Imagine waking up one morning and there’s a magic genie staring you in the face… Not a traditional magic genie. This is a magic business genie. You get to wish for 1 thing – anything you would like to come true in your business. What would you wish for? More free time? Better employees? Maybe… Chances are you’d wish to make more money in your business – and you’d wish for it to happen FAST. Well what if I told you it was possible to increase your business profits FAST– like 24 hours fast – and you didn’t even need a magic genie to make it happen? If that sounds appealing, you’re in luck. In the time I grew my business to half a billion dollars, I learned a trick or two on increasing profits at a rapid pace. This has given me the great fortune of appearing on programs such as 60 Minutes, the Today Show, CNN, ABC, Bloomberg, and MSNBC, as well as authoring a book on Warren Buffet. You may have even seen me as a featured contributor on Forbes. If you’re a business owner who likes to make things happen FAST…and you want to increase your profits in 24 hours or less, pay close attention to the 3 strategies listed below.
Is It Really Possible to Grow Your Profits in Just 24 Hours?
Before I give you the 3 strategies, I think it’s important to address the skeptics… After all, you may be wondering what you could possibly do by this time tomorrow to see a substantial increase in your business profits. You may even think the strategies I give you below are too “simple” to work in your business. Guess what? My competition felt the same way. And that’s why I’ve out-earned 99.9% of them in my 20+ years in business. So I can assure you that YES, it is possible to grow your business profits by this time tomorrow. In fact, not only have I used these strategies to grow my own businesses, I’ve actually taught these to HUNDREDS of entrepreneurs just like you. They flat out work. Let’s get started.
Strategy #1: Ignore New Customers
You’re probably thinking I’m crazy at this point, so let me explain… The easiest way to bring in new revenue is NOT by finding new customers. The easiest way to bring in new revenue is by getting your EXISTING customers to write you another check. Now of course you aren’t going to actually ignore new customers, but for the next 24 hours I want you to focus on calling or emailing all of your previous customers and asking them to buy again. This is powerful, and here’s why…
- Your old customers already know your business and what you’re all about.
- Since a transaction has been made in the past, your old customers already trust you and the products you sell.
- Finally, since you’re reaching out to existing customers only, they are very likely to responsive to a call or email from you.
Want to hear something interesting? Out of the hundreds of entrepreneurs I’ve mentored over the past few years, I’ve noticed the majority of them rarely contact their old customers. To avoid making this mistake, here’s what I want you to do: In the next 24 hours, call or email as many of your old customers as you can. When you communicate with them, there’s two easy ways to quickly generate profit. First (if it makes sense), ask them to re-order your product. Make sure to explain any changes or updates since the last time they ordered, and remind them of their previous experience with your company. If selling them a product they previously bought doesn’t make sense for your business, the second option is to simply present them a NEW product or service, and ask if they’re interested in buying it.
So what if you only have one product or service?
Just make up a new one!
Just repackage or reposition your product or service in a new way, to solve a new problem.
I promise you this works, and if you spend the next 24 hours calling and emailing your old customers, you WILL see an increase in revenue.
Strategy #2: Monetize Your Email Contacts
This technique only takes a few minutes, but you’ll be amazed at the results…
Look in your inbox, CRM, or wherever you can easily find the email addresses of anyone who has ever contacted you for anything business-related.
What you’re going to do is so simple…
You’re going to send these people a sales email!
Let me explain…
Anyone who has ever emailed you for something business-related is a potential revenue source for you.
All you need to do is tell them a bit about your product or service, and ask if they’d consider buying.
WARNING: There is a right way and a wrong way to do this.
The Wrong Way
Remember, you’re emailing people who already know who you are and who you have corresponded with in the past.
Treat them with respect.
No one responds kindly to an email that just says, “BUY MY STUFF.”
Here is the wrong way to send a sales email in this situation:
It’s been awhile…
Anyways, I’ve got an amazing product you should check out (click here to buy).
Let me know what you think!
This is unappealing, uninspiring, and a quick way to annoy people.
