Millionare With Money

How to increase business profit

Conversion rate (ctd)
22 Convenient payment scheme
(NETS, Credit card)
23 Offer installment schemes with
zero interest
24 Allow mail order/home delivery
25 Address concerns/possible
objections upfront
26 Sell on value not price
Number of Repeat Business
1 Direct mail offers of the month
2 Keep in touch every 3 months
3 Inform your clients of your entire
range of services
4 Target likely repeat customers
5 Send special occasion cards
6 Make customers feel special
(super experience)
7 Build a close relationship
8 Create a loyalty program
Average Dollar Purchase
1 Focus on a higher income
target market
2 Use a shopping list
3 Sell add-ons/up sizes
4 Make sure your client knows your
full range of services
5 Suggest most expensive ﬁ rst
6 Create value packages
7 Buy three get one free deals
8 Ask people to buy some more
9 Increase prices by 10%
10 Arrange easy ﬁ nance and payment
11 Free gift/lucky draw with
$xx purchase
Net Proﬁ t Margins
1 Increase prices
2 Sell on value/service than
price/discounts
3 Set monthly budget targets
4 Track costs weekly and aim to
reduce by 10%
5 Stop running ads that don’t work
6 Sell more higher margin items
Leads
1 TV, Radio or Newspaper advertising
2 Industry newsletter advertising
3 Internet/email advertising
4 Magazine advertising
5 Outdoor advertising
6 Flyers
7 Hold a promotion or sale
8 Ask for referrals
9 Offer a free gift
10 Insert into other company’s invoice
11 Letterbox ﬂ yers
12 Sales teams
13 Telemarketing
14 Buying or swapping database
15 Hold seminars, events or roadshows
16 Attractive window display/video
17 Posters and large signage
Conversion Rate
1 Deﬁ ne your unique selling
proposition
2 Set sales targets
3 Have excellent customer service
4 Introduce yourself
5 Survey your past customers
6 Sell key beneﬁ ts passionately
7 High quality in store
posters/brochures
8 In-store sales scripts
9 Act as a consultant/problem solver
10 Give a money back guarantee
11 Have a beneﬁ ts/testimonials list
12 Give free bonuses that
increase value
13 Greet prospects and use their name
14 Learn closing techniques
15 Ask for the sale more than once
16 Personal grooming/high
dress standards
17 Video in store displays
18 Leave price to last
19 Study and prepare for objections
20 Have specialized knowledge about
your product & industry
21 Focus on the client’s needs and
emphasize beneﬁ ts
Strategies to Increase Your Business Proﬁ ts

How to increase profit margin?

Finally, how can you increase your company’s proﬁ t margins? You can

l Source for cheaper suppliers which are just as good
l Bargain hard with existing suppliers
l Sell higher margin products ﬁ rst
l Increase working efﬁ ciency (do it right the ﬁ rst time)
l Strategize how to reduce unnecessary costs...

How to increase repeated customer?

What can you do to boost the number of times your customer keeps
coming back? Well, you can...

l Exceed their expectations & give them a wonderful experience
l Build a friendship with them
l Keep in regular contact
l Send them special occasion cards
l Start a loyalty program
l Give them a discount voucher off their next purchase...

Increasing Average Dollar Purchase

I gave you an example earlier on about the advertising account
director who was able to convince his clients to increase their
advertising budget. How? Because he showed them that by investing
an extra $300,000 in advertisements, they would be able to generate
$600,000 in additional proﬁ ts. If you can show your clients that their
investment in your product will reap great returns, they will spend
more. So what can you do in your company? Maybe you can:

l Bundle several products in a package
l Create a ‘buy three get one free’ promotion
l Up sell & cross sell
l Educate your customers on your entire range of services
l Do a complete needs-analysis to ﬁ nd out how you can add even more value (remember the example I gave you about the insurance agent?)... and the list goes on.

How to increase Conversion Rate

How can you boost your company’s conversion rate? There are
many strategies you could use such as...

l Creating a more ﬂexible payment plan (0% interest installment)
l Offer a product guarantee
l Use successful testimonials
l Create more persuasive marketing materials like brochures, videos
l Use NLP* techniques to build strong rapport with clients
l Innovate a new persuasive sales script that works
l Create a more powerful, impressive & persuasive presentation
l Keep following up with prospects regularly... and the list goes on

How to increase lead?

l Learn how to create more effective advertisements
(Stronger headlines, more persuasive copy, i.e. text)
l Test new media channels (e.g. Newspaper, magazine, outdoor
ads etc...)
l Make more cold calls
l Use telemarketing efforts
l Hold seminars & road shows
l Increase networking efforts
l Hold special promotions
l Create a referral system or member get member scheme
l Start email marketing... the list goes on

How to Double Your Company’s Proﬁts in Less than Six Months

Many people have asked me, ‘what can I do to increase my company’s sales and proﬁ ts?’. Whether you are an entrepreneur or an employee, I am going to share with you a formula that you can use to double the proﬁ ts of your department or company within less than six months. I call this the Proﬁ t Multiplication Formula. In any kind of business, proﬁ ts are only determined by ﬁ ve variables: Leads generated, conversion rate, average dollar purchase, average repeat business and net proﬁ t margins. Leads represent the number of potential customers or prospects that the company generates through walk-ins, inquiries, cold calls & recommendations. Let’s say that out of every ten prospects, two eventually end up buying, this means that the company’s average conversion rate is 20%.