Are You Leaving Money on the Table?

Happy New Year! Hope your holidays were great.

My wife Amy and I were in Northern California visiting her family over Christmas.

On Christmas eve morning, we went to her grandparents’ favorite local restaurant to buy them a gift certificate for Christmas.

Nothing like waiting until the last minute, I know.

The restaurant technically wasn’t open yet but there was a woman inside the lobby talking on the phone.

She came to the door when we knocked and I asked her if we could buy a gift card.

She apologized and told us that since the manager wasn’t there she couldn’t sell any gift cards, that if we wanted to come back in a few hours when he was there we could get one then.

Since this was a pretty nice restaurant, I was taken back.

There’s NO way you can sell us a gift card right now? I said to her.

Unfortunately no, I can’t, she said. My manager needs to be here to do that. We’ve been getting so many calls today from people wanting to buy gift cards and I hate having to say no while the manager isn’t here.

We thanked her and left shaking our heads.

As we walked to the car I turned to Amy and said they’re leaving SO much money on the table by not having a better system in place to sell gift cards the day before Christmas!

Did we plan on going back later that day when the manager was there?

Heck no. We went to another favorite restaurant and got a gift card there.

Great Lesson…

As entrepreneurs, this is a great lesson for all of us.

How might you be leaving money on the table in your business?

For example, after someone buys your product or service, do you then have an opportunity for them to buy something else from you? A complimentary product or service?

After all, when someone becomes a customer they’re very likely to want to buy more from you.

Take Amazon, they’re brilliant at this…

When you buy something on Amazon, they offer “upsells” of other similar products you might like (which I often take advantage of, btw!)

So here’s what I want you to do…

If you currently don’t offer an upsell in your sales checkout process, take a step back and think through what you’re selling and what your customer’s needs are. What product or service could you offer that complements what your customer just purchased from you?

If you already offer an upsell, could you add another one to give even more value?

Not offering an upsell is but one of many different ways you might be leaving money on the table in your business.

If you’re looking for more ideas for how you can maximize what you have in your business, one of the best books I’ve read on this is Jay Abraham’s Getting Everything You Can Out of All You’ve Got (21 ways you can out-think, out-perform, and out-earn the competition).

Check it out, you’ll be glad you did.

 

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