Episode #391 – Do You Have Change for a Penny?

When life throws you pennies use it to make quarters!

Ever get the feeling you are not making any money?  Well… just like lemons make lemonade… they also make lemon cleaners, hair lighteners, and pie.  I’ve always thought it strange that the same produce that makes a good cleaner or bleaches your hair is good in pie.  But there ya go.

The deal is… if you make pennies, let’s figure out how to multiply the results.  When you make one penny wouldn’t it be better to tweek it and make 25x’s more?  YES!!!  That would be making a quarter.

The first way is to bundle.  Have you ever noticed that with the exception of scrapbook paper, you can’t buy just one piece of paper.  I just looked up the price of paper on Office Depot’s website.  A case of paper is $52.99  OK, let’s call it $53 for fun.  This includes 10 reams of paper.  In case you forgot… a ream is 500 sheets.  Now, 500 seems like way too much paper, let alone 5,000 sheets… but if you divide it out, that’s less than $0.0001 per sheet!

You simply cannot sell one piece of paper because we don’t have the ability to divide a penny that small!

This is why you buy a 6 pack of beer, 8 AA batteries, a dozen eggs, and so on…

Look around at what you sell and create bundles.  Maybe you have two great products that “go together” – then put them together!  It’s a fantastic way to increase your average ticket sale!

 

Big Money Small Change Success
Character + Content/Consistency + Goals/Motivation + Customers =
Infinity Marketing Machine

PS: thanks for reading!  I really appreciate you being here.  Make sure to “like” this post… and follow me! (and please do me a favor… if you want more great ideas like the one in this post, just fill out this form and I’ll send them to you…  start here

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Action Steps
1- Bundle, Bundle, Bundle!  Create two new bundles either online or in your store!
2- Install my free app! (SmallBusinessClubApp.com)

Podcast:
Listen to Episode #391 of the Two Minute Commute audio blog Podcast

Infinity Marketing Machine Daily Topics:
Monday – Character (Subject Matter Expert)
Tuesday – Content & Consistency
Wednesday – Midweek Motivation
Thursday – Infinity Customers
Friday – Big Money
Saturday – Try This!

Episode #209 – New Concept In Small Business Marketing

“Don’t find customers for your products, find products for your customers.” Seth Godin

When you get to the point in your marketing when you can follow the inspiration for today, you are practicing the concept of the Infinity Marketing Machine.  This is when you work hard to create customers and move from the concept of “one and done” to the concept of “infinity customers” that is… customers that stick around and buy things from you… over and over and over!

So how do you get to this point?

It’s not hard, but you have to decide to make the shift.

After you decide you begin by collecting the basic information on your customers, such as first name and email… you might say, “I already have this” – you probably do!

Start today, develop a way to grab this information as customers enter your store or website, today… then go back to your recent sales and catalog this information.   From these two basic sources you will have a good start.

Now… keep this in mind.  As you are collecting information make sure to categorize by profit center.  Because, while they will enjoy hearing from you… let’s say you are a convenience store with a car wash. Customers that get their car washed may be different from those that buy cookies, like if the cookie buyer is 14 without a car!  The reason this might matter is when it comes to crafting your future messages and looking like your relate to your customers.

For example… I started this process this past summer and we have customers that own boats and customers that rent boats.  These are two different categories!  When sending emails, it wouldn’t make sense to send “engine repair specials” to the boat renters.  In fact, it might cause them to unsubscribe.

Here’s how this all goes full circle with today’s quote… let’s consider inner tubes.  (get it? Circle?! Haha) – I sent out an email with an inner tube sale.  I did it this summer and sent it to my list of boat owners.  It did fantastic!  I sold a whole bunch.  Instead of placing an ad on Facebook, I targeted my current customers.  Instead of thinking, hey… here’s an inner tube I’d like to sell, I’ll go on Facebook and target women around 35 years old with kids that own a boat and try to push an ad on their feed and see what happens… I just created an email and sent it out to my current customers because I thought, “hey… this is a product that they could use.

I found a product FOR my current customers, instead of finding customers FOR my product.  This is a big shift in marketing.  This is the Infinity Marketing Machine.  Create your own database that is full of people that like and trust your business, provide them information to further build trust, and finally sell them items they want.

Go. Create your Infinity Marketing Machine.

 

SME + Content/Consistency + Goals/Motivation + Customers = Infinity Marketing Machine

PS: Make sure to “like” this post… and follow me!  (and please do me a favor… if you want more great ideas like the one in this post, just fill out this form and I’ll send them to you…  start here)

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Action Steps
1- Capture the names/email from current customers in your store or on your website… then go back through your records of purchases and get this information — make sure to categorize by profit center!  This is the foundation for your Infinity Marketing Machine.
2- Install my free app! (SmallBusinessClubApp.com)

Podcast:
Listen to Episode #209 of the Two Minute Commute audio blog Podcast

 

 

Episode #151 – What’s New In Making Money?

What impacts the bottom line more than small things?  Nothing!  Every small change you make adds up in a large way.

