10 Ways to Increase Profit without more Customers or Clients.

You need today's episode if you are maxed out in your business and can not see how to hit profit goals without increasing your customer or client load.  You will hear 10 ways to increase your profit without needing to take on more customers or clients. Of course, as always, today's episode is full of actions you can take in your business today!

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Transcript

okay, she is finally back after a longer than planned podcast hiatus. Hi everyone, it's Melanie from the Profit Lovers. We're back at it with digestible and actionable profit loving advice for your business. Why the long pause? Simply because it's just who I am,  I am, however, also like a dose. Mouth herpes.

I'll always pop back up when you least expect it. Mouth herpes feels like that wasn't the right word. Cold sores. I could have chosen a more pleasant analogy than that. Let's move on to today's topic, which is for you if you are maxed out in your business and you cannot see how to hit your profit goals without increasing your customer or client.

but that makes your head hurt because you're already maxed out. I'm gonna give you a good old fad list of 10 ways to increase profit without taking on more customers or more clients. So use this as your virtual checklist for your own business. Number one, increase average order or transaction value. So many missed opportunities.

Right here with business owners making a very wild assumption that their clients or customers already know everything they have to offer. But they don't. You can increase profit by actively upselling, cross-selling, and bundling your goodies. This also isn't just about you increasing profits. It also is incredibly valuable to your buyers.

It makes their life much easier when you do this. You can offer them more of what they already need. They don't need to go looking somewhere else for. Or you can bundle up products or services. So they don't need to make as many individual buying decisions win-win for everybody. Number two is increased pricing.

This one is an obvious suggestion and I do wanna caution against.  just increasing prices without there being any other thought into it. Right? We need a brand and messaging and other elements that are gonna support a price increase. It's one of those things that I find frustrating. Is that the right word?

annoying about a lot of coaches or accountants when you speak to them and you say, my goal is to increase my earnings. A lot of them will say, let's put your prices up. There is more to it than that, however, That is another podcast episode and I need to stay on track. If your pricing needs to be increased, then do it asap.

It is a great way to increase profits without taking on more customers or clients. I'm gonna be doing this very soon with my one-to-one coaching, and I am happy to talk about. How and why I made the decision. If that is something that you would be interested in hearing more about, then I don't know, message me on Instagram at the profit lovers and say, tell me more.

, number three is cut costs. Once again, this one's a little bit of an accountant like dream for increasing profit. There are costs in your business that may not be contributing to making your business easier  to manage or driving and converting new business. Think about what you are spending if you are utilizing the investment effectively, or perhaps you could reallocate that spending to a profit, increasing investment, or you could cut it out all together, cost cutting is to accountants, much like price increases are to course creators or experts, coaches, it does give this illusion of them creating extra money for you, right?

But if you are cutting a cost that directly impacts sales or your ability to focus on increasing profit, like outsourcing different tasks, that free time and head space up for you, then don't cut those to increase profit. You can only cut expenses so far before you hit zero. On the flip side, you can infinitely increase sales, and I know there's gonna be many of you right now saying, Melanie doesn't know my business.

I can't increase sales infinitely. , well, maybe not with your current business model. The point is you can increase sales a whole lot more than you're going to be able to decrease expenses. And if we were to change up your business model, potentially you could just keep growing and growing and growing those sales.

number four. Now we're getting into some of my personal favorites, such as focusing on high profit margin offers. The products or services you sell that have the highest margin might not be the ones that you are promoting the most. You may have a suite of low margin offers that you feel are very easy to sell.

You're very comfortable selling them, so you unconsciously or consciously, I don't know, promote and sell those offers when you could be reducing your sales load and increasing your profits by putting some effective sales and marketing strategies behind those higher margin offers. Side note, we do this in members club.

audit all of your products or services for profit marketing, enjoyment, scalability . Number five is improve efficiencies in your business. When you streamline your processes and tasks, especially those required to create or deliver your offers, you're going to increase the profit margin of those offers.

Waste of time, waste of rural materials and resources is a huge profit suck. So stream.  everything you possibly can. Your onboarding, your offboarding experiences, add in the automations that create value to your clients or customers, and increase their value perception of what you're offering that will allow you to increase your profit margins.

When you build in all of these great automations and streamlining, you give seamless experiences to customers or clients, you're also going to be able to increase your pricing. Number six is to develop partnerships and collaborations with others who have a similar or the same target market as you.

You can expand your reach and. New customers or new clients who are happy to pay a premium for your products or services or, and maybe and or they want your higher profit margin offers. Have other businesses promote you to their customers or their clients? And of course, return the favor cuz we're not selfish.

Now while you might be thinking, doesn't that just bring in more customers or clients? Yes, but as I just mentioned, it also means that you could focus on serving the customers or clients who are willing to spend more and spending more on your higher margin offers. You can then kindly ditch the customers or clients who are not as profitable.

