(3) Easy Ways to Improve Your 2nd Half Results John Carroll Founder & CEO Email: email@example.com Web: http://www.trescoach.com Twitter: @TresCoachFacebook: http://www.facebook/trescoach
“In school, youre taught a lesson and then given a test. In life, youre given a test thatteaches you a lesson”- Tom Bodett quote.So, what lessons have you learned in the first half of this year that will prepare you for success inthe future?It’s hard to believe that the first half of 2011 is behind us – but we’re there. And if the first halfhas not shaped up the way you would have liked it to, or if you’re just looking for some ideas toimprove your 2nd half business results, then it’s time for action.There are three fundamental ways to grow any business – increase prices, sell more to existingcustomers and sell to new customers. Your primary goal as a business owner should be to getmore customers to buy more from you, and more often. So, start with the basic building blocksand go from there to determine what actions to take to improve your 2 nd half results.Increase prices. When to raise prices and by how much is largely dependent upon prevailingmarket conditions and the competition. There are four frequent methods of raising prices, and thepros and cons of each should be considered before implementing across the board increases. 1. Do it now. If you haven’t adjusted your prices in 12 months or more, then some form of an increase is probably warranted to offset escalating costs of doing business. However, have conversations with your best customers first to get their reactions before moving ahead with any price changes. 2. Graduated price increases over a specified period of time until the target price has been reached. The market (your customers) should help you determine the price ceiling before any major losses occur. 3. Price sensitivity testing – i.e. by market segment, customer profile, offer, etc. This will enable you to evaluate where and how to implement price changes for maximum ROI results. 4. Include additional products, services, upgrades and value bundles with current offers in order to establish a new aggregated offer/price structure.Increasing prices is an effective way to improve both top-line and bottom-line results. Why?Because increasing prices requires minimal resources to implement in terms of staffing, budget,marketing, etc., and the returns to the business are immediate.How much would a 10% price increase improve your 2nd half profits? Hint: The answer is muchmore than 10% for many businesses.CAUTION: Be sure that price increases dont result in excessive customer losses that wouldnegatively impact net revenue and profit gains.Sell more to existing customers. The first thing to explore here is the overall impact to revenuesand profits of increasing the average transaction size or sale value. Increasing average sale valuescan be accomplished through up sells, cross sells and back-end product sales, upgrades,additional services and value bundles.
About the Author: John Carroll is the founder and CEO of Tres Coaching Services™, aprofessional coaching, consulting and training services company located in Keller, TX. He is avisionary, results-driven business leader known for his proven ability to drive transformation andchange and deliver outstanding results in highly competitive global markets.During his 30-year professional career, John held Director, Vice President and COO positionswithin Fortune 100, mid-size and emerging companies, leading high-performing businessdivisions that generated more than $1 billion in revenue. He was also a member of the seniorleadership team that developed the go-to-market plans for the 2nd largest IPO in the history of theInternet industry.Mr. Carroll received a MBA with distinction in General Management from the University ofCentral Missouri, and a BSBA in Marketing and Economics from Rockhurst University. He hasreceived numerous sales, leadership and excellence awards during his career, and has beenrecognized by both Who’s Who in Executives and Professionals and the Global Registry ofOutstanding Professionals and Entrepreneurs for his outstanding sales and marketing leadershipaccomplishments.John is an author and frequent speaker on business related topics including the How to ImproveResults in Any Economy and the Back to Basics 2.0℠ series, and works extensively with bothentrepreneurs and small business owners to help them systematically improve sales andmarketing performance, increase profits, more efficiently manage their business operations, and“achieve the results to move beyond their vision”.For more information please visit http://www.trescoach.com or follow Tres Coaching Services™on Twitter, Facebook, LinkedIn, YouTube and SlideShare.