There are really 7 ways to increase the revenue of your business if you really think about it, and this is the post you would want to come back to again to brainstorm how you can produce more profits and make more money. I learned this from Brendon Burchard who is one of the top online entrepreneurs in the world.
Ultimately making more money boils down to 2 things:
- Provide more VALUE – serve your people more, offer more products and services and deliver on those, have more back end offers, increase customer value.
- SCALE your business – have more customers that you are serving.
So always ask yourself how you can provide more value to my customers, and how can I bring more customers in the first place.
But let’s break it down even further, how you can increase your revenue in your business:
Way #1 – Get More Leads
I’ll tell you the best way to do it is to PUT UP FREE VALUE in the marketplace and then offer them MORE free value when they subscribe to your email list.
After you added tremendous value for free and won people’s trust, increased your good will, and positioned yourself strategically with your story, credibility, expertise then you can make a strategic offer after that and people will buy.
If your free stuff is good, you can say hey if you liked this free stuff I have this that will take it to the next level and allow you to apply what you learned or make it all easier, faster, cheaper etc.
You’ve gotta COLLECT their name and email and then follow up with your leads.
If people come to your websites and you are not capturing their information, you are leaving a ton of money on the table because all the money is made in a good follow up.
So to get more leads you need to
- INCREASE YOUR TRAFFIC coming in
- Create an awesome LEAD MAGNET to attract those leads – a free giveaway, video, PDF report, something that your target audience would really want.
- Increase the CONVERSIONS on the capture page
- Put up VALUABLE CONTENT consistently to attract people to your capture page and lead magnet
Remember your email list is your retirement fund, it’s your most precious asset online.
You can ask well Vitaliy how do I put together a capture page and create a lead magnet if I don’t have results yet? Well you can definitely use MLSP capture pages to generate leads because they already designed for high conversions and attract internet marketers and network marketers and home business owners and deliver high quality value.
Way #2 – Increase Your Conversions
The second way is to increase revenue is to increase your conversions.
Same amount leads coming in, but now you are having 5 customers out of 100 leads instead of 2 customers out of 100 leads.
What can you do to increase your conversions?
- Tweak your customer experience, your sales funnel
- Change your headline, your copy, the look of the pages
- Add new bonuses
- Improve your email follow up
Way #3 – Increase The Amount Of Sales To Buyers
The third way to increase your revenue is to take care of your buyers better.
That’s where the concept of a value ladder that I learned from Russell Brunson comes into play.
First you are offering a low ticket product that adds tremendous value, let’s say $17, or $97 or $150. Then what else can you offer that provides even more value and at a higher price?
Your buyer is your most VALUABLE customer. That’s why sometimes it makes sense to pay $200 to acquire one customer that pays $100 initially because you know that the average customer value is $700, so you are making profits on the back end, with the follow up and relationships that you build with your customer.
It’s your job to sell more stuff to your customers and take care of them better, something of course that is congruent and help them solve their problems on a bigger level.
Do you have list segmentation to separate the buyers from non buyers?
What can you do to make them feel special, to make them feel like they are part of something big, to demonstrate that they have behind the scenes information.
Way #4 – Increase The Frequency Of Payment Received
Way #5 – Charge Higher Prices
So the fifth way is to just increase the prices that you are charging. Now if you are in affiliate marketing than you can’t really manipulate the price.
But if you have your own products or you are doing coaching in your business then you can increase the price of what you are charging for coaching services and for your own products.
Now the price itself is really based on the VALUE that you provide.
To charge higher prices you need to
- Improve your branding and positioning in the marketplace
- Provide more distinction to what you are offering
- Provide more in depth coaching and training
- Produce bigger results
- Provide more value in the marketplace
Way #6 – Offering More Affiliate Products
Way #7 – Recruit Affiliates
So finally what you can do is to have more affiliates, other people who are promoting your stuff and you give a % of your sales.
Let’s say you have a product that sells for $197. Now instead of you doing all the heavy lifting of marketing and promotion, you also have a ton of other people promoting your product and you get the customers for free! How cool is that. You give 50% and have $100 left for you AND a customer that you can offer more things to him.
Now if you don’t have your own information product, then NETWORK MARKETING works on the same principle! You sponsor people into your business and then those people who you sponsored they become affiliates and they start selling and sponsoring people and YOU get a % of their sales!
For example I personally sponsored 130 people into my network marketing business but my overall team is over 200+ people and I get % of each of the sales. Today I woke up and got $148.5 in affiliate commissions because somewhere on my team down the line bought a product and I got a % of the sale, how cool is that!? 🙂
Hope you enjoyed this post and you will come back to it to brainstorm how you can increase the revenue of your business!
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“I help Internet Marketers Generate More Leads, Produce More Profits & Build A 6-Figure Business From Home!”
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