Did you know there are only three ways you can earn more revenue in your business?
If you run your own business, I’m guessing that earning more revenue is on the top of your list of goals.
There are a million things for us to do as business owners, and it’s easy to overcomplicate things when it comes to growing your business.
I find it’s useful to reduce things to first principles, so we can build a strategy that is simple and easy to follow.
Here are the 3 only ways to earn more revenue in your business:
#1: reach more potential customers
This one makes sense, right? Reach more potential customers and you’ll make more sales. This is the one most of us focus on with content marketing, advertising and hoping for word of mouth.
In marketing speak, we would call this the “top of the funnel.” If your business is online, you’ll be looking for more traffic to your website. If your business is physical, you’d be looking for more people to visit your store.
#2: close more sales (improve conversion rate)
You work hard to reach potential customers. How many of them are you converting into sales? Do you have any idea what your conversion rate is?
By closing more sales (or improving your conversion rate), even with the same number of potential customers, you will earn more revenue.
#3: increase your customer lifetime value
Your customer lifetime value is simply the average amount of money each customer will pay your business over the lifetime of your relationship with them.
If you can increase this customer lifetime value, by raising prices or selling add-on products, or by implementing some kind of recurring revenue, you’ll earn more revenue overall.
Put it all together with this formula
Using this simple formula, let me show you how you can 8x your revenue. Watch this short video to see the full formula and three scenarios that show the power of this framework:
I hope that little example illustrated exactly how powerful this simple framework can be.
Your next question probably is: how do I double my potential customers, or double my conversion rate, or how do I double my customer lifetime value?
I’ll be answering those questions and a lot more in upcoming videos. If you haven’t subscribed to my channel, click the subscribe button in the video above so you’ll be notified when I publish a new video.
Thanks for watching and I’ll see you next time
The post The Only 3 Ways to Earn More Revenue in Your Business appeared first on Fizzle.
Join To Our Newsletter
You are welcome