Getting Everything You Can Out of All You’ve Got

"Your business already has everything it needs to succeed – you just need to learn how to use it." – Jay Abraham

1. Rewarding Customers and Salespeople Fuels Growth

Building loyalty and incentivizing sales are two powerful ways to grow your business. Customers are more likely to return when they feel valued, and salespeople work harder when they see direct benefits from their efforts. By creating systems that reward both groups, you can drive consistent growth.

Loyalty programs are a proven method to keep customers coming back. For example, stores like Sears offer points for purchases, which customers can redeem for discounts. This creates a sense of value and encourages repeat business. Similarly, rewarding salespeople with commissions or bonuses motivates them to bring in new clients. A particularly effective strategy is allowing salespeople to keep 100% of the profit from their first sale to a new customer. This not only incentivizes them to find new clients but also builds long-term revenue for the company.

These strategies work because they align the interests of the business, its employees, and its customers. When customers feel appreciated and employees feel motivated, the entire system thrives. It’s a win-win approach that fosters loyalty and drives sales.

Examples

• Sears’ loyalty program encourages repeat purchases by offering redeemable points.
• A company that lets salespeople keep 100% of the profit from their first sale to a new client saw a significant increase in new customers.
• Upselling techniques, like suggesting shoe polish with a new pair of shoes, can increase revenue by convincing one in three customers to buy more.

2. Think Big and Take Bold Leaps

Success doesn’t come from playing it safe or taking small steps. Instead, it requires bold, innovative moves that set you apart from the competition. By thinking outside the box and taking risks, you can uncover opportunities that others overlook.

Quantum leaps often come from reimagining existing products or finding new markets for them. For instance, Starbucks didn’t invent cappuccinos, but by introducing them to the U.S. market, they created a massive success. Similarly, the Post-it note was born from a failed attempt to create a strong adhesive. Instead of discarding the weak glue, 3M found a unique application for it, turning it into a household staple.

The key is to look at challenges as opportunities and to approach problems with creativity. By doing so, you can discover untapped potential and make significant strides in your business.

Examples

• Starbucks popularized cappuccinos in the U.S. by bringing a European café experience to a new market.
• 3M turned a failed adhesive experiment into the wildly successful Post-it note.
• A chemist’s “failure” became a breakthrough when someone saw its potential in a different context.

3. Reduce Risk for Your Customers

Customers are naturally wary of risk, and businesses that address this concern can gain a competitive edge. By offering guarantees and minimizing uncertainty, you make it easier for customers to choose your product or service.

A better-than-risk-free guarantee (BTRF) is a powerful tool. It goes beyond a standard money-back guarantee by compensating customers for their time and effort if they’re dissatisfied. For example, a pony seller offering a 30-day trial, free hay, and stable cleaning makes the higher-priced pony more appealing than a cheaper alternative without these perks.

This approach works because it removes barriers to purchase. When customers feel they have nothing to lose, they’re more likely to take a chance on your product or service.

Examples

• A pony seller offering a 30-day trial and additional perks made their higher-priced pony the obvious choice.
• Companies that provide BTRF guarantees see higher customer satisfaction and loyalty.
• Risk-free trials for software or services often lead to increased conversions.

4. Build Partnerships for Mutual Benefit

Collaborating with other businesses can help you reach new customers without significant investment. By forming symbiotic relationships, you can leverage each other’s strengths and expand your reach.

For example, a landscaping company partnered with a real estate firm to recommend their services to new homeowners. This arrangement boosted the landscaper’s sales by 40%. The key is to find partners whose services complement yours but don’t compete directly. This ensures a mutually beneficial relationship.

Partnerships work because they allow you to tap into an existing customer base. By aligning with businesses that share your target audience, you can grow your client base more efficiently.

Examples

• A landscaping company increased sales by 40% through a partnership with a real estate firm.
• Pilot fish clean sharks’ teeth in exchange for food, illustrating a natural win-win relationship.
• Cross-promotions between non-competing businesses, like gyms and health food stores, benefit both parties.

5. Barter to Overcome Financial Constraints

When cash is tight, bartering can be a creative solution. By trading goods or services, you can secure what you need without spending money.

The Home Shopping Network started as a small radio station that couldn’t afford to pay its employees. Instead, they bartered advertising for 1,400 can openers from a hardware store. Selling the can openers on air was so successful that it led to the creation of the Home Shopping Network.

Bartering works because it allows businesses to exchange value in ways that benefit both parties. Even if one party isn’t interested in your offering, involving a third party can create a chain of trades that satisfies everyone.

Examples

• The Home Shopping Network began by bartering advertising for can openers.
• A butcher traded meat for wooden boxes, which he then used to barter with a vegetarian radio station owner.
• Businesses often trade services, like marketing for office space, to save money.

6. Upselling Increases Revenue

Encouraging customers to buy additional products or services can significantly boost your revenue. Upselling works by offering complementary items that enhance the customer’s original purchase.

For example, a shoe store might suggest insoles or polish to go with a new pair of shoes. Even if only one in three customers agrees, the additional revenue adds up quickly. This strategy not only increases sales but also improves the customer experience by providing useful recommendations.

Upselling is effective because it leverages the customer’s existing interest. By offering relevant add-ons, you can increase the value of each transaction.

Examples

• Shoe stores often upsell polish or insoles to complement new purchases.
• Restaurants suggest appetizers or desserts to increase the total bill.
• Tech companies offer extended warranties or accessories with new devices.

7. Focus on Long-Term Value

Instead of prioritizing immediate profits, focus on building long-term relationships with customers. This approach creates a loyal customer base that generates consistent revenue over time.

For example, offering generous rewards for first-time sales may seem costly upfront, but it pays off when those customers return repeatedly. By prioritizing customer satisfaction and loyalty, you can create a sustainable business model.

Long-term value is important because it ensures steady growth. Satisfied customers are more likely to recommend your business, creating a cycle of positive word-of-mouth.

Examples

• A company that rewards salespeople for first-time sales sees long-term revenue growth.
• Loyalty programs encourage repeat business by offering ongoing rewards.
• Businesses that prioritize customer satisfaction often see higher retention rates.

8. Creativity Unlocks Hidden Opportunities

Thinking creatively can help you find solutions to challenges and uncover new opportunities. By approaching problems with an open mind, you can discover innovative ways to grow your business.

For example, the Post-it note was born from a failed adhesive experiment. Instead of discarding the weak glue, 3M found a unique application for it. This kind of creative thinking can turn setbacks into successes.

Creativity is valuable because it allows you to see possibilities that others miss. By thinking outside the box, you can find new ways to achieve your goals.

Examples

• 3M turned a failed adhesive into the successful Post-it note.
• Starbucks introduced European-style coffee to the U.S. market with great success.
• Businesses that embrace creativity often find unexpected solutions to challenges.

9. Leverage Existing Resources

Your business already has valuable resources that you can use to grow. By identifying and leveraging these assets, you can achieve more with less.

For example, bartering allows you to trade goods or services instead of spending money. Similarly, partnerships and loyalty programs make the most of your existing customer base and relationships.

Leveraging resources is effective because it maximizes what you already have. By using your assets wisely, you can achieve your goals without overextending yourself.

Examples

• The Home Shopping Network started by bartering advertising for can openers.
• Loyalty programs build on existing customer relationships to encourage repeat business.
• Partnerships allow businesses to share resources and reach new audiences.

Takeaways

1. Create loyalty programs and sales incentives to drive growth and build long-term relationships.
2. Look for creative solutions to challenges, such as bartering or finding new applications for existing products.
3. Form partnerships with complementary businesses to expand your reach and attract new customers.