17 | 4 Simple Ways to Boost Your Business Profits TODAY
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Episode Show Notes
Are you looking for ways to increase profits for your business, without increasing your workload? In this episode, I’m giving you FOUR WAYS you can pick more money up off the table and increase conversions within your online business.
These are simple tweaks and strategies that you can go and add within 20 minutes of listening to this episode and have them up and running straight away.
Whether you’re an online coach, service provider or course creator - whether you’re just starting out in your business or you’ve been in this game for a little while now, there’s something in here for you!
IN THIS EPISODE, WE TALK ABOUT:
4 things you can do to increase your profit, without increasing your workload
How to increase your cart conversions & pick money off the table at checkout
What to do when it looks like your prospect isn't going to convert
Links & Resources Mentioned:
4 Simple Ways You Can Boost Your Business Profits TODAY!
Most business owners tend to create their offer, put it out there, maybe they’ll do a big launch when it’s available, but then they’ll leave it at that for months and months on end. But what they don’t always realise is that there are subtle ways you can increase your profit, without a lot of extra work.
I really want this episode to be short, sweet and simple with actionable strategies that you can take and implement straight away so I’m not going to give too much of an introduction, I’m just going to get straight into it.
1. The power of the P.S.
Don’t underestimate the power of a simple P.S. at the end of your content, whether it be an Instagram post, email, blog post or something else. Add a brief sentence soft pitching your offer. This allows you to direct your ideal client towards your offer or service without making it the main point of your communication.
For Example - “P.S. Are you ready to create an effective sales and marketing strategy? I’m currently taking on 2 private clients. Click here to learn more.”
As business owners, we can often make the mistake of thinking that our audience are hyperaware of our offers (because we are) and forget to talk about them. You’d be surprised at how many people just need that simple reminder to take action.
2. Increase cart conversions with an order bump
An order bump is an exclusive upsell presented to your customer during checkout, which they can add to their order with a single click. It’s usually a low-cost offer that doesn’t require a lot of thought before purchasing and complements the existing purchase.
Order bumps increase your average order value (more cash in your pocket) and also provide even more value to the customer.
For example, when my customers check out for The Story Lounge Membership, there’s an option at cart to add Revenue Generating Activities to their cart and get $20 off the original price. Not everyone will take the offer up, but those who do increase the cart value from $37 to $74.
Not everyone will take the offer up, but those who do increase the cart value from $37 to $74 and that is a significant difference, especially when every other person is opting in for that order bump.
Now, I will note that not every checkout cart allows you to create an order bump, the carts that come with most online course softwares are quite limited. I personally love to use Thrivecart. In my opinion it’s the best checkout software out there and allows you to do so much. You can add order bumps, upsells, create funnels… and they don’t take a commission either, so all of the money you make is 100% yours.
You pay a one-off fee and then you get lifetime access to the checkout software, and also their new course platform LEARN, so you save money in the long run with no monthly subscription fees, which I absolutely love!
If you’re interested in using Thrivecart for your business, click here to get the special lifetime deal.
3. Offer a payment plan
Not everyone can afford to pay in full, which is where payment plans come in. Payment plans increase sales because it provides an option for those who can’t make a financial commitment in one big lump sum. Instead, they’re able to spread out the cost over 3-6 months.
The only thing I will say with payment plans is that you may want to increase the price of your offer by up to 10% when they choose the payment plan. So if you have a $500 offer, you might offer a 3-month payment plan at $183 per month, which then totals $550 when the payment plan is complete
This increase in price covers any additional fees payment processors will take as a result of multiple payments, and also covers your time if you have to follow up on payment plan defaults.
And speaking of payment defaults, which I know is a big thing that often puts people off creating payment plans in the first place, there are ways that you can protect yourself if your client defaults - and the best way is to drip your content. So if they’re making 3 monthly payments and it’s a 6-module course, you can drip a module every 2 weeks so that they’re getting access to the course in terms with the payment plan they’re on. They don’t get all the content at once so they can’t just take it all and run for the hills
And, of course, make sure you have a contract that clearly states the terms of your payment plan! Your customers should be aware that they’re required to see the payments through.
4. Create a secret menu
Creating a secret menu allows you to upsell or downsell prospects who aren’t a great fit for the offer or service they’re enquiring about.
When you're having a sales conversation with a prospect but you're unable to convert them due to various reasons, you can bring out your secret menu rather than discounting your original offer, or losing that prospect altogether.
Your Secret Menu are options and offerings that you don't (or rarely) promote publicly. For example, let’s say your prospect has enquired about your private coaching package, but it turns out that they don’t have the money to invest right now. To keep that lead, you could…
Secret menu option 1 - Lower the price and the deliverables (e.g. offer biweekly calls instead of weekly or offer a Voxer-only option).
Secret menu option 2 - Downsell them into a self-paced course that would be the perfect fit for them based on your discussion.
This gives the prospect other options to invest that are more tailored to their current situation and needs and still allows you to convert them rather than lose that sale.
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These are all quick, tangible things that you can go out and do today to increase your business profit.
So let’s have a quick recap, of what those four things were:
Add a P.S. to the end of your content to remind your audience what you have to offer.
Create an order bump and add this to your checkout to increase your average order value.
Add a payment plan to your course or programme to allow ideal clients who may not be in a position to invest in one lump sum to spread that payment out over a more reasonable time period.
Create a secret menu to upsell or downsell prospects who aren’t a great fit for the offer they’re inquiring about.
I hope that you learned something new from this episode and that you can take one of these four ideas to increase profit in your business today! Send me a DM on Instagram and let me know which one you’re going to try first!!
And if you want even more ideas to increase your business profit, make sure to check out Revenue Generating Activities!
RGA is a dashboard of more than 50 Revenue Generating Activities that focus on the 7 key pillars of business growth so that you can ensure you’re consistently moving the needle forward and focusing on the tasks guaranteed to increase your profit.
Each of the tasks are broken down into daily, weekly, monthly and quarterly tasks you can do to generate more income for your business.
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If you’re an ambitious entrepreneur looking to create more time, freedom & profit in your online business and finally start building your business in a way that feels good to YOU, click here to learn more about how Leticia can support you with Private Voxer Mentorship.
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Hey! I’m Tish!
I'm a marketing mentor for ambitious entrepreneurs who want to create more time, freedom & profit in their online business, in a way that feels good to them!
If you’re ready to build your business on your own terms, so that you can live the life you desire… grab a cuppa, get comfy & stay for a while ☕️ ✨
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