Local Market Monopoly

Have you subscribed to the Local Market Monopoly newsletter yet? Each week, you get one actionable digital marketing tip delivered straight to your inbox designed specifically for small businesses like you who want to increase their market share and grow their online presence. Each tip focuses on strategies for growing your online reputation, increasing your company's reach, and improving sales and referrals without wasting money on ineffective tactics. Sign up now at LocalMarketMonopoly.com and start receiving our best of the best strategies immediately. Are you ready to double your sales without doubling your budget? That's what I thought. I'm going to let you know in today's episode, the fastest, the easiest way. What's the title of this? The fastest and least expensive way to double your sales. You probably already know it, but my job is to make sure that you absolutely know it, so don't go anywhere. Take this audio, put it in your pocket, and let's go.

You are listening to Local Market Monopoly with Clarence Fisher uncovering the tools, tactics, and strategies, the most successful small businesses use to dominate their local markets and own the block.

Okay. I'm back and I'm glad you're back too. I'm glad you stayed with me. Listen, listen, Linda. Linda, listen. We're going to revolutionize your sales. I keep saying revolutionize. Basically, we're going to blow up your sales. If you can imagine doubling your sales without breaking the bank. That's what we're going to do today. By the end of this episode, you're not only going to have a vision, but also the tools to make it a reality. We're going to go over some proven strategies and easy to implement tips for you to transform your sales. Are you ready? Your sales? Are you ready? Let's dive in. The very first thing, oh, I know you're like, Clarence, are you serious? You keep saying this. Got to understand your customer. You have to. There's no way around it. You have to know your customer, your client, your patient inside and out. And the big reason is I'm going to tell you. All right, so this is how we're going to do this today. I just looked to the top right of the studio box and I saw a sign.

This is how we're going to do this. I'm going to give you a few tactics here, and then I'm going to give you the absolute fastest and least expensive way to do this. Okay? Are you ready? But it all starts with knowing your customer and because you have to tailor everything that I'm saying to your customer, and I have a feeling that whether you've written it down, like I keep saying to do or not, you know your customer or else you would not have a business to even be listening to me for tips on how to increase the customers, right? So if you haven't done that, I mean take five minutes and call somebody, talk to them, write it down so you can understand your customer. That's one of the things and in one of my consulting calls last week, this is the second time that I've told this particular client, is while you're interviewing people, you're talking to people, you have any sales calls, you really should have a notebook next to you, or you can do it on your computer, do it on your phone or whatever.

But every type in the objections that they're presenting to you, that things that they're sharing to you, their wants, their needs, their desires, they're sharing these with you. List these things so that we can take them and put them in your sales page. We can put them in your website. Your website has to answer all of these questions. It doesn't have to, but I'll tell you, your conversion becomes that much greater. Your conversion rate, if you are already talking to what's going on in their head and your customers, your clients, your patients, they are telling you what they want. They're telling you what they don't want, what they love, what they hate. They're telling you these things. Take note of them, put them in your sales material, and so that way we can, another way to increase sales for sure is to leverage social proof.

We've talked about this quite a few times. I know in the last couple of episodes or a couple of episodes ago I told you about taking the testimonial that pertains to whatever product you're selling, especially on your website. You have different products, different services on your website. Each one of those pages should have a testimonial that is specific to specifically applies to that product or service that is on that page. Even more powerful when you make a claim on your sales page or on your appointment page or on any of your services, put a testimonial there that supports that claim that you're making. Anytime you're making a claim, if it's on a brochure, put a testimonial on there that supports that. So if you don't have any testimonials, you need to be on that right now. Pronto! Referral programs also very fast in cheap way to grow your sales, take, turn your off, grow your sales, turn your customers into brand ambassadors for you, and you can draft a simple referral program in a few minutes.

You can outline it. It could be as simple as, Hey, tell somebody about us. And when they come in, you get $25 off, they get $25 off and you get $25 off. Or I mean, it could really be that simple or you can implement, I know they have referral softwares that implement with POS systems and all that, but you don't even have to go that far. Just kind of outline, what would you give for a referral? Now, I want you to think about this too. A lot of people try to stay on the chief side, but imagine you didn't have to advertise for that person. You didn't have to. If you have figured out what you can afford to pay for a new lead or a new customer, you didn't have to go out and pay for that. This is being brought to you. So just keep that in mind when you're figuring out what to offer your referrals.

