Last month we talked about optimizing your sales funnels for increased cash flow. (Read it here.) Today let’s talk about how to elevate your business.
Once you’ve got your sales funnels back in full swing, next decide which products can be completed or reworked to bring in more cash.
So, let’s examine what you can do to add more value to your existing products (including raising the price) to sell more.
Step 1: Re-purposing content – fast and easy ways to do it
To create good re-purposed content, don’t dig through your archives looking for hidden gems: Instead, go straight to your tracking data. This will save you more time than you might ever imagine!
Check all stats: your sales, social analytics, Google analytics, autoresponder tracking stats, shopping cart stats, and Amazon (or other third-party network) reports.
Here’s what you’re looking for:
- What got shared the most
- What was talked about the longest
- What generated conversations, “Likes”, click-throughs, and opens
- What brought in sales conversions
These are the pieces of content most ripe to produce even better results.
Remember, while you’re doing this, that not all content should be turned into paid products. For example, take old top-performing blog posts, turn them into infographics, and then share them. If the old blog post was popular, just watch how it takes off in a new, free, easy-to-view format!
Making complex content simpler is a great way to fast repurposing. This includes taking your content-rich webinars, books, articles, and how-to guides and presenting excerpts in one-page format. (What you are doing, in effect, is providing a step-by-step summary.)
Ways to do this include:
- Creating a checklist
- Creating a template
- Creating an infographic
- Creating a quick Facebook Livestream
- Creating a 1 to 3-minute YouTube video
Here’s an example of how to turn a blog post into several videos:
Author K.M. Weiland takes points from her blog or her books on writing, and breaks this already-created content down into super-fast, two-minute YouTube videos, each dealing with one single writing tip … and each giving real value. Then she posts them at regular intervals.
In other words, the aspiring writer walks away after each tiny video with one gem of knowledge more than he or she already possesses—something that directly helps each viewer be a better writer.
She further optimizes her videos by putting in their descriptions links to her two key sites, and giving her videos titles that catch the right viewer’s attention.
Notice also that K.M. Weiland doesn’t just stop at one or two videos. She creates what amounts to a powerful content engine establishing her authority—all done in 2-minute bites.
The result? Over 4,000 average views for each of her writing videos.
You can easily do this too, as a vehicle for helping your ideal client learn more about her chosen passion.
When it comes to quick content re-purposing, this is the way you need to start thinking.
Step 2: Testing the waters – which ones to choose and re-use
Start by re-purposing your best-performing content using the quickest method possible for you. For example, if making videos is drop-dead easy for you, make a one or two-minute video on a point. Or, better yet, make a whole BATCH of videos in one day, and schedule them in your monthly overall editorial calendar for release on:
- Your blog
- Social media
- YouTube
(This gives your simple video triple the power to reach your ideal client!)
Pay attention to where you get the most shares of your content. For instance, if you find that traffic to your YouTube channel consistently comes from Twitter and none from your blog, plus only a small percentage from Facebook, you can save yourself time (if you need to) by dropping the blog posts.
Always concentrate your ad dollars on your best-performing platforms. (A big mistake often made is concentrating ad dollars on the most poorly performing ads, thinking that this is where your money needs to go!)
So, for example, if the majority of your shares are coming from Twitter (now X), plan a Twitter ad campaign for the coming year.
(Of course, if you gained the majority of your video-link shares from Facebook, you’ll want to consider boosting that with Facebook ads instead.)
The important thing to remember is to keep it simple. Repurpose content in ways that are:
- Most easy for you to produce
- Most important to your ideal followers and clients
Important: No matter what content formats you choose, and no matter where you share them, don’t just track and test once. Create a regular schedule for testing and tracking the performance of your repurposed content. And if any piece goes viral, base a paid product on that topic.
Content performance “evaluations” (regular testing and tracking) will keep you in tune with the pulse of your ideal audience.
And a steady stream of minimalist content (infographics, quick videos, one-minute livestreams, checklists, et cetera) will boost your visibility and brand presence.
