“He’s still not worked out why he’s not selling any…”
Attracting new clients are the lifeblood of most businesses. Developing and using a product sales ladder in your business can help you attract new business as well as potentially grow your existing valued customers. This is an excerpt from my book `10 things to know about successful product sales` which will be available as an Amazon download from the beginning of March.
The product sales ladder is a value proposition that helps take your ideal client on a clear pathway and take up of your products/services. I use this for my own business and help develop it with the clients I work with.
I can confidently tell you that it does work! In fact in most instances I am as bold to say I guarantee it
An increasingly popular method to attract customers is the ‘Freemium’ business model, which is the start of your customer journey. Freemium is a way of engaging potential customers by giving them a free trial or sample of your product or service. This is the first step on your Product Sales Ladder. This gives you the opportunity to engage with your potential customer to convince them that your product or service is what they need, and to introduce them to more advanced features which come at a cost. In effect this is your value proposition.
When offering a freemium product or service, ensure that it is simple and quick to accept for the customer, as if it is too complicated it is likely they will not take it up or engage with you.
There are huge numbers of examples where companies give away free samples, especially in the music and software industries. These are suited to giving away free samples because the cost of producing their products is the same whether they then go on to supply 10 people or 1 million people. Other high profile examples include Amazon Prime, free eye tests in Opticians, Skype, Spotify, gambling sites and so on. It seems to be the way of the world now to experience something for free before people buy. My advice is to look at your own business model and develop your own Value Proposition to attract new customers – you will not look back!
This can work in tandem with your website and you want to attract as many customers as you can to it. Ensuring your search engine optimisation is very high will help, and you also might try campaigns such as Pay Per Click to gain more visibility. Once they hit your website or your landing page and have downloaded a free sample then what do you do with them?
Product Sales Ladders have a series of steps to enable your customer to buy from you comfortably and easily and the freemium step is only the first. If your product or service works on a B2B level for example the freemium offer you make could be to review your potential customer’s business by giving a valuable insight into their business which could be a report. Your aim is to have a conversation and highlight where, and how you can potentially help them. Bear in mind they are likely to want to ‘know, like and trust’ you before they will buy, so the free review is an opportunity to see if you are on the same wavelength and can work together.
It is a good idea at this stage to introduce the whole product sales value ladder to help gain their interest and hopefully, buy in. This works as they can clearly see a pathway of what is on offer and at what price.
The second step of the sales ladder would be a low-cost but high value proposition in a B2B example. You might, for instance, offer a workshop which lasts for half a day and might cost in the region of £199-£499. So a percentage of your free offer customers will have liked what they have already seen and now signed up to being a paying client!
The third step could be the follow up from a workshop or to offer valued retained services where they pay your business monthly to continue a relationship with them, if that is the sort of service you offer.
The forth step may well be your top value proposition or gold service which will be your` ideal client`. This is where you offer them your top shelf product or service. By this time, they will have travelled up your sales ladder and had many touch points and interactions with you, and built trust and confidence in you and your offering.
The point here is that you would never have got to this point without taking your client through this/your value proposition.
The above example relates more on a Business to Business level, but with some thought virtually every business, whether B2B, or B2C (business to consumer), can develop a sales ladder and can often start with a freemium product or service to attract customers onto the sales ladder. A dentist for example could offer a free clean then paid services up the ladder including whitening – retainer – through to cosmetic. Thought then needs to be given to how they move up to through your value proposition in as many numbers as possible.
So what are you waiting for, map out your value proposition today
If you need it, I would be happy to help you get going – just send me an email or call on 01844 220172