9 Leverage Points To Grow Your Business

[Kung Fu Steve]

Hey y'all,

Haven't been around in a while. Had a little reminder earlier today how important this forum has been to me when I was just starting out. Thought I would provide some value here for anyone who could use it. If you don't know who I am -- I guess the easiest way to explain it these days is I'm a private marketing consultant. The last three businesses have tripled their revenue in 6-8 months. Have recently launched some big online promotions as well. So there's some of my credentials.

I gave this presentation recently and received tons of comments saying it helped tremendously so here it goes... (p.s. I also attached the strategy guide that goes with it to help you implement)

9 Ways to Grow Your Business​

For our conversation today, businesses generally have 3 phases.

1. Innovation (creating or finding a need to fulfill)
2. Proof of Concept (begging, borrowing, and stealing to acquire those first customers)
3. Leverage Growth (my specialty)

My focus is on number three because...

1. I am not very creative. I have never had a creative idea of my own in my life... I thought I did once but I was wrong then, too.

2. If you aren't willing to hustle to get those first few customers (even if it's your mom and your dog) then none of this will help anyways.

There are 3 (and only 3 ways) to grow any business:

1. Get more customers
2. Get them to spend more money
3. Get them to come back more often

What you'll find is that the leverage in any business is in #2 and #3. Because getting new customers is very difficult and very expensive. But selling your current customers more stuff and asking them to buy again is very easy and inexpensive (if not free).

The Business Revenue Formula:

(# of customers) x (average purchase price) x (annual frequency) = annual revenue

It sounds simplistic but you'll see if you can increase each of these numbers just slightly you can experience exponential growth very quickly. For example:

1,000 customers x $100 x 2 = $200,000/yr

Simple math (I like it this way)... let's say we are able to increase each of these by 10%

1,100 customers x $110 x 2.2 = $266,200/yr

In this case 10% + 10% + 10% = 33% increase in revenue... ahhh how I love exponential growth. So let's take it to the next level... Let's say a 33% increase in each...

1,333 x $133 x 3 = $531,867/yr (266% increase)

(Yes, I know 3 isn't exactly 33% increase but come on, work with me here, not against me ;-) )

"Great... So How Do I Do It?"

I'm glad you asked. I broke it down so you can implement 3 things for getting more customers, getting them to spend more, and getting them to come back more often...

(these are simple but I bet you aren't doing to the level you could be -- if at all... but no worries. I'm working with some huge businesses that did almost none of these when I walked in).

Getting New Customers

1. Ask for them (referrals)

Almost nobody asks for referrals. Sure, it can be scary. But if you deliver a great product/service you should say "hey, it means the world to me that you chose my business out of everything else out there... I'm just wondering... do you possibly know of anyone else who might like this stuff?"

Profound statement: You shouldn't be searching for the correct answers... you should be searching for the correct questions to ask.

If a business does sometimes ask for referrals they don't systemize it. Systemize your asking-for-a-referral process so it happens 100% of the time.

"How can I ask for a referral before, during, and after a sale in a cool way?"

2. Advertise for them

I don't know many start-ups that advertise to acquire customers. Mostly because "it's expensive" but the great thing about the economy being in the toilet is that advertising has never been cheaper. I have clients KILLING it in print advertising for 10% of what it normally costs. (Businesses are all scared to advertise during bad times... this is the BEST time to advertise)

On top of that Facebook makes it so easy to advertise right now it's ridiculous.

3. Acquire them (lists)

Whether you have a lot of money or a little money you can go to websites like infousa.com or SRDS.com and purchase lists that are your EXACT demographic. (It's scary how much they know about you)

Getting Them To Spend More Money

1. Raise Prices and/or Increase Profit

Almost no one ever thinks to test if their product would sell at a higher price point. The general rule of thumb is if there is little/no resistance to the purchase, you pricing is too low.

The other side is increasing your profit margin. Buying product in bulk, negotiating a cheaper price, better terms, whatever it is. Fight for every penny -- just like Walmart.

2. Upsells/downsells

If someone has purchased something from you, the hard part is over. Here is the key: offer them something IMMEDIATELY after the initial "yes" decision. Even if it's completely unrelated, on average 10% of people will buy it just because you asked.

