat. This will be a very intimate small group so we can spend one on one time with you and get you the results you deserve.
In my private consulting a lot of my clients always ask about the BIG clients and how to land the big money deals.
This is good and bad. First, many people think that it is just extra money with no extra work. The bottom line is that the big buyers work a little differently. They are demanding and want excellence. They also buy differently. They often buy more for who you are than what service you provide. This means you have to speak their language, portray the image that matches them, and know what their goals are. The bottom-line is also not necessarily much better than smaller events. Yes, you will have a big invoice at the end of the day but you may also have some big expenses associated with the event.
We are currently working on an event proposal with a budget of about $30,000. The only problem is that the original vision for this event would have cost over $100k. The other thing that many of you may not realize is that way more than half of this will be paid out to third party vendors and suppliers we are bringing in.
At the end of the day, our bottom line will be good but the amount of work put into the event will be very substantial. Make sure you understand the big picture of big budget events are you will set yourself up for disaster.
P.S. If you are in the event business and will be at Photo Booth Expo next April or are within driving distance of Vegas, I will be hosting a one day live training bootcamp onSunday, April 10th entitled “Six Figure Sales Academy for Event Pros”. We will cover all the details and marketing and sales in your business including how to land the big deals. Please contact me if you want to get more info and be on the pre-announcement list so you can reserve your seat before the public announcement. It is a small room so space will be very limited.