Learn From The Smartest Millionaire Minds in Business

5 Ways to Apply the Power of Leverage

Understanding the power of leverage and how to use it is essential if you want to boost your sales and succeed in your financial goals.

Essentially, leverage is about doing more with less, which means less about ‘what’ you do and more about ‘how’ you do it.

With specific strategies and tricks, you can learn how to work smarter instead of harder and leverage marketing to shift your sales success to a new dimension.

Trainer, Speaker, and Author of Secrets of the Millionaire Mind, T. Harv Eker, used every ounce of leverage he had to become a multi-millionaire, and if he could do it, what is stopping you?

By exploring what Harv focuses on, see what you can adopt that will help you move forward.

You need to start asking yourself how you can give your customers the best value, products, or services while you sleep.

Using Leverage to Improve Your Sales Success

These 5 tactics, Harv says will show you how to leverage your current marketing and sales efforts effectively, giving you more time to focus on growing your business as you venture along the road to success.

1. Social Media

The social sphere offers many ways to reach thousands of fans and potential customers, without the need for a huge marketing budget.

Harv suggests that you create a Facebook page for your business, start a Twitter stream, keep your LinkedIn profile updated and even use YouTube to promote your products online.

2. Licensing Rights

Instead of selling your products in bulk, Harv recommends that you try selling the licensing rights to your products instead.

This option can enable your customers to select their own suppliers, which means that suppliers have full control over product quality and pricing.

In this way, you won’t have to deal with admin and other such issues, says Harv.

3. Product Add-ons

Another excellent tactic Harv shares is boosting your product range through additional products and repeat sales.

Creating add-on products to your original product, such as e-books, audios, and DVDs or digital streaming options is a great way to maximize your sales without doing too much additional work.

4. Use Your Database

If you are not already using your database of customers to its fullest potential, Harv reckons that now is a good time to start.

You need to give your customers reasons to return to your business to grow your sales, by providing support and excellent service that ensures repeat business.

5. Joint Marketing

Partnerships or joint venturing are great ways to leverage each other’s brands and promote customer relations, according to Harv.

If your company offers website design, for instance, you could partner with a company that offers a related service such as online marketing.

This allows both of you to thrive through joint marketing.

Getting the benefits of leverage may take some time at first, but Harv says that once you start changing your approach and attitude, it will be easier for you to start identifying further opportunities that boost sales without taking up excessive time and effort.

And once you start acting on those opportunities that may come knocking, you will have more time to dedicate to your goals too.

All in all, this is what makes leverage such a powerful tool as you work towards your success.

Conclusion: Use What You Have to Your Advantage

Cultivate the habit of recognizing opportunities as a means for growth.

It is most cost-effective to start in-house and work outward from there.

The secret is to identify what you have at your disposal, which can be optimized to a potentially profitable degree.

There's so much that can be done with very little if any, investment of funds.

Get creative in solving problems for customers - capitalize on creating experiences of value as this will add to your existing leverage and sales success rate.

With your focus on mutual benefit, using the power of leverage could very well be the life-saver or the catapult your business needs to survive or thrive.

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Frequently Asked Questions About the Power of Leverage

Has your Mind ever wondered...

What is the power of leveraging?

Optimizing the conversion of available resources into profits or gains, virtually effortlessly.

What does it mean to use leverage?

Using what you have at your disposal to increase income at little to no cost to you. 

Some examples are social media, licensing rights, product add-ons, and your existing database for email marketing and joint marketing.

What is the principle of leverage?

In principle, having the power of leverage sets you apart from anyone who is not building success and wealth. 

Leverage has more to do with ‘how’ you do it, and less to do with ‘what’ you do.

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