What Apple Did That Made Them Billions & How You Can Apply it To Your Business
Need more sales or clients in your business? Perhaps it’s time to polish up your ascension model – or to create it if you haven’t already. After-all, it’s this style of business model that has made Apple billions of dollars…
An ascension marketing model is a way of gently leading your customers through your sales process.
It begins when they take up your opt in offer or buy something inexpensive from your range. Suddenly you have a new customer you can then lead through the different sales offerings, closer and closer to your most expensive product or service.
It’s good for the customer. The ascension model lets them “test the water” with you with little to no risk. It’s good for you because it generates an ongoing flow of leads and sales.
Not sure it works? Take a look at Apple.
It was reported by Forbes in March of this year that Apple had a staggering $137 billion of excess free cash on its balance sheet. Why? Let’s delve further into their business model and see how you can apply the exact same strategy no matter what product / service you sell or industry you work in.
Apple’s lowest priced offering is an iPod Shuffle at less than $50. It allows people to enjoy the Apple experience and become curious about the better products. (What am I missing out on?) Once the customer is hooked they can move up to a higher priced, higher quality iPod, then add to their range with the iPad and ultimately through to the Apple Mac and iPhone.
There are very few iPod owners who don’t own some other Apple product. That shows you how well the ascension model works, and how it brings a regular and logical flow of cash into their business to help boost the average dollar value per customer.
If you don’t have an ascension model you don’t have a way of guiding your customers where you need them to go in a natural order, thereby you miss out on much needed profits to keep growing and moving your business forward.Which is why, I’ve outlined for you here, 5 tips for building your ascension model to help boost your sales dramatically. Not only now, but well into the future.
1. Use Varying Lead Generation Methods to Instigate The First Contact
Use many different methods to bring prospects to your site to instigate the first ‘interaction / transaction’ occurring with your business. Try things like referrals, advertising, social media campaigns or Google AdWord campaigns. Test each one, then narrow it down to a handful that you know have high conversion rates and profit margins.
Then, your next step is to improve upon the conversion rates to grow your profits even higher whilst stabilising your sales moving forward.
Be incredibly methodical in this process – this is after all where the money is!
2. Develop an Exciting “Must Have” Opt in Offer
For example, offer a free webinar which answers the questions your ideal client will have. If you don’t have people peering into your funnel you can’t lead them any further. As you will have noticed, I made the decision to give away a digital copy of my first book ‘Sleeping Your Way to The Top in Business’ absolutely free. With over 30,000 downloads, you could say it has been and continues to be a great introduction to my business, philosophies and the ongoing success of my business.
What could you giveaway or offer cheaply as your ‘handshake’ or introduction to your business? This ‘handshake’ must be marketed daily for it to trigger off the rest of your sales process.
3. Master The Art of The Teaser
At every step you must include a teaser or up-sell into the next product / service. Most people need a prompt before they take that next step, i.e. if you loved that, you’ll absolutely love this…
4. Fine Tune Your Upsell
When someone makes a purchase offer them another product or service / an upgrade on the version they are purchasing – upsell them to the next level. If they have already decided they trust you it isn’t hard to move them up a gear and increase the average dollar spent per customer.
Look at Apple, when you make a purchase you will begin receiving regular emails and promotions to their other products and services prompting you to buy more. Every time you log into the Itunes store you’re greeted within 1000’s of product choices. This is one of the ‘most’ untapped places for quick cash flow in 99% of the businesses that I have worked with over the past 10 years and can lead to a swift injection of funds at a critical time for most.
5. Test & Follow Up
Follow up the clients who don’t progress through the funnel. Do they need something different or did your product fail to deliver? It’s vital that you find out. It is also vital that you work out precisely how much customer is worth to you in the long term. Many people live in fear of spending money on marketing, the reason why is because they don’t understand their numbers. Your numbers take the guesswork and fear out of the equation. When you understand how much each customer is worth to you over the long term, you can strategically invest to increase your sales. Anything less is gambling.
The ascension model is a proven way to generate leads and then qualify them as customers, especially if you would like to build a business with a solid sales model like Apple’s.
I’ve shared just 5 of my key steps to building your business with an ascension marketing model. These will get you off to a great start.
Until next time,