INSTANTLY Increase Profits by AT LEAST 20% in the Next 20 Business Days?

- by Scott Krech

Practical, easy-to-implement, tips to cost-effectively boost your bottom-line (bankable) profits — FAST...

Generating Additional Profits Is Simple, But It's NOT Always Easy...

Can A Business REALLY Increase Their Profits by AT LEAST 20% in the Next 20 Days?...

If it's worth a few minutes to find out?

I have a question...

How’s business?...

Is it doing as well as it could be?...

As it should be?...

Is it as profitable as it has the potential to be?

And what about you, the business owner… the manager… or the entrepreneur?...

Are you realizing the time-freedom and financial-freedom that you’re capable of?...

The kind of freedom that enables you to live the lifestyle you’ve always wanted… that you and your family deserve to live — a lifestyle others only dream about?

Well, if you’ll stay with me for the next 20 minutes...

I’ll be sharing some exciting and powerful ideas — any one of which can boost a businesses bottom-line profits FAST...

...by AT LEAST 20 percent in the next 20 days.

Sound impossible?

Too good to be true?

It’s not.

Hi, my name is Scott Krech...

In the last 15+ years, my partners and I have implemented these very same ideas, strategies, and tactics (that you're about to read) in businesses of all sizes, and all types, down to the smallest mom and pop shops in rural America.

My point here is they work — IF we work them.

Also...I want to impress upon you that in business...

Generating Additional Profits Doesn’t Have to Be Difficult

In every single case where...

• The implementation was complete...

• The follow through was thorough, and...

• The accountability was measured...

...it's been nothing short of astounding!

Incredible results have happened for others, and I have NO DOUBT they can happen in your business as well (but that's not up to me).

Anyways...

I know your time is valuable, so I’ve purposely kept this message short. But believe me, these next few minutes (if you invest them wisely), can be some of the most valuable time you’ve spent on your business in recent memory.

So, find yourself a comfortable and quiet place, lock the door, turn off your phone — so you won’t be interrupted, and grab a pen/ notepad/ laptop, etc., and let’s get started.

Simple Steps to Growing Any Business FAST

I'm sure you already know that there are a number of ways to grow any business...

• You can improve the efficiency of the business...

• You can improve your margins – or the amount of profit you realize on each sale...

• You can lower your operating costs, or the overall cost of doing business...

• You can stop attrition – that is, losing your existing customers out the back door...

• You can attract new customers who will bring in new money to your business...

• And you can sell more at each sales transaction, encourage more purchases from each customer, and you can get your customers to continue doing business with you for longer periods of time.

Now obviously, there are lots of things you can do in each of these areas. And because of the few minutes we have together, we can’t go into tons of detail on any one of them.

But what you CAN do is consider this a checklist of sorts.

To compare what you’re doing now against this list.

And if there are things I mention that you’re not implementing in your business?...

Think of how to incorporate them so your business runs more smoothly and more profitably.

And if you find some ideas that you are using, consider how you might be able to modify them to make them more effective and productive for your business.

The first (and maybe the MOST important) thing I’ll suggest...

...is if you don’t have something in your business that sets you apart from your competition, that makes it more advantageous for your prospects to buy from you the first time, and keeps existing customers coming back for more?

Then it's unlikely you’ll ever reach the income levels or potential your business could & should offer you.

 A Competitive Advantage Can Be A Fleeting Thing

You see, it’s no longer possible to maintain… long term… a competitive advantage in business because of the products or services you sell, or the prices you charge. Sure, you may be able to come up with a better product than what’s currently on the market. And you may even be able to sell your products and services for less than your competitors.

But as sure as the sun rises every morning, it won’t be long before someone comes up with a very similar product for less money, or perhaps even a better product for the same money, and your competitive advantage no longer exists.

 The fact is, you must have some type of advantage for others to purchase from you that goes beyond what the products or services you offer provide.

 In business we call that a USP… a Unique Selling Proposition.

It’s your differentiating factor. It’s what makes you different, special and unique.

And it’s what compels… or makes it irresistible for your prospects and customers to purchase from you.

So, what is it about your business that makes you not only the obvious choice for your prospects and customers to buy from you, but in reality, the ONLY choice they have?

Developing this uniqueness and then communicating it to your market will immediately make you stand out among your competition.

And if that uniqueness is something your competition can’t duplicate? Then there’s no way you can be compared to them, and you’ll have a decided advantage.

How Does Your Business Measure Up?

Here are a few questions you can ask yourself that will help you determine how well you’re doing:

• Exactly what do my prospects and customers want or expect from the products and services our business sells?

• Do I offer the best quality products and services I possibly can?

• What can I do to improve them?

• What are the specific and quantifiable benefits to my customers that each of my products or services have to offer?