Better yet, if you can offer a "do it for you" product/service or a "this process will go faster if you have..." you can probably shoot for 30-40% takers

Downsells is when there is price resistance. Where someone wants the product but doesn't want to/can't afford the full amount. Offer payment terms or a reduced cost. A promo I ran last week offered a downsell of splitting the payment in 2 and 20% of their sales were from this offer... I won't tell you the exact numbers but it was in the 10's of thousands of dollars in extra revenue for one promotion.

3. Add-on Sales

This simply refers to what goes along with your product? Accessories? Batteries? What can you sell with it?

Getting Them To Come Back More Often

1. Back end funnel

This refers to the upsell/downsell process. What products are your customers/clients going to need next... and after that... and after that... picture the guy buying the engagement ring for his girl... you know he's going to need a wedding planner, a cake maker, a deejay, etc. etc. -- you should be selling them all of these things or referring them to someone who will for a cut of the action.

2. Other People's Stuff

Sell competitors products. Yes. I said it. You bought MJ's book but you also bought Rich Dad, Poor Dad. If you are interested in a subject/hobby/thingy-ma-jigger you want to know everything about it and will buy all of the things. You could also be getting a cut for referring them.

3. Continuity

Monthly subscriptions, financed payments, annual, quarterly. Essentially look to grow your guaranteed income. The fun happens when your monthly accounts receivable pays for your expenses. Everything after that is trips to the Caribbean and a plane to visit me in Eastern Europe where the party never ends.

Conclusion

This is a lot of info to take in. I'm here for any questions you might have. Download the guide and it will help you implement these things.

Questions? Shoot.

 

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[pickeringmt]

This is awesome, thank you sooooo much for sharing.

1. Innovation (creating or finding a need to fulfill)
2. Proof of Concept (begging, borrowing, and stealing to acquire those first customers)
3. Leverage Growth (my specialty)

I am getting pretty good at 1 and 2, but 3 is my weak spot.

So glad to find this, I couldn't have asked for a more exact match for what I am looking for at the moment!!

 

[Tiago]

Steve, thank you so much for this. Add-on sales I think is a HUGE factor many disregard.

For example yesterday I went to a pet store. If people own pets, they most likely own a house. A house has a garden (garden equipment). People with pets are usually families with kids (kids toys). You go in to buy food for your dog and leave with a garden hose, a tricycle for your kid and a toy for your pet.

 

[NicoleMarie]

@Kung Fu Steve This is GREAT! You may just have provided me with a solution with the idea of "get a cut for referring to other people."

I actually have a question about that. From your experience, do you have more success offering this to people with less money but could use the advertising, or to people with more money who don't need people as much, but can easily afford it?

 

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[eStan]

This is awesome! Reminds me of Jay Abraham's philosophy. Can't argue with math. I think referral systems are one of the most underestimated forms of increasing a business literally for free.

 

[throttleforward]

This should be entitled: "How to replaced the entire 2nd year of MBA school in 5 minutes." Rep+

 

[Kung Fu Steve]

@Kung Fu Steve This is GREAT! You may just have provided me with a solution with the idea of "get a cut for referring to other people."

I actually have a question about that. From your experience, do you have more success offering this to people with less money but could use the advertising, or to people with more money who don't need people as much, but can easily afford it?

I'm not sure I fully understand the question but if I'm picking up what you're putting down -- if I'm smelling what you're cooking maybe this will answer:

There are only 3 reasons people don't buy:

1. They don't have the money
2. They don't want it
3. They don't trust you

I don't believe the money thing is ever really a problem. This is demonstrated by the dilapidated old trailer home that is one-more-broken-beer-bottle-on-the-roof away from collapsing but yet they have a 80" satellite dish on it.

People will find the money if they want what you have - which brings me to point two:

If they don't want it, you're obviously talking to the wrong people. If you have to convince someone to buy your product there's something wrong. (I know, I've been there... a lot... what can I say? I'm a glutton for punishment)

If I can boil all of business and marketing into one simple sentence it's "message to market match" meaning you're talking to the right people, with the right message. Easier said than done (that's why I get paid the big bucks hahaha).

