Myth 1: You Can Make Money in Your Underwear
The first myth is the dude in his early twenties, in his underwear, beer in one hand, telling everyone how he makes money while he sleeps. Even if you have the most amazing product or service that ‘sold itself’, there is still customer service that needs to happen, in order to keep that business.
And, you need to continue to market the product or service. I also believe that you cannot really make money completely virtually. There is some advantage to getting out and meeting people in your area who are doing things similar to what you want to do.
If not in your local area then at least in your particular field—at conventions, etc. Interactions with other like-minded individuals are inspiring and motivating.
Another version of this myth is the ATM or Automatic Cash Machine. Just send out an email and money will magically appear in your bank account. Often promoters of this type of system will show you an image of their latest bank statement (which is illegal by the way). However, what they don’t tell you is that most of the internet marketers who have this sort of ‘cash machine’ have spent years perfecting it and have probably soaked up most of the best market. Many have a full-time staff to help with technology and marketing… which brings us to Myth #2…
Myth #2: Making Six Figures All By Yourself
The first online marketers you come across are people who are already pretty successful. They are ‘visible’ precisely because they are successful. These people are making at least six figures—and some are making seven. Some of my clients are making half a million dollars a year in this model of business. You see their marketing, you see their emails and you see their face all over everything. Perception may lead you to believe that they are, by themselves, behind their computer, making all of this stuff happen. Everybody has the same 24 hours and I can tell you that those people are not making everything happen in their businesses. They have a team! They have a team of probably a minimum eight to ten people who are working almost full time to make this happen for them. This brings us to Myth #3…
Myth #3: Making Six Figures Means You Are Doing REALLY Well
When the ‘gurus’ talk about their revenue—they are giving your their overall gross revenue numbers. This number is what they made before they paid out any expenses in their business. In actuality, they could be making hundreds of thousands in income but pocketing less than minimum wage. Don’t let this scare you off from starting a passion-based business because it doesn’t have to be like this.
The nice thing about virtual and online businesses is that your expenses should be on scale with your revenue if you manage it correctly. In the beginning there may not be a lot of expenses, but because you are not putting a lot of money into your business you are not making as much revenue. As more income starts coming in you can plow more money back into your business, which in turn helps you to make even more revenue.
Our E.S.C.A.P.E. Plan shows you how to scale up and expand your business when you reach the point where you are ready to do so (and before you reach the boiling-over point).
Myth #4: The Overnight Success
I have been in business for over eight years, and I have yet to meet a true overnight success.
As an example, it is a myth that you can put out an e-book and people will start buying it and you will make a $1000 dollars a day on sales from your $27 e-book. In order to achieve that level you would need to sell 500 e-books a day. That’s a lot of e-books! You will be doing very well if you sell a couple hundred a month!
We’ve interviewed almost 100 entrepreneurs on our Paycheck to Passion Podcast. We asked them how long it took them to start seeing success. Want to guess how long they said? The answer is 18 months to 3 years. And that is not even how long it takes to reach a six-figure revenue. Eighteen months to 3 years to where they could comfortably quit their day job and feel like they were not going to be homeless in a box on the street. This isn’t a quick and easy thing. Your business, just like any other business, is going to take time to build.
Take the case of Garrett Robinson. Garrett is an author who sells fantasy fiction books. He expects to make about $200 a month from selling one of his titles on Amazon. Obviously, $200 a month is certainly not enough to make a living. However, when you have 30 book titles each bringing in $200 a month then making a living as a writer suddenly becomes a lot more viable. You can’t write
30 books overnight but possibly you could write 30 books in a year which could generate enough income to make a living.
Myth #5: All the Good Niche Markets are Gone
The next myth is that every good niche market is taken and that it’s too difficult to break through all the noise of people vying for those niches. The reason this particular myth just is not true comes down to the sheer size of the internet market base. There are billions of people on the internet from all over the world. We have a very big international client base in Solo Biz Hacker. We have people from everywhere—the United States, Canada, Great Britain, France, Bahrain—taking our classes and being a part of what we are creating and offering.
The people who participate in our programs could choose from hundreds of others who teach the same information but others won’t be teaching in quite the same way. Our clients choose to work with us because there is something about the way that we teach that resonates with them.
