The Road To Profit Funnel Wealth

Nothing warms the cockles of a salesperson more than getting a new client.
Often you are able to secure that new client because you have a quality core
good or service that is provided at a competitive price.
While you may not make a great deal off that initial offering, there will no doubt
be the chance to build on your initial rapport with your new client and engage in
the task many sales people know as “up-selling.”
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That is where the concept of the Profit Tunnel comes into play.
The Profit Tunnel is your pathway to building a relationship with your customer
that begins with the purchase of initial goods or services. Once that initial
relationship is established, you build on that relationship by evaluating the needs
of your client and identify other goods or services that will also benefit your
customer.
As you are able to acquaint, interest, and finally sell additional and often higher
priced items to your customer, your profit margin will increase. The Profit Tunnel
model works very well whether you are working with a brick and mortar business
or going strictly with an online presence.
In both instances, the task involves winning the confidence of the prospect,
identifying entry level products or services that will be of interest to the prospect,
selling the prospect on the goods or services, and then continuing to offer
additional products or enhancements that will make life even easier for that
former prospect that is now your customer.
Low Ticket
When it comes to winning the confidence of a prospect, nothing speaks louder
than a good deal. Persons who are responsible for securing goods and services
for their employer love to save the company money.
It enhances his or her reputation with the officers and owners. At the same time,
no one wants to end up with a low cost service that ends up being a dud. This
means the good or service needs to perform well along with being cost efficient.
Your job is to match low cost quality goods or services with the business type of
your prospect. Once you demonstrate how one of your low cost offerings will
consistently outperform the competition and save money for the prospect’s
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employer, you will be poised to help roll out your low cost offering throughout the
organization, making your profit in volume distribution initially.
Once your offering is functioning throughout the organization, you may find that
not only do you have the ear of your initial contact, but now you have the ability
to interact with persons throughout the organization that may be interested in
other offerings that you can supply.
Providing additional goods or services that are in a similar price range will be
another way you will increase the profit margin. This is sometimes referred to as
lateral selling.
Simply put, you are not really pushing items with a higher price tag, or even
enhancements to services you have already sold which would increase the
profits. You are simply broadening your current situation to include more of the
same, from a charge perspective.
There is nothing wrong with lateral selling. In fact, it can be quite profitable.
However, in time it reaches a point where there is no more room for more of the
same and you need to move on to the next level.
Mid Ticket
Now safely ensconced with several low cost offerings, you can begin to look at
other needs of your customer. Chances are you have goods or services that may
be used on a less frequent basis, but carry a higher price tag.
With your low cost items working just fine for your client, you will easily be able to
gain attention for these mid priced offerings.
As part of your presentation, it is important to demonstrate not only what you
have to offer today, but also be prepared to present the attributes of the offering
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in such a way that your client can begin to brainstorm possibly uses within the
organization.
You may want to have one or two ideas ready, just to prime the thinking process,
if necessary. But the more your client can come up with possible uses, the
greater his ownership of using the mid ticket item will become, and the closer you
will be to another sale.
Be prepared to have to wait until the timing is right to spring your mid ticket item
on your client. If the item is only going to be used a few times a year, the interest
level may not be there until the time is growing near for the next relevant event.
By all means introduce the item but if your client wants to put off the discussion
until closer to time, lock in a date and time to renew the discussions.
High Ticket – Extremely High Ticket
The dream of selling high ticket good or services is often the goal of the
salesperson. After all...