I have been leading masterminds for six and seven-figure entrepreneurs for the past five years, and last year I added in one for five-figure entrepreneurs as well. And all of the people that I work with and the one-on-one clients that I coach and consult, they have huge hearts and they want to make a bigger impact in this world.
And they also want to create a bigger impact in their own family's lives as well. And so one of the ways to create a bigger impact is to create more income. And one of the things that I do when I work with my clients is I help them create more revenue in their business. And so today we're going to be talking about four ways that you can create more revenue in your business. So stay tuned!
I am Jen Argue, I have been leading masterminds for the past five years for six and seven-figure entrepreneurs, and I would love to help you start your own mastermind as well so that you can create a really big impact with those around you and work a lot less and make a lot more at the same time.
In today's show, we're going to be talking about creating more revenue in your business, and there are four ways that I'm going to talk about with you today that hopefully will give you something to think about as you think about your own business and how to create more revenue for yourself so that you can create more impact in both the lives of your customers and your own family's life.
The first way to create more revenue is to increase the number of people that you are selling to, and one of the easiest ways to do that is to engage in more effective marketing. There are different ways to market; there's organic, there's paid, there's affiliate, and there's different ways within each of those to engage in marketing and getting your product out in front of more people.
So when it comes to organic marketing, that is basically free marketing. That is from your own efforts of putting something out there like let's say on YouTube or a podcast, and it has the opportunity to be seen and heard over and over again, or like posting on social media or reaching out to people in the DMs.
There are all different ways to engage in organic marketing and get the word out there to increase the number of customers that you have. And so the best strategy when it comes to that is picking one strategy. And really dialing it in as best as you can before moving on to the next so that you can create systems around it and you can figure out what works and what messaging is really communicating well to your audience in a way that converts so that you can create more sales.So that is one way, and that's increasing more customers that you sell to.
The second way is increasing the average transaction size. So when you have your offer these days, it's very, very common to see that once you make a purchase for something that you really want after you make the purchase, the purchase doesn't technically close.
It takes you to typically an upsell or a downsell. And because you already have your credit card out, you're in a mood to buy. You're in a mood to consume whatever this person has because you love this product that you've already pulled your card out to purchase. So that is one way to increase the transaction size instead of just coming for a coke to McDonald's, you end up wanting to take those fries that they have offered you as well.
And so thinking about how can you do that in your own business? When you have your sales pages, do you have something extra that is of really good value that the client or the customer who wanted the product that they are going to buy is there something very complimentary that they might want with it to help their lives be easier or better in some way? And so being able to offer something like that to your customer when they're already purchasing is a really great way to help them, but also for you to increase your transaction size.
The third way is to increase the amount of transactions that each customer does. And so when you think about somebody who has already purchased from you and maybe that purchasing event is done. Is there another thing that they might like that you can offer them in another email or in another social media post or podcast is there's something else that they might want.
So let's say that you are in the health and wellness industry. And maybe you have…some kind of exercise program that you offer to your audience. Something that would like, let's say, make your abs stronger because having a strong core, having strong abs is something that a lot of people want and is really a great thing for them to do as far as their health.
But now that bought that and they've experienced your product working, they are probably more likely to buy more products from you. So let's say, you come out with another product that is an arms and shoulder exercise package, or maybe you could offer something a little bit more expensive, like a one-on-one package to work with you one-on-one, or let's say you're in another field like dog training.
There's all different types of courses or programs that you could offer to your existing customer that they would want because they purchased maybe a course that you had on how to get your dog to obey commands. But now, maybe there's another course you could sell them on how to help them bathe their dog and make that a pleasant experience.
I'm kind of just making that up. I don't have a dogs, [laughs] but I'm making that up. You know what I mean? Another way that you can get the same customer to purchase from you over and over is with a recurring profit idea. So like a membership or a subscription that is one way that the same person could buy from you every single month or whatever iteration you have every year, whatever works for you and the product that you're selling.
And lastly, this is probably the most obvious way to increase your revenue, and you're probably surprised I didn't list it first, but it's simply to raise your prices. That's usually the first thing I do with people when I start working with them because oftentimes, people undervalue themselves and the value of their product.
Even if they do all the market research, they still are pricing themselves under market value, what I typically find. And so to get those prices up there, and for some, they can do the leap and just jump right up there, really define what makes them unique as a business and a product. And then, price themselves accordingly.
For others, it's more of like a stair-stepping process. They go to the point that they're comfortable with, and then when they get that waiting list or they get booked out, they realize, okay. I can raise my prices, or even some people do it, client by client. They feel comfortable with the next client bumping their price up a certain amount, and then once the next client comes along, they feel comfortable enough to bump it up again until they get to that place where they're in a really good place and they feel comfortable staying there for a little bit longer.
So raising your prices is probably the most obvious, but also sometimes for people the hardest to do emotionally because of all…all the blocks that come up with people's ideas and beliefs about money that are holding them back from being able to charge what really the industry that they're in can hold.
So those are four very easy ways to increase your revenue. I would love to hear from you which one really stands out to you and that you might want to try. So let's recap; the first one is increasing the amount of customers that you have, the second is increasing the average transaction size, the third is- increasing the amount of times that each customer purchases. And the last is raising your prices. So please let me know which is one that you might want to try or that you've tried recently and really worked well for you.
My hope for you is that you are running a business that you absolutely love and that lights you up, and that's creating a really large impact for your audience and for your own family or your own life.
And if you want assistance, if you want coaching, or consulting, please reach out to me. I do one-on-one coaching and consulting. And I also, there is another way that you can increase your revenue if you are an industry leader and you are thinking about maybe pooling together the one-on-one clients that high caliber of clientele that you would typically have for your one-on-one services if you're thinking about scaling that and putting them together into a high caliber group like a mastermind. I have a waitlist for my mastermind course that is coming out very soon.
It's called “The Ultimate Mastermind Course” because I am covering everything from A to Z and more within it. And it's going to set you up for success so that you can just go right out of the gate at full steam with your group and have a very easy and deep, and rich and wonderful time bringing these difference-makers together.
And it's a very profitable use of your time helping others and helping your own revenue as well. Just to give you a story, somebody that I helped last year create their first mastermind. They were able to enroll 18 people into their first mastermind and they split the people up into three groups to serve three major time zones around the world.
And each of these people paid $15,000 to be in this group. So it was a very good revenue bump for this person. And if this is something that you are considering, I invite you to sign up for my waitlist so that you can experience the same type of revenue bump and impact abilities to create a deep, deep impact in this world.
So join us for that I would love it. The waitlist signup is wherever you are listening. I would love to have you there. Thank you so much for listening today. I hope that if you found value in this, that you would subscribe to my podcast and share it with a friend and leave a review. Thank you so much!