No matter what your niche market is, even if it is something really competitive like weight-loss, if you are authentic and true to yourself then there is no competition because nobody can be YOU but you.
We find this is especially true for artists, because your art is completely personal. You are selling yourself, your process, your story—it is not just art you are selling. Finding and connecting with people that ‘dig’ what you are doing is what will create your success.
Myth #6: You Need to be a Tech Wizard to Have a Business Online
The next myth is that you have to know how to do everything technical yourself. You may believe that it is your job to create your website; to set up an auto-responder; to set up selling with an e-commerce storefront; to figure out how to hook PayPal in with your auto-responder; to figure out what kind of merchant account to get; to figure out how to put Facebook pixels on your page in order to retarget your ads and even how to run the Facebook ads in the first place!
Fact: you don’t have to know how to do anything online to be successful. There are people skilled in each of the tasks above who provide services and who specialize in every area of technical support you may need. If you’re not technically adept, you can easily hire someone who is.
I spent the first seven years in my business doing precisely those technical kinds of things for people. It was something I enjoyed doing. To expect that you, personally, as an online business owner, have to know every little in and out, is like saying that you have to know how every little bit of your car works in order to drive the car. This is simply not true and a lot of people feel discouraged because they feel intimidated by the technological aspects of running a business.
The sheer volume of ‘stuff’ that there is to learn can be overwhelming. One of the best insights we had was from an interview with British entrepreneur, Andrew Gunn. As a film director, he found that he was no longer getting enough work to sustain his family and he was forced to find a new way of making a living. That’s when he discovered internet marketing. Andrew had to learn everything from scratch.
Andrew’s interview really shows you that it can be done. Listen to Andrew’s interview at http://bit.ly/1F00Miy
Myth #7: You Need to Spend Most of your Time Working ON your Business not IN your Business
This is the belief that you need to be spending 100% of your time ON marketing your business and making sales. Our problem with this statement relates to the issue of making sure you are doing the work that you want to do. If you didn’t like your business and if it were not your passion you would not be doing what you are doing in the first place.
The key is to find a balance between being the ‘artist’ of your business, and being the ‘business person’. It doesn’t really matter what you are making or what you are creating. You can be making products, or creating coaching programs, it’s all the same. That core creative work HAS to come from you. It is the stuff that makes your business YOUR business. You can hire support staff to do all the necessary tasks that you totally hate doing. Think of an artist who has an apprentice—the apprentice prepares the canvas and palettes, the apprentice rinses out the paint brushes; the artist might also have a marketing person who does all his marketing for him, but what it does is allows the artist to create the art that makes the money.
One of the first things many business owners outsource is bookkeeping. It is a task that is very easy to delegate to someone who specializes in finances and keeping everything financial straight. It is important though to at least understand the basics of what you are hiring a bookkeeper to do—so you don’t get ripped off. Take some time to understand which tasks related to bookkeeping you may not want to do yourself. Once you know, then you can keep an eye on what is going on even as you delegate it to somebody else to actually do.
Myth #8: You Need to Spend a Lot of Money to Succeed
It is very easy to spend money in a business. People talk a lot about ‘investing in your business and the money will come to you—take out that second mortgage on your house—spend that money and things will start to happen’. To some extent this may be true. Having spent the money you may certainly be motivated to get your investment back!
But you really don’t need to spend a fortune (and you shouldn’t be taking out second mortgages on your home), to get the support and knowledge you need to get your business started— especially in the beginning. Try to keep your business in the black and refrain from spending money that you don’t have. Be sure that you can see the path for quickly recouping your investments. Another place where people spend too much money in the beginning is on their website. People spend $5,000 for a brand- name, handcrafted website—when what they really need is a simple WordPress site that can be created for less than $1,000.
The same thing applies with coaching support. You can spend $100,000 a year on a business coach very easily. You WILL get results, for sure, because you will be very motivated to recoup your investment. In addition, your coach will hold your feet to the fire to make sure that you do!
Alternatively, you could join our Solo Biz Hacker or similar type mastermind group and get some good beginning support at a reasonable price. Lean on the club to get the basics and spend the money later on for coaching when you are ready for the more advanced strategies and tactics of your business.
