7 Secrets to Instant Income

7 Secrets to Instant Income

Seven secret ways to instant income.

Tracy Liaw

Janet Switzer knows that upping your profits is easier than you think. Switzer, a seasoned marketing and advertising expert with twenty years experience developing marketing strategies for many of the world’s most successful entrepreneurs, has written a guide for squeezing more money out of your business in Instant Income (McGraw Hill, 2007). Marketing savvy is essential to ring in sales, and Switzer has captured many tricks of the trade. Here she shares seven of her marketing tips for increasing cash flow fast:

1. BE A SPECIALIST Position yourself as an authority in your area of business by appearing as an expert on radio or television shows. Have a pitch that will appeal to producers: either a solution to a particular problem or timely advice that ties into current events. Submit articles to Web sites that will get your name— and thus your product—in the news and on search engines. Customers are more likely to buy from an expert whose name they recognize.

2. PARTNER UP Don’t be afraid to look for joint-venture opportunities. Set up a mutually beneficial system with other businesses that allows you to sell their products to your customers or make yourself an add-on to someone else’s product.

3. PAY LESS FOR ADVERTISING Spend substantially less on display advertising rates by buying leftover ad space. Graphics departments always have extra space created by other advertisers and by the printing signatures or page counts required by today’s massive printing presses, and most media outlets are willing to sell it off at a much smaller profit margin.

4. MARKET IN THE VALLEYS Take notice of the weeks or days during the year when you experience a drop in business. Send customers special promotions three to four weeks ahead of any perceived down times, then scale down your staff for a few weeks until things pick up again.

5. LIQUIDATE INVENTORY OVERSTOCKS Don’t hold on to obsolete or underselling products. Offer discounts or two-for-one options to your customers to liquidate inventory rapidly, or offer it to distributors at a substantially reduced rate for reselling.

6. BUNDLE YOUR GOODS Very few customers can resist a package deal. Bundle useful products and services together and offer them as a combined package. Point out the difference in price were a customer to buy each item separately, and add additional items that you don’t sell individually as a bonus.

7. GET CUSTOMERS ON THE WAY OUT Always upsell if you can. Offer additional goods and services to your customers when they’re completing their purchases—either better versions of what they’re already buying, extra add-ons, or any supplemental services that might help them get better use out of the product.

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