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The Digital Product Kickstart Kit: Your guide to creating and launching a digital product that sells.
I help online entrepreneurs (like YOU!) launch and relaunch digital products and podcasts to reach more people, grow their audience and become the go-to geniuses in their industry
One of the biggest myths in the online business world today is that if you want to increase your revenue then you need to grow your audience. Yes, it's one option, but there are other ways you can increase your sales, even if your audience stays the same size. Today I share two simple and straightforward ways to do this, and it all comes down to basic maths (and a little strategy).
In today's episode, we chat about:
– The two, easier ways to grow your income without growing your audience.
– How creating the right offers, with the right messaging, for the right people will help your conversions.
– Why building hype around your offers does not work—and what you can do instead.
– How solving different problems with different offers can help to increase the lifetime value of your clients.
– How to use your “non-buyer surveys” to understand your audience better.
Today I'm sharing two straightforward ways to grow your income in your business without needing to reach more people and grow your audience.
Now, if we think about the income equation in your business, you've got your audience size then you've got your conversion rate and you've got the lifetime value of your client.
So the number of people in your audience multiplied by the conversion rate, multiplied by what that average lifetime amount that one person spends with your business is. Now, most people try to grow their income by growing their audience, but there are actually two other ways that you can increase that total revenue without needing to grow your audience at the same time.
So that's the good news.
There are two much easier ways to do that, and especially in today's online world where it can feel really noisy, it can feel really hard to stand out, and the social media algorithms aren't showing your content to as many people as they used to.
So these are the two ways to grow your income without trying to reach more people and grow your audience.
Increasing that conversion rate for the people who are already following you, already on your email list.
So that means getting clients to come back and buy from you over and over and over again instead of always just trying to find new people in your business.
And I'll give you three strategies for how to do each of these.
So let's say we have a thousand people on your email list, and right now you are converting 1% of them and they're spending a hundred dollars each. Okay? That gives you an income of a thousand dollars, but if we double that conversion rate to 2%, now you are making $2,000 without having to increase the number of people in your audience.
And the three simplest ways that I've found to increase your conversion rate are to ensure that you are creating the right offer, communicating it with the right messaging, and to the right people. So when I say create the right offer, I don't mean that you need to make an offer that's unique and shiny and cool and that it has to be this really great, exciting idea.
But instead, the right offer is one that solves a problem somebody's willing to pay money to solve, or it helps them to do a job that's been on their to-do list, or it helps them to achieve a win that they've been dreaming of achieving. None of this is to do with having a unique, shiny, exciting, great idea.
The second part is communicating it with the right messaging, so nobody else is ever going to be as excited about your offers as you are. So messaging that tries to make them excited or tries to hype it up super salesy, that's never going to convert.
As well as messaging that achieves one simple goal shows them why they should care. It shows them why they should care and prioritise spending their time and money on this offer, rather than any of the other hundreds of things that are pulling their attention away right now.
And then the third part is to the right people. So you can have the right offer with perfect messaging, but if you're trying to sell it to someone who doesn't have that problem or who doesn't value solving that problem enough to spend money on it, then you're going to struggle to convert them, though more often than not, when somebody says to me, my audience doesn't want what I'm selling, they're not the right people.
It's usually not that they're the wrong people, it's usually that you just haven't communicated well enough why they should care to spend money on it, why they should care enough to spend money on it.
So firstly is a backend offer that someone can buy after they complete your other offers. So when somebody has completed one offer and they've achieved that outcome, There might be other ways that you can help them next. Maybe solving their first problem has now surfaced a new problem that they are dealing with now.
The second way to increase lifetime value is to add an offer that moves someone closer to buying your signature offer.
What comes before your main offer or even before your first offer? What does somebody need to achieve before they'll be ready to buy your first offer? Now, a really great place to get inspiration for this is from your non-buyer survey. So if you're launching and then you close doors on a Launch, the best insight you will ever get is from the people who don't buy.
Sending out a survey to the people who haven't bought in a Launch, they will tell you the reasons why they didn't buy so that you can tweak your messaging, you can tweak what needs to be tweaked and then the next time you launch it even more people will sign up. Right?
And then the third way to increase the lifetime value is to add an offer that solves a related problem your ideal client is experiencing.
What other problems are they experiencing that don't already get solved in your existing offers? Chances are there is something else that you can help them with what's happening in tandem in their lives.
Using content to build up that trust with that audience so that when you launch or when you sell one of your new offers to them, they are there. They are nurtured, they're ready, and waiting to buy. So that is a slightly different problem, but it's still a related one that my ideal client is struggling with.
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I help online entrepreneurs (like you!) to build a profitable online business that keeps growing even when they're offline.