How to convert more quotes to customers

A powerful marketing tool to add to your marketing toolbox

One of my favourite subjects within marketing is the one I call massive value marketing and next to no trades or property businesses are doing it as part of their marketing, so if you grasp this and do it, you'll put your business way above your competitors! 

By showing your potential customers that you give massive value, more will buy from you, If you convert more it will mean you'll save money!

What is massive value marketing

Many businesses give the old 10% off type of incentive to entice customers to buy from them or a voucher for £xx off, this is old, old marketing, frankly boring and if you give these sort of discounts it's money coming from one place - your bottom line, your profit and we're in business to make profit right?

So rather than giving 10% off, give 10% more, this way the customer gets better value, your bottom line stays intact and potentially you can actually make more money.

How does massive value marketing work

We're going to go into a bit of maths now to explain this, not my strongest skill so I'll keep it simple! The 10% more should cost you either nothing or very little.

If you give 10% off, say £100, that's £10, if your profit from £100 is £20 you've cut your profit in half. That £10 can't come from anywhere else because your business costs have remained the same.

If you give an extra service which means you may be on the job a little longer it won't physically cost you money, or lets say you buy a product for £3 that may normally cost the customer £10 to buy and you give them this product for doing business with you, you have given them 10% more but it's only cost you 3% or £3 from your bottom line.

I hope that makes sense!

From a psychological point of view the customer feels like they have got a better deal so are more likely to do business with you and in reality they have, when I used to give discounts (it didn't happen often) I in a way begrudged it and in all honesty the customer probably didn't get me at my best!

This is a much better way of giving value, you are limited on how much discount you can give a customer but on a giving more value basis you are not so limited, if it's something that would be of no or little cost to you.

Lets say you give them 3 products at a cost of £3 each to

you, it would have cost them £30 and however it's only cost you £9, therefore they've got an extra 30% and it's only cost you 9% still less than the 10% discount you may have given!

What can you do to give massive value

So if you decide to give away a product it could be something that you can buy in bulk to get a really good discount, a discount that someone buying one or two would not get.
You could give a discount from a non related business, for example if you are a builder and you've just completed an extension and loft conversion for a customer - If you knew or built a relationship with a local restaurant, they would offer you voucher of say a value of £60 but you'd pay only £30 or less, You give the voucher to the customer for a free meal for 2 to say thanks for being a customer. 
This is a real Win/Win/Win situation.

I know the last example would mainly be given at the end of a job but, do you think that's going to be a talking point when they meet friends and family.

Great massive value marketing for a plumbing and heating engineer could be installing free magna cleans.

Brilliant massive value marketing for an electrician may be a free 1/2 hour Visual condition report at time of quoting!

Massive value marketing for an interior designer could be a free portrait session for the family with a photographer in the newly decorated home.

I'm sure you can come up with many more for your business, be sure to come up with several so you can tailor it to each customer.

To your success
Paul Jennings