Are you ready to earn more money in your business…but you’re just not sure where to start? This week I share 5 strategies that you can apply to your business to multiply your revenue and reach financial freedom.
Prefer to read? Here’s the blog version…
How To Multiply Your Income
Hi everyone. Welcome back to the podcast. I just got off a client call and my client made $22,000 in sales so far for the month of July.
This is going to be her highest income month yet, and we are only two thirds of the way through. So I’m recording this on July 20th, and she still has 11 more days to go. I felt really inspired to record this episode because what I’m going to share is what we covered on our last coaching session that really triggered this breakthrough in her mindset and in her business. And what’s funny is I learned these strategies when I was studying business and entrepreneurship at university, and it’s not until you kind of have the business in front of you, you have the clients in front of you and you’re like, this actually makes sense.
Like these are so simple and this is in every single business textbook. Once you apply it to yourself, you’re going to see the results. So In, this episode, I wanna share five ways for you to double, triple, quadruple your business revenue this month, this year, no fluff, and I guarantee that you will see results.
Increase Revenue Price
So to start off, I’m going to share the formula for revenue. This is something you should be tracking every single month, every single quarter, every single year to see how much money your business is making. And the formula is price times quantity. So your business revenue is the price of whatever offer, whatever service, whatever product you’re selling times, the quantity, how many you have sold at that price point and If, you have multiple offers, multiple products, multiple services.
You add these all up. If, you don’t have any offers yet, If, you don’t know what you are selling or the price that you are selling at. I recommend you get on the Waitlist for the Wanderlover Business Academy. Doors are opening next month and it’s going to show you step-by-step how to start your online business so that you can start growing your revenue. The rest of this episode will be super helpful for you because it’s going to teach you how to increase your revenue once you do have those offers. But If, you don’t just yet and you need help, sign up for the Waitlist in the episode description. So If, you do have offers. Your revenue is price times quantity, and so the first strategy that you can use to increase your business revenue is by increasing the price point of your offers.
This makes sense for you to do if you are offering one-on-one services and your time is getting fully booked out and you feel overwhelmed. That is a clear indicator that it might be time to increase your prices. We wanna make sure the demand is there, right? We don’t wanna just increase prices with no basis, but if your product or service is tried and tested, people are buying, you have a Waitlist, you have demand there, you have lots and lots of orders and you want to increase the price because you know that it’s still going to sell, then that is a good indicator that you can increase your prices and you’re still going to see conversions.
This also can look like increasing the average order value of something that people are purchasing. So let’s say they are signing up for private coaching with you. You can give them the option to add on one of your courses for half off. Let’s say you are selling a digital product. This is going to look like including an order bump or an upsell to change that order value from let’s say $50 to $150, right? You wanna include something that is related to your main offer that people think is a no-brainer to add on. And the main thing we want to keep in mind when implementing any of these strategies is that we are testing right with every change in your business, we want to be collecting the numbers and analyzing the data.
Increasing Revenue Quantity
The next four strategies are going to be focused around increasing the quantity part of the revenue equation. So again, revenue equals price times quantity. If we wanna increase revenue, the first strategy is to increase the price.
The second strategy is to increase your traffic. And let me break this down because If you think about it, the number of people who buy or the number of people who sign up with you. It’s simply a matter of how many people out there know about what it is that you are selling, know about your offers and how many of them you are able to convert out of the billions of people in this world, give me a number.
How many do you think are aware of your business offerings right now? Give me a number. This can include your Instagram followers, your email list, your audience on Facebook, your friends and family, the reach of your advertising campaigns per day. Give me a number. I’m gonna use the example of 10,000 just for numbers sake. Let’s say the number of people who know about your business in this world is 10,000 people. Now, if I were to ask you if 20,000 people found out about your business and they knew about your offers, wouldn’t it be more likely for you to get more sales if twice the amount of people simply knew about your products and services?
The answer is yes, because if you’re increasing the traffic, then you’re going to have more people who convert. Let’s say in your audience of 10,000 people, you had a conversion rate of 2%, and let’s say you carry on that 2%, but now it’s an audience of 20,000 people. You’re going to have more people who convert and how do you increase traffic? We have many podcast episodes on this, but I want you to now go forward and think about how many hours you dedicate in your business per day to traffic generation, to getting more eyes on your business.
