Whether you’re selling products or services, if money is tight it’s time to raise fast cash for your business. Here’s what to do.
Create an irresistible offer that saves your customers money if they prepay now in advance for products to be delivered or services to be rendered later.
And if it’s a subscription (e.g. SaaS), you can offer a similar deal if they renew today instead of waiting to the end of the current subscription term.
The key here is to make it something that’s both profitable for you and provides an incentive for your special deal to be accepted today. Because procrastination doesn’t fill the piggy bank.
Of course, there should be a valid reason why you’re making this one-time offer. For example, when the COVID-19 coronavirus hit, many companies were starved of cash flow during the shutdown. It made perfect sense at reopening to offer a deal that generated revenues quickly.
In addition, there has to be a sense of urgency. In other words, there’s a hard cut-off (deadline, only 25 to be sold, etc.) that generates a fear of lost opportunity if the offer isn’t promptly taken advantage of by the customer.
Who to Target
Remember to focus on existing customers with this special offer for the highest conversion rates when trying to raise fast cash for your company. Because it’s a lot easier to sell to those who have already bought from you than to go fishing in a cold market trying to grow your business.
You Can’t Raise Fast Cash This Way By Looking Like You’re About To Go Out Of Business
Naturally, you don’t want to appear desperate (even if cash flow is tight) because that will turn off prospects. So, it’s important that your offer be credible…and that includes leaving the impression you’ll be around tomorrow to honor your deal instead of closing your doors and stiffing customers who prepaid.