Hidden Opportunities Within Your Business Video Transcription:
Thomas Green here with Ethical Marketing Service. Today I would like to talk to you about some potential hidden opportunities within your business.
Often it’s the case that when business owners are looking to increase revenue. They mainly look at increasing the number of new customers and that is where all the effort goes. But there is more than one way to achieve that goal.
Another way you can increase revenue without acquiring additional new clients, is getting more revenue from existing ones. A simplistic statement I know, but here is a simple way this can be done with a justification.
In almost every business, there are some things you are doing which you do for free. Which you could charge for, or at least give the option of charging for.
I’ll give some examples for clarity. I am often hiring local tradespeople to come and do work (before COVID anyway). And typically what I do is call or email, ask them if they can help and if so, when can they arrive and get it done.
Some say they aren’t available until next week. Some arrive the next day, but I have never had anyone say, I can come next week. But if it’s urgent and you want it done immediately. I have an urgent 24 hour callout option and it’s an extra £50.
In some instances, it will be relevant and in others not. But the point is that some people are arriving within 24 hours anyway. So they are doing something for free, which some clients might be willing to pay extra for.
That’s an example of turning something you are doing for free into additional revenue.
That is a service based business, but if we take it over to e-commerce for a second. You could also charge extra for same day dispatch. If you are prompt with getting orders out anyway. It’s something which people would pay for, that you are already doing. That way you also get to prioritise customers who want to jump to the front of the queue. The people who don’t mind waiting longer, don’t need it quickly anyway.
I have mentioned in previous videos that there is a segment of the market which will always pick the highest price. This also applies to additional options you may offer. So the question becomes, what are you doing for free that you could potentially charge for?
If you have good answers to this question. The increase in revenue you could get from this, might be equivalent to many new customers and certainly qualifies as a hidden opportunity within your business.