And this isn’t just posting on Instagram to followers who are already following you. This is getting your business in front of new people, bringing new leads into your business. People who had no idea who you were before, but now today, they know how many hours do you dedicate to this every single day, and is it enough to be getting you to those revenue goals that you want? If it isn’t, then you need a new strategy. With a lot of my new clients, what we see is they don’t really have a strategy nailed down for traffic generation. It’s kind of a post on social media and just hope that their ideal clients and customer see and that they are going to buy.
But there really is no coherent strategy behind it. If this is you, we really need to nail down the traffic generation so that it is predictable so that you know exactly how many new people or ideally how many new targeted people are finding out about your business on a daily basis.
Number three, this is also going to be part of the quantity piece is to increase conversion. So using the previous numbers, let’s say you you to convert at a 2% conversion. So for every hundred people who Discover your business, your products, your services, two people convert.
So two people buy, two people sign up with you. The process is going to look really different depending on what it is that you’re selling. If it is, let’s say, a high ticket coaching program, they probably signed up with you because they value who you are as a person and coach. They resonated with the content that you provide, the value that you provide. Versus if let’s say you are selling a digital product and they are simply looking through a landing page, then we are analyzing the conversion rate of your landing page. But all in all, let’s say you’re operating at a 2% conversion. Now the question you want to be asking as a business owner is how do we increase that to 3%?
How do we increase that to 4%? What can I do better so that out of every hundred new leads, three people buy or sign up, or four people buy or sign up? Maybe it’s adding more testimonials. Maybe it’s providing a discovery call. Maybe it’s providing more valuable content on your social media pages, on your website, sharing why exactly someone needs this product or service. If you’re running paid ads, this is a great opportunity for you to not only look at the conversion of sales pages, but also the conversion of your ads themselves.
So out of all the people who are looking at your ads, how many people are clicking through, how many people are giving you their information on the landing page, how many people are actually checking out? So all of these stages is there for you to optimize that overall conversion rate at the end. And when you do that, you’re going to increase the quantity sold.
Customer Retention & Referral rate
The fourth strategy is also going to relate to selling more, and that is simply by increasing the retention of people who have already bought from you and they’re buying from you again, and the number of referrals that these people make. And this can look like setting up affiliate programs, offering affiliate discounts, but increasing the number of people who know about your business from a trusted source because they’ve already paid you for something. And in my client’s case, this is actually the strategy that we doubled down on. So do not overlook this. In her case, she already had a proven concept.
She had raving fans, customers who really loved what she was doing, and all she had to start doing was offer an affiliate program so those people could tell their friends about it and get them to sign up while making a percentage of their sales. This also can look like offering your existing base of customers and clients a flash discount on your other offers or including follow up emails after someone buys that directs them to another program of yours or your other offers, right? So really keeping in mind the people who have already bought from you, they are fans and it’s going to be cheaper for you overall to sell to them again than to convert a completely cold lead, right?
We’re going to spend money on generating leads, but we’re going to spend less money on converting people who have already bought from you, who already trust you.
The last strategy to increase your business revenue this year is to increase the number of offerings. So If, you are currently just focused on one income stream in your business. Introducing another one that can aid your ideal client or customer on their journey of whatever it is that they’re trying to achieve through your business at, on another income stream would not only increase your revenue, but also increase the level of support that your community gets.
And so it’s a win-win, right? Think about expanding your product suite. In the Business Academy, I teach you to always start with a one-on-one offer. If those are filled up, you can then expand into group programs. If, you already have a group program. You can then expand to digital products, digital courses, memberships. This is going to come from within. You’re probably going to be pulled in this direction. If it’s something that you’ve had in mind for a while, know that this is also a great way to increase your business revenue.
The Wanderlover Membership
At the Wanderlover, we’re actually working on our first ever membership for new aspiring and existing digital nomads. It’s going to be called the Digital Nomad Society, and going to be sharing behind the scenes of how exactly I’m building this out in our free Facebook group, The Wanderlover Community. So if you’re not a part of that, you can join here.
Let me know which one of these strategies you’re going to be tackling first and keep in mind, most likely it’s going to be one strategy that’s going to get you to the next level. Of course, you can implement all of these, but depending on the level of your business right now and where you’re at, focus on one If, you try to catch two rabbits, you’re not going to catch either one. So focus on one, master it, see the growth, and then move on to another.
Like I said before, my client who just hit her highest income month yet it was doubling down on affiliates and her referral strategy. Know that with a few simple tweaks you can get there as well. Let me know, If, you have any questions, share this on Instagram and tag the Wanderlover, the Wanderlover podcast if it is something that has helped you and I will see you guys in the next episode. Have an amazing week.
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