I’ve been working with clients on multi-million dollar online businesses for quite some time.
Throughout that time I’ve seen a lot of people make a lot of mistakes. And if there’s one mistake I see people make, it’s that they’re focusing on increasing their business in small increments instead of big jumps.
So let me show you how to make those big jumps…
Strategy #1: Develop A Full Product Line
It’s amazing to me how many people I know who make 6-figures per year with one or two products. No services. Nothing else to offer their customers. To me this is absolutely insane. Yea you can make 6-figures with a product or two, but don’t you realize you can make at least mid-high 6 figures… or even 7-figures… if you develop a full line of products?
The fact is, the most prolific entrepreneurs are also most likely to have the most credibility, the most persuasiveness, and the most sales.
Here are the “basic” five I think every person online needs to have.
- Low-end (under $100)
- Medium priced (under $500)
- High priced (over $500… preferably over $1,000)
- A continuity product (typically under $100 per month)
- A coaching program (anywhere from $100+ per month to $1,000 or more per month)
Strategy #2: Focus On Your Most Affluent Customers
90%+ of online marketers don’t have a product or service they charge $1,000 or more for. Or even $500+. And that’s a shame. They’re missing out on the single most profitable chunk of their customers!
I know it’s weird asking people for a lot of money. But do it. There’s a certain percentage of your audience that WILL pay whatever you ask them, simply because they love spending money. Typically they make up somewhere between 3% – 5% or so of your audience, though it depends on the market and how you’re positioning yourself.
The point is… if you’re not specifically focusing on targeting these “hyper buyers”, you’re losing a huge portion of could-be business and those customers are going to your customers instead.
So develop a plan to cater to those customers. Call them personally on the phone if you must, I promise you won’t regret it!
Strategy #3: Increase Your Customer Lifetime Value
Every time I buy a new product, even many times from so-called “gurus”… I’m shocked at the lack of a sales funnel they have. What typically happens is that I’ll buy the product, go through MAYBE one or two upsells… get my product… and never hear from them again.
That is NOT the way you want to run your business.
The fact is, you can sell an existing customer a new product many times easier than you can a prospect. Not upselling, down-selling and cross-selling your existing customers is literally like someone dropping off $1,000 at your doorstep every morning… but you being too lazy to put your robe on, go outside, and bring it in.
Here’s what I do.
When someone buys one of my products, they go through a 30-45 day “personal coaching” funnel to help them get the most out of the product. After that, they get dropped into a “buyers bucket” which tells them about all my other products and services I have for sale.
Personally, I’m a copywriter/marketing strategist so I have more services than products (though I’m currently coming out with more products). So I focus on turning under $100 customers into multi-thousand dollar clients.
And it works like a charm.
You may be different. The point is, don’t leave your customers hanging!
The single easiest way to increase your customer lifetime value is to simply stay in touch with them, provide even more value than your initial product provides, and tell them about your other products/services.
Want to see all this in action?
World’s #1 most trusted sales funnel authority