Thanks for sticking with me for this long on this 5 part series on how to double your online supplement sales.
We’ve covered steps 1 through 3 so far. You can go back and catch up on any of these steps…
- Getting more supplement opt-in leads
- Maximizing those leads and segmenting out the buyers from the non-buyers on day one
- How to get more health supplement revenue out of your main flagship products.
Including the grand overview by clicking here.
And we’ve got lot more value on how to maximize your profit right here in this article for you and even more with the remaining 5th step and a BONUS step coming up after that.
So let’s get right into step 4…
The Profit Maximizer
This step combined with steps 1 through 3 as the name implies can truly maximize your profit like nothing else.
A Profit Maximizer can be…
An up-sell (offering someone more of what they already bought)
A cross-sell (offering them a related product)
Or a subscription, which is a kind of up-sell and cross-sell combined, (offering them monthly continuity / recurring billing, although in the supplement space you have to be very careful with this one).
In any case… it all comes down to maximizing your profit on an existing order.
Remember the Welcome Mat Principle: Once a visitor has taken out their wallet, they’re far more likely to leave it out and continue to spend money with you, then if they had not purchased in the first place.
Well, it also applies doubly so in the Profit Maximizer stage that you can add to your online supplement business.
Let’s explain it with an question / example I’m sure all fast food American audiences will know… (and maybe even some over seas ones…)
Do you want fries with that?
This is the question the McDonalds attendant asks EVERY buyer.
It costs McDonalds $1.91 to get a single person in the drive thru.
That’s what they’re spending to generate a very qualified lead. (Remember what you learned in step 2 here, the Welcome Mat)
So… McDonalds makes $0.18 profit on a $2.09 burger sale. (This is their core offer)
$2.09 – $1.91 = $0.18
This is just like the welcome mat, where they make little to no profit.
Then they sell you a Profit Maximizer in the form of fries and a Coke for $1.77 which costs them $0.63 for a total profit of $1.32
This is 8 TIMES the profit of the Core Offer sale of the burger at $0.18
The bottom line is that the way to maximize vitamin supplement profits is to have something on the backend (the real money is in the backend) to increase immediate average customer value and overall engagement with the buyer.
We didn’t go into it here in order to keep this relatively short (here there are already 5 steps with a bonus step on the way) but, there are really only 3 ways to increase revenue:
- Increase the number of customers
- Increase the average order size
- Increase the frequency of repeat purchases
Profit Maximizers are great for #2, increasing the average order size. Because while a buyer is good, a multi-buyer is even better.
Herbal Provider offers some profit maximizers on their cart page.
They offer 3 different “unbeatable deals” and a suggested item under the “may we suggest” box right above your shopping cart.
But… it’s not just a matter of trying to sell more stuff.
It’s partly putting the right offer in front of a buyer at the right time and partly how you frame it.
The Herbal Provider vitamin supplement profit maximizer above can be improved further by applying the principles of the winning offer from step 3 and properly testing it to see if it works.
Testing really adds rocket fuel to all 5 steps, but we’ll get to that in the BONUS step.
For now we’ll just point out a few key things that can be optimized on the Herbal Provider profit maximizer offers.
Each “Unbeatable Deal” has an claim.
Meaning, the #1 something appears in each of them:
#1 for Heart, Joint, Brain and Women’s health
Clinically Proven #1 Liver Health Supplement
#1 Heart Health Formula 6 Times More Absorption
These claims, perhaps with the exception of the middle one, are not backed by anything or anyone. By increasing the level of proof and trust here these profit maximizers would likely increase profits even more than they are already be doing.
That’s it for now…
Stay tuned next week to go in-depth with the return path, which is the last of this 5 part optimization plan.
So… Stick around, because we’re going to have a bonus step 6 for those who really want to add gasoline to their sales fire.
There Are Three Funnels Every Health Supplement Business Needs To Build A Multi-Million Dollar Empire…
The problem is most dietary supplement companies only have one funnel. Through our work in the online health space, we’ve had the opportunity to observe hundreds of health businesses. What we’ve uncovered are the three critical funnels that each work together that make the difference between the average supplement company just selling on Amazon and a multi-million dollar health empire and compiled our findings in the book below. Click here to get the ebook delivered right to your email for FREE.
