How you could expand services you offer or number of products you sell?
If you already provide a quality product or service, your current customers will be open to a variety of items you introduce, recommend, or endorse to them.
Look, your current customers trust you, don’t they? Then they will DEMAND additional products and services from you because they do trust you.
Unfortunately, most service businesses don’t have additional products or services to offer their client base, so you want to ask yourself, “what other products or services could my customers find valuable?”
Once you make up a list of those offerings, go out and contact the providers of those offerings and set yourself up as an affiliate and negotiate a referral fee. Consider a landscaper. As they make their clients’ lawns and homes into a showcase, those homeowners may also need tree trimming, decking, fencing, stonework, a sprinkler system, outdoor lighting, a patio or outdoor kitchen installed, and perhaps a swimming pool. The landscaper doesn’t perform any of these services, but they are in a prime position to make professional recommendations, and most homeowners will follow those recommendations. The landscaper could easily negotiate anywhere from a 10% to 25% affiliate fee from each of these various service providers, and in the process, double their annual revenue.
I do this myself as a profit implementation strategist. My top-tier clients receive a wide array of additional services I created for them. First, they get complete online access to all of my proprietary marketing and advertising, business growth training, strategies, tactics, and resources 24/7/365 through an online E-Learning System I set up. They receive weekly strategic webinars where we teach them one specific strategy designed to increase their revenue and profits immediately. They gain access to a weekly application workshop where I personally help them take the strategy they just learned and show them how to implement it for their specific service business. They also get a weekly “Ask the Expert” call with me where they can ask me ANY business-related question they need to be answered, and then we meet once a month for an exclusive mastermind session where we find the group dramatic breakthroughs in their sales, marketing, and profit implementation efforts. I created all of these additional service offerings myself, so these weren’t something I had to go out and purchase. In fact, NONE of these services cost me a cent to develop or implement, but they are extremely attractive to a LOT of service business owners. They also do an excellent job of separating me from all of my competitors, because no one else I know offers anything even close to what I provide to my clients.
My point being, we can do this for YOUR business as well. How many additional offerings do you estimate you could be making right now? All you need to do is contact each service provider you identify and effectively negotiate a deal with them that’s a win-win. I would conservatively estimate this strategy will add an additional 10% of your current total revenue to your bottom line.
In a recent case study, I found $18,000 in additional annual revenue by simply offering additional products and services to their customer base. $18,000 in additional annual revenue increases the valuation of that business somewhere in the range of $50,000 – $75,000.
Want a Profit Planning Session to dive into how we can help you find more revenue?