Are you happy with what your business did in 2019? Would you like to earn MORE in 2020? Would you like earn MORE – while doing LESS?
I’m ANTI-hustle. I’m not saying that there are not going to be times of hustle, or times that you sprint in your business. But I call BS on the idea that you have to work 80 hours a week to be successful. I became an entrepreneur because I wanted more freedom! I wanted more quality time. I wanted more travel. I wanted more fun. And yes, I work HARD! But more than that, I work SMART!
I have a great team – some of my team has been with me now for almost five years. I have automated systems, and I am CONSTANTLY looking at how I can automate more!
I have sales and follow up systems to ensure that my high ticket clients are getting the best sales and customer service experience.
I batch my days and only do sales calls on Mondays and Wednesdays, client calls on Tuesdays, and now a bit on Thursdays, and only do content on Thursdays, and a bit on Fridays. I know that when I sit down to work on a post like this, I need to be uninterrupted and need to be able to concentrate.
In an effort to work smarter, rather than harder, one of my KEY tasks at the end of the year is to review what worked in the past year, and what didn’t.
Some of the Key Performance Indicators you want to know about your business:
How many new clients did you bring in over the past year?
Where did those new clients come from?
What was the cost per new client?
What was the average revenue per client?
I heard this from my first business coach back in 2011, but it was reminded to my by my business coach, Ryan Levesque, just recently.
There are really only three ways to increase your revenue:
Increase the number of new customers
Increase the average purchase value of your existing customers
Increase the frequency that you clients buy from you
Increase the number of new clients
This is often the most costly way to increase revenue because you have to bring in new leads and convert new and existing leads to new customers. Because the statistic says that it takes between 7 and 13 touches to take someone from a cold lead to a paying customer. And in digital marketing, it is believed that on average, less than 5% of all cold leads buy from you over 18 months. This is always the first place that we think we should start in increasing revenue. But it is often the hardest, AND the option that will take the most time and immediate expense.
Increase the purchase value from your existing customers
Have you been considering raising your prices? Have you considered upleveling the product/solution and increasing your prices? But also, you can add upsells, downsells, and other products that will help your customers get to their goal faster! So many of my clients are afraid to increase their base price on their core services. But if you instead sold your core service, and then after the customer buys, you offer something that will help them get their desired result faster – then you have the potential to sell more to that customer!
For example, if they buy a course from you, you can have an immediate upsell toward done for you services, an implementation workshop, or something else that shows up immediately after they purchase. OR you can offer a short strategy session as a bonus with the course purchase, and then have an upsell such as an implementation event, high end coaching, or a mastermind that you pitch during the strategy call. This is a GREAT way to immediately triple, quadruple, or MORE the value of that customer – quickly, and ultimately triple, quadruple or MORE your revenue!
On the flip side, if you make a core offer and they don’t buy, you can also come back to them after a couple of days and offer a downsell – a smaller offer than the core offer, that gets them started toward their goal.
For example, if you have a full online course with six weeks of coaching that you sell for $1,999. If they don’t buy and the cart closes – two days later, you can offer them the Playbook version with just the videos and manuals – with no facebook group, no live coaching, etc – for $799 or $999 – and get additional purchases that way.
Increase the frequency that a client buys from you.
This could be SO many different things. You can affiliate for other business owners and sell their services. You can offer new products or services that will help solve your customer’s problems. You could offer a resource that expires or needs to be replaced – like calendars, planners, food and beverage, etc. Once a customer buys from you, if you provide a good customer service experience, they are WAY more likely to buy again.
I know this strategy to increase revenue sounds unusually simple. I hope it is! Don’t try to do all of it at once. For now, pick one thing that you want to improve in the next 90 days that is fairly easy to implement and will have a big impact on your bottom line. Work on that. Debut it. Tweak it. Optimize it. Then next quarter, pick the next thing! It is SO important to identify something that will move that revenue goal. The more you see your revenue improve, the faster you can hire help to work on the next lever!
If you have any questions at all, please drop me a line! If you’re ready to take your business to the next level, take our Business Growth Assessment and let’s find the next steps to grow YOUR business with less hustle!