So the REAL challenge comes in to getting people to trust you. Trust that your product or service is going to do what it says. People have been lied to so many times over and over they are so very skeptical... here's the epiphany:

There has never been a harder time in history to get someone to open their wallet and buy the first time... There's never been an easier time to get them to buy the second time.

So to answer your question... (finally ) money is never an issue. Talking to the right people and getting them to trust you is the challenge.

One more (maybe-not-relevant-to-you) note...

I think the reason people fail offering products online - in the affiliate fashion - is they don't actually know if the product is any good.

They just sign up for some affiliate program with dollar signs in their eyes (once again, I know because I've been there, done that). They have never actually purchased the product/service. And if they have - they've never really used it.

This is why people are so skeptical (especially online). They're sick of being lied to. I picture a fat dude on YouTube pitching some weight loss pill because he "lost 50 pounds!" ... dude... you're still fat. Or conversely the ripped dude saying that pill is what got him a 6-pack... really? THAT pill got you ripped? Not the endless hours at the gym and the eating right?

But on the other hand there are genuine people out there -- good example is camera equipment. People reviewing products they buy and comparing them to others. So you know ahead of time what you're getting in to.

Anyways, once again a little off subject but if you're offering someone elses products you have to a.) have used it before or at least know a few people who have and know their results/experience, and b.) genuinely want to help your customer/client get the results they're looking for. Whatever that may be.

I've probably rambled on too much now. Thanks for allowing me to indulge my chaotic thoughts ;-)

 

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[Kung Fu Steve]

Steve, thank you so much for this. Add-on sales I think is a HUGE factor many disregard.

For example yesterday I went to a pet store. If people own pets, they most likely own a house. A house has a garden (garden equipment). People with pets are usually families with kids (kids toys). You go in to buy food for your dog and leave with a garden hose, a tricycle for your kid and a toy for your pet.

The only thing I might add is to watch the economics and the confusion factor of this.

Online, if you offer everything, people get confused -- the key is to offer one thing at a time. The more relevant to the initial sale, the easier the add-on sale is. (Example: I'm buying a "shine" from misfits today and obviously I'll have to buy the wristband that holds it)

In print advertising, if you offer everything - too many options - conversions go down dramatically (if not all the way to 0)

In a brick & mortar store you'll see businesses are scrambling to make a profit. Can't remember the last time I walked into a store in the U.S. now that doesn't offer a huge row of candy, pop, and gadgets at the checkout. (hilarious if you ask me... "Yes, I'd like to buy this frying pan..." "Would you like some skittles with that? How about a coke?)

^ But the economics here is important. Retail stores need to utilize every square foot efficiently (something they haven't done right for 50 years+ ... except Walmart... man those guys are smart). If you're offering a bunch of irrelevant products as add-on sales you're probably hurting your bottom line quite a bit.

 

[NicoleMarie]

I'm not sure I fully understand the question but if I'm picking up what you're putting down -- if I'm smelling what you're cooking maybe this will answer:

There are only 3 reasons people don't buy:

1. They don't have the money
2. They don't want it
3. They don't trust you

I don't believe the money thing is ever really a problem. This is demonstrated by the dilapidated old trailer home that is one-more-broken-beer-bottle-on-the-roof away from collapsing but yet they have a 80" satellite dish on it.

People will find the money if they want what you have - which brings me to point two:

If they don't want it, you're obviously talking to the wrong people. If you have to convince someone to buy your product there's something wrong. (I know, I've been there... a lot... what can I say? I'm a glutton for punishment)

If I can boil all of business and marketing into one simple sentence it's "message to market match" meaning you're talking to the right people, with the right message. Easier said than done (that's why I get paid the big bucks hahaha).

So the REAL challenge comes in to getting people to trust you. Trust that your product or service is going to do what it says. People have been lied to so many times over and over they are so very skeptical... here's the epiphany:

There has never been a harder time in history to get someone to open their wallet and buy the first time... There's never been an easier time to get them to buy the second time.