• Exactly what do my prospects and customers want or expect from doing business with a business that sells those products or services?

• From my customer’s perspective, what is the best, most unique benefit of doing business with my company, my store, or my business?

• How can I better convey these advantages and benefits to my customers?

• What can I offer my customer above and beyond the product or service, or what those products and services provide?

• Do my customers trust the advice and suggestions they get from me or my staff or my employees, and do they feel comfortable dealing with us?

• Why should they do business with my establishment instead of any other options they have, including doing nothing at all?

• If I were a prospect and in the market for the benefits the products or services my company offers, would I purchase those that my company sells?

• And would I purchase them from my company if I didn’t own it, or work it?

• How comfortable would I feel referring my friends, relatives, and associates to this company?

The answers to these questions can help you identify your uniqueness, determine where you need to make changes...

...and make it easier to communicate why your business should not just be the most logical choice for your prospects & customers to deal with but in fact, the ONLY choice they have.

What Are Your Customers Really Worth?

Something else that can have a dramatic impact on your business is for you to determine the lifetime profit value of your average customer.

That is, how much money… how much profit do you earn from each of your customers over the lifetime of them doing business with you? Let me give you an example to explain what I’m getting at.

Let’s say that your average customer buys from you 3 times a year. And let’s say that after you pay for the cost of goods, overhead, commissions and salaries, you end up with a net profit of $50 on each sale. Those $50 3X a year nets you $150 in profits for the year.

And let’s say that your average customer does business with you on average, for 5 years before they move, they no longer need your services, or they decide to do business with someone else.

Over that 5-year period (or their lifetime of doing business with you), that average customer has been worth $750 in profits to you.

If you have 1,000 customers that fit that average customer profile, and each one of them earns you $150, you’ll earn profits of $150,000 for the year.

Now let’s suppose that you identified some real uniqueness’s in your business… some real beneficial reasons for your prospects to do business with you.

And let’s say that you put systems in place… systems that would improve your marketing effectiveness, the conversion of prospects into paying customers, and that would reduce customer defections… and that the net result would be a 10% increase in total customers.

So, you now have 1,100 customers.

And let’s work on increasing the average profit value of each transaction by just 10% (through upsells, add-on, packaging or bundling, etc.), so you net $55 from each sale, rather than the $50 you’re now getting, and that through various incentives you increase the number of times your customer buys from you from 3 times to just 3.3 times in a year.

What has just happened is that through a very modest increase of just ten percent in three key areas, your annual profits have increased from $150,000 to $199,650… an increase of nearly $50,000… or 33.1 percent! That’s a big increase!

Your Customers Are More Than a One-Time Sale

But if you think that’s exciting, look what happens if you extend the average buying lifetime of each of your customers by just 10 percent.

If your average customer now buys from you for 5 years, and you can extend it by just 10% to 5 ½ years, your total dollar value from these customers increases from $750,000 to $1,098,075! That’s an increase of $348,075, or 46.4 percent!

Now, let’s say that you put an effective referral generating system in place, and that just 10 percent of your 1,000 customers send you a referral with a buying profile the same as your average customer.

That’s an additional 100 customers who will bring you profits of another $99,825 over the 5 ½ years… or an additional $1,197,900!

Now what have I asked you to do? Not very much. Just a few things… just some small changes in a couple of areas that when compounded, have a dramatic effect on your bottom-line profits. How hard is it to do? Not very.

Do you think that you could realistically, and with some help, increase each of the four areas we discussed, by ten percent? What about twenty percent?

Many business owners, after realizing the power of this simple key concept, have increased their businesses by as much as a hundred percent or more, in just a few months.

Small Changes In A Few Areas Can Make a Dramatic Improvement In Your Bottom-line Profits

Now, maybe the numbers and figures I’ve discussed are realistic for you and your business, and maybe they’re not. And maybe you can’t increase each of the areas by the same percentage.

That’s okay. It doesn’t matter. The point is, you probably have room for improvement in one, or more of these areas.

And if you want your business to be a viable force in the marketplace, and to give you the lifestyle, the satisfaction, and the income you want, you’re going to have to take some proactive steps.

And as I mentioned before, just knowing how much your customers are worth to you can be invaluable and can help you in several ways.

First of all, we know that people don’t do business with the same company, firm, store, or organization forever. They stop doing business or change who they do business with for a variety of reasons.

But, if you just know, for instance, that your typical customer stays with you for say, five years, on average… that they’re not just a one or two-time sale… you may begin to treat them differently.

You may treat them with more respect, more kindness, more courtesy. You may give them some form of special treatment. And you may even invite them to special invitation-only, preferred-customer sales or events.

In other words, once you begin to see your customers in a different light, you may begin to do things differently in order to get them to stay longer as customers.

