How to get more money from what you already have?
When you have a business or any source of income, probably the most common ways to get more money is to find another source of income. But do you think that you have getting the fullest from your current source of income.
Below are some things you might want to consider to get even more with the same source you have.
1. Get more leads.
Leads generate customers. It is a number game, when you have more leads, you will get more customers means more money! If you are having a internet business website, get more traffic to your site.
2. Improve your conversion rate
If now from 100 visitors that visit your site, only 2 will purchase from you (2% conversion), then try to improve it to maybe 5-10% conversion. Add testimonials, package your products, give discount etc etc.
3. Increase your ticket price
If now you are selling a product form RM10, try to add some value to it and increase it to RM30. So that you will have a minimum purchase value of RM30 instead of RM10! This is easy but do it very carefully. You must justify why you add your price otherwise your customer will run away to your competitor
4. Sell again to your existing customers!
Don’t forget about your existing customers. They already purchased from you. They have the money and they trust you by being your customer. Why not you offer them some other products of yours to them? It is easier than trying to close sale for new customers.
5. Increase your profit margin
Now you are getting 30% profit margin from product you sell. For example, you take the product from manufacturer at RM70 and you sell at RM100. You get RM30 (30%) as gross profit. Why not you find another manufacturer that can give you RM50 for the same products OR you can neogotiate with your current manufacturer to give a better margin OR maybe you can learn the technology and become manufacturer of that product!
Now you think you can get more money? NO way!
..unless you do the above… 🙂 All the best!