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Finding Your Money Leaks
By Tim Gross - Internet Business Blog | March 9, 2007
In poker, a problem you have with your game is called a “leak”, because it’s causing you to leak money.
In business, same thing. What leaks does YOUR online business have?
- No aggressive opt-in incentive to add potential customers to your email followup campaigns.
- (Bigger Leak: Not offering your visitors to subscribe to something so you can stay in touch with them)
- No “buy now” incentive
- Not a strong enough guarantee offered and stressed prominently
- Not stressing testimonials prominently in your sales letter
- No upsell offered during the order process
- No “click here for recommended products” on your sales receipt page to generate immediate extra sales
- No cross-endorsements of related products to competitors’ lists
- Too much customer support issues because you don’t have an exhaustive “Frequently Asked Questions” section so people can find the answers themselves
- Making a dubious claim in your sales letter (yes, even one) that causes potential customers to be suspicious of your offer
- Not providing easy contact info for potential customers to feel confident that they’re ordering from a trustworthy company they can contact if there’s a problem
- Paying too much for your online advertising because you didn’t bother to try to haggle on prices (which are often shockingly negotiable)
- Not testing higher price points of your product to see if there’s a higher profit margin you can achieve with no extra effort
- Not starting an affiliate program once you’ve fine-tuned your sales process
- Not providing scripts to your employees to use who talk to potential customers by phone.
- Not maintaining existing customer relationships
Depending on your business there are many, many more as well, and one thing’s certain:
You’re leaking money somewhere. Plug the leaks!
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