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What business owner doesn't want more income? We're always strategizing and building business plans to increase long-term revenue and value. But let's not forget about the low-hanging fruit right in front of our noses! In this special episode of the Money is Emotional podcast, I reveal six ways to increase income in your business THIS MONTH.
Tip 1: Upselling and Down-selling
Do you have multiple offerings in your business at a variety of price points? Think of this like McDonald’s which offers French fries in small, medium, and large. How can you package your offerings for customers who want just a little snack or those who want the whole enchilada? If you sell all-natural body care products, do you just have one standard size for your signature lotion – or do you have travel sizes and larger value sizes as well? This is why I offer financial books (small), courses (medium), and coaching (large). A customer might not be a “no.” They might need a different size.
Tip 2: Repackage your Offerings
Reformat or repackage your products or services to make them seem new and fresh. If something isn’t selling, it may just need a little tweaking to start attracting buyers. Consider adding or removing features, changing the name, adjusting the price, or freshening up the graphics. It might literally be repackaging your physical products to bundle them together or even deconstructing them. This is super easy to do with digital products. You can bundle several e-books or online courses together. Or you might take a lengthy online course and break it into modules that can be purchased individually. Do some brainstorming with someone outside your business to get a fresh perspective on how you might do this. It’s not always about creating something new!
Tip 3: Raise your prices!
When was the last time you raised your prices? If it’s been over a year, you’re overdue for an upward adjustment. Have customers and friends told you that you’re undercharging? If so, believe them! Raise prices for new customers only immediately. Then give your current customers notice that the new prices will become effective for them in 30, 60, or 90 days. Offer specials or incentives for them to buy your products or services before the price increases. I know this feels scary, but I swear, every time I raise my prices, I gain MORE and better clients.
Tip 4: Sell to your Current and Past Customers
Your customers already love you and your products or services! Current and past customers are more likely to buy from you than new prospects because they already know, like, and trust you. Are you checking in with those clients regularly to see if they need your products or services? Tell them about your new offerings. Ask them, “Who do you know who needs this right now?” You’d be surprised how many people will give you referrals if you just ask! I found this amazing stat this week: The success rate of selling to a customer you already have is 60-70%, while the success rate of selling to a new customer is 5-20%. Seriously! What the hell are you waiting for?? Reach out to current and past clients this week.
Tip 5: Make it easy for customers to buy from you!
If they go to your website, is it clear what the next step is to hire you or purchase your product? Do you accept all forms of payment including credit cards, Apple Pay, PayPal, etc.? Be clear in all of your communication to potential clients about what the next step is to hiring you or buying from you. If you are selling physical products, make sure you always have some of them with you in your car. I can’t even tell you how many books I’ve sold to friends and acquaintances simply because I always have a few on hand. Some of those book buyers have even turned into coaching clients! Simplify and streamline your purchasing process!
Tip 6: Follow UP!
You’re leaving money on the table if you don’t follow up with people who have expressed an interest in your products or services. And not just once, but multiple times.
80% of sales are made on the 5th to 12th contact with a prospect, yet only 10% of people make more than 3 contacts. Set calendar reminders to touch base with potential buyers. The key to effective follow-up is to vary your method of contact (phone, in person, messaging via social media, email, text, etc.) Pay attention to the method each prospect prefers.
Also, vary the content of your message. Yes, you should inquire if they are ready to move forward with a purchase, but it shouldn’t be every time you contact them. For example, I might send an email to a coaching prospect with information to purchase a package and start working with me. A few days later, I may send them a link to an article that solves a problem they mentioned to me. A week later, it’s their birthday and I send them a Happy Birthday text. The fortune is in the follow-up, so stay in touch and don’t quit!
So, there you have it! Six simple ways to increase your business income that you start doing today. I’d love to hear which ones you implement and the results you’re getting from them!
Related: Thriving as a Dynamic Money Duo: Mastering Finances Together!