One of the most important things in any business is to be able to stand out from the crowd. Especially when it comes to your competition, right? When a prospect is looking for a solution to a problem they have – that YOU provide the product or service that is the solution to that problem – what is it that will make them decide to buy that solution from you?
You probably have all heard the old adage – “People do business with people they know, like and trust”. It may have become a bit of cliche in this day and age, but it still holds true for the vast majority of businesses, especially where services are involved.
The importance, therefore, of your perceived “Authority” in your particular industry is that it plays a huge part in building that know, like and, especially, trust. It is the thing that can take a prospect from not knowing who you are, to making them interested in you and what you have to offer – not someone who comes across as shady by trying to sell you cold, but someone who you view as a trusted resource. Establishing trust is better than ANY sales technique you might have – and that starts not when a prospect first talks to you, but when they first discover you.
Most people can smell the BS from a mile off nowadays, because they are subjected to it not only on almost on a daily basis – and all day long! Establishing authority in your field will allow to stand above that ‘noise’ and be seen as a useful resource, rather than yet another example of someone trying to sell you something.
So what does that ‘Authority’ look like for you?
What elements go into creating “authority” in your particular field, so that your prospects get to know you and feel more at ease when you reach out to them – for a phone call – or whatever your process for making the sale is for you?
Endorsements and testimonials
One of the first questions a prospect will have – even if they don’t ask it outright directly to you – is “who, like me, have you helped, and how much did you help them?” In other words, what benefit in relation to cost did you help bring them (ROI – Return on Investment). Having a testimonial from a happy customer – or even a case study (which is like an extended testimonial, complete with data), can go a long long way to persuading a prospect that you are the person to do business with. There’s nothing that says ‘trustworthy person’ like a good client testimonial. Such testimonials should be included wherever appropriate, especially on an ‘About Page’ or sales page. You don’t have to give the full name – “Fred B” is fine, but always include the name because without it, it looks like you have just made it up.
Often you will see on someone’s profile or website, “As seen on …” and which could be a number of print or online newspapers or magazines, or TV appearances. An award can have the same effect. When a prospect sees this they can see that you are being taken seriously as a business person and that your knowledge and leadership is being taken seriously enough that publications are seeking out your expertise for the benefit of their readers. It immediately sets you apart from your competition.
Founder of a LinkedIn or Facebook Group
Being seen as the founder of a successful LinkedIn or Facebook Group can add to your authority and signal to a prospect who may not know you, that others are following your leadership and are interested in what you have to say. This immediately engenders trust in as much as if others revere your knowledge then you must know what you are doing. Just being seen as the founder of such an industry related Group can set you apart from your competition. Just be sure to make that Group all about your prospects – not all about you!
Social Media Profiles
Social Media Profiles are often the first places a new prospect will hear about you. By having a properly optimized profile that not only highlights your authority in your field, but which also speaks directly to your prospect, so that prospect immediately recognizes that you are speaking to them and that you understand the problems they may be having, not only will they see you as a potential source of fixing those problems, but that you are just the right person to do so. I often tell people I am coaching at LinkedSelling that for a B2B LinkedIn profile, that even though it is YOUR profile, that profile should be two-thirds about your prospect, and one-third about you. A new prospect doesn’t care about you – they care about themselves. Once they recognize that you are speaking to them, only then will they be interested in finding out more – and only then will you have the opportunity to say why YOU are the best person to help them.
Content Curation & Distribution
Another place where a new prospect might first discover you is by seeing a piece of content that you have posted. This can either be your own content, that you have written and published – maybe a blog post or article, for example, or it might be a useful article by someone else that you have shared via social media. If you are posting regularly to a platform like LinkedIn or Twitter, for example, we always recommend the 80/20 rule where 80% of the content you post is curated content from others, and 20% your own written or branded content.
Both can be great ways of highlighting that you an expert in your own field. Both types of content can attract a potential new client to want to find out more about you, either because you authored the content, or that they see you as the person who is highlighting a useful resource for others who might be interested. Content can create that initial awareness of you and your business, or a product or solution, where before that prospect might not have even been aware of you at all.
