Does your business have a money tree you can shake when a little extra cash is needed? Every business should have one!
What I mean by a money tree is something you can do to quickly generate revenue when you need it. Where can you find a money tree? Although you can’t buy one at your local garden store, they are more common than you might imagine. Just as in a forest, there are many species of money trees, so you need to find one that is right for you. Here are a few common varieties:
The Sale Tree brings in cash by making a discount offer to customers. Buy before June 30th, and you get a lower price. This creates a sense of urgency for customers to buy now in order to save money and can create a new flow of sales for you.
The Bonus Tree can work like the Sale, but instead of a discount, customers get a free item with purchase. Buy one, get one free, for example, or buy this item and get a free accessory. You might make the bonus item something only available as a bonus, and not available to buy. Booklets, books, audio programs and other items with a low production cost and high perceived value are great bonus items.
Generate cash with the New Product Tree by introducing a new product. Customers love new things, so announce it with a flourish. You might cross the New Product tree with the Sale or Bonus tree to get a hybrid with extra appeal.
Shake the Personal Touch Tree by contacting current or former customers and reminding them it may be time to do business with you again. Perhaps the supplies they bought from you a few months ago are running low, or it’s time for a follow-up service.
The Referral Tree should be in bloom all the time, but you can get better results when you tend it. Do a mailing or phone campaign to ask current customers to refer their friends and colleagues. You may be able to generate lots of sales quickly this way.
The Cold Call Tree can be hard to shake, but the results can be worthwhile. Identify your best prospects and call or visit them.
One of my favorites is the Publicity Tree. It’s an odd one, in that you never know when it is going to bloom, or what it will look like when it does; however, the results are often magnificent. Provide a jumpstart in its growth by regularly sending press releases and pitches to the media.
Decide which money tree is right for your business, then nurture it and keep it growing. And, every once in a while, shake the heck out of it and watch the dollars come floating down!