Last week I went to a conference and I wanted to share some of my biggest takeaways with you.
The one question that got asked a lot was….
How can I add more $$$ to my bottom line, without sacrificing time?
Maybe you’ve wondered this yourself….
I know I’m still learning ways to be able to do this and I want to be fully transparent with you here, that although I teach this, I too can continue to learn and perfect these.
1. You can sell to more people
This is where more people focus. How to get more clients. But it can be short-sighted. Sure if you’re just starting out, this is your priority! But the further along you are in your business, the value is in the lifetime customer value or the length of your relationship, point #3. It’s way easier to sell to someone who has bought from you before and it costs you nothing, versus generated new leads and converting them. Of course you want to have some focus here, but be mindful of the other two points.
The best ways to sell to more people are:
#1: get more leads
#2: increase your conversions (on sales calls, webinars, sales page, sales emails, etc)
2. You can increase the average purchase price
My simple solution to this is to raise prices. It’s a quick and easy fix, especially for the big chunk of online entrepreneurs who undervalue their programs and services.
Another suggestion for this at the event was to add upsells. This is where you make an offer on the thank you page after someone purchases from you. This is an area that I know I can work on for my launches.
Although I have used upsells in my funnels, during a launch I’ve never offered an upsell and I am leaving money on the table. I could expect to see 20% of buyers take me up on such an offer.
Another way of increasing the average purchase price is to offer a VIP option, which you’ve probably noticed I use and highly recommend. There is always a segment of your audience that wants to go deeper with you and are willing to invest at a higher price point for this.
3. You can increase the lifetime customer value
When I worked with financial advisors, this was a goldmine of potential revenue. One of the first things I would do is help transition the way they do business. Instead of charging commission per buy or sell trade, we would transition their business to a reoccurring fee.
In the online space, you see this model being used with Membership sites.
Here are some other ways to increase the lifetime customer value:
- This one came from James Wedmore. After people buy his BBD program during his launch, he sends them a thank you email along with a 20% coupon that they can use within 48 hours on his entire product suite.
- Using an ascension model. Although this is more advanced and isn’t recommend when you are just starting out or at least until you have perfected one offer. An ascension model is basically a ladder of offers that lead into each other. Here’s my own example:
And my takeaway to increase the lifetime customer value of my client base is to perfect and shrink down my ascension model. I will be retiring some of my own programs and narrowing my own focus to deliver the best value possible, for my clients.
Ok, I don’t want to overload you with info so I will share more lessons and takeaways with you over the coming days.
If you’re liking this, be sure to forward it to a friend. As I tell my kiddos, sharing is caring 🙂
P.S. Next up I’ll be sharing why you might not be making the kind of money you want to be making. Four different speakers touched on this and it was probably the most humbling ah ha moment that I had all week! Stay tuned…