What all these tactics can do is allow you to reach more people, help them get to know, like and trust you, and at a scale beyond the one-to-one relationship in a way that will help to grow your business in a meaningful way.
Your Authority Statement
In a way, your Authority statement is almost like your 30 second elevator pitch – you know, the one you try to bring with you to all those network meetings that encapsulates in one brief sentence who you work with and how you can help them.
Such a statement should include the following elements:
Who your prospect is
What your niche is
What your unique selling proposition is
And your BIG promise.
A successful statement will include the most compelling, rational AND emotional benefits that will differentiate you from your competition and grab your prospect’s attention. The broader elements of such a statement are going to help you to focus your social media profiles, testimonials, and even content pieces. It is an enormously valuable exercise, and one that forms the core of your business and the benefits you can bring to your clients
We help coaches and other solopreneurs who transform their clients lives online to create efficient sales and automation systems for their business.
The above example hits all the main points, but it doesn’t do a good job of drawing in emotion or feeling.
We help coaches and other solopreneurs who transform clients lives online to create efficient sales and automation systems for their business which will allow them to spend less time taming the technology and more time creating a business that works for them.
This above example is better than the first and is starting to tap into that emotion, but it doesn’t do a good job on how that prospect will feel after the achieve their goal.
Solo Biz Hacker helps coaches and other solopreneurs who transform clients lives online to create efficient sales and automation systems for their business which will allow them stop being a slave to the technology in their business and start spending more time living the lives their businesses were meant to create.
So now it is your turn – what would be your authority statement?
Need some help? We are planning a Virtual Day on creating your Authority Statement and Unique Selling Proposition for February 20th. Why not join our mastermind group (The Virtual Day is included) – or join us on one of our ‘Get Unstuck’ calls if you need some instant help?
You were a sparkling, new month, kicking off a brand new year full of infinite possibility. You and I – we were so sure that 2019 was going to be *the* year… It was time to break through..
As I flip through the calendar looking at all the goals from all the years past, I realize they are largely the same. I always want to lose weight and find money. I’ve begun to realize that the goal setting process is less about hitting a target than celebrating progress toward “consistent improvement”.
Well… now it’s November and 2019 was a good year… and there is a tendency to sort of “give up” about now and coast on in to 2020.
This Could Go One of Two Ways…
How do you want to feel on December 31? Do you want to be happy with what you’ve done and how you’ve progressed – or have you resigned yourself to starting over next year?
Let’s Try Something New…
Instead of either celebrating or being disappointed, let’s reset. It is NOT too late to set business goals for 2019… In fact, two months is a great amount of time to get something done that will make a big difference to you and your business in 2020 and beyond…
In two months you could:
For me, this year has been a bit of a mixed bag… some amazing things have happened in my life and business AND I’ve had a few interesting missed turns… What I’ve learned is that the quickest way to get back on track is to have a map!
Jasper and I have been working on our business content and offers map for the past week or so. Did you catch yesterday’s Facebook live (link to FB live) where we gave you a sneak peek of part of our process.
The whole plan just took a little over 2 hours and I feel more clarity in my business than I have had for a while. I’m excited for what’s on tap for 2020!
We used the marketing map template we taught last summer. After spending a few hours planning for next year, we agreed that we should host another marketing map intensive for you before the new year starts.
So, we’ll be doing that on Thursday, December 19 starting at 11am Mountain time.
We’ll be covering:
When you sign up , you’ll get the virtual day recordings (lifetime access) as well as the bonus templates and planners. You’ll be able to use this course year after year to keep your business on track and growing!
Let’s do this!
I want to rant a bit here. I have been to six networking events in the past month and when I tell people about Solo Biz Hacker and that we help people use marketing automation to build online businesses… I get asked the question…
So… Meredith, what autoresponder should I choose?
And, although I want to be helpful and recommend Active Campaign (of course – I’m a certified partner) – I know in my heart of hearts they are asking the wrong question to start out. I hate to say this (since I LOVE playing with email services) – but here’s the truth of the matter…
If you have an audience, the email service you choose really doesn’t matter.
