MBA1136 3 Steps to Make an Extra 20% in Sales This Month

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Welcome to the Hundred Dollar MBA Show. Business strategies you can actually use with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the Hundred Dollar mba, a complete business training and community online. And in today's lesson you will learn three steps to make an extra 20% in sales this month. In today's episode I'm gonna share with you some strategies, some steps that can help increase your sales for this month. Often you think to yourself, man, I need a boost this month. I need to make a little bit more this month and you're running out of ideas. Well, in today's episode I'm gonna share with you some ideas you can use right now. Some of these are simpler than you may imagine. Some of them will take a bit of work but but they're all gonna help you get that boost in sales. Without sales, we do not have a business on our hands. So we need to make sure we stay profitable. Let's get into it. Let's get down to business. Three steps to making an extra 20% in sales this month. These steps are gonna help you give you that boost you need. Let's start with step one, which is the simplest step and many people do not consider this step, but it should be the first thing they consider and that's why it's step one and that's increasing your your prices. You don't have to increase it by a tremendous amount. You can increase it just by 10%. Even 5% is going to make a huge difference in Terms of your total sales. Let me give you an example. If I sell a product for $300 and I increase the price by 10%, the price is down $330. For every 10 sales, I make an extra $300 in total. It's like getting an extra sale for every 10 sales. Now, why do I suggest increasing your price by 5 to 10%? Well, number one, you're probably shortchanging yourself already. Most people underprice their product. They're providing a whole lot more value and they can increase their prices. Number two, 5 to 10% is low enough of a figure for customers not to feel a difference in terms of what they're paying. Yet it's enough of a difference to make you some money. In my example, $300 and $330 is not a huge difference. 330 lives in the same space in your brain as 300. It's not like if I told you the price of this course is $330, and then I told you, no, it's $300, you're like, oh, wow, that's so much better. No, you're like, okay, same kind of thing, same amount. But for you, it's gonna make a heck of a difference when you add up those sales. A lot of people hesitate about raising their prices, but it's totally fine, especially if you've been in business for a few months. Prices go up. Hey, the price of a can of soda has gone up over the years. It's 5 to 10%. And it's not a big deal from the buyer's point of view either. Alright, so that's step one. Increasing your prices can really help you get that boost. Number two, run a webinar. Now, I'm not saying this because, hey, I run a webinar software and I'm biased, but because I know they work. I run webinars to build our business and it helps us generate sales. If you run just one webinar this month, you email everybody on your list, you let people know. On social media, even if you have, you know, 20 to 30 people on that webinar, which is not a lot, you can easily get five to 10 sales. That's going to boost your sales numbers. And trust me, once you run that webinar and you see it makes you sales, you're going to get addicted and run one every month or every week even, you start thinking, wow, this thing is like an atm. All joking aside, the reason why webinars are so powerful is because it's a live interaction with you and your audience. They can ask questions. You can answer buying questions, you can show off your products or services, you can share testimonials, and you can give value to people so you can earn their trust. And that's why webinars are so powerful. They're a trust building machine. Now you might be thinking, wow, how do I do this? How do I run a webinar? What software should I use? Is this gonna cost me a fortune? No, it's gonna be all free. Let me show you how. If you just go to my link webinar ninja.com workshop I run a workshop showing you how to run a webinar from A to Z. I basically give you my webinar template. It's totally free to attend this webinar, no strings attached. Number two on the webinar you're gonna see how you can sign up for a free trial, but you can also just go to webinarninja.com and sign up for a free trial. It's a 14 day trial. We don't charge you anything for 14 days. So your first webinar is totally on us. You can run the webinar with that free trial. There's no limits to that account. You know, that free trial account. All the functionality is there in that free trial. The beauty of webinars is that even those who don't buy on the webinar, the remainder from those 5 or 10 sales, let's say you had 40 people on the webinar and 5 people buy, 35 people didn't buy, right? Maybe they didn't buy on the webinar, but you're on top of mind. And a lot of people buy well after the webinar. And you get these sales because they saw your product in action, they got a demo, they learned about you and your backstory, and they got value from you. So step one, increase your prices. Step two, run a webinar. Number three, run a campaign, a promotion for your current customers. People that have already bought or currently are customers. Whether you're running a SaaS business or reoccurring charge, I'm not asking you to sell to people who are not customers yet. Those who already bought and those who are currently customers that are buying that are getting charged every month or every year. These people are proven customers are people that are proven to like what you give, like what you offer, and are happy to give you their money. Run a special promotion just for them. Send out an email, a few emails, a campaign where they get something extra, something special. If they make another purchase, if they upgrade their account, if they spend a certain amount of money, it's up to you. Be creative as possible. We ran a campaign where we emailed our customers and told them if they upgraded in the next 48 hours to a higher plan that we would apply a certain discount and we'd say this discount would only be applied to in the next 48 hours. The kicker was that you would get this discount for as long as you remember. Even if upgraded again later, you can give them an extra bonus. Like you can do a live call, a webinar, or a live event where you can give them free tickets to it if they make an upgrade or make a purchase. Not everybody who purchases is going to be able to make that event or that call, but it's just an incentive. They're like, hey, I want to be a part of that. It's a reason to buy and it's a reason for you to market to your list people that already bought. Most of us, we don't market to these people. We market to people who aren't customers yet. But people that have bought are more likely to buy than those who don't know who you are. So market to your current customers. Run a promotion just for them.

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To wrap up today's episode three steps to increasing your sales by 20% this month. Number one, increase your prices 5 to 10% is going to make a huge difference for you, not so much for your customers. Number two, run a webinar I gave you the resources to run one and know how to do it. Just go to webinarninja.comworkshop. you'll learn everything you need to know to run a great webinar. And we have a free trial for 14 days. So first webinar is on us. Number three, run a promotion for your current customers, those who've proven they're willing to give up their hard earned cash to you. Thank you so much for listening to the $100 MBA show. Before I go, I want to leave you with this. If you want something to change, you have to do something differently. So if you're running promotions, the same promotions over and over, and you want to see an increase in sales, you either got to do more of those promotions or change the promotion or do new things to market your business. You can't do the same thing and hope for growth. You got to either do more of it or different types of promotions, different types of marketing efforts. Sometimes we get stuck in routine. It's human nature to kind of get stuck in the mundane. But change happens when you change. When you change the actions you take. Thank you so much for listening to the $100 NBA show. I'll check you in tomorrow's episode. Free Ride Friday. I'll see you then. Take.

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