From value-packed e-books to life-transforming webinars, if you’re seeing the words on this page, you’ve already created a treasure trove of life-changing products and services for your ideal clients.
Unfortunately, if you’re not consistently looking for new ways to leverage everything you’ve already poured your love, energy and attention into, you’re leaving a ridiculous amount of money on the proverbial table.
Trust me: When you see other coaches & creatives launching #allthethings all the time, it sometimes feels like you need to be constantly whipping up fresh offers, too. I get it.
But the truth is, simply finding creative and innovate ways to sell what you already have can be just as lucrative – and less time-consuming, too.
In today’s post, we’ll explore seven easy-peasy strategies you can use to pump up the profit potential of your existing offers and make a significant impact on your bottom line–without adding to your already-heavy workload.
1) Cross-Sell Like Crazy
One effective way to increase revenue is by cross-selling offers to your existing customers. Cross-selling is essentially just that: offering complementary products or services to your customers when they make a purchase. For example, if you’re a business coach who offers a sales page template pack, your cross-sell might be a “Write Your Website” template. The offers complement each other, and the same customer who’s interested in writing their own sales page might also be very interested in writing or rewriting their entire website.
You can set this up lots of ways: maybe you include a cross-sell as an option on the checkout page for your sales page pack, or maybe it pops up as a limited-time offer on the sales page pack’s “Thank You” page. You could even follow-up with the sales page package buyers via email with a discount code for the website templates. Any way you decide to cross-sell is perfectly fine. Experiment and see what converts best with your audience.
2) Up-Sell Your Offers, too
Similar to cross-selling is up-selling. If you’re somehow unfamiliar, this technique involves encouraging customers to upgrade to a higher-priced product or service after purchasing a lower-priced option.
For instance, if you offer a basic membership package, you can present a premium package with additional features and benefits to your existing members as an up-sell. Other examples of upsells include add-ons like tacking on a $999 personalized VIP Day when someone purchases an online course for $297, or offering your signature $997 course when someone snaps up one of your mini-courses.
Like cross-sells, you can include up-sells a variety of different places–from the checkout page to an email sequence. By strategically inserting up-sells into your various funnels, you can increase the average order value and generate more income from your existing revenue streams (and existing customers, in lots of cases!).
3) Repurpose Old Content into New Revenue Streams
If you have valuable content out there just hangin’ out on the Internet (and my guess is you do) – like blog posts, videos, or webinars – you 100% should be repurposing and reusing them to create sparkly new revenue streams.
From compiling your most popular blog posts into an e-book with juicy bonus content to offering paid access to a replay of your last jam-packed live webinar, there are numerous ways to repackage and then sell your existing content.
Another great way to repurpose is to create bundles by pairing two or more products together into a single, almost-impossible-to-resist package. If you’re not sure where to start, think about what products/services pair well together. Do any of them complement each other in some way–maybe as a great pre-step or next-step in the process? Are there any services or products people tend to want to buy together–like say, logo design, business card design and social media branding?
Creating new content from the old is an easy way to boost your revenue without needing to create an all-new offer. And bundling offers together – and possibly even offering them at a slightly discounted price than if purchased separately – can incentivize customers to opt for the higher-priced option and boost your sales, too.
4) Combine a Product and Service for a Hybrid-Model
In the online business world, the term hybrid can have a few meanings, so let’s take a look at all of them, shall we? A hybrid offer is usually (but not always!) part service, part digital product. To create one, you simply combine a service already on your menu – say, private coaching – with a digital offer – say, an online course – for an all-new offer.
A hybrid offer can have other meanings, too. For example, it can mean combining in-person offers with online offers (like a private in-person VIP day at a swanky 5-star resort paired with an online mastermind that runs for six months), or live offers (like a high-energy live workshop you usually run a few times a year) with recorded offers (like a pre-recorded course on the same topic, which allows you viewer to consume the content again & again).
Sound intriguing? Try brainstorming your own hybrid offers by thinking about offers you have that either complement or closely mirror each other in topic or niche. Either option is a great place to start – and I’m pretty sure once your creative juices get flowing, you won’t be able to stop thinking up fun new hybrid possibilities you can make with your existing offers.
5) Experiment with New Price Points
As a savvy business owner, I know you understand the importance of pricing. It truly can make-or-break an offer. A price that’s too low can be just as big of a deterrent to a ready-to-buy prospect as a price that’s too high. That said, if you have an underperforming product or service, you can actually try experimenting with a higher price to see if it increases conversion. If it works, you’ll be able to make more money – and you won’t have to change (or create) a thing!
This is an especially smart strategy if you haven’t raised your prices in years or something has shifted within your business (you’re more well-known, you recently pivoted, etc.)
Why not try it and see how it goes? You can always revert back to your old price, if necessary. Don’t you love how flexible online business is? 😉
6) Set up Recurring Revenue Models
Picture this: You’re already creating new content every month for a specific program, like your high-level mastermind. Now, what if you could use the EXACT same content in a low-level membership model – one with less or no access to you – and simply offer it at a lower price point? Guess what? You can. And the outcome is generally pretty sweet: recurring revenue from content you were creating anyway!
What if you’re still offering services, you ask? How can you make recurring revenue from your existing services? Oh, let me count the ways! Don’t fret, friend, because this simple strategy can work for you, too. For example, if you’re a web designer and your main moneymaker is a signature customized sales page, you could offer maintenance packages (like say, a quarterly or bi-annual sales page ‘makeover’) or retainers for your clients who need services on an ongoing basis (like a client who needs a new sales page every month for their own new offers).
Of course, you’ll want to ensure the client is a fantastic fit (if you didn’t love working with them the first time, puh-lease don’t make your life harder by offering to work with them long-term just for some extra cash!), and that they’re a good fit for the offer in general. But if they tick both boxes? Get ready for that recurring revenue, friend!
7) Focus on Past Customers
Ever heard that it costs 5x more to acquire a new customer than retain an old one? While the exact number might shift over time, the core of this statement remains true: It’s wildly cheaper to market to current customers than acquire an all-new audience.
Which means? You should never overlook your past clients & customers. They’ve bought from you once and they’re more likely to do it again vs. someone brand new to you & your work. One way to take advantage of this is to re-market to past customers or offer special client-only deals. You don’t have to create anything new – but you can offer your past loyal clients new opportunities to collab.
If you offer courses & digital products, you might extend past clients a special (and very tempting) discount on future programs, or creating email campaigns specifically for past customers that continue to expose them to the buffet of courses or products you’ve created to help them.
And if you’re still offering services, you can still take advantage. Maintenance packages and retainers (which I just mentioned) can fall into this category, but so can other unique offers like quarterly VIP Days (which you can offer after they’ve already completed one VIP Day with you, for example) or client-only discounts on future projects.
Bottom line: It’s always fun to create new offers & grab the attention of new audiences. But it’s high time to stop underestimating the power of your existing offers and customers. You shouldn’t leave your creme de la creme of offers just collecting dust on a digital shelf. Why not make use of them instead, and see how much you can make in return?