If you’re like me, you’re spending some time at the end of the year reflecting on what business looked like in 2019, and thinking about how to make it even more amazing in 2020. I’m always thinking about how I can serve people better with what I have now, and what I can add to get them results faster.
And with that comes the opportunity to add additional revenue to the business.
There are generally 3 ways to add more revenue into your business, aside from simply raising your prices, and two are often overlooked. So let’s take some time today to dive into the three ways to increase revenue in 2020, including where to focus your marketing efforts to drive results for each.
The three ways to increase revenue are:
- You can find more customers.
- You can sell something better to your current customers (enhanced experience).
- You can sell something complimentary to your current customers.
Most businesses, depending on a handful of factors, will be doing two or all three of these during a year. Now let’s break them down a bit…
First, finding more customers. This is probably the most obvious one. It’s the one that every business should be doing. There may be seasons where you’re not able to take on new customers or clients, but you’re still building your list so you can start building that know-like-and-trust for your next launch. This is also the one that takes the most effort; and a continual and consistent effort at that.
Adding more people to your list, or more paying clients, takes a heavier focus on the front end of your marketing efforts – your efforts to attract more people to you.
Some ways you might do this are:
- Create daily content on social media AND be social
- Create weekly content on a blog or podcast
- Get in front of other people’s audiences by guest blogging or being interviewed on another podcast
- Connect with your ideal client in online groups by being a helpful resource
- Get found on Google by focusing on search engine optimization and keywords
- Pay for advertising
Now hear me when I say this: that list is overwhelming and you don’t need to do it all at once. Heck, you don’t need to do it all EVER. What you should do is choose no more than three at a time, and you can change them out with the seasons of your business.
But, some do need to stay the same throughout the year. You can’t switch ALL of them out or your audience will get confused. Your regular content posting schedule (social and/or blogging/podcasting) should remain consistent.
One key element that is a constant, regardless of which of the tactics I’ve outlined for getting in front of new people you choose, is the need to have a lead magnet. A lead magnet is a free, valuable piece of content that meets your audience where they’re at before they get the opportunity to work with you. It help them take small steps towards solving a problem you know they have, related to what you offer. This content goes behind an opt-in form, and gives you the opportunity to stay connected with them by adding them to your email list.
While someone might not ever jump back to your blog on their own, and your social posts may get lost in their feed, being able to send someone an email is still one of the most effective marketing tools out there.
Paying attention to the front end of your marketing, where you’re getting new people to see your content, doesn’t mean ignoring the rest of your marketing efforts. You want to take new people down a path that leads them to becoming paying clients. This is where automation is your friend.
You can automate an email welcome series to introduce yourself to the new people on your mailing list before they get added to your main email list; where you’ll serve them with emails related to your regular content, your offers, and even bonus content exclusively for your list if you have it.
It’s important to keep a pulse on your marketing efforts throughout the entire journey, looking at the conversion rates between content views and the number of people jumping onto your list. If you’re sending people to content that isn’t converting to email subscribers, then you know there is something missing the mark. You want your efforts, especially if you’re spending money on ads, to get you the best results. If you’re not seeing a 25-35% conversion rate on a landing page, then it’s time to review the free offer and landing page copy for improvement.
The second revenue opportunity is to sell something better (and more expensive) to your current customers. This can look like adding 1:1 services for people in a course, membership or group coaching program. This can be a bigger, better version; something that will help them get even more results faster. Think of this as a VIP experience.
Because these folks are already familiar with you, and you’ve already built trust, you’ll focus your marketing efforts on showing them how this next offer matches their need.
Do you have people that are struggling to get results from your offer? Is there a way you could enhance the support they get?
For example, if you have a course on “how to build your own website” but find that some students get overwhelmed and realize they don’t want to do it themselves; you can offer a 1:1 service where you set it up for them for an additional fee.
Or, say you have a group coaching program, and some of your students want a review with feedback on their work. You can offer an upgraded package that includes your review.
This is such a great option for adding additional revenue to your business, because it helps you serve your audience in such a more meaningful way.
In your marketing efforts, you can leverage testimonials from others you’ve helped in this more personalized way. You can tell their story of where they were at with your offer, and how the VIP experience helped them get results they were struggling to get on their own or how they got results so much faster with a little extra help.
I love using testimonials for this type of promotion, because these stories are such a powerful tool to help people see themselves in the struggle and see themselves as able to overcome it. You can use testimonials all over. In your webinars, in your emails, in your social media posts. They are such a powerful, and super versatile, tool for really propelling your marketing efforts forward.
The last revenue opportunity I wanted to talk about today is selling something that is complimentary to your current offer. This can look like adding a membership for students who completed your course. This can supplement what they already have purchased, or be the natural next step when they’ve completed what they’re purchased.
Similar to adding in a VIP experience, you’ll focus your marketing efforts showing them that your offer matches their need.
If your offer is a natural next step because what they purchased from you has a pre-determined set of time and that is coming to a close, like offering a membership after purchasing a 6-week course, then you can jump right to the closing stage.
This is an easy transition in this situation, as they’ve completed the course and are looking on how to take that knowledge further, or looking to learn more from you. This also works for set coaching programs. If you have a 12-week coaching program to achieve a specific result, then a natural next step would be your next program or sustaining what they’ve learned in a membership group.
You can also use affiliates for complimentary offers. If you’re recommending a product or service, check to see if they have an affiliate partnership available. You can add additional revenue by recommendations you’re already making.
In your marketing efforts for complimentary products, you can again use testimonials to help demonstrate the value. You can use email sequences, quizzes or pop-up Facebook groups to build excitement for what comes next.
If your complimentary product is the next big product they would purchase from you, then you can use a webinar or a pop-up Facebook group to demonstrate value and give them a peak at what they will get.
And now you might be thinking, Kristin, I don’t have the time or resources to develop these additional revenue streams. Sounds great, but I’m just getting started.
No worries. If this is you, then your action step for 2020 is to keep these in mind. Which might be the next-right-thing for your business? Keep a running list of questions or sticking points that fall into the next-right-thing, so when you do go to create it you’re ready. You’ve got what you need to get started.
I’d love to hear from you. Send me a DM on Instagram and let me know how you plan on adding revenue to your business in 2020.