What ELSE Can I Sell?!
When was the last time you asked yourself that question? So simple, yet totally overlooked. Many of us get caught up in our current process (especially if things are going well) that we often forget to take a step back and realize that we can be making more money by answering that simple question…What ELSE Can I Sell?
No matter what industry you are in, whether you sell a product or provide a service, there is more than likely something else you can sell to your customers.
Let me give you a recent, real life example.
There was a client of mine in the high-end, custom denim space. I was in their store for a meeting one day when I noticed, sitting on a counter, a group of bottles with some type of liquid inside that read ‘Denim Solution’. It is a product they created (and sold) to keep their denim fresh over time (real denim heads take this stuff seriously). This jumped out at me as an obvious ‘What ELSE Can I Sell?’ moment. I suggested (and later implemented) that every time a denim product is added to a person’s shopping cart on their website, a little window pops up offering the denim solution as an add-on. The client is providing a value opportunity to the customer by presenting them with the idea of keeping their high-end product as high-end as possible for a longer period of time, at a minimal additional cost (the solution retails for about 7%-12% of a pair of denim). From the client perspective, they are catching their customer at the most opportune time, already in the process of a purchase. With this little addition my client serves up an offer that potentially adds 7%-12% to every single online sale they make. In many businesses, 7%-12% on the bottom line is the difference between profitable and lights out.
When asking the ‘What ELSE Can I Sell?’ question, the first place you should look is in- house. More than likely there is something currently around you, maybe a tangible good (like the denim solution) or another service that you are already offering that can be bundled together.
If you are already maximizing all of your in-house assets, the next place to look is for partnership and joint venture opportunities. Do you sell shoes? There’s probably someone down the block that sells shoe laces or shoe polish. Give them a call and offer to sell their product to your customer base for a piece of the sale. It is a win-win.
Simple things often are forgotten simply because of their simplicity (someone trademark that). I hope you had some lightbulbs go off in your head as you read through this. If not, get out of here and answer the question, ‘What ELSE Can I Sell’?