6 Ways to Find Your Pot of Gold

Most business owners dream of financial independence and security. Today more than ever, this can be an elusive dream. But while it can be challenging to achieve your revenue goals, there are things you can do to improve the chances of realizing your dreams.

You don’t need the “Luck of the Irish” to be successful in business. Sometimes all it takes is a little creativity and a fresh perspective on revenue generation.

Do you wonder if you are leaving revenue on the table? It’s hard to tell, unless you test different pricing strategies and make adjustments over time. If you haven’t tweaked your pricing model lately, here are a few ideas to help you find the pot of gold the end of the rainbow:Where's Your Pot of Gold?

1) Unbundle

If you have lumped many services together in a single package pricing plan, you may be giving away more than you should. Take a look at the items you have packaged, and see if some of them would be more profitable as valued added services or accessory products.

2) Add Value

Maybe you’ve unbundled everything, and customers aren’t buying some of the extras. If these items truly add value, create a premium package that pairs these items with your core product, or offer an accessory package that includes both popular and less popular items.

3) Aim Higher

Do you have a tiered pricing structure? Many online services are billed monthly using a freemium model (free at the low end, with middle and high end, premium package options). If so, be sure you are pricing each package appropriately. Do you start at $9.99 a month when you could get $12.99? Test higher pricing and see.

4) Go Low

Maybe your problem isn’t pricing that’s too low. There’s a chance you could increase sales volumes dramatically with a small price discount. Rather than making a permanent price cut, try a short-term special. If the results are great, consider a longer term price reduction.

5) Give it Away

It may see counter-intuitive, but sometimes free is good. Maybe you offer a free loaner or replacement for products that need to be repaired. This can go a long way towards building a reputation as a provider of outstanding customer support, which in turn creates more value and supports higher pricing overall.

6) Rinse and Repeat

Do you ever get so busy chasing new customers that you forget about the ones you’ve already won? Your existing customers are a much easier sell. If they were satisfied the first time, your sales cycle will be shorter and you’ll have lower marketing cost to win repeat business.

Free or Not?

Deciding whether to offer something free can be a struggle for business owners. You want every penny of potential revenue, so why would you give things away? Here’s a simple test:

Free is good only when it adds value. So if you are considering a give-away, incentive or promotion, think about what value it brings.

  • Will the offer be incentive enough to bring you lots of new business?
  • Does the give-away build your reputation for service or value?
  • Are the people who will respond to your promotion the right kind of customers?
  • Can you solidify customer relationships and win repeat business by giving something away?
  • Does the availability of the free item or service help sell another product?

Have you tried creative pricing strategies? I’d love to hear about your experience. Please share with a comment below.

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