Australian Business Coaching Newsletter - The Hardest Marketing Strategy

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The Hardest Marketing Strategy

If you want to lose weight, all you have to do is eat less and exercise more. How hard can that be?

It is just as easy to increase your profits. All you have to do is reduce your costs and increase your sales.

Have you lost weight yet? Have you increased your profits?

OK, there is a bit more to both these objectives than this. Let's focus on profits (I am probably not the best person to speak on weight loss), and as this is a marketing newsletter, I will just look at sales.

There are five strategies you can use to increase your sales. These are the Five Turnover Drivers:

Increasing Enquiries
Increasing Conversions to Sales
Increasing the Average Value per Sale
Increasing the Number of Times Someone Buys from You, and
Increasing Your Prices
Of each of these the hardest is increasing your prices. Most small businesses struggle to lift their prices, because of the fear of losing sales. They become price takers.

How to increase your prices without fear is the subject of my new book:

Price: How You Can Charge More Without Losing Sales.

It won't be available until July, but as a teaser, here is a summary of just one of the 57 strategies on how to increase your prices that are presented in the book.

#28 Bit by Bit

If you want to achieve a price increase of 20%, just increasing your prices at one time without any other additional marketing to defend the increase would almost certainly reduce your sales. A better way of obtaining this increases is with a series of smaller increases of a few percent over a period of time, say a year. Such small increases are not usually noticeable. Monitor the impact on sales after each increase before you plan the next.

Watch out next month for more details of this book, and how you can get a subscriber advance discount. Drop me a line to be put on the pre-release list. (There is no obligation, but you will be notified before everyone else.)

Don't be a price taker.

All you need to do now is to Empower yourself and take action ...

May Your Business Be - As You Plan It.

Dr Greg Chapman - The Business Brain Surgeon
The Australian Business Coaching Club