So to answer your question... (finally ) money is never an issue. Talking to the right people and getting them to trust you is the challenge.

One more (maybe-not-relevant-to-you) note...

I think the reason people fail offering products online - in the affiliate fashion - is they don't actually know if the product is any good.

They just sign up for some affiliate program with dollar signs in their eyes (once again, I know because I've been there, done that). They have never actually purchased the product/service. And if they have - they've never really used it.

This is why people are so skeptical (especially online). They're sick of being lied to. I picture a fat dude on YouTube pitching some weight loss pill because he "lost 50 pounds!" ... dude... you're still fat. Or conversely the ripped dude saying that pill is what got him a 6-pack... really? THAT pill got you ripped? Not the endless hours at the gym and the eating right?

But on the other hand there are genuine people out there -- good example is camera equipment. People reviewing products they buy and comparing them to others. So you know ahead of time what you're getting in to.

Anyways, once again a little off subject but if you're offering someone elses products you have to a.) have used it before or at least know a few people who have and know their results/experience, and b.) genuinely want to help your customer/client get the results they're looking for. Whatever that may be.

I've probably rambled on too much now. Thanks for allowing me to indulge my chaotic thoughts ;-)

Thanks for your detailed reply. If it helps, it's under "other people's stuff." I plan to have a website up and running before all this, but I'm thinking of referring customers to people (other artists I approve of) who can do things I can't, and then request maybe 5% of the sale for bringing customers to them. My concern is if I should approach struggling artists who could use this referral. If I interpreted what you said correctly, they should be willing to pay me the 5% since they got maybe $100 in sales they otherwise wouldn't have, even if they're "starving artists." They might also be more trusting/trustworthy.

Also, have you used some type of contract to make sure they pay you, or just take the loss? Technically it wouldn't be a loss of my own money, but rather a payment not coming in.

I ramble all the time if I'm not careful.

 

[Kung Fu Steve]

Thanks for your detailed reply. If it helps, it's under "other people's stuff." I plan to have a website up and running before all this

When is now a good time to start?

but I'm thinking of referring customers to people (other artists I approve of) who can do things I can't, and then request maybe 5% of the sale for bringing customers to them.

Great idea. If I'm reading between the lines you are an artist and want some kind of online art gallery for your work, yes?

My concern is if I should approach struggling artists who could use this referral. If I interpreted what you said correctly, they should be willing to pay me the 5% since they got maybe $100 in sales they otherwise wouldn't have, even if they're "starving artists." They might also be more trusting/trustworthy.

I would say charge quite a bit more than 5%. Many products online have a 50% commission. This is pretty tough with physical products (i.e. artwork) because the costs are higher. Figure out what's fair but keep in mind you are going to be spending a lot of money, time, and effort to acquire customers (the hardest part of any business)... you need to get compensated for that.

Let's try some simple math (I get confused easily when I run out of fingers and toes to count):

$100 sale x 5% commission = $5 profit for you

Let's say it takes 100 visitors to get 1 sales (a respectable conversion rate of 1% to cold traffic).

Let's say you're getting a CPC (cost per click) of ten cents.

100 visitors x $0.10 = $10.00

Your customer acquisition cost now equals $10.00

So you spend $10.00 to get a $5.00 sale... you have now earned yourself a whopping -$5.00

You shouldn't go into business planning to lose money... or break even... as my father would say "I can break even sitting on the couch"

Also -- the brutal reality is it's highly doubtful you're going to get website visits for $0.10 per click. Sure you can augment by doing tons of SEO work (which I know nothing about) and blogging trying to create content cool enough to get visits but realistically, you're a business and you need to advertise.

(One of my favorite artists/philosopher/author type guys is Hugh Macleod: http://gapingvoid.com/ sign up for his email list and he'll send you a cool motivational art piece every day... which it just so happens you can buy)

Also, have you used some type of contract to make sure they pay you, or just take the loss? Technically it wouldn't be a loss of my own money, but rather a payment not coming in.

I ramble all the time if I'm not careful.

If you have the website you would be taking the money so you would pay them their cut. If they have a website that you direct people to this would be tracked through affiliate tracking software.

