Revenue and ultimately profit is the #1 indicator of how well your business is operating. Most home business entrepreneurs are not strategic enough about measuring and improving different aspects of their business so they can increase their revenue. In this post I’m going to share with you 7 ways that you can increase your business revenue, and if you really set up systems to measure how you are doing in each area, I guarantee that you will increase your revenue.
Way #1: Get More Leads
Leads are the lifeblood of your business. Do you know specifically how many leads you got this week, what were the sources for those leads and how much money you spent to generate those leads? Leads are people who gave you their contact information, their email address, so that you can contact and market to them.
If your online business currently doesn’t generate leads, if you are not growing your email list, then you don’t have a business! You may have a job, but you will never be able to scale and automate your business.
Way #2: Get Higher Conversions
Once you start generating leads, how many of those leads become your customers and actually buy something from you? I would trade any time of the day 100 leads who are all eager to buy from me, then 10,000 leads who are not buying anything. Leads mean nothing if you are not generating sales. Even if they buy a product that is very cheap, say $10, the relationships between you and your leads changes fundamentally. Even if it’s an affiliate product and your product it’s better than nothing.
So what can you do to increase your conversions so more leads buy someting from you?
Way #3: Get More Sales From Your Leads and Customers
Do you have a strategic plan of what you are going sell to your existing customers who bought something from you? Do you have a sweet of products that are integrated and congruent with one another so that when someone buys product X, you have also product Y and Z that is valuable to him. In other words do you have a BACK END? Now that you are successfully selling a FRONT END product, a low cost product, do you have more valuable and more expensive products to sell to those customers? Do you have upsells? Do you have different tools, affiliate products that you can sell?
Here is an example. MOBE company has a $49 product called TTI. This is a 7 steps program that teaches you how to build a high-ticket commissions type of business online. They don’t stop there. They have a $2,000 product afterwards, then $9,000 product and then $15,000 product and then $30,000 product. So they obviously figured out a way to leverage the initial sales and they have a strong back end, and people love this program because they can earn those kind of comissions from products they haven’t created.
Way #4: Raise Your Prices
So if you have your products and services, you can simply raise your prices. Most entrepreneurs are freightened about raising their prices. How you can justify a price raise they ask themselves. But here is how you raise your prices: You add distinctions and you add more value. So if you have an information product for example, you can add more value by adding more content, by creating MP3 modules as well as Video modules, and offer a free bonus consultation, or any additional bonuses for that matter. If you are a coach, you can add more value to yourself and have more testimonials of people you worked with and thus raise your prices. You can improve your MARKETING and your perceived price and raise your prices. If you don’t have your own products now, start thinking about the products you are going to create, and how you can create irresistible offers and raise your prices.
Way #5: Increase the FREQUENCY of the payments
So do you have continuity revenue streams, month after month that people are paying you money? If not, this is the time to start thinking about it, because your recurring revenue, or passive income streams, are very important to the growth of your business. Instead of having 1 transaction and that’s it, you’ll have ongoing revenue from the same customer, rebilling them every month. It can be a membership site that you are going to build and provide ongoing webinar trainings there. It can be an affiliate product, like an email autoresponder or lead capture software that is going to allow you to make RECURRING AFFILIATE COMMISSIONS from those simple tools and products.
Way #6: Offer Other People’s Products And Make Affiliate Commissions.
So what other products you can sell to your customers that they will appreciate and love you for it, and you get affiliate commissions. There are always a lot of products that you can strategically start to promote.
Way #7: Get Affiliates To Promote Your Stuff
Finally, how can you attract affiliates, other people or businesses who are going to promote your stuff, get you the customers and you will give them a cut of your sales. You will give them the commissions for their sales. Entire home based business are built on this revenue streams, getting other affiliates, others Independent business owners, other people to promote your stuff for percentage of the sales. Once again it’s important that you have your own products to utilize this strategy,
Hopefully you understand now how to increase your home business revenue. The more you focus on those 7 ways, and learn how to measure how are you doing in each area, the more thriving online business you will build.
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PS. If you are struggling to get leads for your business, this may be the most important video you’ll ever see.