Posts Tagged ‘Product Development’

How Much Money Are You Leaving On The Table?

“What do you want to achieve in this session,” I asked.

“Can you review the new sales page that I wrote,” she said.

That’s where it started.  And fifty minutes later she had a completely different business model, had a plan to quadruple her income, and added a membership site for more leveraged revenue.

What a rewarding time!  Doing Strategy Sessions is one of my most favorite things because I can take the persons business, understand what motivates them, find what they desire, rip the heck out of their current model, then spin something really amazing out of all the pieces.

In this case we went from a business owner who sold only a $19 ebook, and turned it into a $97 Toolkit.  We then added a 90 day free membership for everyone who buys her  pMoneyOnTable2.188112618roduct so she moved from a one time purchase to monthly income.  How cool is that?!?  Let’s do the numbers – if she had 50 sales at $19 she’d be making $950/mo.  50 sales at the new price is over $4800!  Just one tweak and she’s rolling in the dough.

It got me thinking of how many creative entrepreneurs spend so much time energy and money, yet don’t have a business model that has the maximum revenue potential.

A couple of years ago I coached a woman who had a list of 22,000.  (Imagine that!)  She sold one thing – a $247 info product that she was getting ready to sink loads of money in to create videos and promotion for.  The problem was that this was a one time use.  So she had a huge list, worked her butt off to market, but once she made a sale, there was no other offering for those purchasers to get.

The solution?  We also created a funnel for her and added different levels of membership, and a higher end coaching program.   Finally, she could leverage that huge list and get loyal fans who kept coming back for more.

Now I want you to look at your business.  Is there a way to add more offerings?  Can you sell a upgraded version of your product?  Do you have a mechanism to have your customers return, or do they buy once and leave you?

An hour spent brainstorming these three questions can make your life (and revenue) a lot sweeter!  Think outside the box my friends……

And if you need some more support, get a hold of me and we’ll work some magic on your biz.

Blessings,

The single most powerful question to put more money in your pocket.

Did you ever just wish you could be a fly on the wall when great coaching happens?  People make shifts all the time in this process, so I thought I’d share one of my cool client stories with you so you get to ‘eavesdrop’ on the process and apply the questions to your own business.

A couple of days ago I did a strategy session with one of my newer clients, Karen Kanakanui of www.wordsareus.com.  Karen came to the call looking  to figure out how the info product she was working on would fit into her long term plans, but WHOA Nelly………..she got WAY more than she bargained for!

You see Karen is a copywriter who calls herself an “expert in using audio to grow your business.”  I often listen with an ear for how a consumer hears our ‘elevator’ pitches, so the first place I intervened was in suggesting to Karen that what she thought she was an expert in wasn’t really THE THING.  See, she’s really an expert in helping people drive traffic to their sites using copywriting, and then using audio to get them to take action.  (We call that magical concept conversion!)  We discovered that when Karen only spoke of the tools she used, her audience probably didn’t connect as powerfully with her because no one really cares about the WHAT….customers only want the RESULTS.  First big breakthrough……

Next we looked at Karen’s business model.  Oh, this is where it gets juicy for me!  She currently offers copywriting and voice over.  She has an idea for a product where she would interview people, then create an audio product (like an opt-in piece) do the technical stuff, write the ‘hooks’ and then get it back to them.  This is a good idea, don’t you agree?

But it came to me like a lightening bolt while we were discussing this………..

“How else can I consume you,” I asked.

Of course this is such a WEIRD question that Karen stopped and said, “WHAT?”

How else can I consume you,” I asked again…….

Let me put it a different way for you just as I did for Karen.  “If I were to want to buy some of your time or get more of you or your knowledge HOW ELSE COULD I DO THAT?”

See, as Karen was telling me the amazing things she was up to, I was getting really excited because I just happen to be her target market and could use her services.  But she hadn’t yet told me how I could! Do you see how big of a challenge this is?  Karen had one thing she offered – copywriting – yet she’s such an expert in so many areas that could help me as I design a new website and do marketing for my clients.

Breakthrough #2 was when I basically blew Karen’s business model apart and said, “OK, let’s look at all the ways folks could get access to your knowledge.”  We began with her audio product, then added two more components to it.  (Some folks are DIY’s – Do It Yourselfers – while others just want to hand it off and have it done.)  I then added a consultation level because there are some of us who may just want a few hours with someone who knows so much about traffic/conversion.

Karen started the call with the idea of adding a very one dimensional offering, and ended the call with about 5 new things!  It’s funny because when I called Karen the next day to ask if I could share this story, she said, “Yes, tell them that it was overwhelming, amazing, and mind boggling to walk away with all of this.”  I do have to admit that sometimes I get on a roll with these strategy sessions and it’s a bit like drinking water from a fire hydrant, but hey….it’s a gift!  What can I say.  :)

Your task, my dear reader is to sit in that question……….How can someone consume more of me? That one powerful question can literally generate thousands of dollars in new revenue.

I’d love you to comment on what you come up with as you ask yourself this wonderful question…

Go for it!