And then on top of that, you can tweak your purchase process. This is something totally different, but tweaking your purchase process, making it even smoother, especially if you're doing anything online or any type of retailer, how easy is it for people to buy from you? You want that to be as easy as possible, which is going to bring me to the number one thing that I wanted to share with you today, which is the fastest and least expensive way to double your sales. Are you ready? Drum roll please. We need sound effects up in here. I keep saying, oh, we need sound effects, is to sell more to your existing people. Upsells, upsells, upsells, upsells and cross sales, okay? Is the fastest way to increase your sales. And like I said, you're like Clarence, I knew that. I knew that and I told you that you probably knew that.

Now listen, I really appreciate you spending time with me right now, but yeah, you knew that effective upsell strategies work. So let's dig into it. Okay, lemme give you some specific strategies for upselling and cross-selling, right? Number one is bundle offers. Look at what you offer and you can do. Here's the concept, creating bundles. You're going to pair up products and services together at a slightly reduced, not a bunch, but a slightly reduced price compared to buying them separately. That's what the bundle is. And what this is going to do is encourage your customers to spend more by perceiving a greater value in the bundle. So whereas they would probably buy this or this, they go ahead and spend a bit more to buy both of them because the price is slightly reduced. Here's an example. Let's say you got a coffee shop and they offer a morning combo, okay?

So it's a coffee and a pastry. It's at a discounted rate compared to if you purchase the coffee separately than the pastry. And this leads to, let's say a 40% increase in the average transaction value. This is not unheard of at all. So what can you bundle? Here's the action step. Identify two or three products, two or three services that can be bundled together and create a special bundle offer and promote it for a week. Can you do that? Yes. There's week one. Hopefully you got your calendar out and you're saying, okay, bundle clearance, we're going to make a bundle. Let me know how it goes. That's week uno. Now we're going to talk about tiered pricing. Tiered pricing. Here's the concept. You're going to offer your products, your service at multiple price points. Basic premium deluxe. This is old school man, whether you're man or old one man, I'm just saying, man, okay, alright, that's okay.

I don't need any bad fan mail. I'm just using the word man. Okay? The basic premium deluxe. Take cater to different customer segments. Some people, lemme tell you a quick story. I used to be this person, I bought the most expensive thing no matter what, and my wife would be like, what did you, I don't get it. Did you even look at it? Did you even look at the options? I'm like, no, I didn't look at the options. I'm not that person. I am the person. I'm a premium person and I know you're thinking this. We lost a lot of money until I had some sense into me and was like, no, just because you can buy the premium, it doesn't mean you always need to buy the premium number one. A lot of times there's stuff that we're just not, it just includes things that we're not going to use.

I'm not saying it was a ripoff, it's just we're not going to use that stuff. All I needed was this, and I probably could have got away with it on the basic or the premium. But I say that to say you have people that will just buy the deluxe just to buy the deluxe, and if you don't offer that, then you're missing out on money. And what this does by having these three different levels, these tiered pricing, is it attracts a broader range of customers and it kind of nudges them towards even the higher priced options. I get so mad every time we go to the movies because they know what they're doing and they do it on purpose. And I end up buying a large popcorn just because it makes no sense to buy a medium, which makes no sense to buy a small, they're so close together that it's like the large is a dollar more than the small, and what the heck?

Okay, give me a little large butter. But yeah, it's butter in the middle. But that's what's happened. So here's an example. A software company offers basic professional and enterprise tiers. With each higher tier, you get additional features. Now, let's say you put this in place and you get 35%, not 40%, but you get 35% of the customers choosing the professional tier over the basics. So they're choosing that middle tier, which, and I know that that's typically where people go is the middle. And here we are again, we're making more money, so we have a bundled offer that we're running, and then we have tiered pricing. So here's this next action step for you is look at all your products and all your services and see if you can create some type of three tiered offering and ensure that each one of those tiers, the value gets progressively, becomes more.

