DON'T OVERLOOK YOUR MOST PROFITABLE SOURCE OF BUSINESS

A new business owner called me recently with a question I
hear often. She asked, "What can I do to build my business
faster? I'm making a small profit but cannot seem to
generate enough sales to make the real money in this
business."

As Karen answered some of my questions it became clear she
had done a good job of targeting a niche market. She also
provides a compelling reason for prospects to do business
with her instead of with her competition. She was obviously
effective at attracting customers because she already had
over 100 of them.

In fact, she was so busy chasing down new customers she
completely overlooked her existing customers as a source of
additional business.

HIGHLY PROFITABLE AND EASY TO GET

Your existing customers and clients already know and trust
you. It's easier for you to get more business from them than
to get business from new prospects. It's also more profitable
than business from new prospects because you get it without
an advertising expense.

Some businesses have natural repeat sales built into their
operation. For example, most MLM companies sell consumable
products that periodically need replacing. And web site
hosting services collect a new fee at regular intervals to
keep your site up.

These replacement needs automatically generate repeat
business. But how can you generate additional business from
customers when it's not automatically built into your
product or service?

HOW TO TURN A ONE-TIME SALE INTO REPEAT BUSINESS

To capture additional business from your existing customers
you have to find or create additional products or services
your customers are likely to want. Start by asking yourself
what else you can offer your customers and clients to
improve their lives in the same area as their original
purchase.

One type of product every business can use for repeat sales
is instructional material. It can be a book, videotape,
audiotape, software or any combinations of them.

For example, a pet store owner I know of regularly sends her
customers special postcard offers for some of the books and
videotapes she stocks in her store. She sells a lot of books
and tapes this way. It also generates a lot of profitable
referrals from her customers.

AFFILIATE PROGRAMS

Affiliate programs are especially effective for generating
repeat business from existing customers. Just announce the
product or service to your customers and include your
personal endorsement of the program. The affiliate program
handles all aspects of the transaction and pays you a
commission.

The cost of finding new customers is a big expense. Maximize
your return on this expense by getting all the business you
can from these customers. Create or locate other products or
services you can offer them. You'll be amazed at how easy it
is to get additional sales from customers -- and how much
additional profit it generates for you.