Expand Your Product / Service Offerings & Get More Transactions
If you’re not fully present to this, I’ll re-state that business is built on trust. So, this means if your current customers are happy with your product or service they’ll be open to other things you offer. It’s difficult to find a business to trust and when you do you stay with them. There’s too many dodgy companies out there with no integrity.
When we talk about additional products or services, they don’t have to be ones that you produce. You can partner with other organisations and offer your customers theirs. In this way, you become an affiliate or position yourself to collect the referral fee.
Other organisations can find this highly valuable as it can save them a lot of time and expense. As you well know, generating new leads can be a stressful and costly experience!
A good example is a Web Developer.
Their role is to develop good looking websites and they generally understand about the digital world. Due to them working in the digital arena those business owners may also need assistance with Digital Marketing on Facebook or Instagram, Branding, Brochures, Business Cards, and perhaps App or Software Development.
The Web Developer doesn’t do these services and he is in a perfect position to recommend other providers. Referral fees are normally in the range of 10% – 25%. This can become a solid component of the Web Developers income.
A Business Strategist example.
In my position as a business strategist, I do this as well. My clients get great value from me as I give them access to marketing and growth strategies, tactics, a bucket load of resources, an online e-learning system and connections that are in my network. They get access to an Ask the Expert call each week where they can talk about any business issue and we work together to resolve it. As a result, I combined this with a Mastermind group to make it more powerful. In the group we work together to find additional ways for their business to dominate their market. Being an ex IT professional I know the fastest and most cost effective ways to get up anything tech up and running. Importantly, I’ve also been a founder of a Capital Raising business and I know a lot about raising capital and working with investors.
And that’s not all. I completely understand about self limiting beliefs, concerns, worries and internal and external communication and I hold personal development sessions with them. And all I’ve done to create this is leverage what I already know. I know these skills and experiences are really valuable for business owners and I know that my skill set is quite unique and I don’t know anyone else with my combination of experiences. This allows me to seperate myself from my competitors and it doesn’t cost me any more money. I didn’t have to go out and purchase anything else.
So, my point is that you can dig a bit deeper too. And you’ll find valuable things that you can offer your customers as well.
How many things can you find off the top of your head right now? And what other services or products might your customers desire and who could you partner with?
In less than 6 months I generated nearly $15k of Web Development for a partner agency. In return they do all our Web Design and SEO for free. That saves me around $15,000 per annum and I get a great looking Website.