How Much Can You Afford to Spend to Attract A New Customer?

Next, if you know what the Lifetime Profit Value of your customer is, you’ll probably discover you can spend far more to acquire a new customer than you originally thought.

In other words, if your average customer is worth $750 in profits to you, you can, theoretically, afford to spend up to $750 to bring in a new customer and still break even.

Now, if you have additional products or services, you can sell your customers that you’re not now selling, or if you can arrange joint ventures with other businesses who have complementary, but non-competing products that you can make available, you can spend that same $750 and make a profit on the other products.

And, if you put an effective referral-generating program in place, you can spend that same $750, and make your profits on the referrals they generate.

Now you and I both know that it’s unrealistic to think that you can really afford to spend the full amount of your lifetime profits (in this case, $750), to get each new customer.

And I’m certainly not suggesting that.

In reality, you can’t spend the entire $750. You’ve got to be concerned about things like cash-flow and reserves… you can’t spend money you don’t have.

And, you have to make sure that the customers you attract at least match the profile of your average customer, or perhaps are even a little better than average.

There are a number of other things that you need to be aware of, as well, such as, “Cost of Acquisition,” “Cost of Retention,” understanding your margins, and calculating the Marginal Net Worth of your customers.

Unfortunately, we don’t have time to cover them in sufficient detail here.

What it really comes down to, are two questions: How much can you afford to spend, and how much are you willing to spend to attract new business?

You may find that you can and are willing to spend five or six times what your competitors spend. And if they’re not willing to keep up with you, your business may just explode, and leave them in the dust.

Just knowing what your margins are, and that you could, if you had to, spend up to that $750 amount and still break even, gives you a tremendous edge over your competition.

A Powerful Example from My Own Life

My wife and I have a favorite restaurant we like to go to about twice a month. And our meals typically come to about $60. So, $60 X 24 meals add up to $1,440 in gross sales for the year.

Now if we continue to patronize that restaurant for, say, 10 years, that restaurant will earn a total of $14,400 from us.

Now, if over that 10-year period, we refer five people (and that’s not very many in 10 years), who have spending patterns similar to ours, they’ll spend an additional $72,000.

(That’s 5 people times $1,440 a year times 10 years.) Add that to the $12,000 that we spent, and we’ve been responsible for generating $84,000 in gross sales for that restaurant.

Even after deducting expenses for overhead, salaries and food costs, the restaurant still realizes a pretty substantial number of profit dollars from the efforts of just one couple.

Now, here’s a question: Could that restaurant afford to give away a free meal to attract a new customer? Keep in mind that two of us are spending $60, so one meal costs $30, and out of that, about $13 remains as profit.

So, the meal really only costs the restaurant $17, and only part of that $17 goes to cover the cost of the food.

The rest of the expense is overhead, which would have to be paid whether or not a meal was served.

Well, of course the answer is yes, they can afford to give away a free meal. Not only that, but they can afford to do a number of other things to not only attract new customers, but more importantly, make their existing customers feel more appreciated and more special.

And you know, when someone feels noticed and important… appreciated and special… it’s just natural that they’ll want to return.

Let’s imagine, for a minute, that you are a long-time, faithful customer of a certain restaurant. And you brought your family, your clients, or your business associates with you to eat there on a regular basis.

How would you feel if the manager of the restaurant was to offer you and your party a free dessert as a special appreciation gift for your loyalty and for the extra business you brought them?

Do you think that little display of appreciation would cause you to want to return again?

It probably would.

And what about the people who were with you? How do you think they would they feel? Do you think they’d want to return to that restaurant? A definite possibility.

And what do you think the restaurant’s hard costs of those desserts would be? Do you think the restaurant would lose any money on that gesture?

Well, it’s not likely. You see, once you know how much profit your customers are worth to you, long term… then, and only then, can you determine how much you can afford to give away, or to spend, to get new customers, or to keep your existing customers coming back.

And you can begin to experiment with different offers to see which ones work best.

Now, here’s another thought. Let’s say that the owner of that restaurant runs an ad or does a mailing to attract new customers.

And let’s say he spends $1,000 for the ad or the mailing, and two couples come in for dinner, and each spends $60.

Well, he’s taken in a total of $120, but the ad costs were $1,000. So, what does he do?

What would his competition do? Does he consider the ad or mail campaign a loser… a total bust… and stop running it?

That’s what most businesspeople do.

But what about you? What would you do?

Well, if you understand the concept of Lifetime Profit Value, you might think differently.

When you consider the Lifetime Value of those customers, and realize that with proper care and attention, each couple could be responsible for $84,000…(or $168,000 for both couples)… it changes the picture, doesn’t it?