The Right Way
So now that you know what NOT to do, here is the right way to email your contacts and tell them about your product or service.
You are NOT going to ask them to buy anything in your email.
Instead, you are going to take advantage of one of the most powerful selling techniques that exists today:
Think of it like this…
You are sending the email with a purpose – to strike up a conversation that could lead to a sale.
So you need to be somewhat direct.
BUT, asking for the sale right there in the first email would be impersonal and a bit weird.
So instead, you ask for a micro-commitment.
You give them a short snippet of your product or service, and ask if they want to learn more.
If they say no, then you don’t email them again.
If they say yes, well now they’ve given you permission to educate them and sell to them.
This is far more effective than just sending a short email asking for a sale or a long-winded email explaining your product or service.
This template has been responsible for a lot of revenue in my businesses over the years.
You’re getting this email because we’ve either worked together or emailed each other in the past.
You’re part of my community.
I just thought you’d be interested in hearing about my great new product.
(EXPLAIN YOUR PRODUCT HERE IN ONE SIMPLE PARAGRAPH)
Please let me know if you’re interested in hearing more about it — I’d love to explain it further.
Many thanks for your time.
-Your name and your title
Can an email like this really get new business?
Does the email above seem too simple?
You’ll be amazed at how well this works.
If you send this message to your email contacts like we discussed above, several people will respond with interest.
Remember — the email is direct and to the point (we aren’t looking to waste anyone’s time), but it doesn’t ask them to buy.
It simply tells them what your product is and what the benefits are, and asks if they want to hear more about it.
This way of sending sales emails and getting micro-commitments is powerful – trust me.
Strategy #3: Sell Your Competitor’s Product
I can only imagine what you must be thinking right now… Okay – so you aren’t actually going to be selling your competitor’s product, but for Strategy #3, you ARE going to be selling another company’s product. This technique is so simple, yet very few businesses take advantage of it. Here’s how it works… You run a successful business, right? Because of this, I’m going to assume you have a pretty good relationship with your existing customers. They like you… They trust you… They believe in your company and what you say. Most importantly, your product or service solves a problem for them. I’m going to bet that there are other products and services that would also solve a problem for your existing customers… Products and services that are somewhat related to what your own company does. You are simply going to offer these to your existing customers. For example, if you’re an accountant, your clients probably need a good lawyer. You can strike a deal with a good lawyer in your area and recommend that lawyer to your clients. Or if you sell curtains, you could strike a deal with a curtain cleaning company, and give your customers a special deal if they use them. You get the idea… Think of something your existing customers need or would probably like, then reach out to companies that supply those products and services. Then simply cut a deal, where you get a portion of the revenue they make from any customers you send them. The best part of this technique is that it’s super quick, and you can offer your customers special deals that you arrange with the partner company. You can do this with several different companies throughout the year, which allows you to help your customers, increase your revenue, and build relationships with other organizations. Pay special attention to the last part of that sentence… Since you are promoting another company’s products to your existing customers, what do you think is going to happen? Do you think there’s a good chance that company will also promote YOUR products and services to THEIR existing customers? This is powerful stuff, and I promise if you reach out to another company today, you can strike a deal and generate some revenue by this time tomorrow.
If I had to generate extra profits in my business by this time tomorrow, I would use each of the 3 strategies I just shared with you above.
They were a big part of my rise from being just a small business owner to becoming the Founder of a half a billion-dollar organization.
Notice that each of these strategies serves an individual purpose.
The first helps you monetize your existing customers.
The second helps you monetize existing contacts that might’ve never purchased from you before.
And the third helps you solve other problems your customers have, by selling another company’s products and services, while building relationships with other business owners who may eventually sell your products and services as well.
If you enjoyed this post and want a 1-page summary of all three of these strategies, just click here and I’ll email it to you immediately.
I’ll even send you 6 more strategies, just like the ones I shared with you today.
So what do you think? Have you tried any of these strategies before?
And if not, do you plan to use them in your business in the next 24 hours?