4 Simple Ways to Boost Your Business Profits
Looking for ways to increase profits for your business, without increasing the workload? In this blog post, I’m giving you FOUR WAYS you can pick more money up off the table and increase conversions within your online business.
Most entrepreneurs create their offer, put it out there and leave it at that. But what they don’t always realise is that there are subtle ways that you can increase your profit, without a lot of extra work. Whether you’re an online coach, service provider or course creator - there’s something in here for you!
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.
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.
You may want to increase the price of your offer by up to 10% if you choose to offer a payment plan. 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.
I would also recommend dripping any course content in terms with the payment plan to prevent hit-and-run buyers - make sure your payment plan is in alignment with your content though. For example, don’t offer a 12-month payment plan for a 3-month course.
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.
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I hope that you learned something new from this blog post and that you can take one of these four ideas to increase profit in your business today!
If you want even more ideas, make sure to check out Revenue Generating Activities.
This is a dashboard of 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.
xo, Leticia
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Hey, I’m Tish
I’m an online marketing strategist for creative entrepreneurs who want to build an influential and profitable online business on their own terms.
Grab a cuppa, get comfy and stay for a while ☕️☁️
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