What are the real profits? They are made by: 1.
Continually getting more prospects to inquire about your products and services.
Selling multiple products to the same buyers over a long period of time.
Getting them to buy higher-priced products (such as home study courses, coaching, seminars, boot-camps, audio tapes, ebooks etc).
Prior to achieving all the above, you need to give your prospects and customers an awesome experience whenever they buy something from you.
When you do give your customers more than they expect, you'll dramatically increase their lifetime value as a customer and that's where the real money lies.
Many of us are unsure about 'lifetime value of a customer'.
What does this term means? For example, someone buy one of your lower priced products for $19, then if they like that and you sincerely delivered more value than they thought what they would get, they may consider your $300 product and then if they like this product, they will attend your seminar or join your personalize coaching program for $2500+ etc.
They may buy other lower priced products from you over their lifetime and hence increases their values to you.
The real money is in repeat business.
The secret is Follow-up.
Most businesses work very hard to get their first customer but they do not have a proper system in place to follow-up with their customers.
What is so important to follow-up? Ultimately to sell more stuff to these customers.
That's why I love the Internet.
The process to follow-up with your prospects and customers are made EASY.
All you need is an auto-responder account or email software.
Unlike most businesses, especially those "brick and mortar" stores, shops and services have NO systems in place for a good follow-up.
They are losing tons and tons of money.
No matter what kind of business you're doing(on or off the Internet), you need a follow-up system.
Even if your business is not on the Internet or you're not using the efficiency of the Internet to follow-up automatically with your prospects and customers then you're missing out on a lot of money-making opportunities and extra profits.
It's not about "websites" as they make you no money at all.
They are in fact an expense, unless you effectively use them to capture leads, automate your follow-up and close sales.
Even if you have a brick-an mortar business like a gift shop or retail grocery store, you need to keep in constant contact with your customers.
If you're not using an email auto-responder or a "system" to follow-up with your customers and prospects offline by sending them direct mail pieces such as personalized letters to them in the mail, I guarantee 100% you are losing money to your competitor who does that.