4 Hacks to Increase Revenue | EP 98

4 Hacks to Increase Revenue

1. Increase your rates 00:57
   • A few years ago, somebody recommended to David that he increase his rates. They said that this would increase revenue and he’d probably get more clients.
   • It just didn’t make sense because you would think that increasing your rates would make it harder to get business. You might think that you should be discounting to get more business, but it’s kind of interesting that it is the opposite.
   • David did increase his rates and he couldn’t believe that he not only increased his revenue, but he also increased his number of clients. He started attracting a different level of clientele that was willing to pay the higher prices.
2. Add upsells and downsells 01:57
   • The point here is that the easiest way to make more money is to get your existing clients to pay you more. You’ve already earned their business. They trust you and so they are more willing to do further business with you.
   • So if you are building websites for clients, upsell a maintenance plan. This could include hosting, or even services like email marketing or Facebook ad management.
   • These services fit in with the core business of building the website, so it’s an easy sell. You helped the client build the site, now the next logical thing is for you to help get more people to the website.
3. Retain your current customers 02:55
   • If you do start offering some of those recurring services (which we highly recommend), start implementing some of these strategies. Offer upsells like hosting, maintenance plans, inbound marketing, and more.
   • If you maintain those customers and continue to grow, it’s just going to increase your revenue exponentially.
   • Do a great job. Make them want to stay in business with you. Keep in touch with them and let them know that you are there if they need you.
4. Run retargeting ads on Facebook and YouTube 04:03
   • The basic rule of thumb here is people that come across your website may not be quite ready to sign up for your email list right then or reach out for a quote. A retargeting campaign will help you stay top of mind so that when they are ready, they think of you and come back to your site.
   • When you’re advertising to cold traffic, the sales cycle is much longer. When you’re advertising to warm traffic (people who were maybe referred to you or heard about you before), the sales cycle is much shorter and the conversion rate is higher. They already know you and you’ve built a small level of trust.
   • Be sure to have the pixels set up on your site to retarget potential customers.
   • Check out episode 65 for more information on Facebook ads.