I can remember being a kid and wanting to ask my mother for extra money for having done things that weren’t on my chores list. One particular time, I asked for an extra five dollars to help me buy a doll I wanted very badly. I knew I had to do something to get more money than my regular allowance. Back then an extra five dollars added to my allowance was a lot of money.
I was afraid my mother would say no, so I practiced my words carefully. Finally, after practicing my speech several times, I approached my mother with trepidation and presented my case for the extra money. I was surprised at how willing she was to hear me out. She quickly replied by asking me why I felt I deserved the additional money. After hearing my explanation, she agreed and gave me the money. I remember thinking, “wow, that wasn’t so bad after all.” Because my mother was willing to increase my allowance simply because I had asked, maybe that meant I should have asked for more money? It didn’t take a finance class to teach me that lesson as a child. I simply had an idea of what my mother might respond to and overcame my angst to ask. I learned a few lessons from that experience. First, never be afraid to ask for what you want; second, doing extra work pays off and finally, never leave money on the table.
As an adult, when I think about sales and money, I value the lessons I learned as a child. There’s something to be said for not leaving money on the table. As business owners, the practice of selling goods and services for compensation is about free enterprise. When it comes to doing business, whether you’re buying or selling, it’s safe to say everyone wants to walk away from the exchange comfortable with the money spent or earned. If you’re on the selling end, you definitely don’t want to leave money on the table.
As a business owner, in order to ensure you’re not leaving money on the table you must have a plan and strategies in place. I’ve listed a few tips to help you maximize the revenue opportunities in front of you and avoid leaving money on the table. Let’s explore 4 easy steps you can take to STOP leaving money on the table.
Do Your Research
It is critical to do your homework. You must know what the market dictates for a particular product or service in your industry. Doing your due diligence and learning extenuating circumstances that may contribute to supply and demand will greatly benefit you. Preparation is the secret weapon to understanding the amount of money you should be charging for a particular product or service.
Eliminate Fear
Fear can be a crippling emotion. If you are afraid to ask for what you want, you will never get it. Many business owners cheat themselves out of lots of money simply because they do not ask for it. Build your confidence by educating yourself in any areas where you feel inadequate. Take the necessary steps to make sure that your product or service is something you can feel proud of and something that people will want to buy. Once you have an offering that meets a need, addresses a challenge, you must identify who it’s for and boldly market to that specific group of people. If you’re talking to the right audience, remember they need you just as much as you need them which means there is nothing to fear. Do not allow your insecurity or self-doubt to cause you to leave money on the table.
Know Your Target Audience (Ideal Clients)
There is no way to know whether or not you can up-sell someone if you do not know them. Build relationships and get to know everything there is to know about your ideal clients. Ask tons of questions. There will be no opportunity to negotiate a higher price for something with someone you know nothing about. Simply because you will not have a clue what they are more likely to do or least likely to do. Quite simply, you can’t sell something to someone you don’t know. When you take the time to get to know the needs of your customers, it becomes a lot easier to anticipate what they will buy and why. When you understand your customer’s needs as well as offer a solution to meet those needs at a reasonable price, you will always win more business.
Demonstrate Value
If you want to dominate in a sales situation, you must show value. If your target customer doesn’t perceive enough value in what you have to offer, they will not buy. In order to yield a large sale or garner the lion’s share of a sales exchange, you must demonstrate value that exceeds expectations.
Follow Up
This is probably the most obvious of steps you can take to stop leaving money on the table. You have probably heard the cliche: “the fortune is in the follow up.” I can tell you in no uncertain terms that if you do not follow up, you most definitely are leaving money on the table. If you do not have a follow-up system in place to communicate with your prospects to convert them to new clients as well as a system to convert your current clients to repeat clients, you are leaving money on the table. You must follow up to stand a chance of increasing your sales and earning more money. Having a specific offer that meets a need held by your ideal clients is an easy reason to follow up with them.
Your Assignment:
Take out a sheet a paper and list the last 3 times you felt that you may have left money on the table in sales situation. What was the scenario? Did you not charge enough? Did you miss an opportunity to offer something that was needed? Is there an opportunity to re-visit that situation? If so, identify a special offer or call to action that you would like to utilize to reignite the opportunity. You never know, the opportunity may not be lost. Use my tips to take your fair share of money off the table.
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This article is written by Lori A. Manns. Want to use this article for your website, blog or newsletter? No problem. Here’s what you must include: Lori A. Manns, CEO of Quality Media Consultant Group your marketing and sales success mentor, and founder of Trailblazer Business Academy™ where advancing and trailblazing entrepreneurs go to learn business growth strategies the soulful way and Sponsorship Sales Secrets System;™ that shows you how to get more sponsors and sales for your business, guaranteed. To purchase consulting services on marketing, advertising or sales and, learn how to increase your revenue and grow your business; please visit www.qualitymediaconsultants.com.