Business always comes down to the bottomline. If you want to stay in business and help lots of people get fit and healthy, then you have to make money. If you do things right you stand to make a lot of money helping a lot of people.
Sometimes, the day-to-day business operations cloud the opportunities that are right in front of you.
This video presents five ways you can boost your bottomline. These are all cost-free ideas. All you have to do is pick one at a time and take action.
Hello there, Adam Stanecki here from Fill Your Gym. Today I want to give you, five ways that you can improve the bottomline of your business. Whether that’s adding more sales, or adding more dollars, or just getting more people through the door. In fact, it’s all of the above really.
What we’re aiming for is increasing the bottom line, and there’s only a few ways you can do that.
- Conversion rate
- Profit margin
- Number of sales
You get the idea right? So, what we are gonna look at today, is five distinct ways, that you can improve what’s happening in your business right now. And these really shouldn’t cost you any money at all if you do them properly.
So, I suppose the best title for this video is “Five Free Ways for you to make some more money in your business”. I should think of a really good one, because headlines are really important, but we’ll worry about that later, okay.
The first one. Call your database. Now I don’t care how long you’ve been in existence, there are a number of people in your database that you can call. Now whether that is because you used to run a PT business, and you’ve just opened up a gym. Or whether you’ve just got a number of people in a database from previous marketing activities. There will be a number of people that you have either contacted or not contacted, who have not yet bought from you.
Now what you need to establish, in your own mind, and as a rule for anyone who’s working for you, is, it’s not a NO until they say no. So when you’re making a sales presentation, when you’re pitching, if you don’t get a no, then it’s not a no. If you do get a no, then move on.
Sales is numbers game, just like business, the greater picture of business, it’s all about numbers. And another video I might do, is talking about numbers and not about emotions. But we’re gonna talk about that another time. So if you’ve got a database, what you can do right now is get in touch with everyone and make them an offer to get involved in your business. Now that might be to get involved in class, or PT, or a seminar that you’re having soon, or an open day, it doesn’t matter. Anyone who hasn’t told you to go away, whether it’s politely or not politely, they are still fair game and you should contact them.
So build your list, and use it. Contact people who’ve asked you about your services and offer them something, now if they say no to group training, that doesn’t mean you can’t offer them PT. It doesn’t mean you can’t contact them again down the line. Some people are just not ready to buy right now but they will buy eventually. Now, a thing that’s important to understand here is sometimes it takes between 7 and 12 contacts to get a sale. Now I know in my business sometimes I have a great day, and I’ll make one phone call and I’ll close that sale on that phone call. Other times, the process can take up to 12 months, and it might take ten phone calls. That’s cool, you just need to understand, the numbers in your business, and then you can start making decisions and take actions, and get the results, that you want.
Another way that you can improve your bottom line, is to upsell. It is far easier to sell to people that are already paying you money, or whom have already paid you money. So we’re looking at people who’ve paid you before (we’ll talk about them in a moment), or people that are paying you now. Now, those people that are paying you now, I can guarantee you, that a percentage of those people will pay you more money, right now for a better service.
Now, if you don’t believe me, do a quick Google search for Perry Marshall “80/20 Sales and Marketing”, and have a look at the details he’s got on his website about what people have been able to make, based on the average dollar spend of the customer. It’s going to blow your mind.
There are people that you are serving right now who will pay you exponentially more than what they’re paying you right now for a better service and you just have to identify those people. So there is a huge opportunity for you to upsell people, and get more money from them, by giving them more.
Right, now the other thing is cross selling, now to cross sell is just offering something that goes with what you’re selling, so you might not be aiming to go for a higher priced premium product, but you might be able to offer something … that helps, that assists, so it might be something like a training journal, supplements or any of that kind of stuff. Where you can add to the experience, to the results? And for you, add to your bottomline? It’s the very simple one, it’s the, “would you like fries with that?” cross sell. I mean, they call it an upsell in McDonalds. I’m talking about it being a cross sell, because you’re moving people into something else. So please excuse me if my terminology is wrong.
For this video, I just wanted to differentiate between upselling into a higher priced item and offering something off to the side that can assist with whatever they are paying for right now.
Now I mentioned people that have done business with you before … this is kind of 5.1 because this isn’t on my list … But the people that have done business with you before, they’re more likely to buy from you than someone who has never done business with.
So what you can do, as well as, point number one, is call your database. You can call all of the people who have previously done business with you, and offer to get them back in. Again, there will be a percentage of those people who will come back. And generally that’s a very easy conversation and it’s a very easy sale if you pitch it properly and if your timing’s right, you’ll get people back into your gym.
So, there’s a gold mine in your database, you can press stop now and I can guarantee you will go and make money if you call your database, both of those people who have not got into the gym, and the people who have left your gym, because if you can get them in for the first time and you can get them back again.
What else? Referrals. Referrals, done right, are amazing for business. Now don’t go and create some really stringent overly obvious referral system where you reward people by giving them a free PT session, or an iPod or something like that. Be personal, if you’re going to ask for referrals, talk to the individual, don’t talk to the group and tell them why you want them to refer. Now, it might be a simple as saying “You are a great client because of A, B, and C. And we want more people like that. Do you know anyone like that, who you could refer to the gym?”. And if they do, you say thank you, and then you give them a gift or you give them some kind of reward that’s meaningful to them. Not just movie tickets, unless they are movie buffs of course. Not a free PT session, something specific important and something that’s engaging and exciting for them.
Alright, you’ve got to think about that, this is not an easy, referral strategy but it’s a strong one. A personal referral strategy. So if you can get referrals in your business, and grow that word of mouth side of things for you. Your business will always continue to grow. Now what does this require? This requires that you offer exceptional service and experience every time, because you cannot get referrals from people if your service sucks. Alright, so get your service sorted out first and then look at referrals.
And the last one’s: networking. People seem to hate networking, but you don’t have to do this in that old boring networking business sense where you exchange business cards and you never call them and they never call you. Go and find people who are interested in having a conversation with you, people that you can help. Associated service professionals, whether they be Therapists, like Physios, Chiros, Osteopaths, Massage Therapist, it doesn’t matter. Maybe you could talk to beauty therapists and hairdressers, maybe equipment supplies from people who you know buy stuff for their home gym and then all of a sudden, they don’t know how to use it, they need a coach.
Think outside the square, think about the different businesses that you can help promote through your business and they can help promote you. It’s reciprocal. Networking is very very powerful, and when you approach this, don’t just approach this so you’ll get benefit out of it. Approach it so you can help the other person. It’s a long term strategy. You can stand to make a lot, I’ll say that again, a lot of money from networking.
So I’m gonna quickly wrap up because this video is pushing ten minutes, and that’s about my concentration level and it might be yours as well.
- One, call your database
- Two, upsell
- Three, cross sell
- Four, referrals
- Five, networks
- And the 5.1, was getting your old people back into the gym.
Okay so you’ve got 5 strategies now. And pick one of them, don’t do all five. Just pick one, focus on it for a month and see what kind of a result you’ll get. If you’re going to pick one, go for the upsell. Get those people that are already paying you money to pay you more money. When you’ve exhausted that step, call your database.
Alright, that’s all I’ve got, leave a comment, tell me what you think about this video. I wanna hear about your success, then tell me about your failures as well. And we’re gonna get you closer to you filling your gym. That’s what I’m here for, I wanna help you fill your gym.
So go and do it, take action, pick one of this five, or one of these 5.1, and get to it.
Alright, go and Fill Your Gym. Bye for now.