Step number 5, Cash in on Client Loyalty. The most underutilized step of all. Most of the times I sit down to my clients, this is the one that they have a big hole in. If you already have a database, don't just sell them once and then a year down the road say, oo, I got a new product and let me go and sell it to those people. They forgot about you already. You can't do that. Client loyalty, you develop the client loyalty and then you cultivate it, you work with them so they still remember you in business, they see what you are doing, they -- next time you come up with something, they want to buy it. Why, because they trust you, they know it's going to happen just like the first product helped. That's the client loyalty we were talking about.
So would you like to know the secret to reducing cost per sell by 50-80%? Here it is Market to Your Own List, stop going out there trying to find new people, find something else to sell to your people. 50-80% on average is what it cost me a less to market to my list versus to a new list that doesn't know me.
So when I am talking about spending $12,000 now that's to our list. It will cost me way more to get somebody new to this training and to pay that kind of money if they didn't know who you were. So Market to You Own List, there are different client development tools you can use. You can up-sell them to a new product that's where you sell them a lower end product, up-selling something that next that's we see this commonly, very oftenly used.
The next one is not as often used, Down-Sell. That's a way you were working on a prospect, they got your CD and you have $5,000 training and they just won't buy. After a certain time it's a good idea to go back to them and see if they will buy something cheaper, because if they are saying no, no, no, no for a while, in their mind that's it that they said, no, I am not buying that, but I might be able to convince them to buy a $1,000 product on speaking. Once they consume that, once they see the value, now I will go back to up-sell them into the higher end products.
So Down-Selling works when you can not get a prospect to buy the higher end product, try to sell him something lower, just to get them to buy something, just to get them back into the buying mood.
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