You’ve purchased gadgets previously and been given an extended warranty. Perhaps you’ve previously purchased furniture and been offered white-glove treatment to transport and set up your new couch.
These are all instances of premium support services with high-profit margins, so even if only a tiny number of consumers use them, they may add significantly to your bottom line.
Some of these premium support services may be provided to you at little or no cost. For example, one company we saw featured a warranty offer in which you could obtain free new charging cables for your phone forever if they ever failed for a tiny one-time purchase as long as you merely covered the shipping costs. the little shipping and handling charge However, the margins on these cables are so large that the tiny S&H price paid the cost of the cables plus shipment. Even though it appears to be a great deal for the buyers (paying $5 for S&H instead of $29 for a new cable sounds like, and is, a great deal), the “warranty” that was offered was virtually 100 percent pure profit.
You can even offer access to one-on-one assistance, a Facebook group page for further (and faster) assistance, and so on. Some of these deals can be put up in a matter of minutes, but some individuals will buy them just because they believe they might need it one day.
Another example is providing faster support, faster shipment, faster service, and so forth. These may have significant profit margins with little to no additional labour!
So come up with at least a handful of extra premium support services that you can give your purchasers (such as extended warranties, faster support, faster service, and so on) that come with big margins while not boosting your costs significantly if at all.
Check out our business analysing tool, BizFire’s Free Business Analyzer and Growth Tool, to learn about more modifications that might radically transform and boost your business.
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