MBA1602 Are You Making It Hard For Your Customers to Spend More Money? + Free Ride Friday

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Hey, today is Free Ride Friday so make sure you hang on to the end of the episode to hear who won this week's Free Ride. Every Friday we give away a lifetime membership to one of our programs. We're giving away easy course, our 30 day course on how to build your own online course. It retails for $500 over at EasyCourse co. Or you can win it for free. Just leave us an iTunes rating and review and you enter our weekly random draw. Just listen on Friday to see if you won. It's that simple. It's our way to say thank you for showing us love on itunes. All right, let's jump into today's episod. Heyo. Welcome to the Hundred Dollar MBA show, the business podcast that knows that business is never as usual. That's why we deliver 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. Are you making it hard for your customers to spend more money? This is a question you need to really ask yourself deeply. It's one of the biggest mistakes a lot of entrepreneurs make. They worry about getting new customers and sales and forget that these people that buy from you are your best customers. These are the people that are most likely to buy from you again and again and spend more with you month after month, year after year. But many people don't examine the process that a customer will have to go through to actually buy more. And for many, it's a painful process. And what you want to do is make this as easy, easy as possible, as seamless as possible. And in today's lesson, I'm going to show you how collecting money from your customers should be the most frictionless process. We talked about Apple Pay yesterday, but today we're going to be talking about the whole process of allowing your customers to buy from you again and again so they can continue to get great value from you and you can continue to grow your revenue. So let's get into it. Let's get down to business. Your current customers that have already paid you money are the most likely people to pay you again, more than new customers. Actually. They already have gotten something of value from you. They can trust you. They're going to want more. So if you can offer more, you got to make it easy for them to buy. The relationship you have with your customer is a value exchange. You are giving them value, they're happy with that value, and therefore they pay you money. If it's a win, they're gonna wanna do it again. So what I want you to do is spend some time this week to take a look at the process from a customer's point of view of coming to your website, coming to your business and trying to make another purchase. Whether you're an E commerce store, Whether you're a SaaS business, whether you're buying an online course, do they have to go through hoops? I want you to actually do it. I want you to actually pretend you're a current customer. And even if it means you buying your own product, going through the checkout process, you might want to, you know, give yourself a coupon code to get, you know, 100% off. But the point here is, is that you want to check out as a customer, go through that process and then go ahead and try to buy again. Do they have to do the same things over? Do they have to enter their credit card information all over again? Their billing information, their preferences, their sizes? If you're ordering for clothes, if it's a service, do they need to fill out the entry form or the onboarding form all over again? Anything a customer does once, they should not have to do over and over again. You want to simplify and streamline this process. In fact, you want to be so easy to use that all they need to do is click on a button on an email you send them, say, hey, I have this offer. Click on this button, they look at that page, they click on one button and they check out. This makes it very simple. If you have a site that is membership based, basically they log in with their credentials, so inside everything is secure. And on the back end, you can charge them automatically because you've charged them already. What I wanted to do is compare your business, your website, your whole process to a business you really love doing business with as a customer. Right? So if you love buying things off Amazon, then take a look at what the steps are as a returning customer. If you like buying eyeglasses from Warby Parker, same thing. Personally, I shop around at appsumo a lot, buy new startup kind of products, and I come back again and again. What I love about that process is I save time. I just sign into my account, it's very simple to buy a new product and I can see all my old products in my account easily. So I can kind of see and access some of those things I've done in the past. Now this is someone who's willfully coming back to your site to buy something. But what if they're on your site already or they have an account or you're a software company and they're inside their account? Are you making it easy for them to understand what they're missing out on? You need to make sure they understand that there are other things they can spend their money on. Some people want to spend money. A lot of people want to buy things that's going to benefit them. But if you're not making it easy for them to see the value you offer, then you're just not going to get the sale. For example, if somebody hits a certain tier in your business, are they warned? Are they told to upgrade at a specific time so they can get more benefits so they can not be held back? I've even seen this with coaching, where people do group coaching. They do maybe two webinars a month. They email the people that attend both webinars and say, hey, this is awesome that you're joining the group coaching. We have dedicated coaching and a private Facebook group you could be a part of. If you move up in tier in the coaching program, people that use your products and services want more. These are the people you need to sell to, not the people that are dormant, not the people that haven't been using your product or service. These people are sold. They're getting a benefit and they will pay for more. So you have to actively expose your customers to what they're missing and how they can pay you more money, how they can get more from you, you and get more value. You have to be proactive and not reactionary. A lot of people, they only, you know, send out, you know, a campaign on email once a month telling about their sales or maybe telling about a promotion they're doing and they just hope people will upgrade at that time. Maybe they won't see that email at that time. Maybe they're busy, maybe they're, they're not really up to date on their inbox. Maybe somebody else handles their inbox versus actually reaching out based on actions, actually sending them a message inside their account. Some people even do this with customer support. They reach out to customers that email support or chat with support frequently. And they say, hey, I noticed that you utilize support a lot. Would you like to get Premium support for $10 extra a month? This means that you'll have a lower wait time and maybe like 24, 7 support, whatever that premium support includes. The point here is that they are utilizing the fact that they like this action, they like doing this, they are utilizing this part of your service and they're probably gonna want something more. They're liking that. For example, I love YouTube. I watch YouTube more than I watch any other medium. So when YouTube noticed that I watch a lot of YouTube, they promoted to me. They sent me an email. They also sent me a little message on the app. Why don't you upgrade to YouTube Premium and you'll never have to see ads. You get exclusive content, you get access to YouTube music. To me it was a no brainer. Yeah, this is awesome. I don't want to see ads more YouTube. I watch enough YouTube for this to be worth it and therefore they got money from me. Now you might be saying, well, you were not a customer yet. I was. By watching ads I was making them money. But I make them more money with YouTube premium.

