6 ways to max out lifetime gross profit

The concept of lifetime gross profit (LGP) is simple: It's the gross profit you earn from a customer over time. Here's 6 ways to grow it with small efforts but big results:

• Increase Your Prices: Don't be afraid to raise your prices because it can make your product seem more valuable. You don't need more customers for this, just change the numbers. Higher prices can attract customers seeking quality or prestige.
• Cut Down Costs: Look at how you make or buy your product. Can you find a cheaper way without dropping quality?
• Get Customers to Buy More Often: Increase the purchase frequency by encouraging customers to buy more often, increasing the value of each customer across your business. Maybe start a loyalty program to get folks to buy more. One extra purchase from each person adds up. Memberships with recurring revenue are KING.
• Upsell More Expensive Items: Sell bigger or better versions of your products, encouraging customers to spend more on each transaction.
• Cross-Sell Related Products: Have things that go well together, like if someone buys a burger, ask if they want fries too. Offer related products or services that customers might need next, which can also be where the majority of your profit comes from.
• Offer Downsells: If someone can't afford your main product, have a cheaper option ready. Offer downsells or alternative products for those who can't afford your main offerings, using excess capacity or referring them to a partner business for a commission.

Remember, you don't need a lot of money to do these things. Small changes can double or even triple your LGP. Think of these strategies not as extra work but as enhancements to the journey you're taking with your customer. They make each person more valuable to your business.

If you want to max out LGP, holler. - Daniel