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How To 10x The Revenue In Your Business Without Any Extra Traffic…
Quote Of The Day –
How To 10x The Revenue In Your Business Without Any Extra Traffic…
Have you ever wondered why so many people struggle for so long to finally reach their first breakthrough? It’s actually really interesting when you take a second and look at it with perspective. You’ll have an individual who will work tirelessly day in and day out for years on their business with little or nothing to show for it, finally reach that big breakthrough, and within a year they’ll be pumping out $50,000 a month with their business like clockwork.
You hear it all the time, and it’s totally true that the first $10,000 will be the hardest $10,000 you’ll ever make in your Online Business.
But this phenomanom begs the question, “Why are people able to go from being stuck and completely stalled to producing massive results in their business’s so quickly?”
And in my experience, it comes down to the fact that the individuals who create these huge results quickly realize one thing: It’s not necessarily about more traffic, but instead it’s about WHAT YOU DO WITH THE TRAFFIC YOU’RE ALREADY GETTING.
People who truly get it understand that the success or failure of their business is going to hinge on 3 things:
- Revenue Per Customer
- Repeat Customers
Let’s break each one down and show you exactly how to get more of each…
If you were to go out and survey 50 people in the Online Marketing world and ask them what the best way to make more sales is, 45 of them would answer, “more traffic”.
But there wrong.
Again this comes back to focusing on what you do with your traffic.
Let’s say that you get lead to sale conversion rates of 2%, so for every 100 people who opt-in at your capture page, 2 of them buy… And let’s say that your capture page converts at 25%. That means that for every 500 clicks you get to your capture page, you’ll capture 125 e-mails, and make 2.5 sales. Now that you know your numbers, ask yourself, “what needs to improve most in order to produce more sales?”
You don’t need a higher lead to sale conversion rate, and you don’t need more traffic. You need your capture page to convert a hell of a lot better. So let’s say you put in some time studying about how to, and then improving your capture page, and get the conversion rate up to 40%, which is a good goal to have. 50% is doable, and would be even better.
But look… in bumping your capture page conversions from 25% to 50%, you’re now making 5 sales per every 500 clicks that come to your capture page, and are also capturing 2X as many leads per the same amount of traffic.
If you use Solo Ads in your Marketing, refer to this post (and make sure you read the text and look at the picture examples along with watching the video) to find out how to up your capture page conversions.
As you can see though, a simple bump in your capture page conversions will have huge compounding effects on the total amount of sales you make, especially if your funnel is setup correctly.
Which leads us to leverage point #2…
2. Revenue Per Customer
Here’s the deal… If you’re only making $25 per customer, it’s going to take a hell of a lot of customers in order for you to make any real money.
Usually your first sale to an individual needs to be something of low price… something between $7 and $49.
The important thing to remember though is that the solo point of this first sale is to make a sale, and to only make a sale. Not to make a profit, and not to even necessarily self liquidate your advertising funds.
That’s where UP-SELLS come into play. If you don’t know what an up-sell is, it’s simply the product that you offer your new customer RIGHT AFTER they purchase your first product that is more expensive and will create additional revenues. So right after someone purchases your $25 offer, send them directly to a $99 offer, and then right after that $99 offer, send them directly to a $299 offer, and so on. Keep offering more offers until your buyer stops buying. It’s important to realize that a buyer is 10X more responsive than a lead, but additionally that a “buyer in heat” (someone who has their credit card out and has JUST BOUGHT) is then 10x more likely to buy again RIGHT AFTER purchasing their original product.
That’s why having a deep sales funnel (a funnel with multiple up-sells of ascending monetary value) is absolutely critical in maximizing your revenue per customer.
The great thing about having a deep sales funnel in place is that you only need 1% of the people who come through your funnel initially to ascend through your funnel and buy everything you have to offer in order to increase your revenue per customer by 10x or more.
So to maximize your revenue per customer, work on leveraging a deep sales funnel, or creating one. The more offers you have in place the better.
For more info on how to setup a PERFECT SALES FUNNEL, checkout Tim Erways “The Ultimate Sales Funnel”.
3. Repeat Customers
So now that you’re generation more customers through increased conversions and through increasing your revenue per customer, it’s time to focus on creating repeat customers.
If you can get a certain percentage of people who buy from you initially to buy from you again, and then a certain percentage who buy from you again to become loyal fans who buy anything you offer, the compounding effect will be huge on your overall revenue.
Creating repeat customers is all about 2 things:
1. Making sure each product you sell offers immense value and that your customers will get more value out of what you’re offering than what your charging for it. Try to follow the 10X rule. If you charge $25, make sure your product is worth $250 or more. This will get your customers into a state of reciprocity, considering that you’ve now given more than you’ve charged for, thus making them feel as if they should purchase again. Follow the 10x rule.
2. Creating a return path. Your return path is the mechanism you use to get your leads and buyers back to more offers. This is where e-mailing your list sales messages, and blog posts come into play, along with retargeting. Each e-mail and blog post should contain value, but also sell. Realize that you only make money when people buy, meaning that you have to get comfortable selling often. Optimize your blog to bring people back through additional sales funnels with banners and capture pages. Offer value, and sell. E-mail your list often following this formula, and your return path will start generating repeat customers, while also building a strong relationship with your list through the value you provide in each message.
Again, creating repeat customers, and then loyal fans is a huge leverage point that most people miss out on.
For more on return paths, checkout Ryan Deiss’s “CVO Chart” right here.
The compounding effect:
When you get each of these 3 critical elements optimized and working for you, there’s a huge compounding effect that kicks into gear. You get more sales initially, make more money per sale, and create loyal fans who will eventually buy anything you have to offer. Those 3 things working together synergistically is what in my opinion accounts for most of the “rags to richs” and “0 to hero” stories you hear about in the marketplace today. They realized the importance of these 3 leverage points, and then stayed consistent in pulling each.
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