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Business Success Thursday # 53

What’s the daily cost of what you sell?

A simple way to make more sales is to work out the cost per day of the product or service you sell and explain this daily cost to potential clients and customers.

Often when potential clients see how low this daily cost it can convince a number of people to make a purchase.

The way you work out the cost per day is very simple.

Take the cost of your product or service and work out how long your customer will use it.

Then divide the cost of the product or service by this time frame.

Here are  three examples: 

1: You’ve always been a bit ashamed of your teeth and how they look so you invest $20,000 in cosmetic dentistry. 

You now have a terrific-looking smile and amazing-looking teeth. You are only 50 years old so if you live to 75 you’ll use your million-dollar smile for 25 years.

The daily cost of $20,000 of cosmetic dentistry over 25 years is only $2.74 a day.

2: You buy a new E-Bike as a way to keep fit and experience a lot more fun in your life.

The E-Bike costs $5,000 and you use it for 3 years.

Your investment is $5,000 divided by 3 years divided by 365 days. The daily cost of your E-Bike is $4.56. 

3: You buy a new fishing rod and reel that costs $2,500 because you are super keen on fishing.

You use this rod and reel for at least two years. Your investment over 12 months is only $3.42 a day.

Now I know that some products and services will have ongoing running costs. 

However many do not.

Action Step:

If you have a product or service that your clients will use for a reasonable period of time you may want to work out the daily cost and share it with potential clients.

It’s a super simple way to make some easy sales.

Today’s quote“The next time you face a challenge, remember that the cost of success is far cheaper than the price of failure.” – Tsem Tulku

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