Are You Making It Easy For Customers To Buy From You?

Hi, I'm Jason S. Bradshaw and this is Talking Points Live. Just a reminder that my fortnightly newsletter, Talking Points with Jason is due out today. So if you haven't already subscribed, be sure to head to Jason sbradshaw.com to subscribe to. Be sure to get today's newsletter or you can Simply subscribe on LinkedIn. As always, you can reach out to me on my website, Jason sbradshaw.com or on most social media channels at Jason S. Bradshaw. Now let's dive in today's topic. Are you making it easy for customers to buy from you? Now, there's a number of ways that you could be thinking I'm going to approach this topic. I could be talking to you about the technology behind your website, how many clicks it takes for your customers to add something to a cart and to check out. And Amazon of course is famous for their one click checkout. I could be talking about your physical store locations, where they're located, what's the entry like, things like that. I could be talking about a number of things, but I'm not talking about any of those topics. I'm talking about your actual price point that your customers have to meet to do business with you. You see, I see so many businesses, especially one to one service businesses, being focused on maximizing the initial sale that they leave revenue on the table. So let me give you an example. If you're a consultant or a coach and your entry point is a couple of thousand dollars, that's perfectly reasonable and you're definitely worth that. But there's a whole pile of customers that may not be ready to commit that amount of money to someone that they haven't met, to someone that they haven't done business with, someone that hasn't been referred or recommended to them. A cold prospect, if you will. So is there a product, is there a way you can productize part of your offering at a lower price point with lower effort for you from you to bring them into your world? Let me give you a real life example. Just recently a dear colleague and friend of mine shared a link with me for a online course which was, wait for it, $7 a month unsubscribe at any time. Now there's some genius behind this because the $7 a month is a continuity program and we all know how many people sign up to gyms and never go. So there's a large chance that people will sign up to the $7 and just keep paying that $7 every month. But the amount of value packed into that course, from all reports, is phenomenal. Here's the thing. Recording the course was a one and done. There's other things that you get for that $7, believe it or not. But my point is that this $7 offer that this individual has is actually just their easy way for customers to say yes to doing business, to getting a taste of what doing business is like with you. Now, their next level offer goes from $7 to 3,000 and something. This business is doing millions of dollars a year in revenue and is operated by two people. So my question to you is, how can you make it easy for your customers to say yes? How can you create an offer that is profitable for you, but also is easy, low enough in your market, in your industry, that saying anything but yes to your offer would be stupid. Think about it. If you can create something and sell it multiple times at a profit, and it increases the number of people that start doing business with you, what opportunities does that create for you? Because once you've acquired a customer, you've spent all you need to spend on marketing when it comes to keeping that customer. From that point on, you just need to deliver value and create a compelling reason for them to keep doing business with you. Now, you might say to me, okay, that's all well and good, but I sell physical goods. Yeah, so does Target. And if you walk into Target, you will see multiple price points. You'll see that $3, that $4, that $5 item. You'll also see that $50 item. Why? Because they want to maximize the number of people that can say yes to buying something from them and to become trusted as the source to go to for great value and great quality. How can you deliver something to your customers, physical or digitally, at a price point that would be crazy for them to say anything but yes to it. Reminds me of conversation I had many years ago where my manager at the time and I were having a debate around whether we should implement a new product. And basically what it came down to was ego. My argument was, does it matter whether we make an extra million dollars in revenue by selling bottles of water? We weren't talking about water, but for confidentiality reasons, I'll use water. Does it matter if we're making a million dollars worth of extra revenue, top line revenue by selling bottled water or, or selling, say, Ferraris? It is easier, some would argue, to sell five Ferraris than it is to sell 300, 400,000 bottles of water. I would argue, and did argue, that selling something that everyone can afford is easier than selling something that only a few can afford and that we're not known for. As it happened, we went ahead with the strategy that I proposed and we more than delivered on that million dollars of extra revenue. But more than 50% of the customers that bought that new item were new customers to us. And what that mean that was 50% of the people that bought that item became customers we could market. Additionally to that we'd already had a relationship with and increase their lifetime value. So give up the ego, find the price point that makes it absolutely irresistible that your customers have to say yes to. Otherwise they would feel silly and start growing your customers so that you can start building a relationship with them. Improving that your higher priced items are absolutely worth their investment. You can your business, you and your business can achieve breakthrough success. I'm always here to help you. Of course I am taking limited applications for my Business Breakthrough Coaching program. As mentioned before, I limit the number of people that are in this at any one time because my goal is not to coach you one on one forever. My goal is to get your business in a flow of growth so that you can progress from the one on one coaching into some of my other programs all aimed at helping you grow and succeed and achieve breakthrough success. I'm Jason S. Bradshaw. Jason sbradshaw.com don't forget to register for the Talking Points newsletter comes out each fortnight and today is that day. May you have a great weekend and a successful rest of your Friday.