If you remember, Spikeball aired on Shark Tank back in 2015. After a rousing pitch and some back and forth between the Sharks, Daymond John and Mr. Wonderful came out and played a game (although that didn’t make the cut because Mr. Wonderful wasn’t exactly “athletic”). By no coincidence, they were also the only Sharks to extend an offer out.
To date they have sold about 55 million dollars of these suckers. Not bad for a simple plastic game that costs less than five bucks to produce wholesale.
But it is not just a game! In addition to the “standard game” they now have:
- Pro Kits
- Rookie Kits
- Kits for the water
- Tournaments!
- Swag
- Apparel
- International Spike Ball Day
- Ambassador programs
And I thought that it was just a great way to keep kids busy and away from me….
Their non-physical product sales have now eclipsed the original game!
A business that has spawned another business, that spawned another and another…
There are really on 4 ways to increase sales:
- Increase the number of customers (expensive and painful)
- Raise your prices: Always a good idea, not always practical
- Increase transaction size
- Increase frequency of purchase
While #1 & 2 are necessary, 3 & 4 can be the most profitable.
Spikeball has already done the most expensive thing you can do in business, acquire a new customer. They have just added things to increase frequency and purchase size.
How can you adapt this in your business?
Do you have upsells and cross sells? Different variations of the same product (basic or pro)? Can you create a club, membership or community that will generate interest and additional sales?
Where can you combine products with services and visa versa, creating whole new products and services that your customers will readily buy? Remember, a buyer is a buyer is a buyer….
Disney has done this on so many levels, their attractions have sparked movies (Pirates of the Caribbean Franchise, yes it was a ride before it was a movie, and now the Jungle Cruise is following the same system.
They have done it in reverse with movies sparking attractions (Frozen)
My entire consulting business came about by other carpet cleaners wanting to know how I did what I did.
How about you?
Remember, you won’t profit unless you implement,
Vance “7 distinct businesses and climbing” Morris
