As a service based entrepreneur I know that you are looking to move away from only growing your business through in person connections & referrals. . . because you want more predictability, you want to reach more people and have a bigger impact.
You know there is an opportunity for you to add a whole new revenue stream from business online.
Let’s look at some of the challenges to New Revenue Generation and ways to create predictable, repeatable results.
Challenge #1.
You don’t know where to reach your ideal audience online.
You’ve built your business from in-person events, connections and referrals.
You didn’t have to focus on building and engaging with social presence.
You’ve probably heard you need to be on facebook and IG and posting multiple times a day. It can all be overwhelming.
Challenge #2.
You don’t know how to convert online… This is very different than in person.
When you do in person activities you have a higher Know, Like and Trust factor with people. They buy from you faster.
Online is a different case, people need to get to know you make sure you know what you’re talking about.
It takes a few touchpoints before people are comfortable to purchase from you.
Challenge #3.
Ad-phobia or Ad Concerns.
Should I, do I need to, is it too expensive, will it work, I don’t know how to start with an Ad. There’s so much talk about doing FB Ads, LinkedIN ads that you’re not sure what to believe.
Let’s start with talking about products.
There are Two Types of Product
The Free Product & the Paid Product
Free offer: Is going to grow your list and draw people into your paid offer. Think of it as a sampler for what it’s like to work with you.
Paid offer: Is going to generate a New Revenue stream. This is what you are selling to generate revenue – the higher the cost, the higher the touchpoints needed to convert.
This is where you start to think about your service and how you can turn it into an online product. Take a look at the transformation you make now with your clients and what is one step you can walk them through to get that same result via a product.
Most people stop at creating the offer.
But creating an offer without a plan to sell is not going to help you, so let’s talk about the start of your plan.
Your plan should start with Generating Leads
There are Two Types of Lead Generation:
Free Leads & Paid Leads
Free leads: the goal of free offers is to grow your list. You can create things like e-books, PDF’s, other educational resources that someone has to opt-in to your list to receive. You’re not paying for these leads.
Paid leads: the majority of time, paid leads come from Ads. There are other places where you can buy lists of leads, or pay to be a part of events where you get the list as well. Make sure you do your research with any paid lead opportunity.
Lead Generation is key to your plan for launching your offer. If you have no leads, who are you launching to?
Now, let’s look at the numbers.
Let’s say for simplicity’s sake you want to add $10K a month in NEW additional revenue.
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New Revenue Goal / Product Price = # of Products to Sell |
Your offer is $100
You need to sell 100 products to get to $10K
Your offer is $500
You need to sell 20 products to get to $10K
Your offer is $2000
You need to sell 5 products to get to $10K
You get the idea.
Online conversions are different than in person conversions.
Typically 50% of the free leads that opt-in for a webinar show up. Then you may have 10% of the ones that show up actually buy your product.
Let’s say you have 100 leads.
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# of Products to Sell X 10 = # of Leads |
50 of them may show LIVE up to your webinar when you make your offer.
5 of them might buy.
The close rate is dependent on your system for nurturing, how you present your information on the webinar, your sales page, your emails… your whole plan.
Here are some Levers we can pull to optimize this and boost your sales:
- Increase Free Leads
- Increase your Paid leads
- Increase your Price point
- Increase your Online Conversion Rate (often different than what you see in person)
ANY ONE of these improvements may increase your revenue.
In the end you can create predictable, repeatable results this way.
I hope this gave you an inside look at challenges and results to New Revenue Generation that you can make with your existing business.
I challenge you to set your optimal goal…
how much would you like to add to your monthly revenue and how many leads it might take to hit that goal?
If you have a service, then we can help you turn that into a highly leveraged, high converting, online product.
If you already have a product, then we can help you scale up your leads and sales.
This is what we do for our clients at The CEO Partner.