How to increase your business profits - Part 1

Increase your business profitsAdd a Deluxe Version of your Product or Service. This is one of my favourites. Most products or services can be repackaged and charged out with a higher price tag.

BUTTER - plain paper or shiny packaging?
It might be as simple as offering a gift wrapping service.  If it is free you have differentiated yourself from those that charge and may get more customers. If you charge for wrapping, people have a choice and may well be happy to pay for this…… it saves them the time and the effort of buying wrapping paper etc. 

If everyone in your sector gift-wraps then why not offer delivery.  If everyone delivers during office hours you offer to deliver seven days a week or at weekends.  There is always a more deluxe version you can offer.

In my own case I offer standard consultancy and mentoring packages... office hours.

My deluxe versions include emergency 24/7 access to me.  I charge a lot more for this, but some people are glad to have the access. 

An example of where this worked was with a structural engineering client.  In severe weather a tower they had worked on blew down and, with the media breathing down his neck, he wanted PR advice urgently.  I was able to help him and we saved him from getting some very negative press. He’d paid for the deluxe version for years and only used it this once ... but he tells me he was glad he did.     

So consider a deluxe version or repackaged version of your current offer.  It’ll cost little to repackage but could net you a large additional income.

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Stefan Drew Associates

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