BRX Pro Tip: 3 Basic Ways to Make Money
Stone Payton : [00:00:00] Welcome back to Business RadioX Pro Tips. Stone Payton, Lee Kantor here with you. Lee, as you and I have been invited to do more and more panel discussions and webinars, we’ve done a little research and apparently, one thing that seems to distinguish the Business RadioX network, our clients, our studio partners and us from most people in this arena is we all make money. Can you just – let’s just talk a little bit about making money.
Lee Kantor: [00:00:30] Yeah. Making money in a business, there are only a few ways to do this. There are probably a lot of ways, but these are the kind of the three core ways to make money. And there are probably ways within each one of these ways to make money. But in order to make money, you have to acquire more clients. That’s one way to make more money is to get more clients.
Lee Kantor: [00:00:51] A second way to make more money is to get more money from your existing clients for doing the same thing, you know raise your prices, you know just that’s a simple way to make more money. A third way is to sell new things to your current clients. So you go to your current clients and then you sell them kind of complimentary or ancillary services. That’s pretty much it.
Lee Kantor: [00:01:11] Everything else is kind of a tweak to one of these three things. And there are trade-offs for each of these three things. So you have to get a pipeline filled with new clients. Obviously, that takes the longest and that requires the most time and financial investment on your part.
Lee Kantor: [00:01:28] Charging higher and higher prices to existing clients could put your relationship with those people at risk if you’re not creating as much value as what you’re charging them so there’s a trade-off to that, which makes the last thing coming up with different services to sell to your existing clients actually the least risky and the most affordable way to generate more revenue in your business.
Lee Kantor: [00:01:50] So, if you’re going to invest some time into doing one thing to grow your business, it might be time to invest in complimentary services that already add value to your existing clients if you’re thinking about growing in the short term and the long term.
Lee Kantor: [00:02:06] So, there’s trade-offs to each one of those three things. When you already have a pile of existing clients, you might be best served by going deeper with those clients and figuring out new things to sell those people who have already bought from you, rather than going out into the wild and trying to acquire brand-new people.
