3 Ways to Get Your Business More Money
Every business wants to make more money. But with so many methods out there, it can be difficult to know where to start. Luckily for you, we've picked out our top three favorite ways your business can start making more money today. Keep reading to learn more!
`1.) Get More Customers
Getting more customers is sort of an obvious answer, but it can be much more challenging than business owners expect. There are three methods we recommend for people trying to get more customers.
A database reactivation campaign is one method we love to implement as a quick way of getting new clients. There are three categories of people we use in database reactivation campaigns. The first one we call "ghosties." These people were really invested in your offer but ended up ghosting you. No-shows are the second type, and past clients are the third type of prospect.
To begin your database reactivation campaign, locate these people (look at your calendar, Quickbooks, or other databases) and put them all into a simple CSV. Start inputting the emails, names, and phone numbers of these individuals.
Next, create a simple message that you can send to these people to help get them on a call with you. Since they already have background knowledge about you and your business, you don't have to waste time introducing what you do or who you are.
A lot of businesses are referral-based, which often makes it difficult to get more meetings. The law of averages says that for every 100 people you talk to, at least one will be interested. So if you want more clients, you need to talk to more of the right people.
Reaching out to current clients for referrals is a great way to get more income into your business. There are three categories of clients; green, yellow, and red. Green clients love you and your business and would happily refer you to others. These are the clients you want to reach out to. But you don't want to just straight up ask if they know anyone who might benefit from your services.
We recommend researching their network and finding one or two people you know you can help. Then you can send a simple message to your client like this: "Hey client, I noticed this person in your network is struggling with X; do you mind connecting us so I can help them fix it?" You'll find much more success using this method since less work is required from your client, and it shows that you really care about the person you're trying to connect with.
2.) Getting Current Clients to Buy More
Getting people to buy more starts with the sales process. Setting expectations and goals early on with a prospect will help you propose a plan that benefits both of you. If you know it will take at least three months to help them reach their goal, you can set that expectation, and they'll sign for three months instead of just one.
When things are going well for existing clients, you can offer to scale the service, which is an easy way to make some extra money and keep clients happy.
3.) Increase the Lifetime Value of Clients
One of the easiest ways to increase your profit without changing variables is by increasing the price of your service. Showing the value of your service during sales calls helps to justify the cost of the service. Make sure the prospect knows exactly what they're receiving by hiring you to help justify the cost.
Another way to increase customer LTV is to set expectations early on and meet those expectations. Many clients leave because they feel like their expectations weren't met. Ensure that new clients know how long things will take and what you will provide for them. And then offer quick wins and go above and beyond for each client. You want to be known as an expert to your clients because that is what will keep them paying you in the long run.
Those are our top 3 ways businesses can make more money relatively quickly. If you have any questions, feel free to email Nico at Nico@getboundlessmedia.com or check us out on social media!
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