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Follow These Steps To Uncover Hidden Revenue In Your Business

DESCRIPTIONS

Location:

Determine where your ideal clients go to find answers. Where else do they spend their time (online or offline) where you could get your message in front of the? The more specific, the better.

Define:

Clearly define your target client so you understand who they are. Consider demographics, psychographics, & behavior. The more specific, the better.

Content:

Create high-value content to address your ideal client's biggest pains and/or aspirations.

Traffic:

Determine the best sources for traffic to your content, including online, offline, and partnerships.

WIIFM:

Focus your content around the problem(s) you solve, not the features of your business, product, service, or offer. To attract prospects, focus on THEM, not YOU. Remember your prospects are interested in one thing when they see your content... WIIFM ("What's In It For Me?").

Pain:

Identify their pain based on the problems they are having to which you offer a solution. The more specific, the better.

Lead Magnet:

Determine what free offer (aka "Lead Magnet") will entice people to join your list. This needs to be something that will ideally address their pain and be a logical first step toward your paid offer. 

Contact Data:

Determine what contact information you MUST collect at this point. While you may feel you want to gather as much data as possible, remember that the more you ask for, the less likely prospects will be to opt-in.

Tools:

Build a landing page, opt-in form, and/ or create website pop-up to collect your prospects' contact information.

DESCRIPTIONS

Long-Term Nurture:

Develop a strategy for staying in front of your prospects continuously, until they buy or unsubscribe. Guide them properly so they look to you as someone they can trust. By doing it right, you can create a monopoly in their mind so that they immediately think of you when it is time to buy.

Offer Structure:

Get clear on what you are offering to your prospects and make sure it aligns with what their needs are. Your offer is much more than your product or service, it's the way you package it. In other words, your offer is designed to bridge their problem or desire to your product or service.

Offer Presentation:

Determine when the time is right to present your offer. This is important since sales nearly always fail because prospects don’t believe in the solution, the solution provider, or worst, in themselves. So ensure you've addressed all three before going for the close.

Track Your Data:

Set up a system to track and adjust your marketing practices based on KPIs (key performance indicators). Warning, many businesses tend to look at the wrong metrics (or the right metrics without enough context). Make sure the data you are tracking is meaningful.

Before The Sale:

Determine the common issues that could lead to "buyer's remorse," and develop a plan to preempt it.

After The Sale:

Identify common barriers (actual or perceived) in your business that create friction in onboarding a new client and getting them going with your product or service. Determine what changes you need to make to reduce this friction.

Short-Term Nurture:

Develop an initial "welcome" communication email sequence that guides your prospects from the reason they opted-in to your list (the subject of your lead magnet) toward taking the next step in your sales process.

DESCRIPTIONS

Your Wow Program:

Identify ways you can programmatically overdeliver and creating exceptional, unexpected, memorable, and joyful client experiences. Engaging in a "Surprise, Delight, & Wow" culture earns you points with your clients and makes it easier to get them to buy again, as well as get them to refer others your way.

Internal Revenue Expansion:

Determine what additional product(s) or service(s) would be most appropriate to offer next to your existing clients. Is there a logical progression from one product or service to the next? Do you need to create additional products or services to be able to offer upgrades or upsells?

External Revenue Expansion:

Identify joint venture. licensing, or affiliate opportunities to share other products or services with your clients. This is an easy way to grow revenue without having to develop or fulfill new products or services yourself.

Qualify:

Create a qualification system to decide who to ask for referrals. Because not all existing clients are likely to be willing, interested, or able to refer, it's important to identify those who are. The best and simplest way to qualify is known as the Net Promoter Score, as system where you ask "how likely are you to refer?"

Systematize:

Create an internal referral request system so you can consistently be asking existing clients for referrals. Determine if you want to automate the process, include it as a step in your fulfillment process, and if you wish to reward people for making referrals.

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