Right now, at this very second, you have untapped revenue streams sitting within your current business, waiting to be tapped.
Today, I’d like to show you how to do that.
In the next few minutes I’d like to give you 8 unique ideas for finding and tapping these hidden profit centers. Some of them (like #1, #4, and #6) can double your business. Others (like #5 and #7) are things you can do in 24 hours or less for a quick burst of extra revenue.
The rest are strategies you can implement for higher, ongoing, increased profits.
I realize everyone reading this is in different stages in their business and owns a very different type of business. Some of you may have information product businesses, while others have service businesses, and others sell SAAS or physical products.
Nearly all of these apply to ANY business, so read through the following 8 strategies and take your pick on which one to start with first.
Let’s start with…
Within every business lies a segment of customers/clients who are willing to spend more money with you. Not a year from now, or even a month from now. I’m talking about right now… today.
That’s why I constantly stress to my clients to find out what their “ceiling” is. This is the concept of continually adding more value to the customers you serve at higher and higher prices. An easy way to know if you’ve maxed out your price points is by asking this simple question…
“Am I still generating customers for X service?”
If the answer is yes, keep figuring out ways to introduce higher priced products/services until you can’t make any more sales.
Let’s just say, for example, that you have a $1,000 product right now. Maybe you come out with a $5,000 service to help those people who want more personalized attention (like coaching). If that service sells for you, consider coming out with something even higher. Maybe a $25,000 done for you program. If you keep making sales at that price point, keep going higher until you can’t make any sales at the highest price point.
At that point, you know you’ve reached your limit 😉
If you took 100 of your best customers/clients you’ll find that they fit into somewhere between 2-5 main categories. For example if you’re selling weight loss information, you might be able to segment your list into 4 lists, such as…
1.Men under 40
2.Men over 40
3.Women under 40
4.Women over 40
Each of those segments has different pain points they’re facing, different solutions they need and different offers they’ll be responsive too. By running simple surveys you can determine exactly what those segments are. Then, create your marketing campaigns crafted specifically to the pain points those specific segments are going through.
The question is, is it worth the effort?
For one example, I did this for a client in the personal training industry who wanted to increase his conversion rates for his sales funnel. He ended up increasing his overall results by 270%, simply by segmenting his audience and delivering them specific messages matched to the main pain points they were specifically going through.
It’s absolutely shocking, and disturbing, how many people today are neglecting the long-lost art of direct mail. Especially considering that it’s a new revenue center just sitting in front of you!
There are a million ways to implement direct mail into your marketing campaigns. For example if you use a CRM like Ontraport, Infusionsoft or Hubspot, you can create automated postcards which offer additional offers to customers. Or you can rent a direct mail list and send them to your automated webinar. And if you sell high-end services (let’s just say anything above $3,000), you’re crazy not to be using “lumpy mail” to attract your best clients! I once landed a client worth $120,000 to my business from a simple $17 direct mail campaign.
The best part about direct mail is that nobody else is doing it.
I once ran a campaign for a client of mine in the mortgage lending business. We created a 3-step mailing campaign for a new program they were offering. Everyone else was sending the same old boring postcard. We sent a 2-page letter that clearly articulated exactly why people were insane not to call us… and got so many phone calls my client had to stop the campaign at step #2 because he couldn’t handle anymore business!
When you begin using it you’ll stand out from your competitors. It’s easier than you think, attracts a new segment of your audience who isn’t paying attention to your online efforts, and gives you a bigger opportunity to make more sales to your existing customers/clients.
Think about the last 10 things you purchased. What happened? You probably got an invoice, received the product in your inbox or in the mail, and that was it. No email sequence helping you get the most out of the product, no direct mail letter, nothing. You were just left on your own to figure it out and hope for the best.
That’s how MOST people market to their customers, even though marketing to your existing customers is THE most profitable marketing campaign you can ever create!
So here’s what I’d like you to try.
First, come out with some type of higher-end product or service. Do NOT offer it as an upsell. Instead, call your customers (or hire someone to do it) after they purchase your product/service and ask them how they’re doing with everything. See if they have any questions, comments or concerns. Once that’s all settled, begin to ask qualifying questions to see if they would qualify for the new high-end offer you just created.
Then, ask them to purchase it.
You’ll be SHOCKED at how many people say yes, if you’ve designed a no-brainer offer and can articulate its value clearly enough.
