Profit grows in one of two ways. Either, you sell more of what you offer, or, you charge more for what you offer.
Realistically, raising your pricing more frequently than once per year will likely result in some grumpy clients.
So, to grow your bottom line, the focus should be on selling more of what you offer
This can be done by:
- Attracting new clients to your business (and keeping them)
- Selling more to your existing clients
Attracting new customers involves getting your branding and marketing mix right, having an attractive introductory offer and client intake process and above all, be consistently delivering an exceptional service.
Selling more to your existing clients can look like this:
- Adding in some extra sessions/classes each month for a select number of clients, perhaps suggesting they add an extra session every two weeks, or that they participate in a class as well as their weekly private. To make it more fun, you can create a community challenge -the group motivation will help to encourage participation.
- Offering a special event to your clients; such as a workshop, trunk show or retreat. The event could be held onsite or elsewhere and could be as involved or as simple as you like. You could charge for attendance or sell something during the event. Use this an opportunity for you to get creative!
- Sell accessories and merchandise that you know your clients will love. Do your research here, if you plan on adding another revenue stream to your business model, it must be well thought out and well supported. Stale stock doesn’t sell. But, fresh, current and relevant products will fly off the shelves!
The success of these types of initiatives relies primarily on the experience your clients have, and the way that you position the experience in your marketing.
If you have some ideas for growth that you are having a hard time implementing - get in touch and schedule a Power Session. You'll get practical advice on turning your idea into reality!