When you “goal set” and you have that one big goal at the end.  Now let’s say you decide that one big goal is that you want to make more money. You can do this by selling more!  So you have a sale, you reduce your price and increase your advertising, and you sell more.  Did you make more money?  Maybe, let’s take a look.   If you sell 10 widgets at $9 ($90) but 20 widgets at $7 ($140)  The widget cost you $5 and the increase ad cost you $20 – you’re at $90-$50 or $40 total vs. $140-$100 – $20 ad or $20.  Eek!

So how do you make more money?

It’s a very old saying, but your money is made on the buy, not the sell.  Think about buying a house.  The lower the cost of the buy the more money you will make.  Same holds true for everything.  When you buy the product you are going to sell, the lower your cost the better!  Shop around.

Let’s look at water.  We sell bottled water. Let’s be honest, it’s water.  Do people want a fancy name or do they want water at a reduced price?  For our store, they want the reduced price.  We found a private label manufacturer and we reduced the cost of the water by $1.25 a bottle.  We even dropped the price to the customer by 70cents.   We now make 90cents more per bottle!  It’s still water.  The price was reduced to the customer.  And if we sell 1,000 bottles that’s an extra $900.00!

Here comes my favorite phrase:  “If you saw $900 laying on the ground, you’d pick it up, right?”  We have done nothing different, other than pay attention to one small thing… like the cost of one bottle of water.

PS: if you love my post, give it a “like” (and hit that follow button)!

Action Steps
1- Pick one product you sell (and it can be a service) and analyze the cost of every component to make, manufacturer, and receive it.  Find the area(s) to reduce the costs.
2- Install my free app! (SmallBusinessClubApp.com)

Question:
How much hidden money did you find when you did Action Step One?

Podcast:
Listen to Episode #151 of the Two Minute Commute audio blog Podcast

Love this inspirational quote?  View it on a 12″ x 12″ Canvas “Social Square” wall hanging!

Two ways to get more Small Business Tips …
A- Install our Free App (SmallBusinessClubApp.com –Apple or Android )
B- Subscribe to my blog at BigFishIdeas.com

Episode #79 – Pivot and Transform Your Small Business

I hate the buzz term Pivot… and lately that’s all you hear… pivot this, or pivot that… yuck.  However, it’s vital to your small business success.  I prefer transform or “roll with it”.  If you don’t watch trends or provide new products and services you will not grow.

Here’s a fun story I learned about yesterday from my dad.  There is a restaurant in our area and it’s named after two people.  I asked if the people were real.  After a long pause, and the equivalent of “duh” the answer was “yes”.  I said, “duh” I’ve only known the current owners.  So he explained the restaurant started as a grocery store, then they started selling prepared food, then went to steak, then they became a steak house, then a supper club, and now have the restaurant and at least 13 charter boats that provide dinner cruises.

Had they not “pivoted” before it was a trendy buzz word, they would still be a grocery store.  How does this apply to your small business?  Be ready.  You can create a 10 year plan, but make sure you’re willing to “roll with it” – watch for trends and be on the look out for alternative ways to service your customers.

Now here’s a funny thing… as you look into the future you need to know what your customers have consistently wanted from you and continue to provide that… for example if you provide fast shipping, free returns, great customer service, etc.  These things will always remain constant.  Figure these things out so don’t “break your model” as you transform.

PS: if you love my post… please give it a “like” (it motivates me!)!

Action Step
1- Create a map of your business services.  What was your start?  What services/products did you sell?  Where are you at now…  Most important, what has remained consistent?
2- Discover your path based on your previous course… where are you heading?  Do you need to adjust?
4– Install our app! (SmallBusinessClubApp.com)

 

Two ways to get more Small Business Tips …
A- Install our Free App (SmallBusinessClubApp.com –Apple or Android )
B- Subscribe to my blog at BigFishIdeas.com

Listen to Episode #79 of the Two Minute Commute audio blog Podcast

 

Episode #76 – Think Cake to Solve Business Problems!

What do you have if you’ve got; eggs, flour, sugar, milk, salt, butter?
You’ve got ingredients.

What happens when you dump them in a large bowl and mix together?
You have batter.

Neither produces cake.

It’s only when you take ingredients, follow a recipe and bake it does the magic of a cake take place.

Think of your business in these three similar areas:

1-Ingredients
2-Recipe
3-Action

If something you are doing is not producing results figure out which outcome you’re achieving.  For example, if you have a great product but no one is buying, maybe you are stuck at the ingredients phase.  Think about it.  Products are ingredients until you tell someone how to use them.  Sell the Sizzle.

If you have great products and people understand how to use them but just won’t buy you’re stuck at recipe.  So you’ve got some great batter, but can’t quite find the oven.  Where is the oven?  Do you need testimonals from current customers, or do you need video of the product in action?  Maybe the oven isn’t hot enough, for example people put your item in their cart and ditch because shipping is too high…

I know it seems dorky, but this simple three step process of ingredients, recipe, and action will help you figure out many problems in your business.