Number seven, another no-brainer suggestion for you. One that I. Everyone can be doing this. Increase the retention of your customers or clients. Every customer or client has a lifetime value to your business. There is also a cost to acquire a new customer or client. Someone who has purchased from you in the past is four to seven times more likely to purchase.

Again, depending on what expert you believe. I Googled it. There are a lot of different studies. , four to seven seems to be the average. Even if we're talking about the number four, four times more likely, that's a whole lot more likely, right? I have experienced so many examples of being ditched the minute that I've bought the transaction is done, and then you never hear from that business again.

It's a bit wham, bam. Thank you, man. Bit like one nightstand. It's a big missed opportunity. So,  haven't been adding your customers or clients to a list to market to, then that's something that you definitely wanna jump onto asap. I do have a blog post on my website. I'll link it in the show notes about a client who had a cashflow crisis that we needed to figure out very quickly, we moved all past customers onto an email marketing list, sent them one email and generated.

Over $5,000 in sales in less than a few hours, and let me tell you the resistance until they saw the results. Was huge. Don't sleep on customer retention. Number eight, create more leveraged income streams. Now this one, it may not be suitable for every business, but if you can create new revenue streams or subscription based revenue streams, you could be generating a whole new stream of income that doesn't require you to.

Personally involved in every sale or transaction. Hello? More profit. I've told this story before. I'm sure it's one of my favorites that I like to pull outta my bag. I was standing on my driveway shooting the breeze with a couple of neighbors, couple of middle-aged white dudes from the corporate world, and my phone was making a ding sound and one of them said, cuz someone's really trying to get hold of.

and No, no, no, no. They would not. It was my strike notifications going off because I had ads running to the plan and Track Ultimate,. 

I told them what that buzzing sound was and an oddly satisfying conversation about leveraged income followed.  Number nine is expand your business to other countries. Now, once again, this is a strategy that you can implement.

but with all strategies. You wanna do a little bit of research first and figure out how you're approaching this. That said, other countries can offer fantastic opportunities to increase your profits without taking on new customers or clients by moving into other markets. Let me give you an example of that.

I was interviewed on Claire Pells Get Paid podcast a couple of times. , , I will mental note, put that in the show notes as well, a link to those episodes. And those interviews have generated so many overseas clients for me. So, , with all these different suggestions I'm giving you, they feed into one another and this one is yet another really good example of how they can all work in combination. I didn't know Claire personally. We were in a free Facebook group together. I think Claire had posted saying that she wanted to launch a podcast.

She was looking for people to interview. I'd never been interviewed before. . She didn't have any listeners. I thought nobody would probably hear it . So I stuck my hand up despite her being in the US and we did the podcast interview. So I collaborated with Claire, which is tip number six. I was promoted in a new market for me, which was tip number nine.

And because there was an opt-in on my. I added a chunk of people who are coming to listen or discover her podcast to my email list, and then I marketed to them. Now, once again, you might be thinking, how does moving into a new market allow me to increase profit? Without taking on more customers or clients, because I moved into that new market and I had a steady stream of clients wanting to work with me one-on-one, I was then able to increase my prices.

It's so much easier to increase your prices when you are already at capacity. Also, the lifetime value of just one of those. To date, just one is about $57,000. Now, I can't quantify the number of digital product sales that I've had from those podcast leads, but I'm gonna guess at another, at least 10 K or so.

So I would say that whole exercise has got to have been a hundred K exercise easy. Now, number 10 is to increase profits by adding more value into. Customer or client transaction, which then can increase your average sale value as well as long as the service or product compliments your initial offer.

You should find that a percentage of people always wanna take you up on that value add. Now,, there's just a few ideas for you. , but let's wrap it up with a quick action plan. Two, increase profits without taking on more customers or clients. Here is what we have just decided that you could look at first, increasing your average order value or transaction value, increasing your pricing, cutting costs on those expenses that aren't adding value to your business, or allowing you to aim for those higher profit.

Focusing on higher margin offers, getting them out there, really promoting them, talking about them, getting them selling, improving your operational efficiencies, developing collaborations and partnerships with people who have a similar or the same target market. Increasing your customer retention so that you can keep people for a longer period of time and they'll come and spend more and more with.

create new or better leveraged or higher margin revenue streams, expand geographically into new markets and offer value ads in your business. I was a little cheeky if you didn't notice tip one and tip 10. They're a little bit the same, kind of, kind of, but I wanted 10 tips and it's a nice round number.

Any who hope you enjoyed today's episode, and if you wanna. Once again, how I make price increased decisions. Let me know over on Instagram. I guess I'm easy to find there at the profit lovers and I will share that Happy profit. Loving everyone.