⭐️ This week we are going to chat about ramping up our business revenue.
Seven years ago I attended a Tony Robbins event called Business Mastery in Las Vegas. Fun fact....this is the only time I've ever been to Las Vegas and I never even made it out of the hotel. Those that have ever attended a Tony Robbins event will understand why. The event would start at around 8am and go until past midnight! We didn't even have time to eat and Tony's team would toss food out into the crowd so we could just keep going!
So I paid $10,000 for this three day workshop because I was at the very start of my online business/podcasting career and I was desperate to figure things out as fast as possible.
I heard a bunch of great speakers (Tony included) during my time there but a simple 60 minute session that Tony did gave me my top takeaways for the entire workshop and they all had to do with simple ways to ramp up business revenue.
Here are the three simple strategies that he discussed:
✅ 1. Increase your prices. I feel like this simple step is overlooked so often because we are afraid that people will stop buying from us. This doesn't necessarily mean that you have to increase prices of your current clients (like people paying for a membership). I think it's more about increasing the price of people coming in as new clients.
When I created my signature offer (The Podcasting Business Accelerator) I wanted to eventually get the price to $2,500 but I wasn't sure if people would invest at that level or not. So I launched it at $1,500. After five people gave me a quick YES at that price point I bumped it up to $2,000. After I had five more YES's I nudged it up to my target price of $2,500.
✅ 2. Increase the number of business leads you get. I feel like this tip was the scariest for me for some reason. This was the area that I had the least clarity on how exactly to pull this off correctly. Eventually I learned about how to develop lead magnets, use SEO with my podcast, and effectively use email marketing.
The basic rule here is that the larger your brand audience is (podcast listeners, email list, social media followers) then the more income potential you have.
✅ 3. Increase your client conversion rate with your leads. I feel like it also took me a few years to really understand how to do this. Mostly because I wasn't really getting any practice....LOL...I didn't even start doing any discovery calls until two years ago!
One thing that has helped me tremendously in this area is my 2/3 content rule for expert positioning on my podcast. This means that I'm featured as the expert (not doing interviews) with 2/3 of the content I put out on my show.
Another thing that has produced a positive result in this area is I've nerded out hard core on getting better at the entire discovery call experience. This just takes practice!
So now that we've got the three simple tips from Tony let's have fun with some MATH!
📌 Business #1:
Signature offer priced at $1,500
Overall audience size 5,000
Yearly conversion rate 1% (of the 5,000 person audience).
Yearly income estimate $75,000
📌 Business #2:
Signature offer priced at $2,000
Overall audience size 6,000
Yearly conversation rate 1.5%
Yearly income estimate: $180,000
In this example you can see we added over $100,000 in revenue by adjusting the three dials:
👉 The offer price increased by $500.
👉 The audience grew by 1,000.
👉 The conversion rate increased by 0.5%.
I feel like these types of jumps are very doable for the average online entrepreneur!
So a key takeaway that I'm hoping that you are having right now is that you may not need to create that shiny new offer. Instead you might need to improve these three metrics based off an existing offer that is already working.
In this week's episode I brought on my Pod Pal Leslie Levito. Her company is a great example of what we just discussed. She only has ONE offer and has scaled her business from $72,000 per year to over $1,000,000 per year over the last three years.
🎧 439: Tips for creating a one million dollar per year online coaching business w/ Leslie Levito.
*The changes Leslie made in her online business as she went from $6k/month to over $80k/month.
*A complete breakdown of the core offer from her million dollar online business.
*A tip for entrepreneurs that are just starting their online business.
*The first shift Leslie made that helped her scale her business.
🤩 Client testimonial of the week: My client Jessie Iturzaeta has a great podcast called Learning To Glow.
Check out what she has to say about working with me:
"My biggest struggle has always been getting the reach that I feel like my show deserves. Within the first month of working with Adam, I doubled my downloads. My favorite part of the Download Growth Club is the group sessions that we have and just getting to have that time to bounce around ideas and ask questions. It's been completely amazing. I love it and I'm so glad I found Adam!"