A Business Principle You Can Learn From The Apprentice

A Business Principle You Can Learn From The Apprentice Video Transcription:

Thomas Green here from Ethical Marketing Service, today I would like to talk to you about a business lesson you can pick up from The Apprentice.

In many of the tasks, the candidates split their team in two. One team selling the high ticket items and a sub-team selling the lower value items.

More often than not, the high ticket items are the deciding factor in which of the overall team wins and which doesn’t.

This is applicable to you, because if you are in a business that sells high quantity, lower priced items, if you were to add a relevant high ticket option, it can increase your business revenue significantly.

As you have such a large amount of volume, all it needs is a minority who decide to purchase a high ticket item to be well worth doing.

The opposite may also apply, if you sell high ticket items, but don’t sell anything of lower value, you are missing the opportunity to increase your sales by a worth while percentage, but also missing a lesson taught in one of the episodes.

It is as follows:

You can sell the low cost, low margin items at break even, to attract the prospect and then sell additional higher value items to those that were brought in by the lower value product.

I look at this one of two ways, from an up-sell perspective, where you offer the customer something which compliments the sale, which is of a higher price during checkout (Amazon do this well with “People who bought this, also bought that”).

Or you can sell low priced items at break even in order to acquire customers. Target them on the back end with other higher margin products.

Let’s say it is an e-commerce example. You sell your lower priced items on Google Shopping or Facebook at break even. With each purchase, you now have a buyers email list or remarketing list. Where you can promote other products, stay in touch with clients and potentially get repeat sales from.

This also works with service based businesses. In my type of business an example might be.. Offering website hosting at break even in order to be exposed to large numbers of businesses. Which may need our other services at some point.

We also have the No-Nonsense Google Ads Book which is out on the 1st July. Which is another example of a low priced product. Say you only sell books, you should have a high ticket item. If you only have a high ticket item, you could sell a book to help support it.

If you are interested in the book, go to ethicalmarketingservice.com/book. Are you are interested in our digital marketing services, it’s ethicalmarketingservice.com. Both have satisfaction guarantees making them risk free. Any questions, let me know and I’ll speak to you soon.