There are many many services out there and, frankly, 85% of them will meet your needs. As long as the service allows you to segment your list, and it delivers your email, you are golden (honest!). If you outgrow what you start with – you can always move up. Do not let this stop you from getting started. (The majority of people I know with great ideas who never launch get stuck in this early tech-deciding phase. Just remember – content and consistency are what drive success. Most tools will work.
But what if I don’t have an audience?
The important thing to understand with autoresponders is that they are an opt-in technology. This means that the person you are emailing has to have agreed (opted in), to receive your emails. If they haven’t then it is spam. And nobody likes a spammer, right?
If you don’t have an audience then you need to build one – ie. get people to opt in, usually by offering something in return (see below). However, you can still email people personally – one-on-one – even if they haven’t opted in to receive them – that’s “personal” email. There are services that will allow you to mass email people (cold email), that makes it appear to be a personal email – just don’t use your regular email to do it!
That is a way to get started if you have no other connection with a prospective client or customer. But your aim should be to get people to opt-in to a legitimate service as soon as possible – and there is no reason why they shouldn’t, IF you have something they really want. That is why messaging the right person is key. Sending messages to people who are not interested in your product or services is not only a waste of your time, but it is also going to harm your reputation, especially with your autoresponder company as your lousy results are going to impact theirs – and that they cannot allow! The more time you put into finding the right prospects to message the better your results will be.
So – Here’s what you SHOULD really be asking?
Before you start worrying about which autoresponder to use to send your messages, you need to know the answers to the following questions:
Once you’ve answered these questions, you are ready to start building your list. The key to building a healthy list is consistent action. Day after day taking small steps to make your list grow. You can get these steps for free on the Solo Biz Bites Email Challenge Podcast available on Anchor or your favorite podcast client.
It is not just email
Remember, the advice above does not just apply to email. For sure, email is the best way to reach a prospective customer because it is almost guaranteed that the prospect will see it in their inbox (Note: deliverability is an important factor in choosing an autoresponder – and is why all good one’s are very concerned how you get your list, how many unsubscribes you get and how many people open your emails). But your email inbox is the one place everyone goes, every day – if not several times a day. If you want to get your message across then email is by far the best method for doing so.
However, the same principles apply to any technology you use to try to connect and build a relationship with prospective customers, whether it is messaging someone through LinkedIn or Facebook Messenger, DMing someone on Twitter etc etc. It is about building relationships – building that all important ‘know, like & trust’ – over time and with the right people – ie. people who have a problem to which you have the solution.
Are you looking for a funnel that goes “all the way
So without further ado… here’s some information about the Value Ladder Funnel.
The Value Ladder Funnel consists of 4 products, starting with a free product (opt-in) and proceeding with paid products ordered from cheapest to most expensive. Products 3 and 4 are upsells in the main funnel. So, the email return-path for each of those products lead into their own sales funnel starting with that product.
Let’s break it down…
An opt-in page is where you offer something of value (usually a digital product) for free in exchange for the visitor’s contact information. Typically, an opt-in page will ask the visitors for a first name and email address but you can require other information in your form such as: last name, phone number and so on. Just keep in mind that the longer the form is, the less likely visitors are to convert.
The opt-in page asks for an email address so that the free digital product (lead magnet) can be delivered. This is a very simple email containing a link to the lead magnet and few words to tell the recipient what the email is about.
The reason for delivering the lead magnet via email instead of on the very next page of the funnel is because the second page of the funnel in this plan will present the next product in our value ladder in the form of a sales page.
The sales page will present our second product. In this case, it will be the very first product we charge money for. The purpose of this low-cost product (also known as a trip-wire) is to get the visitor make a financial transaction. However… that will not happen on this page directly. The purpose of a sales page is to present the product information only. The buttons on the sales page will bring the visitor to the order page where the transaction is made.
The order page is where the money starts changing hands. It’s normally a very simple page consisting of the form fields needed to collect payment information (and shipping information, if necessary). It’s best if you can add some trust indicators here like: a company support contact information, testimonials, guarantee reminders and so on.
Upsell pages give you an opportunity to sell the next 2 products in your value ladder. One product is offered on each page and the customer can now add a product with the click of just one button, without needing to re-enter any payment information. Often, upsell pages contain very limited time offers (some even expire upon saying no to that offer and include a timer). These offers are also known as one-time-offers or OTOs.
