Do You Get Paid Like the Wealthy Do?
Pay attention to this quote from business consultant and ‘millionaire maker’ Dan Kennedy in this article:
“[The] big difference between wealthy and poor is that wealthy people get paid before they work;
the poor get paid after they do work.”
Think about that for a minute. Would you like to have customers giving you money BEFORE you gave them a service or a product? Would you like to have them giving you money IN ADDITION TO being paid for your service or product?
Dan Kennedy, the direct marketing expert and founder of GKIC, writes that he makes over $100,000 a year just from the fees paid by a few of his customers who are enrolled in his Private Client Program. These elite customers are paying for “bundles” of one-on-one coaching and consulting time, and a few other services. He also mentions examples of how a financial advisor or a doctor could have a similar program.
How can you use this concept in your business?
You may not be a financial advisor or marketing expert, and it may not be in the $100,000 range, but you can still implement a program like this, and have customers giving you money REGARDLESS of whether or not you ever saw them again.
This concept is called the fee-based loyalty program.
You may have joined such a program yourself at one time or other. Books-A-Million, for example, has the Millionaire's Club: for $25 a year, members receive free shipping, free Wi-Fi access, 10% in-store discount, exclusive email offers, and $100 in bonus coupons. One California physician offers an individualized patient assessment, a personal wellness plan and goal structuring, 50% discount on office visits and most procedures, in addition to discounted fees on in-office testing and medications for a $660 fee each year.
Sorry, my business is different, right?
About now you might be thinking this is just some crazy idea that would never work for your business—why would your customers want to pay extra? The real question is WHAT would your customers be willing to pay extra for?! Are there issues, such as cost, that have caused your customers to leave or use your company less frequently? Do you have a lot of abandoned carts due to high shipping costs? Would your customers like to receive free upgrades, free gifts with purchase over a certain amount, or access to a special toll-free number? Perhaps even your time is worth something to your clients, and it would be worthwhile to provide extra coaching sessions or personal shopper services.
Starting a fee-based loyalty program could not only be a way to reward customer loyalty, but could bring extra, more predictable income in for your business.