Step 3: Adding more value to your existing products without going overboard
Adding value to your existing products is all about the “Three Ps”:
- Positioning
- Packaging
- Perceived value
Positioning
The ideal time to do this is when it’s time to upgrade and re-brand your business (but you can also do it any time you want).
How do you know when it’s time to upgrade your business? When you have a waiting list full of clients; when you have a strong, active list and presence; or when you are finally making steady passive income and sales.
Never, ever jump on a bandwagon, and copy-cat your competitors solely so you can raise your prices too. ALWAYS make sure that if you raise your prices:
- Your customers and clients are in the right purchasing group (i.e. they can afford it)
- You raise not only the real value of your product or service, but the perceived value too
It’s one thing to analyze what your competitors are doing, and suddenly experience an epiphany as to what you could be doing differently or what you’re not making the most of … and it’s another thing to raise your prices just because your competitors have done so.
Packaging
Also, keep in mind your place in your market. If you find yourself lost in a crowd, with fierce competition, then sometimes the best thing you can do is to find your USP (unique selling point) – something that makes you stand out – and position yourself in a different price bracket.
Perceived Value
Here are some solid ideas for adding more value to your existing content, products, and packages:
1-Create multiple-choice formats
Examples:
- If you’re sharing a video, add a transcript version of the video for people who prefer reading.
- If you’ve just given a webinar, share the slides, a worksheet, or other handout.
- Add checklists or templates.
- If your product is a “How to” book, create a workbook to accompany it.
- With a product include instructions or quick-start guides
2-Repurpose already-created products that need ‘repositioning’
Example: That $197 product you created that people are complaining is too expensive—Bundle it in with your VIP-level course and use it as a bonus selling feature
3-Include un-altered past products as bonus gifts
Example: A book whose sales are falling off
–>Especially effective if the book augments or supplements what you are selling/teaching. Your book can be a real pot sweetener, because it’s going out to an already-qualified audience
STEP 4: How to raise your price and sell even more than before
You could choose to be the voice of reason in an over-glutted VIP-copycat market by still keeping your prices at a point where you are doing well … or you could be the one providing a key, huge benefit that justifies raising your prices to soar past other marketers.
It all depends on your clientele.
The key is to focus on who your ideal client is and how you can best help her, not on the latest trend in pricing and upgrading.
What does she want? What is the best way to deliver it to her?
That being said:
- To raise your prices, you must raise your value
That is the only real “rule” you have to follow. Upgrading your website, slapping the word “VIP” all over it and selling the same old stuff is NOT a high-powered sales strategy. It’s a recipe for disaster.
(While “positioning” is an important strategy – one that you should base on market analysis, tracking, and updated research – repackaging and repositioning something that hasn’t changed will be perceived as a rip-off by your followers and customers! If you’re selling “new, improved Veemo”, it HAS to be new and improved!)
If you want to raise your prices, don’t just show your customers that YOU have upgraded to the next level: Show them that you can help them get to the next level too.
Step 5: 7 Small tweaks to set you up for vip service
Life changes. And so do technology, trends, and customer/client needs. This means you must keep your ears and eyes open, to know when to change.
You need to position yourself to lead your most savvy, action-taking clients into the future. These are the clients with ambition; the ones actively moving towards their goals; the ones who want VIP service … and are willing to pay VIP prices to get it.
Here are seven small tweaks you can do to make sure you are set up for this VIP service.
1- Make sure you include your personal time and attention
What can you give clients that no one else can provide? You, of course. Your attention; your coaching; your answers to questions.
So, when advertising your VIP course or program, consider ideas like throwing in a one-hour brainstorming session with a later 30-minute follow-up session.
Or, offering a weekly (or monthly) live Q&A session.
Or, create a Facebook or LinkedIn Group where you make a point of interacting every day. (A VIP “insiders’ circle”.)
No matter what format you put it in, personal access to you is going to be the biggest added-value incentive to your fans and followers.
