05: 3 ways to increase your revenue in your business and the ONE way I want you to focus on now
Revenue, revenue, revenue. Music to your ears, right? There’s no shame in wanting to make money in your business. Financial freedom is what I want for all of us. The ability to make and impact AND and income for us and the people we love, is what entrepreneurship is all about.
Today, we’re going to be talking about growing that revenue. But first, let me preface this whole conversation by saying, YES I’m going to teach you ways to grow your revenue. We all want to make more money in our businesses right? BUT I want you to be keeping your eye on those PROFITS. When you set your goals, you should be focusing on profit goals, not revenue goals. Revenue is the money that you’re bringing into your business (that’s sales). PROFIT is what you keep, what you take home.
We’re going to talk ALL about profit on future episodes of the Build That Business Podcast, so sit tight. Today, we’re specifically starting with revenue… but I wanted to mention that because profit, profit, profit is where we ultimately want to focus.
BUT, you can’t make profit without revenue, right? So, let’s dive into the three ways to grow that revenue so that we can make more money.
#1 Sell to more people
This is ALLLL about lead generation and in the wedding world, this is what a lot of us focus on. Getting new leads into our business. Because our clients usually get married once, right? So we don’t have a lot of recurring customers. We are constantly trying to get new customers in the door.
No matter what business you are in, what niche you’re in – lead generation will always be the life blood of your business. I will ALWAYS teach lead generation, but that’s actually not the one we’re going to focus on today. Surprising I know, I’ll explain why in just a moment.
#2 Increase each transaction value
These are things like raising your prices, getting customers to purchase higher packages, or more items.
This is where getting good at sales comes in. Oh girlfriends, sales is a skill you MUST have as an entrepreneur. You gotta get good at selling your stuff. If you can’t sell your stuff, you can’t grow your business.
Now If the word, “sales” scares you, you’re in for a treat with this podcast. Because sales is my middle name. I have a close rate of 96% and I’m going to teach you all my tricks.
#3 Increase the frequency in which people buy.
THIS is the one that we’re going to dive into today.
Before my wedding pro’s sign off here, I need you to stay with me. This one is something that I ignored for YEARS. And I left so much money on the table.
When I heard, “Increase the frequency in which people buy”, I immediately discounted it, I said, “Nope, that one’s not for me. This is for businesses like salons, or cafes, people that have recurring customers.”
The wedding industry rarely has recurring customers. Unless we do another event for our clients down the road like a birthday or baby shower, or something like that.
But usually our couples get married once, and then that’s the end, right? I discounted this one and I put ALL OF MY FOCUS on acquiring NEW customers. You always have to acquire new customers, that’s just a fact but, there is so much value and opportunity with the customers that have already purchased from you. I want you to leverage the people who are already warm leads, who love and trust you.
THIS is what we call the upsell. And it’s what we’re doing to dive into today.
This big epiphany came to me when covid hit. Like every other wedding professional in 2020, all of my weddings were shifted to 2021. Leaving my calendar jammed packed with people who already booked with me and already paid… and leaving NO room to book new clients. On top of that, no one wanted to book because they were all scared to plan a wedding in 2020. Can you blame them?
So, I quickly had to look back at these three revenue generators and say, “Okay, what can I do here? How can I save this year? “
A lot of us got really good at upselling this year out of necessity.. But it’s a skill that is going to serve your business forever. So, let’s get into the tangible things I want you to do right now. Get out that notebook and press play… we’re going to dive in.
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