Maxims to Maximize Your Resources and Improve Business Performance
In our last post, we talked about three more ways you can work on maximizing your current resources. So far, we’ve covered six areas in total:
- Recognize the obvious
- Unconventional breakthroughs
- Face the facts
- Reveal your business’ soul
- From breaking even to breaking the bank
- Stand up and stand out
Today, we’ll dive into three more additional techniques you can implement to ensure you’re getting the most out of company’s current resources and improve your performance. They are as follows:
- An offer they can’t refuse
- Would you like fries with that?
- Stay away from the edge of the cliff
An Offer They Can’t Refuse
The secret to success is to stay ahead of your competitors…to maintain a competitive edge. To do that, you need to make it easier for your customers/clients to say “yes” rather than “no”. You do this by eliminating all the psychological, financial, physical, emotional, and other roadblocks they may have.
You can mitigate the risk for them by offering warranties and guarantees that make the customer feel more confident in you, your business, and your products/services. You also must be serious about your offer and follow through if a situation does arise. The quickest way to the bottom is to play games or take back a warranty or guarantee.
Would You Like Fries With That?
It’s the oldest trick in the book from McDonald’s. I mean, really, how many times a week do you fall for it? They really were one of the pioneers of the cross-sell. Those salty fries are tough to resist! Very few foods are enjoyed by people of all ages. Full disclosure, I go there quite frequently much to the chagrin of my wife to pick up some happy meals for our kids. Though my wife might prefer a healthier option from time to time, she likes their fries, too. Who doesn’t, right?
Every time you sell a product or service, you need to offer an add-on, upgrade, or back-end product to go with it. These products must be complementary to the original product being purchased and must create a higher perceived value.
Avoid the Edge of the Cliff
Continuing to test and measure your systems, products, marketing methods and all other aspects of your business allow you to see problems before they happen and therefore avoid falling off the edge of the cliff.
Here are a few specific areas you can test for potential improvements:
- Marketing and Client Communication
- Sales Copy, Letters, and Presentations
- Customer Service and Client Escalations
- CRM, BI Reporting, ERP, Support Ticket, and Document Management systems
- Internal Notification and Approval Processes
Through testing these different areas you will find products/services where you can raise the price, maybe others where you can lower the price or offer that product as an incentive item, and find many other areas for improvement that will better utilize your current resources.
This wraps up our series on how to maximize your current resources.
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