2- Concentrate on your media presence
Let others know that media giants have recognized you. However, for that to happen, first you need to create a top-quality media kit. (Canva has media kit templates you can reconfigure.)
Next, actively seek to guest post on or be interviewed by a real authority site such as the Boston Globe or Inc Magazine. Then you can discreetly put their name or logo on your home page, the way that authority figures like coach James I. Bond does here:
Don’t be intimidated. Pay attention to submission guidelines, and contact the appropriate person. Do this regularly, consistently, and sooner or later you will land ONE interview/guest post with a major authority site … then the rest will prove to be much easier, to the point where authority sites and publications will seek YOU out.
3- Be an A-level guest
Hand in hand with building a media presence is becoming an “A-level” guest. This involves basic principles such as:
- making your host look like a hero to his or her guests,
- sticking to one strong topic,
- giving real value,
- sharing a secret (or your best tip),
- telling a fascinating story – all while keeping it relevant.
If public speaking is hard for you, the best way to learn is to proceed with small steps. Start out in a small, safe environment—a sympathetic online group course, or a local branch of Toastmasters, where you can practice making speeches in front of like-minded peers, in a sympathetic environment. Or develop a signature speech.
Learning and following a simple formula and being proactive about getting out there, and finding guest spots is the real secret to making this particular strategy a success.
You may not yet be an “A-lister”, but you can certainly be an A-level guest!
4-Give your website a high-end makeover
Websites are subject to fashions, the same as anything else in daily life. If your ancient website is working for you (and it’s mobile-optimized) that’s great – but another strategy for raising your prices and going VIP is to brighten up your website.
- Book a professional photo shoot (incorporating a variety of outfits and accessories in your brand colors, as well as great locations.)
- Use the latest WordPress themes. If it’s appropriate for your brand, short-cut this with a builder (such as Divi).
- See what others are doing, but don’t copy them exactly! Or hire a web designer who specializes in branding, such as Jenny Ferguson, of SPECS.
5- Find the right JV partners
You can leverage the expertise of others by partnering with an influencer in a relevant field. If you don’t have a list of at least 10,000 subscribers, this is admittedly going to be harder – but not impossible, particularly if you make it easy for them; i.e., do all the heavy lifting at your end. Provide them with a brandable bonus, a flexible schedule at your end … and, most of all, show them exactly why your offer to partner will benefit their audience … and exactly how (and how extensively) you are planning to promote their involvement.
Start by approaching experts who already know you: The owner of the VIP membership group or mastermind you belong to (or a fellow member) and your own coach are two great places to start.
6- Create a free challenge to introduce your new offer
Creating a free 30-day (or 5-, or 10-day) challenge is a great way to upgrade your image. And it’s a way to promote a paid membership or course that is going to follow it.
Make your challenge stand on its own:
- Focus on a challenging but achievable goal for your participants.
- Give them concrete direction—at least one step to take every day.
- For your challenge, create a Facebook group, and seed it with peers or clients who will add to the community.
The beauty of this is you get to:
- Create a vibrant, active community centered on a common goal
- Get to know possible ideal future clients
- Tap into their reactions, feedback, wants, needs, and testimonials
- Set them up as eager candidates for the more intensive paid offer that you can position after the challenge ends
- Keep up and build momentum around your authority
And you can do all this with very little effort at all: In fact, you’ll find that your group challenge members step in and do a lot of heavy lifting for you.
7. Bundle it!
Reformat your best offers into a variety of media, add a weekly or monthly live webinar, and resell it as a deluxe version of your training.
Remember, if you want to go VIP, always think in terms of taking it to new levels. This can be scary: You can wake up at night sweating over the extra cash you’re investing and wondering if you’ll make back your investments. When you challenge not only your community but yourself too, such fears are normal.
However, step up and try it. Because you too are allowed to go for your big dream and live the lifestyle you really want, all while you help your community and clients to achieve theirs.
And that’s a pretty sweet win-win for all.
This is the fourth of a 4-part series of articles about planning your business. You can read them here:
1) Say Goodbye to Distractions + Hello to Your Creative Flow
