An Easy Way to Increase Profits by Offering More Services
Time to continue with #2 on the list I created last month of 17 Ways To Increase Your Business Profitability is:
Offer Additional Services
Before I give you a couple of examples, let me tell you why this could be an easy way to increase profits.
- You don’t need to buy anything extra
- You are selling to a customer that you already have
- You’ve done minimal work to earn extra
- You’ve created a stronger bond with your customer
Not every one of those may fit your business, but let’s look at some examples.
I work with a heating and cooling contractor that is focusing on increasing the number of service agreements they have with customers. I bought one last year. As their customer, I will get a little bit of savings and priority service and they will also do maintenance on my homes heat pump twice a year to ensure I stay cool in the summer and warm in the winter. I trust them and they are the only ones we will call.
The business benefits because they are going to make extra money and continue to earn my trust.
I’m old enough to remember what it was like for fast food joints NOT having drive up windows at least here in Fort Wayne. Wendy’s was the 1st I believe and remember the novelty of it when I was a kid. That was a service that revolutionized the industry and forced many chains to follow. Yes, there was some additional expense, but it quickly became very popular and profitable.
What I do for a living has expanded too. Years ago, the advertising sales team at WOWO radio and any other radio or television station were limited to offering our clients ads on our stations with a few add-ons.
Today, I am also able to offer a whole collection of Digital Marketing options that can be used with or without radio advertising. I have advertising partners that are radio only, some are digital only and many use both.
Because the digital marketing services are something that my advertising partners want, and because I am trusted to only offer solutions that work, this additional service makes sense.
I know of a local self-storage company that offers a free truck for customers to use. This service saves their customers time and helps the self-storage company earn more business.
I could go on and on, but you get the idea.
Think about it and come up with at least one additional service you can offer your customers this year. Want help? Contact me.