MBA1644 More Revenue in 45 Days

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In today's lesson, I want to show you how you could do exactly that within 45 days. Why 45 days? Because it's enough of a lead time for you to create something, to offer something to give you that boost in revenue. I'm going to give you some tips, some strategies, some options you can explore. So in the next 45 days you can see a bump in money coming in. So let's get into it. Let's get down to business. To get started, it's important to highlight the three main ways you can make more revenue. Yep, there's basically three ways you can bring in more cash. The first one is that you increase prices. Whatever you are pricing your products or services, that number goes up. That's the number one way. It's the fastest, and it's actually the easiest way to, to make more revenue and see effects quickly. The second way is to bring in more customers. So the first way is, say, for example, you get a hundred new customers every single month. If you bump up your prices automatically, each customer is paying more and therefore you make more. But with the second strategy, you're actually just trying to get in more customers. And this is the most common strategy. People have the same prices, but they're saying, hey, I just need to sell more units out the door. I need to sell more. So you increase the number of customers. And the third way is to increase your arpu, which stands for average revenue per user or customer in most cases. So you're basically saying you want each customer that buys from you to spend more money. Now you might be saying, well, what's the difference between option number three and option number one? If I increase my prices, spending more money doesn't necessarily mean they're paying higher prices for your products. It could be that they're buying more products, whether they're upsells, whether they're companion products, suggested products. For example, you might own a restaurant, and your main course meals are the same prices as last week, but now you're making more of an effort to sell your customers dessert, appetizers, specialty drinks, so that their bill, the actual total of the bill, is higher. The interesting thing is that option number two, just getting more customers through the door, is the most common one, but it's actually the most difficult one and the one that causes you to use more resources. So if I want to get more customers through my website so they can buy my products or services, I'm going to need to generate that traffic somehow. I need to find targeted leads. I need to get them into my funnel. And this is a great option. But if you want to increase your revenue quickly, one of the ways you're going to have to do that is through paid advertising, through paid ads, Facebook ads, Instagram ads, LinkedIn ads. This means that you're gonna spend money to make money. Now, this is a viable option, and it's an option I recommend if you're trying to scale up a little bit quickly. This is something I've used in the past, I still use now. And as long as you're getting a return on investment on those marketing dollars and efforts, it's worth it. But you need to look at your own business. Look at your own business model, your customers, your products and services, and look at these Three options and ask yourself which one is actually easier for you. For some of you, option number three might be the easiest option for you to implement immediately. It's low hanging fruit. There's probably plenty of products or services that you offer that your customers just don't know about. They signed up for one thing and are unaware of the other things you offer. They just don't visit your sales website that often anymore because they're customers. So a simple email to your current customers, customers that are paying you or have paid you in the past with a special offer of maybe a new product that you released that maybe hasn't got a lot of recognition, maybe a new service you're doing, or maybe an old service that's tried and true, your most popular service and offering it to your current customers. Statistically, conversion rates are a whole lot higher when you're selling to customers because they're already sold on you, they trust you, they're getting a benefit from your product or service. So converting them to buy is not a huge leap. And a simple email campaign can be enough for you to get that revenue boost in 45 days. Or maybe your business hasn't changed your prices in a long time. Maybe it's been two years, three years, four years. Some businesses haven't changed their prices, which is really a shame because your business has evolved, it's improved, it's gotten better. And guess what, there's something called inflation. And by increasing your prices, even just for new customers, let's say, for example, you have a reoccurring model, subscription model, let's say you just change the prices for people that join you new and you just grandfather your old members or customers into their current pricing. This can give you a significant boost. Even if the jump in price is not a huge one, even if it's just 15%. And for most of us, we can Convey More than 15% more value since the last time we changed our prices. Look at your business. I say if you haven't changed your prices in three years, this is the first thing you should do because you are due to do this. Your business needs this. Even a 10% increase can make a tremendous difference in your total revenue. And you're not disrupting anybody and you're not, you know, disgruntling customers, because this would only apply to new customers in this scenario. You can also apply it to current customers, and a lot of current customers are okay with it. I just got an email from mailchimp because I subscribe to a lot of email marketing services that My prices are going up. And to me, it was kind of insignificant in terms of the difference of price. Something like it went from $65 a month to 74. But at scale for Mailchimp, that makes a tremendous difference. So I wasn't like crushed or something. I wasn't super disappointed. I was like, oh, fair enough. They added all these features. They've, you know, developed their software. It's a lot more stable. Their service has gotten better. Nine bucks, not a big deal. I didn't spend more than 30 seconds thinking about it. But sometimes as business owners, we overthink these things. So choose one of these options and create a strategy. Create a plan of how you will roll it out if you're going to increase prices. This can be as simple as just changing the numbers on your website and in your payment processor. If you're going to do some marketing, if you're going to do some paid ads, are you going to do that yourself? Are you going to be using adespresso to create those ads or are you going to be hiring an outside firm? When are you going to do that? When are you going to make those phone calls? How much is your budget for these ads? Make some decisions. You got to get the ball rolling. The more time you wait, the more time it will take for you to bring in that new revenue. Or lastly, are you going to put a promotion together for your current customers? What does that promotion look like? What product or service that you have in your suite that needs a little bit of love. And in my opinion, if you're going to choose a product or service, choose one that is low cost for you, but high value for your customers. So your profit and your margins are really nice and fat.

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Say 45 days to more revenue because many of us in our businesses, we have 30 day money back guarantees. We have trials and it's going to take us about a week or two to put together a plan and implement these changes. But within 45 days we can know, hey, this has worked. It's paid off and we got the cash in hand hand and it's not coming back out. Now. Once the 45 days are up and you've increased your revenue, don't make the mistake. A lot of entrepreneurs do. They're like, yes, this is awesome. They celebrate and then they're like, cool. And then just continue their business as if nothing happened. No, rinse and repeat. If something's working, you do it over and over until it doesn't work anymore. Okay, you keep doubling and tripling down on it. You might have tried option one and you saw an increase. Try option two, then try option three. You might want to go option one then option two, then take some of that revenue and invest into ads and option two. Many of us, we get a win and we're so happy about the win, but we forget that we could just do it again. We can just continue to get those wins by producing the same actions to get the same results. Thank you so much for listening to the 100 All NBA Show. If you love this podcast, hit subscribe so you don't miss a beat. Subscribing is absolutely free on any podcast. Apple Podcasts, Stitcher Radio, Himalaya, Spotify, we're on them all. Also, by hitting subscribe you get access to all our archived episodes. Over 1600 business lessons at your fingertips. But you can only get access if you subscribe. So go ahead and do that right now. Before I go, I want to leave you with this. As you know, revenue, cash money is like oxygen for businesses. You need it so you can pay your expenses so you can continue to grow so you can scale. So as uncomfortable as implementing some of these strategies are because, you know, maybe you're a little bit funny about your prices, maybe you're not comfortable, you know, always promoting to your customers even though you're helping them and you're giving them something they need or you're dipping your toe in paid advertising for the first time. It's better for you to do this now. Get the boost so you're not in a position later where you're desperate. You have a bit of lead time now, so go ahead and do it. Thank you so much for listening and I'll check you in tomorrow's episode Q and A Wednesday. I'll see you then. Take care.

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