Dan Kennedy used to say, Hey, I'm going to set this basic tier at let's say X price, and then I'm going to double that price for the middle, and then I'm going to double that price for the high tier. So we're looking at $50, a hundred dollars and $200 is basically how he would do that, and that seems to work out pretty well. Okay? So let's give you another tactic to I say tactic. Now I'm saying tactics and I don't mean them in the bad way, okay? Again, no hay mill. Why am I even saying that to you? I'm not saying that to you know me and you know my personality, so I know you're not sending me hate mail. If I get hate mail, it is going to be someone that is cruising by, listened to maybe half her episode and decided they hate me, but my friend are not going, you are not that.

So I'm not going to get that mail from you. All right? Here we go. Time sensitive, urgent upgrades, the concept offering limited time upgrades. We know this works. You get the upgrade for only this amount of time and it enhances your product or enhances your service. This is going to create a sense of urgency and encourage them to make the purchase quicker and oftentimes a more expensive purchase. This has gotten me, this gets me all the time, all the time, all the time, all the time I buy stuff. I know I should not be buying just because of the sense of urgency. And a lot of times it is more than what I was even going to spend because it's not going to be available anymore. Now, I get to where I really do this to myself. I have, what do you call them when you're just like, I have freezes, spending freezes.

And I tell myself, Hey, we're on a spending freeze for six months. Seriously, when I say that, I'm talking to myself, I'm like, Clarence, you're not spending any more money. It doesn't sense. And I'm like, I have to learn that it's the business that I'm in. I have to stay on top of things, but we'll be okay. Anyway, this works. Time sensitive upgrades works here. Lemme give you an example. Fitness center, okay? Offers limited time upgrade to premium membership with the addition of a personal trainer. So you get personal trainer sessions with it and we get 20, 25% of the people to take that upgrade.

So this is what I want you to do. Go and develop some time sensitive upgrade offer to what you have right now if you have a boarding facility. Here we are. I've been on vets for the last two episodes. So you got a boarding facility, you've got daycare. Can we add overnight for just a little bit more? And I'm talking as a doggy parent, sometimes I would just like to leave her there at least for a day. You know what I'm saying? At least for a day or two so that, oh man, this is my first time with, as an adult with a pet. And sometimes just a house with notepad, it's like the kids are going over to mom's or something, right? It is like sometimes they'll just want that just me and my wife just to chill and go back to when it was just us.

Okay? As I break down here, all right, if you have a doggy daycare here, think about that and then ask your people if that type of upgrade would work. I got a couple of more for you here. Of course, the after purchase upsell, the do you want fries with that? We've all heard of that, and I'm telling you, we probably could have ended this episode with just that. Do you want fries with that 30% increase statistically just by asking people, do they want something else? Present them with an upsell offer. And what this does is it catches them at the moment that they're already buying the wallet's already out, they're into buying mood. If this is another Dan Kennedy quote is that a buyer is a buyer, is a buyer is a buyer. Meaning once they're buying, you have to let your customer tell you no, keep offering until they tell you no.

A lot of times we will end the sale prematurely because we would not continue spending and we're projecting our thoughts and feelings onto our customers, our clients, but keep offering. And then they're like, nah, I think that's it. And then it's like, oh, okay, alright, cool. No sweat. And I promise you you'll probably sell like 30% more. So go through your products, your services, your offering, and set up some type of simple upsell, especially if you're doing this online. If people are purchasing from you online, that's an automatic thing that you can to have an upsell. And I'm talking to my beauty supply people.

If you haven't noticed, I start shouting out the categories or the niches that we are working with. And I probably have had some consult with right before I recorded these episodes all, and we talked about the loyalty program. So that was the last thing that I, why do I have this on here twice? Okay, we talked about the loyalty program. So you can have the loyalty program. The number one thing though is just dig into these upsells and the cross-sales. What can get them the results? Either faster, a lot of times faster, people will definitely pay for things that will get them a result faster. Then you could also offer down sells. It's kind of a digital thing, but it doesn't have to be digital for the downsells. Like if you offer somebody, the easiest, the absolute easiest upsell to make is to give somebody more of what they just bought because they don't have to think about it.