The order confirmation page content is usually dynamically generated to show the purchase details at the end of the funnel, like an order receipt. This marks the end of the main funnel but there is still opportunity to sell the upsell products through an email return-path.
If your contacts did not purchase every product in the value ladder, you may wish to try again through email. The only issue is that you cannot link your contacts to the upsell pages in your main funnel because they will need to re-enter their credit card info in order to make any purchases (they left the main funnel and their cart has been closed). At the very least, you will need a new order page. It makes sense to use a new sales page in front of that too. Basically, your email return-path will be running traffic from your list into an entirely new funnel. This will happen twice (products 3 and 4) in this Value Ladder Funnel.
As you can see, there are many moving parts
Did your webinar not make as many sales as you expected? Putting on a webinar is hard work… from promoting the webinar, to creating your sales page, and then all of the tech involved in actually presenting your topic.
It can feel a bit
Why You Don’t Make Sales On Your Webinar
When you put
“The good news is – the reason you are not selling on your webinar – is usually not because of the webinar itself.”
Three Ways People Leave Money on the Table with Webinars
People leave money on the table with webinars in three main ways. If you can plug these holes in your funnel – you are likely to see your webinar revenue go up.
Need to to know which emails to write? We’ve made that easy for you… Click here to get starter copy for 5 emails that will easily double your webinar sales.
When it comes to your business knowing your numbers is what is going to give you control over your business. It can show where to concentrate your efforts (ie. where the money is), and it can show you where not to waste those efforts.
Knowing your numbers is at the heart of any sales training. And sales is the heart of any business.
If you need to make 4 sales per week and your closing rate is 20%, then you know you need to talk to 20 people to make those 4 sales. That’s 4 people a day. There’s your goal – and your plan is based on how to get those 4 phone calls a day. All businesses come down to that principle in the end. You might do better one week than another – you might work to improve your close rate – but at least you will have a target to aim for.
So getting those phone calls is where the funnel comes in – and a funnel is everything about the numbers – because it is about getting people who don’t know you to a sale. As the diagram above illustrates, only 3% of prospects are ready to but right now, and only another 7% are open to the possibility. That’s 1 in 10. The rest need careful nurturing over time.
There are 4 stages to the funnel – Awareness > Capture > Nurture > Sale
Awareness – very often in an online business that means Facebook ads (but can include content marketing, social media, messaging campaigns, etc) .
Capture – is the freebie you get them to sign up for in exchange for their email address. This is where the marketing truly begins.
Nurture – the email drip campaign that educates and nurtures people towards >
The Sale – either via a phone call or ecommerce click
Using the 80/20 rule you can estimate how many calls you can generate in our analogy above – so –
1000 people see your Facebook Ad (Awareness)
20% sign up = 200 (Capture)
20% are nurtured towards a sale = 40 people buy the VIP Day
20% who come to the VIP Day go on to by the Annual Coaching Program = 8
Knowing these numbers gives you the power and direction. It is no longer guesswork. It becomes predictable. You know that if you pay $XX in Facebooks ads you will get 1000 views = 200 signup = 40 VIP sales = 8 Program sales.
This is a good benchmark – but in order to know what YOUR numbers are you need to actually run some promotions to find out. Do you get more than 20% – do you get less? What income is generated when compared to the costs of getting those sales?
Test it – track the results – see what can be improved to get better results next time. See what doesn’t work and that you can drop. You don’t start off with this knowledge. It is only through trying things out that you find out what works and what doesn’t. But when you find out those numbrs you re golden, because then you know that if you spend $XX you will get $XXX in return. It is predictable.
Facebook ads are a good analogy. You don’t just throw a lot of money at an ad you think is going to work. You try 4 different ads, test them all with a little money, see which one delivers, and only then do you put the big money into the winning ad.
It is exactly the same with your funnel and your sales process.
The ultimate goal in any business is to have a predictable income, and you can only do that by knowing your numbers. Why do so many people abandon their business and go back to a job? Predictability. With a wage you know how much is coming in – each and every week. But you can do that in your business as well – eventually.
