Profit Funnel Ideas
Cool Low Ticket, Mid Ticket and High Ticket Product Ideas That You Can Create And Profit From!
Nothing warms the cockles of a salesperson more than getting a new client. Often you are able to secure that new client because you have a quality core good or service that is provided at a competitive price.
While you may not make a great deal off that initial offering, there will no doubt be the chance to build on your initial rapport with your new client and engage in the task many sales people know as “up-selling.”
That is where the concept of the Profit Tunnel comes into play.
The Profit Tunnel is your pathway to building a relationship with your customer that begins with the purchase of initial goods or services. Once that initial relationship is established, you build on that relationship by evaluating the needs of your client and identify other goods or services that will also benefit your customer.
As you are able to acquaint, interest, and finally sell additional and often higher priced items to your customer, your profit margin will increase. The Profit Tunnel model works very well whether you are working with a brick and mortar business or going strictly with an online presence.
In both instances, the task involves winning the confidence of the prospect, identifying entry level products or services that will be of interest to the prospect, selling the prospect on the goods or services, and then continuing to offer additional products or enhancements that will make life even easier for that former prospect that is now your customer.
When it comes to winning the confidence of a prospect, nothing speaks louder than a good deal. Persons who are responsible for securing goods and services for their employer love to save the company money.
It enhances his or her reputation with the officers and owners. At the same time, no one wants to end up with a low cost service that ends up being a dud. This means the good or service needs to perform well along with being cost efficient.
Your job is to match low cost quality goods or services with the business type of your prospect. Once you demonstrate how one of your low cost offerings will consistently outperform the competition and save money for the prospect’s employer, you will be poised to help roll out your low cost offering throughout the organization, making your profit in volume distribution initially.
Once your offering is functioning throughout the organization, you may find that not only do you have the ear of your initial contact, but now you have the ability to interact with persons throughout the organization that may be interested in other offerings that you can supply.
Providing additional goods or services that are in a similar price range will be another way you will increase the profit margin. This is sometimes referred to as lateral selling.
Simply put, you are not really pushing items with a higher price tag, or even enhancements to services you have already sold which would increase the profits. You are simply broadening your current situation to include more of the same, from a charge perspective.
There is nothing wrong with lateral selling. In fact, it can be quite profitable. However, in time it reaches a point where there is no more room for more of the same and you need to move on to the next level.
Next post: Medium and High Tickets, Until then see ya later…