Now you’ve increased the number of customers you have. Congrats! You’re well on your way to to building the optimal Client Attraction Machine for your business. You are probably thinking “Hey, my pal, this is great! Now all my new customers are buying my core product! I’m done, right?” Not quite, my friend. While your core product is great, there is a better way to increase the average transaction value per customer than just relying on your core product and tripwires.
If you continue to follow the CVO process, you can take the profit you make from your core product and reinvest it to acquire even more customers. In fact, you don’t need to make any money from your core offer if you use this next tool: offer a Profit Maximizer.
A Profit Maximizer is exactly what it sounds like: it maximizes your profit. It’s any offer made after the initial sale that increases the customer’s immediate and lifetime value.
There are several types of Profit Maximizers. McDonald’s offers one that is an “immediate upsell”
The burger is the core offer, but the fries and Coke is where they make the real profit. There are also Cross-Sell and Bundle Profit Maximizers. Amazon is an expert at these. Whenever you view an item on Amazon, they’ll show additional items wherein “People that bought this product, also bought that product” or they’ll show you items that are “Frequently Bought Together”.
Additionally, businesses that provide recurring billing can offer Premium Subscriptions or other continuity offers.
The possibilities are practically endless. Don’t worry if you’re feeling daunted. We’ll help you create personalized Profit Maximizers to fit and grow your business.