Of course, circumstances change. What worked last year might not work this year. But if you are tracking your numbers you will see precisely where there is a problem – sometimes even down to a particular email. Knowing there is a problem allows you to take action to fix it before any lasting damage is done, and improv the process towards predictability.
If your goal is to make $100K then how many customers is that – per year – per month – per week? Where are those customers going to come from? How much does it cost to acquire a customer? What is the average lifetime value of that customer?
Knowledge is power. Knowing your numbers puts you in control of your business. You won’t know when you start out, but going into each promotion with numbers in mind will allow you to build on each new funnel you try, building on what works, discarding what doesn’t. Knowing where you are in terms of the goal you are trying to reach.
Knowing your numbers will set you free!
New Year’s is a bit like Christmas for Entrepreneurs. The old year is ending and a new year is starting full of possibilities. It is easy to set “all the goals” for your business. When I get into “kid in the candy store” planning mode… I like to rewatch this video from Jay Abraham about the only three ways you can grow your business.
In the video, Jay Abraham outlines the following three keys levers for business growth. They are the key to the funnels we build for our clients in Active Campaign.
Increase the number of clients, convert more new prospects into paying customers.
This is where most people focus their efforts though lead magnets, Facebook ads, and webinars. Unfortunately, this is also the most expensive part of the sales funnel and the riskiest. Yes, you need to be bringing people into your funnel, but you are leaving money on the table by not paying attention to the other two growth levers.
Increase the average transaction, get each client to buy more at each purchase.
Upsells can significantly increase your bottom line. Instead of just offering a class, you can offer extras ranging from checklists and trackers to bonus time with you. You can also increase your profits by strategically raising your prices.
We’ve helped several clients to increase their product launch profits both by adding purchases earlier in the funnel with inexpensive paid webinars and at the end of the funnel with strategic upsells.
Increase the frequency that the average client buys from you, get each customer to buy from you more often.
One of the easiest ways to make money in your business is to offer your customers additional opportunities to buy. For example, we had a client who sold olive oil. We added an email sequence that was sent to customers 2 months after their purchase (about when most people re-order) offering a discount on a new bottle. This sequence was very successful in increasing sales.
Would you like to see how this could work in your business? Contact us to schedule a brainstorming session today.
Lately, I’ve been talking to community members, potential clients and others who are firmly in the “the more eyeballs the merrier camp”. The idea is that if you can get your message in front of as many people as possible then someone is bound to purchase. This used to be true – especially when the number of media outlets were limited and it was impossible to really target down your audience too much.
At that point, advertising was REALLY expensive… because we were paying for many. many eyeballs we didn’t need to attract.
I remember running a radio ad campaign to recruit people to join a local government business growth program. Because the local TV station covered three states, we ended up paying for thousands of people to see our ads who never would be opening a business through our program. It was nearly impossible for small businesses to compete because they couldn’t afford to get in front of enough people to make enough sales to grow.
Social media has changed all of that. You can now target the smallest possible slice of ideal clients for you. Small businesses (and even solopreneurs) can 100% compete with large companies, they just need to be very clear on who that ideal client is.
And, in my experience, this is the part that people tend to skip. It is very tempting to jump straight into setting up that lead magnet and running those ads. The problem is that untargeted ads are expensive and ineffective.
You really need to create a Buyer Persona. I could go on and on about how having a clear sense of who your ideal customer is will help your business. But, I won’t. Sharon Woodcock did a great job of doing that in a great post on the 8 Reasons Why You Need A Buyer Persona.
1. Determine motivators: goals, fears, desires, values, and needs
2. Know what their needs are at each stage of the customer journey
3. Create an effective marketing strategy that feels authentic to you
4. Get better and more qualified leads, who are a great fit for you
5. Communicate in language that connects, resonates and converts
6. Differentiate yourself from your competitors, and stand out in a crowded market
7. Create products and services that fulfill your ideal audience’s needs
8. Create content and stories that align with the customer journey(Check out her post for how to get started on diving into your dream clients)
Have you created your ideal buyer persona? Who are they? Share them in our Solo Biz Hacker Facebook group 🙂