You do not have to find new customers to make more money. One way to increase revenues and profits is to increase the average amount of each sale you make to your customers.
If you have a small number of products and services, the upsells you can offer to customers are limited. Expanding your line of products and services will have an instant impact.
Obvious add-ons include accessories for the products you sell. That may mean a clothing store adding a line of jewelry, or a bookseller offering reading lights, and bookmarks.
Your add-ons can also be services. A computer reseller may offer an extended warranty, or a business consultant may provide merchant accounts for clients who want to accept credit cards. If you know what your customers want and need, you can better serve them and earn greater profits.
Here are some ways to enhance your product line.
Resell products produced by others. You can buy products at wholesale prices and resell them to your customers at retail. Find products that complement what you are currently selling, and contact wholesalers or manufacturers to learn their terms.
This can involve an investment to buy product (and you will have to have a place to store it) but the time and money involved will be much less than is required to develop products of your own. Some suppliers will drop ship, sending individual orders directly to your customers, so you can avoid the shipping hassles as well as the upfront cost and storage issues.
Sell private label products. There are many manufacturers that will package their products with your labeling. Search manufacturing directories to find a company that makes the products you want, and inquire about private labeling options.
This also works with services. I offer a private label version of PR Web Direct’s publicity services. Although my logo is on the page, the page is managed by PR Web Direct. I simply refer clients there and receive a percentage of sales.
You can even create custom products for your private label. For example, http://www.essentialwholesale.com/ will blend and package cosmetics, essential oils and other products to your specifications. A spa, salon or massage therapist could create their own line of products that customers can only obtain from them. There are many other products that can be private labeled and sold under your name.
Join affiliate programs. There are thousands of merchants paying commissions on sales referred online. When you join an affiliate program, you are given a link with your affiliate code in it. You put the link on your Web site, and when visitors click through from your site and make a purchase, you get paid.
To find affiliate programs, visit the sites you would like to recommend and look for a link that says “Affiliates” or “Affiliate Program.” Or, search affiliate network sites to find participating merchants. Two of the leading affiliate networks are Commission Junction and LinkShare.
Making more or larger sales to the same number of customers will make a huge difference in your bottom line.