This one is so simple it’s almost crazy!
Right now you have a huge list of customers/clients who have stopped doing business with you for one reason or another. Typically it’s because of one of three things.
1.Something totally unrelated to you happened in their life that caused them to temporarily stop dealing with you. They intended to come back, but theyâ€™ve just never gotten around to taking action and doing business with you again.
2.They had a problem or unsatisfying last purchase experience with you that they probably didnâ€™t even tell you about.
3.Their situation has changed to the point where they no longer can benefit from whatever product or service you sell.
Roughly 80% are going to fall into either 1/2. That’s good, because those are the two that are easily fixable!
So you look at your customer buying behavior to determine a pattern, then create a simple campaign (online or offline, preferably both) which reaches out to customers who fall outside that pattern, apologizing to them and offering them a no-brainer offer to do business with you again.
Remember that every lost customer who is brought back to your business is like finding a new customer.
Will this double your business? Of course not. But it’s a repeatable campaign that can be sent out once a month, once a quarter, or however often you want for a quick influx of cash. Plus you’ll convert a percentage of those new customers into long-term customers to take advantage of their customer lifetime value!
Have you noticed a theme over the past few tips I’ve given you? A lot of it involves coming out with some type of higher-end offer. In many cases, that’s going to be a service. It’s much easier selling a $5,000 coaching or done for you package than it is selling a $5,000 information product.
If you don’t have a done for you service in your business, you are missing out on an enormous opportunity to add an extremely lucrative revenue stream to your business. In many cases you can double your business JUST by adding in this one new profit center.
I’m working with a client now adding a $24,000 coaching program to her normal $5,000 offer, and all we need to do is get 2 high-end clients for every 10 normal clients to double her business. Easy!
All you need to do is think about the end result your client wants. Then, figure out a way to make it so that you can give that result to the client. Then you simply need to get creative!
For example let’s say your information product sells for $97, and you come out with a 100% done for you service for $5,000. The service is for a specific type of customer, giving them a specific solution to a specific problem. Plus it’s 100% guaranteed to work.
All you need is 2% of your customers to upgrade to the done for you service, and you’ve doubled your revenue. That’s easy, especially if you start implementing a few of the campaigns we’ve discussed already!
Every thank you page is another opportunity to collect a lead, offer something of value or enhance the relationship to make it more likely for that person to purchase in the future. Yet most thank you pages say nothing but “thanks, here’s your download”!
Don’t let that be you.
Instead, make sure all of your thank you pages have a specific purpose. The first purpose is acknowledging what they’ve just done and giving them any relevant downloads, etc.
But then, take it a step further! Here are a few ideas…
1.Ask to collect their physical address (then send a direct mail offer)
2.Give a discount to one of your products
3.Offer a chance to join your latest webinar (which sells something at the end)
4.Add additional value to what you just gave them (to enhance the relationship)
5.Have them join a community (to enhance the relationship)
In other words, make sure your thank you pages have a specific purpose.
People become “cold” for a variety of reasons. Maybe they’re not getting your emails. Maybe you don’t resonate with them. Maybe the timing isn’t right.
Whatever the reason, there is an opportunity to add a new revenue stream from unresponsive, cold, prospects. Simply make a deal with a competitor (YES, a competitor) where you’ll allow them to contact your list in exchange for a percentage of profits for anybody they close.
For example, I create sales funnels for my clients. I have a system in place where I refer “bad fit” leads to 1-2 other competitors. If the deal goes through, I get a percentage of the sale it generates.
I wouldn’t have worked with those clients anyway, so why not help them, help my JV partner, and help myself? It would be ludicrous not to!
You can also do this by selling affiliate products, or by having your new JV partner send them a direct mail letter. There are a lot of ways to go about it.
The point is, don’t let the fact that they’re not responding to you deter you from a) helping them and b) generating revenue from them. Business comes down to 1 thing. Helping people. If you do that, you deserve to be compensated. This is just one example of making it a win-win-win for everyone.
As you can tell, most businesses have not one, but at least a half-dozen opportunities to add new revenue centers into their business. Plus you can implement these strategies and mini-campaigns into your existing sales funnel for even better, faster, results.
My question to you is… which of these will YOU be implementing next?
Let me know if this article has opened your eyes and which of these you plan on implementing next, in the comments below!