Money Hack Any Business Can Use
Summary
- I always tell business owners to attract customers with low-priced or free offers. This can be something like a free item or something for just $1.
- Once you get customers in your store or on your site, make sure the other products are priced higher. This way, you make back the money from the initial offer.
- This strategy works for both digital and in-person businesses. It helps bring people in and then encourages them to spend more.
- Make sure the initial offer is appealing and valuable, but still leaves room for profit from other products.
Video
How To Take Action
I would suggest implementing a "loss leader" strategy to grow your business. Start by creating a low-priced or free offer—something enticing enough to attract people to your store or website. This could be a small product or service offered for just a dollar or even for free. The key here is to make sure it’s appealing and valuable but doesn't cost you too much.
Once you draw people in with this offer, make sure your other products or services are priced higher. This allows you to recoup the cost of the initial offer and maximize profits. Think of it like this: the initial offer is the bait, and your higher-priced items are where you reel in the profit.
This approach works whether you’re operating online or in a physical store. It not only gets people through the door but also encourages them to explore more and spend more.
Make sure your enticing offer is prominently advertised, either on your website homepage, through email marketing, or with clear signs in your store. It's crucial that it's obvious and easy to find, so people don’t miss it.
Additionally, keep track of how this strategy impacts your sales and adjust prices as needed. This will help you find the perfect balance between attracting customers and making a profit. By doing this, you're setting up a system that brings people in and then effectively increases your sales.
Full Transcript
business owners do this all the time to make more money whether you're digital or in person instead of saying hey here's two things that you can buy for $5 they say hey here this free thing or this thing that you can get for a dollar just if you come into my store and then rather than have everything else appropriately priced they then make the other things more expensive and so this gets you in the door and this makes them back the money
