What does LEVERAGING mean to you?
Hey, I am Lula.
Are you leveraging resources for max efficiency and profits?
In financials, to leverage a resource means to multiply productivity yielding a more significant return without additional input or effort.
For example, if I can show my staff how to get our customers to increase their average purchases by 15% with no additional cost or effort, I have just leveraged sales staff and increased my profits by 15%.
A technique for leveraging sales personnel is by offering customers an upsell at the sale time. An example, if I visited BurgerPlusXYZ today and purchased a burger, I'd be asked by a crew member if I'd like a regular or a large meal versus just the burger. BurgerPlusXYZ would be upselling at the time of sale and leveraging the crew members by asking simple questions when taking orders. No extra expense or effort is required, yet a surprisingly more significant number of customers will purchase the upsell item, increasing the sale amount.
For an online business, checkout processes may have options for upsells of the primary product or service or cross-selling an additional related product at a reduced price if purchased simultaneously as the direct product.
To leverage an online thank page after a person subscribes to your newsletter or requests a free pdf, for example, inserting a one-time special offer is a sale plus if acquired.
A certain percentage of customers will take me up on the upsell offer. Depending upon the offer, you can often expect that anywhere from 15% to 40% or more customers will accept the upsell offer, thus increasing profits without extra effort (other than adding the upsell offer to the thank you page).
How about leveraging ads? Let's say that you consistently advertise. If you adjust the copy in your ad but keep your ad's overall size the same and then find through testing that your new copy outputs your old ad by 10%, that's 10% more profit for the exact cost and effort.
What resources can be leveraged?
You can leverage a wide variety of resources including, ads, average purchase amounts, field sales, headlines, in-store sales, prices, publicity, repeat sales, referrals, new customer leads, lead conversions, order pages, thank you pages, ebooks, special reports, articles, and so on. Just use your imagination, and you'll be surprised by the number of resources you can leverage significantly.
For example, this blog post could have been posted on my site for my visitors to read or included in a featured article in a newsletter. But the blog post can be further leveraged as part of a special report as part of an offline book or online ebook.
Remember, for max efficiency and profits, be sure to leverage your assets.
What's your intake on this?
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Recent Comments
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Great post! leveraging to me means Influencing people and manipulating situations to work in your favor, this is how business works.
Hello Carol and thank you.
It is great you have this mindset it brings the best in people resources and with thorough research to reach out max efficiencies and gains. I admire your input and feedback.
Wishing you well, continued success and a terrific day.
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I get the upselling in the physical world because I worked sales at a big box store. And I kind of understand doing the same type of thing in the online world, but I'm not sure what kind of things one might offer. Maybe I'm not to that point yet. But I certainly like the idea. And I look forward to understanding more about leveraging as I move forward.
I'm still trying to figure out why I would create a page versus a post, so what you said about a thank you page for new subscribers helps me understand the use of a page better.
Thanks, Lula, and have a great rest of your day.
Lynn