Ep 38: Packaging (Bundling) & Pricing your Stuff is a nuts and bolts deep dive into how you can increase your profitability & revenue whilst lowering your cost inputs all by Bundling and Upsell. (Free Ebook avaialble on the home page)
The 4 basic concepts outlined in this Episode are:
Concept 1: Mark up & Gross Percentage return - Coach nicki outlines the rough averages for Wholesale (50 Up 33 Back) & Retail (100 up 50 Back) and (200 up and 100 Back). Average retail Mark up runs at around 210% but is very industry specific.
Concept 2: Know Your Costs so You Know what to Upsell - Coach Kerrie goes through why its so necessary to know your costs down to the last egg. THEN you can create offers that upsell like a cafe selling Coffee refills to take with you for only $2. This 1 simple & clever thing helpde Kerrie turn over $500k PA equivalent ontop of regular revenue at her Cafe and increased sales revenue by 50%.
Concept 3: Experience Bundling is a concept both Coaches come up with whilst live recording this session. It outlines how you make a $300 haircut session into a $450 sale. Coach nicki got excited about low cost services to bundle in to increase customer transaction. Coach Kerrie wondered why shampoo & conditioner was not on a subscription and both coaches agreed that by tweaking a few offers and the way they were offered, there was another $500 per customer revenu ongoing per year.
Concept 4: Value Ladder - Coach Nicki explains how your value ladder gives your customers every opportunity to spend as much money as they want to with you, so that you don't leave any money on the table.
This a jam packed episode full of practical things you can implement after you hear the podcast which will help you think about how to increase sales and per unit transaction values.
For any questions or comments email us here.
This recording was done at the 101.1FM studios just before the L.I.V.E weekly business show broadcast every monday night at 6pm via Iheart radio.
Coach Nicki operates businesses in the flower industry 1 of which is Southside Flower Market.
If you want to email nicki a question, do that here.
Coach Kerrie operates a coaching business called Altittude Business Solutions.
If you want to email kerrie a question, do that here.
** This episode has light swearing. Careful around little ears **
If you want to listen to the live show that touches on this you can listen to that here.
Pricing & Bundling your Stuff is a deep dive into how you can make more money by just tweaking a couple of things in your sales process and also your production input costs.
The coaches this week gave so much Value that they also produced a 1 hr BONUS CONTENT INTERVIEW that deep dives further into these concepts presented on the live show. If you like what you hear in this live show, go grab the Bonus available as well.
Coaches Corner this week was about upselling tips to increase revenue by 50% and also how to create an experiential upsell model.
The nickism this week is: A 1/2 not just A or B. Coach Nicki is business coach and owner of Southside Flower Market in Logan City, Australia.
Coach Kerrie is a business coach and owner of Altitude Business Solutions.
Together they co-host along with Mal West the Business 101 Show L.I.V.E every Monday night on Logan Cities 101.1Fm.