You don't have to resell it. And let's go back to the doggy daycare example. So I just purchased, let's say, three days of doggy daycare. Well, if you said, Hey, Clarence, I'll tell you what, you just did that, would you like to add? Let's say six more days for X amount of dollars. And I'm like, huh? So that gives me, and I can use 'em whenever, right? So sure, alright, let's do that. But let's say that I don't want to do that. I'm like, oh, no. Well, then you can say, okay, well that's great. You probably don't want to tie up six days worth of money. What if I gave you three more days for 20% more? Or maybe you offered me, yeah, yeah, I give you three more days for just a little bit more and you drop the price. I'm still paying more than what I paid for originally, but I'm paying for three days now instead of the six days.

But that's the down sale. And I'm like, okay, well, yeah, you know what? I really wanted the six days, but I just didn't want to spend that much, but I will walk away with three more days. And so now you've got 20% more money of my money. And really the next time we drop Zoe off, maybe I should let them know about this though. As long as I've been doing this, I've finally come to the realization that my unsolicited marketing advice does not go over well. It does not go over well. I'm going to tell you we're going to leave after this quick story, and I'm not going to mention their name, but for my wife's birthday, she loves things like escape rooms. So I took her to this escape room and it was so awesome. It was an incredible experience. So my wife, one of our girls and a grandbaby, we're going through this escape room experience, and she is so happy.

I am so happy at the very end of it. I mean, this is an hour or so, we've been going through these rooms and at the very end of the experience, they come in and they take a picture and I say, are you going to offer me? They had three other escape rooms, like three other experiences there as well. And this was our first time and she was like, no, I mean you're done. I'm going to take a picture and then we'll give you the picture. I got somebody else coming in and my whole family looked at me and my eyes are huge, and I say, again, you're not going to offer me 20% off the next experience or 10% off the next experience. No, we really need to take this picture. I'm like, what? So we get out to the lobby and oh yeah, they're smiling at us.

I could tell that it's being put on by artists, really, not necessarily business people, because number one, the experience was excellent. So you don't really put on an experience like that unless you really, really love it and you are an artist. But we're out there. My wife just means, she says, I have to have one of those shirts. And at the very top behind the register, there was a single T-shirt. And I'm like, oh, I didn't see that. And I said, can we buy a T-shirt? And the lady of the register was like, oh. Oh, yeah, yeah. So I looked at everybody else with me was like, do you guys want T-shirts? And they were like, yeah, yeah. So then they sold us T-shirts and I asked again about the other experiences and nothing. I mean, it was just like, my goodness. So we left.

We were so happy. Of course, I started getting bummed because of seeing all the revenue that was being missed. But I have learned that if I, and now I'm talking to you about it, I probably am going to have to call. I can't help it. I'm going to have to call or go by and say, Hey man, I think I can help you because if you have four experiences there, we just went through one, we are so happy, didn't even get asked to leave a review, and I've not received any type of communication to ask for a review. So no review, no upselling me anything, and I was so ready to spend. So as we're leaving, I'm telling my daughter, do you know how much inertia it is going to take Now for me? I still haven't purchased another event, even though I absolutely loved it, and I'm telling you about it.

I have not gone on and purchased another event because now I got to go through all the steps again just to buy. I know you're like, Clarence, just log on and just look. No, now it's a whole thing that I got to go do it. Now, had you given me a coupon and said, Hey, book this within the next two weeks or the next month. You don't even have to use it at that time or book this one in the next seven days. You don't even have to use it. I would've booked it that day. So this is what I'm telling you. Let your customer tell you no, let them tell you no, and then put the systems in place to upsell after every sale. Okay? I'll get off my soapbox, and I'm probably going to, that's a client that's a slam dunk client for me, so I'm going to go talk to them. All right? If you go to local market monopoly.com, ask Clarence, just hit the button, ask clearance so you can leave me any question or comment that you have, and I will definitely get it. And if it's a question, we'll throw it up on the air and we will answer it so that everybody benefits. All right? So I will catch you next week. Until then, go own your block.

We appreciate you listening to Local Market Monopoly. Be sure to rate, review and subscribe to the show and visit LocalMarketMonopoly.com for more resources that will help you dominate your local market and own the block.