Now, of course, those are gross revenue figures, and you have to deduct expenses.

And it’s over a 10-year period. But, still, that represents a significant amount of money… and all from a $1,000 ad… an ad that most business owners would have given up on.

How Effective Are Your Ads and Promotions?

Now, I’m not saying that you have to settle for, and be happy with low response rates for your ads. Certainly, you don’t.

You should always try to improve your ads, your letters, your offers, and give good, compelling reasons and benefits for someone to do business with you. That’s an entire subject, itself, and one we don’t have time to discuss here.

But let’s go back and think about our restaurant example. Did this idea of stopping an ad just because it didn’t break even, or produce a profit for you sound unusual? Different? Strange?

Well, maybe to some people, in some businesses. But supermarkets and department stores use their own adaptation of this technique all the time. You’ve probably heard it referred to as a “loss leader.”

What they do is advertise a few products at, or below cost to bring new customers into their store, knowing that the customer will usually buy more products once they’re in the store.

And also knowing that unless they get someone to visit their store in the first place, they could never stand a chance of making additional or repeat sales or getting referrals.

Additional and repeat sales to existing customers are generally easier to make, and usually always bring higher profit margins.

Just remember this important point: The first sale means nothing… unless you’re planning on going out of business next week.

You MUST consider the Lifetime Profit Value… what your customer is worth to you if you really want to be successful.

Calculating The Lifetime Profit Value of Your Customers

Now, what about you, in your business? How can you apply this concept of Lifetime Profit Value?

• Well, the first thing you can do — is determine what the amount of your average sale per customer is.

• Then subtract out the hard costs, so you’re left with the profits from that sale.

• Then multiply that amount by the number of sales you make to your average customer during the year.

• And finally, multiply that amount by the average number of years your customers do business with you.

• The number you have left, then, will be the Lifetime Profit Value of your customers.

Now, if you add the profits you make from any referrals they send your way, their value to you will automatically increase by the amount of those profits.

Increasing The Value You Provide Customers Can Pay Off BIG Time

Now, the next thing you can do is begin to find ways you can increase the value you provide your customers, so they’ll want to spend more $$$ with you, buy more often, stay with you longer, and bring others in to do business with you.

That said…

Here are 20 eye-opening questions that can help you get started on that road immediately…

Really take the time to think about and answer these questions as best as you can. Making the time to work ON your business can bring in IMMEDIATE cash windfalls — as well as secure long-term profitability…

1. What can I do to upsell my customers at the time of their purchase? In other words, to sell more of the same product or service that they are buying.

2. What additional items can I logically suggest or add on to my customer’s purchases that will enhance the benefits they gain from their original purchase?

3. What complimentary products can I bundle together that will increase the total value of the sale, but cost my customers less than if purchased separately?

4. What specific items, products or services would make good impulse purchases that I could offer at the time of the sale?

5. What kind of payment options can I offer that focus on monthly payments, rather than the total amount of the sale, and make it more convenient for my customers to buy?

6. If I raise my prices, what additional things can I offer (that are low cost to me, but that carry a highly perceived value to my customers) that will allow me to still remain the best value for my customers?

7. What can I do to upgrade my average customer so I can deal with a more affluent, more sophisticated buyer, and compete on issues other than low prices?

8. What can I do to downgrade the profile of my average customer so I can attract a greater volume of customers?

9. What kinds of programs can I develop that will enable me to provide an on-going service or automatically deliver products and charge my customers account or credit card each month?

10. What can I offer where my customers pay up-front and receive the products or services month to month?

11. What kinds of products of services can I offer my customers that would provide a choice between a low-end (cheap), middle (desired sale), and high-end (expensive)?

12. What kinds of things can I do to remove the risk of buying from my customer?

13. What kinds of unannounced special offers can I make at the time a person conducts a transaction that would motivate them to buy a particular item, or more of something?

14. How can I use my customer database to get my customers to buy from me again?

15. How can I make it enjoyable for my customers to do business with me again?

16. What can I do to show my best customers that I appreciate them and their loyalty?

17. How can I best keep in touch with my customers and let them know of special events, sales, and promotions?

18. How can I increase my service and the attention I give to my customers so that becomes one of my major competitive advantages?

19. How can I best show my customers that I care about them and appreciate their business, and that I don’t consider them “just another sale?”

20. What can I do to solidify my relationship with my customers and in effect, obligate them to me?

These questions can get you started, and if you use them properly, they can literally take your profits to entirely new heights.

This valuable diagnostic tool helps me uncover areas of potential profits for my clients and helps me develop and implement strategies and systems that capitalizes on those areas to produce the greatest amount of bottom-line profits in the shortest amount of time, for the least amount of effort, and with the minimum amount of investment.

Yours in success!

Scott Krech

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