So contracts don't really exist online... I mean they do... just usually under terms of service... or affiliate agreements. That's probably more of a question for someone smarter than me.

 

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[NicoleMarie]

When is now a good time to start?



Great idea. If I'm reading between the lines you are an artist and want some kind of online art gallery for your work, yes?



I would say charge quite a bit more than 5%. Many products online have a 50% commission. This is pretty tough with physical products (i.e. artwork) because the costs are higher. Figure out what's fair but keep in mind you are going to be spending a lot of money, time, and effort to acquire customers (the hardest part of any business)... you need to get compensated for that.

Let's try some simple math (I get confused easily when I run out of fingers and toes to count):

$100 sale x 5% commission = $5 profit for you

Let's say it takes 100 visitors to get 1 sales (a respectable conversion rate of 1% to cold traffic).

Let's say you're getting a CPC (cost per click) of ten cents.

100 visitors x $0.10 = $10.00

Your customer acquisition cost now equals $10.00

So you spend $10.00 to get a $5.00 sale... you have now earned yourself a whopping -$5.00

You shouldn't go into business planning to lose money... or break even... as my father would say "I can break even sitting on the couch"

Also -- the brutal reality is it's highly doubtful you're going to get website visits for $0.10 per click. Sure you can augment by doing tons of SEO work (which I know nothing about) and blogging trying to create content cool enough to get visits but realistically, you're a business and you need to advertise.

(One of my favorite artists/philosopher/author type guys is Hugh Macleod: http://gapingvoid.com/ sign up for his email list and he'll send you a cool motivational art piece every day... which it just so happens you can buy)



If you have the website you would be taking the money so you would pay them their cut. If they have a website that you direct people to this would be tracked through affiliate tracking software.

So contracts don't really exist online... I mean they do... just usually under terms of service... or affiliate agreements. That's probably more of a question for someone smarter than me.

If you mean "why isn't now a good time to start" I am starting. I actually have a test person as my first client that I'll get ideas from/find a method and then make an actual website. This will be a service based business (job) to start with to get some immediate income. I have a progress thread up that explains my idea in the intro. Nothing is set in stone yet and I have 0 experience in business so I'm running around like a crazy person, lol. I really appreciate your help.

Oh wow, I didn't know commissions would be that high. Really all I'd do is say to the customer, "I don't specialize in commissioned house paintings (or whatever) but I will recommend -insert name- to work with you." Then I'd be done. Not much effort on my part. I'd just have to contact artists on Etsy/Fineartamerica who all need exposure. I'm leaning towards Etsy because it literally does nothing to expose the artwork to the public (I sense a need).

That's an interesting method, I'd rather just have them pay me a portion of their sale though. If they don't pay me I can just replace them. That sounds so mean lol.

Sorry if I'm being confusing lol I'm just getting caught up in all this as a complete beginner all alone.

 

[Nadia]

Hey y'all,

Haven't been around in a while. Had a little reminder earlier today how important this forum has been to me when I was just starting out. Thought I would provide some value here for anyone who could use it. If you don't know who I am -- I guess the easiest way to explain it these days is I'm a private marketing consultant. The last three businesses have tripled their revenue in 6-8 months. Have recently launched some big online promotions as well. So there's some of my credentials.

I gave this presentation recently and received tons of comments saying it helped tremendously so here it goes... (p.s. I also attached the strategy guide that goes with it to help you implement)

9 Ways to Grow Your Business​

For our conversation today, businesses generally have 3 phases.

1. Innovation (creating or finding a need to fulfill)
2. Proof of Concept (begging, borrowing, and stealing to acquire those first customers)
3. Leverage Growth (my specialty)

My focus is on number three because...

1. I am not very creative. I have never had a creative idea of my own in my life... I thought I did once but I was wrong then, too.

2. If you aren't willing to hustle to get those first few customers (even if it's your mom and your dog) then none of this will help anyways.

There are 3 (and only 3 ways) to grow any business:

1. Get more customers
2. Get them to spend more money
3. Get them to come back more often

What you'll find is that the leverage in any business is in #2 and #3. Because getting new customers is very difficult and very expensive. But selling your current customers more stuff and asking them to buy again is very easy and inexpensive (if not free).