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Guys. To wrap up today's lesson, go through the process of becoming a returning customer. Somebody who wants more from your business, more from your products and services. What do they have to do? Is it simple? Is it easy? Is it something that you would be proud of, Something that you would enjoy as a customer? Is it similar to stores that you shop at online? Be critical and see if there's any gaps and shore them up. If you have many gaps, just take it step by step. Solve one problem or fill one gap at a time and get closer and closer to that, you know, perfect experience for your customer so they can enjoy more of your value and pay you more money. Thank you so much for listening to the hundred dollars NBA show. Today's episode's not over though. Because it's free ride Friday. I get to give away a lifetime membership to one of our programs. Let's see who won this week's free ride. And the winner is DLFisher17. DLFisher17 says just started but love it. 5 stars. I really appreciate the actionable steps that are provided in an effective bite sized way. Well, thank you DLFisher17 for that awesome review on itunes. Your mission is to email me over at omar100mba.net so I can hook you up with the lifetime membership to easy course, a $500 value over at easycourse co. It's that simple guys. If you want to win a free ride, just go ahead and leave us an iTunes rating and review and you enter our weekly random draw we call free ride Friday. Listen in on Friday just like today to see if you won. It's that simple. Thank you so much in advance for that. Before I go, I want to leave you with this. Kevin Kelly says you only need a thousand true fans to have a successful business. Well, if you have a thousand customers that have bought from you and they continue to buy from you month over month, year over year. If each customer spends $500 each year with you, that's half a million dollars in revenue. Not bad at all. So you don't need a ton of customers. You just need to get the right customers that want to continue to buy from you, and you got to make it easy for them. Thank you so much for listening, and I'll check you in Monday's episode. I'll see you then. Take care.

They put hot honey sauce on the snack wrap. McDonald's outdid themselves again. The classic snack wrap we all know and love paired with the sweet heat of hot honey sauce. Just what we needed to make it even more perfect. You know the drill. So go to McDonald's and try it today.