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Tuesday, July 16, 2024
Business Booster

How Not Having a Value Ladder Could Be Costing You 60% In Sales

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Did you know that you could triple your sales with an idea? That’s right, Mr. Expectant-Savvy-Business-Owner. You have the potential to learn a new thought, apply it, and triple your business as a result!

This week – we’re discussing the “Value Ladder” Concept and why it’s different to any other sales strategy out there.

Here in South Africa, the typical sale works a little like this…

Enter screenplay mode:

Ronnie (the client) walks into dentist’s office.

Ronnie: “Hey, I’d like to do my 6-month check-up.”

Receptionist: “No problem, sir that will be R500.00. Cash or credit?”

Ronnie: “Credit card is fine.”

Ronnie pays with his credit card and promptly waits 15 minutes to get the nearest help from his local dentist.

The typical sale is very one-dimensional.

It’s the dentist saying, “Look, I have this service and here’s my price” and the customer saying, “Yeah that’s not bad.”

They pay and everyone’s happy. Except wait…

No, the dentist isn’t happy.

The dentist, deep down, knows he’s not getting paid what he is worth.

He has his own practice. He’s running his own business – and man, does he want to expand!

His vision? He’d like his practice to be buzzing with customers, all 12 dentist’s chairs full to the brim with people, improving the quality of their lives with high quality dentistry.

So, what does he do?

He goes to a seminar. And the seminar-guy introduces a concept:

“The Value-Ladder Principle” (cue the angel noises)

Broken into its essentials, this principle is quite simple.

It’s selling, but with tomorrow in mind, always.

So – you could offer a “free teeth-cleaning session with your best dentistry” to attract a ton of people…

Then, after you’ve given them a terrific first free teeth-cleaning session, book them their next check-up at the first session, with the idea to prep them for:

  • A tooth whitening (wait 6 months, then)
  • Their retainer (wait another 6 months, then…)
  • A cosmetic improvement, or another tooth whitening session…

Suddenly, a once-off customer becomes a “for life” customer, simply because you introduced a bit of strategy into your business. And that, is the value ladder concept.

See image below:

Figure 1. Value Ladder For Dentist

Want to know the lesser-mentioned part about mapping out your own value ladder?

It’s multi-directional.

Meaning, simply because a client comes in to buy a retainer (bigger ticket item) – doesn’t mean they won’t book a tooth whitening (take a step down.) But at least you had them booked into something, a system. You’ve turned a once-off sale, into an expected, timely sale. Our question to you? What services or products can you map out, along your value ladder?