Next… try it with social media!

If you do not get engagement and you feel like all you do is post things… you’re stuck in the recipe phase!  You are posting ingredients on Facebook, or Instagram, or Twitter… but they’re just sitting there like a big bowl of batter.  You’ve got to flip your role and be the customer.  As the customer what do you want to read?  When you change your mindset that temperature in the oven will rise and people will engage.

See, it’s a dorky analogy but it makes sense.  Oh, and you can tell my choice of ingredients… if I make a cake, it definitely comes out of a box!  Hahaha

PS: if you love my post, “Like” it!

Action Step
1- Where are you frustrated with your business?  Is it that you think an item should be selling more?  Should you be getting repeat business?  Find your problem
2-Think Cake!  Why isn’t your cake baking… is it the ingredients or the recipe… make adjustments and toss it in the oven!
3– Install our app! (SmallBusinessClubApp.com)

 

Two ways to get more Small Business Tips …
A- Install our Free App (SmallBusinessClubApp.com –Apple or Android )
B- Subscribe to my blog at BigFishIdeas.com

Listen to Episode #76 of the Two Minute Commute audio blog Podcast

 

Real World Idea: Bundle It

Bundle it

On a recent trip to Florida I came across a great idea to boost sales.

I was staying at a hotel and walked into the gift store.  They had a variety of souvenirs, food/beverages, and even the “I forgot it at home” items.  The neat thing I noticed on the wall, high above the clothing display, was a shelf of bundles!

Instead of just letting items in the store sell at “chance” and even better than just placing the items in proximity to each other, the store staff created about 5 specialty bundles.  Including a wine and souvenir glasses bundle and the water toy bundle in the photo.

When you take the time to bundle the hat and the shirt together you will sell both.  Even if the displays are near each other, there is a perceived value when you bundle the two items together, and you will sell more.

What a great idea!  Customers like easy… especially on vacation.  The hotel went one step further and listed the bundle as a number.  This makes it really easy for a family member to buy a bundle and have it delivered to the room.  It would also be very easy to surprise a family member who’s shopping near by because you could silently write a quick note to the clerk and have the bundle charged and delivered to your room since each bundle was identified by a simple number!

Join my Daily Inspiration Blog, the “Two Minute Commute” at BigFishIdeas.com

ACTION STEP:

– Look around your store and determine if you have 3 or 4 bundles you can create that your customers will be excited to purchase.

Bundle This

Rule One: never give away something for free that you can charge for.

Rule Two: Bundle!

Lots of rules, but essentially… If people are paying for beverages at your resort… keep charging for them. 

However, to increase your sales, bundle them!  Buy 5 and get one free or start a frequent buyer card.  

The last is my favorite.

The hotter it is, the more beverages you’ll sell, but what happens when it rains?  Dang… There’s a whole bunch of inventory in your cooler.

Recently, I was at a resort and saw a sign in the elevator advertising “activity packages” and I thought… “Genius!”

Hotels and resorts that keep guests at the pool make money.  Food, floaties, suntan lotion, drinks… It’s an endless list, but you have to have your guests stick around to increase your sales.

This hotel created “packages”.  Mostly of services.  Lots of fun things that are intangible or an “in the moment” use… Like beverages.  There is no fixed expense to the card for the business, for example, the buyer doesn’t automatically get a T shirt or hat.  However, if they attend the arts and crafts activity included on the card, they can tie dye one to take home. If they consume a beverage there is a cost to the business, but if they don’t consume a beverage there is no cost to the business.  

Up front the hotel receives $50 to $180 depending on the package purchased, the cost of the card to the business will vary because it’s entirely up to the guest to see how much of the card they “consume” and that’s why it’s awesome!

Once they pay the card they have lots of stuff they can do or receive, like; arts and crafts activities, soda, sno-cones, floaties.  But again, the buyer has to stick around the resort to receive the value of the card.  Which ultimately means you get the “free” thing in the bundle like a beverage… But you’re going to want chips or a sandwich, too and since they’re not included in the bundle you have to buy them.  I seriously LOVE this “resort card” concept. 

I mean, as parents, you want to take a ride to visit the near-by outlet mall, however, the “scuba lesson” that’s on your pre-purchased card starts at 3:20pm.  You’ve got to stick around for that, after all, the kids want to do it and you already paid for it.

How about weather?  I’ll bet the hotel “pool floatie” rental business isn’t as strong on a cloudy day, but they still have to staff the pool.  Pre-paid bundle cards includes floaties!  People will stick around the pool because they already paid for the fun.

Pre-paid cards are a nice way for a business to have more control over negative weather.  Think of golf courses and their multiple package cards.  The business gets paid and is less affected by a stretch of bad weather.

So if you’re looking to increase your sales or for a way level out “ups and downs” for weather, start to think bundle cards.   

Whether it’s the one stop bundle (resort activity card) or the frequent purchaser card (coffee), there is a way to creatively bundle your services together and increase your sales!  

BigFishIdeas.com