The Business Revenue Formula:

(# of customers) x (average purchase price) x (annual frequency) = annual revenue

It sounds simplistic but you'll see if you can increase each of these numbers just slightly you can experience exponential growth very quickly. For example:

1,000 customers x $100 x 2 = $200,000/yr

Simple math (I like it this way)... let's say we are able to increase each of these by 10%

1,100 customers x $110 x 2.2 = $266,200/yr

In this case 10% + 10% + 10% = 33% increase in revenue... ahhh how I love exponential growth. So let's take it to the next level... Let's say a 33% increase in each...

1,333 x $133 x 3 = $531,867/yr (266% increase)

(Yes, I know 3 isn't exactly 33% increase but come on, work with me here, not against me ;-) )

"Great... So How Do I Do It?"

I'm glad you asked. I broke it down so you can implement 3 things for getting more customers, getting them to spend more, and getting them to come back more often...

(these are simple but I bet you aren't doing to the level you could be -- if at all... but no worries. I'm working with some huge businesses that did almost none of these when I walked in).

Getting New Customers

1. Ask for them (referrals)

Almost nobody asks for referrals. Sure, it can be scary. But if you deliver a great product/service you should say "hey, it means the world to me that you chose my business out of everything else out there... I'm just wondering... do you possibly know of anyone else who might like this stuff?"

Profound statement: You shouldn't be searching for the correct answers... you should be searching for the correct questions to ask.

If a business does sometimes ask for referrals they don't systemize it. Systemize your asking-for-a-referral process so it happens 100% of the time.

"How can I ask for a referral before, during, and after a sale in a cool way?"

2. Advertise for them

I don't know many start-ups that advertise to acquire customers. Mostly because "it's expensive" but the great thing about the economy being in the toilet is that advertising has never been cheaper. I have clients KILLING it in print advertising for 10% of what it normally costs. (Businesses are all scared to advertise during bad times... this is the BEST time to advertise)

On top of that Facebook makes it so easy to advertise right now it's ridiculous.

3. Acquire them (lists)

Whether you have a lot of money or a little money you can go to websites like infousa.com or SRDS.com and purchase lists that are your EXACT demographic. (It's scary how much they know about you)
Getting Them To Spend More Money

1. Raise Prices and/or Increase Profit

Almost no one ever thinks to test if their product would sell at a higher price point. The general rule of thumb is if there is little/no resistance to the purchase, you pricing is too low.

The other side is increasing your profit margin. Buying product in bulk, negotiating a cheaper price, better terms, whatever it is. Fight for every penny -- just like Walmart.

2. Upsells/downsells

If someone has purchased something from you, the hard part is over. Here is the key: offer them something IMMEDIATELY after the initial "yes" decision. Even if it's completely unrelated, on average 10% of people will buy it just because you asked.

Better yet, if you can offer a "do it for you" product/service or a "this process will go faster if you have..." you can probably shoot for 30-40% takers

Downsells is when there is price resistance. Where someone wants the product but doesn't want to/can't afford the full amount. Offer payment terms or a reduced cost. A promo I ran last week offered a downsell of splitting the payment in 2 and 20% of their sales were from this offer... I won't tell you the exact numbers but it was in the 10's of thousands of dollars in extra revenue for one promotion.

3. Add-on Sales

This simply refers to what goes along with your product? Accessories? Batteries? What can you sell with it?

Getting Them To Come Back More Often

1. Back end funnel

This refers to the upsell/downsell process. What products are your customers/clients going to need next... and after that... and after that... picture the guy buying the engagement ring for his girl... you know he's going to need a wedding planner, a cake maker, a deejay, etc. etc. -- you should be selling them all of these things or referring them to someone who will for a cut of the action.

2. Other People's Stuff

Sell competitors products. Yes. I said it. You bought MJ's book but you also bought Rich Dad, Poor Dad. If you are interested in a subject/hobby/thingy-ma-jigger you want to know everything about it and will buy all of the things. You could also be getting a cut for referring them.

