Are you fed up with the revenue that you’re earning?
How can you turn what you’re earning now into a bigger number without having to do ridiculous amounts of work?
This week, I’m going to give you five suggestions that you can do to generate and increase your revenue.
RAISE YOUR PRICES
I often meet brilliant entrepreneurs who deliver a brilliant service, but who are always frustrated that they aren’t getting what they want from the business. When I probe about the price they are charging, it’s no wonder they feel this wait.
What would it mean to you, your business, your team and your family if you could add 20% to your prices? Would it be amazing?
So do it.
Don’t be afraid of your prices. It’s normal to feel some doubt and think that people won’t pay what you’re asking (we all have a touch of imposter syndrome), but you have to raise your prices!
If you don’t raise your prices, you’re making the decision for your customers that they won’t pay it. That’s not your intended part in the process. What you need to do is make sure that you are offering VALUE, and that the VALUE you are giving is reflected in the price that you charge.
Just remember, if you (for example) have a target of £15,000, you can deliver a far superior service and experience to 5 clients paying £3,000 each versus 15 clients paying £1,000 each.
Focus on increasing your price so that you can do more with the customers you want to work with – the customers who value what you do and who love what you have to offer. It will enable you to deliver a better-quality outcome, and that’s going to make a big difference in your customer’s world!
Be brave. Increase your prices by 20% today and tell me what happens!
By the way, if someone says that your price is too expensive, then a simple question you should ask them is:
“What would you need to see in order to feel it’s worth paying that amount?”
Try it! You’ll be amazed at the reaction and results you can get from it.
DO MORE BUSINESS WITH YOUR EXISTING CUSTOMERS
So many businesses owners want to grow their numbers and their companies, and they don’t consider the opportunities they already have access to.
Don’t think that what you’re currently doing with your customer is all that there is to do. How do you know? Spend more time with them and try to understanding the other challenges they are facing. What other areas of their business are they investing in? How much more wallet-share can you get from that existing customer?
Chances are you can probably add 15% – 20% to that potential relationship just by thinking innovatively about the challenges that they have.
Give them options by giving them solutions by giving them ideas that can help them.
They’re more inclined to work with someone that they already know than to gamble bringing on someone else.
Now of course the work needs to be in a similar or related field of your expertise… But look at ways in which you can innovate with the clients you already have.
LINK WHAT YOU DO WITH A REWARD
As an example: I’ve just started working with a great organisation that sell a brilliant software system, and I’m working with their CEO and their team on a monthly basis to support and help them win their business. As a part of that relationship, my rewards are linked to the results.
When we get results in stage 2 (and I know I can get them results), I’ll get a certain bonus. And again at stage 4. They’re happy to pay me money for helping them achieve a result that they’re after.
What I’ve done is link my success to their success so that at the end of the year when we hit the target, there is benefit for us all in getting there. My customer is happy to pay me the money as they know they’ve earned from the investment they’ve made in me and the SBSA.
So, link what you do to a reward. If you’re in marketing and your customer wants a lot of leads, say you’ll aim to provide X for £X, but if you reach Y you’ll get £Y. Customers are open to this as your success will be their success in the campaign or project.
You don’t only need to do this with new customers. Have a look at your existing customers and consider having this conversation with them. It’s a simple way in which you can increase the amount of money you earn from doing the same amount of work.
LINK YOUR SERVICE TO A HIGHER VALUE
What do I mean? If you want to charge a higher price, or if you want to get larger bonuses, you’ve got to make sure what you do is linked to a higher value service for your customer.
For example: As a sales trainer a mentor, I’m not likely to work with people selling pens or selling mugs, or anything that may cost 50p. They’re going to need to have a huge amount of sales to make the investment for someone like me worthwhile. Someone in the Professional Services space however, where a potential client could be worth £30k to £50k, they are happier to make the investment because I can generate them £500k of business.
Link the services that you do to the value for the client.
- Ask questions such as:
What’s the value of your typical clients? - How often do you keep those clients?
- What would it take for you to feel good investing more initially to get more of those type of clients?
They’re obviously not going to give you every bit of money-information, but they are probably going to be more open to investing if you can show that you can deliver results, and especially if the value of what they gain back is higher! If they will something for £50k, they’re going to be able to invest £5k in you.
BUT! You’ve got to show evidence of how you make it happen! Do that (without giving away your secrets) and you’re going to be in a great position to do great work with them.
tion that sell a brilliant software system, and I’m working with their CEO and their team on a monthly basis to support and help them win their business. As a part of that relationship, my rewards are linked to the results.
When we get results in stage 2 (and I know I can get them results), I’ll get a certain bonus. And again at stage 4. They’re happy to pay me money for helping them achieve a result that they’re after.
What I’ve done is link my success to their success so that at the end of the year when we hit the target, there is benefit for us all in getting there. My customer is happy to pay me the money as they know they’ve earned from the investment they’ve made in me and the SBSA.
So, link what you do to a reward. If you’re in marketing and your customer wants a lot of leads, say you’ll aim to provide X for £X, but if you reach Y you’ll get £Y. Customers are open to this as your success will be their success in the campaign or project.
You don’t only need to do this with new customers. Have a look at your existing customers and consider having this conversation with them. It’s a simple way in which you can increase the amount of money you earn from doing the same amount of work.
TAKE MORE ACTION
Eat or be eaten.
You can either be happy at your lot or you can decide you want something different. Those that want something different take more action, they create more content, they create more value, they engage with potential prospects more effectively, they do more! All that activity eventually brings results.
You can’t get a six-pack without doing the sit-ups. You can’t get sales results without taking action!
Put at least an hour a day into sales-based activity. Look again at the four tips I’ve shared above – how can you implement those within the client base that you already work with? Build a sales plan!
Take more action, put time and effort into sales and marketing and you will see a better result. If you expect business to come without doing anything different, well…