3. Continuity

Monthly subscriptions, financed payments, annual, quarterly. Essentially look to grow your guaranteed income. The fun happens when your monthly accounts receivable pays for your expenses. Everything after that is trips to the Caribbean and a plane to visit me in Eastern Europe where the party never ends.

Conclusion

This is a lot of info to take in. I'm here for any questions you might have. Download the guide and it will help you implement these things.

Questions? Shoot.

Gold. Thank you! ESP The general rule of thumb is if there is little/no resistance to the purchase, you pricing is too low.

I wish more people knew about this.

 

[Kung Fu Steve]

If you mean "why isn't now a good time to start" I am starting.

Nope. I meant exactly what I wrote

When is now a good time to start?

Send me the link I'd like to take a look!

Oh wow, I didn't know commissions would be that high. Really all I'd do is say to the customer, "I don't specialize in commissioned house paintings (or whatever) but I will recommend -insert name- to work with you." Then I'd be done. Not much effort on my part. I'd just have to contact artists on Etsy/Fineartamerica who all need exposure. I'm leaning towards Etsy because it literally does nothing to expose the artwork to the public (I sense a need).

That's an interesting method, I'd rather just have them pay me a portion of their sale though. If they don't pay me I can just replace them. That sounds so mean lol.

Sorry if I'm being confusing lol I'm just getting caught up in all this as a complete beginner all alone.

I don't know much about the whole Etsy crowd. AnneC is your girl. She's the Etsy queen at the moment.

 

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[Kung Fu Steve]

Gold. Thank you! ESP The general rule of thumb is if there is little/no resistance to the purchase, you pricing is too low.

I wish more people knew about this.

One thing to take into consideration is this is a good idea for what we call a "trip wire"

"Never been a harder time in history to get someone to buy the first time, but there's never been an easier time to get someone to buy the second time."

... a large majority of the time it makes total sense to sell a product on the front end that is so cheap it's a no-brainer. So you've now change that prospect into a customer. Sounds insignificant but they are 8-11x more likely to buy your main product after purchasing something related to it on the front end.

I'm almost to the point of not even offering "free reports" or anything anymore because I'd rather have a list of customers than a list of prospects.

Something to keep in mind.

 

[NicoleMarie]

Nope. I meant exactly what I wrote

When is now a good time to start?

Send me the link I'd like to take a look!



I don't know much about the whole Etsy crowd. AnneC is your girl. She's the Etsy queen at the moment.

Oops lol. Well this link might clear some confusion.
https://www.thefastlaneforum.com/community/threads/consulting-painting.52254/ I'm totally up for whatever this idea branches off into; it's all up in the air right now. If you think it's a good idea/see any opportunities for need solving, let me know.

Etsy is a giant online arts and crafts store where people can list their stuff and sell it. It's usually young adults/stay at home moms. Fineartamerica is more "high end" I feel. That's interesting, it might be beneficial to see how I can help the more popular people, but I think they sell enough on their own hehe.

 

[Nadia]

One thing to take into consideration is this is a good idea for what we call a "trip wire"

"Never been a harder time in history to get someone to buy the first time, but there's never been an easier time to get someone to buy the second time."

... a large majority of the time it makes total sense to sell a product on the front end that is so cheap it's a no-brainer. So you've now change that prospect into a customer. Sounds insignificant but they are 8-11x more likely to buy your main product after purchasing something related to it on the front end.

I'm almost to the point of not even offering "free reports" or anything anymore because I'd rather have a list of customers than a list of prospects.

Something to keep in mind.

I hear that. I learned the art of converting a percentage of my prospects into customers. People don't buy due to lack of TRUST.

Yes, when a person is "hot" for the sale, get them to buy QUICKLY again. That window is small.

 

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[Voracity]

Thanks Steve; your presentation pushed me to finally join the forum instead of just reading it.

Sales is an area I am working on improving in myself. Your planning guide looks like it will be a great help.

 

[Kung Fu Steve]

Good for you, brother!

Maybe we'll see you at Beer & Pancakes some day then you'll really be a part of the family ;-)