Want to know one of the biggest mistakes almost all digital entrepreneurs consistently make?
And when we say “all”...we really mean it. We see it with those who are brand new and those who’ve been in this game for years.
When you clearly understand this and apply the tips we’ll be sharing in our article today, your business becomes simpler, you’ll have more free time, and you’ll unquestionably make more sales with less effort. Sounds worthy of some further investigation, right?
Well, here it is…
One of the biggest mistakes we see Knowledge Commerce business owners making is focusing the majority of their time and resources on getting new customers instead of finding ways to sell more to the ones they already have!
The Real Gold In Your Business
Whether you’re an online or offline business, remember this truth:
Most profits are made on the back-end!
What does that mean? It’s simple. Front-end refers to the process of acquiring a new customer. New being the keyword. Back-end refers to repeat sales to the customers you’ve already acquired.
And get this…
Most companies are willing to take a loss on the front-end when acquiring a new customer because they have processes and systems in place to turn that first-timer into a repeatable and more profitable lifetime customer.
The first sale for any business is always the hardest and most expensive to make. Doesn’t matter if you’re selling an online course, access to your membership site, or if you’re a brick and mortar business trying to bring in a new patron.
The new customer will always cost the most.
And when you know this, you’ll quickly see the importance of creating a backend strategy to your digital business. Those who get this right are the ones who turn flash-in-the-pan successes into Knowledge Commerce empires.
And not only is it the fastest way to increase your profits…
But it’s also far easier to sell to someone who already knows, likes and trusts you than it is to try and convince a complete stranger to take a chance on your offer.
So if you want to make more money with less effort, here are 5 tips to help you get there…
5 Back-End Revenue Raising Growth Hacks
Obviously, these tips are not the end-all-be-all to maximizing your current customer list. The goal of this article is to remind you of the importance of your buyer's list and give you a few ideas to help make more sales to them as soon as possible.
#1: Email Your Buyers More Often
This may be the fastest and easiest way to increase your sales. And many of you already know this or have heard this before, right? But as they say “common knowledge isn’t always common practice”. So we’re here to nudge you again : )
But if you truly want to bring in more sales each day, you really need to be emailing more.
And to be more specific, emailing your *buyers* more. Which if you’re using Kajabi is easy to do. With our different tagging features, you can send emails to anyone who’s bought one of your products before, is a current member, and anything in between.
You should have a “buyers only” list which you communicate with regularly.
This list will have far better open and conversion rates and will be much more receptive to any offers you put in front of them.
Now if you’re already emailing daily or close to it, carry on! If you’re not, here’s what you can do to email more often without feeling like it’s pushy, annoying, or self-serving…
Most online marketers communicate with their email list the same way a furniture store advertises. It’s all about sales, deals, and acting now! While everyone loves a sale, this type of messaging will burn out your list. Even with your most loyal customers.
So instead, you should look at your email like it’s talk radio with your customers.
Share stories, entertain them and provide useful and unique information. And yes, always share your link inviting them to buy whatever other products or services you offer.
When you email like this your customers will continue to look forward to hearing from you and will buy again and again.
So email more often. It doesn’t get any simpler than that.
Do you have your buyer's list put together and an email ready to send them today? Perfect. New sales are waiting right around the corner.
#2: Create New Offers
Here’s one of the most important pieces of wisdom you need to remember:
Your income is in direct proportion to the number of offers you’re making to your market.
Want to increase revenue? Increase the number of offers. It’s as easy as that. And while brand new offers to cold traffic take time to see if they’re going to work or not, new offers to existing customers are much easier and faster to convert.
These people have already purchased from you and if they’ve had a good experience, they’re completely open to buying from you again. In fact, many of them are simply waiting for you to give them a reason to do just that.
So here are a few questions to consider in creating new back-end offers for your existing buyers:
- What’s the next logical problem your customers need help with?
- Has there been any product or service your customers have repeatedly asked you if you sold or offered?
- Can you create a high-ticket coaching offer? (see previous blog post for help)
- Is there another influencer or entrepreneur whom you could partner with and create a joint offer or program to offer only to your buyers?
As a Knowledge Commerce entrepreneur you’re really in the “offer making” business.
And your current buyer's list is the most fertile soil you’re ever going to find for planting the seeds of new products, services, and additional revenue streams.
#3: Leverage A Referral System
So you’ve spent all this money to acquire a new customer and you’ve emailed them offering new products or services, but what if they’re just not ready to make another purchase yet?
Ask for a referral!
Referrals are one of the most underutilized marketing strategies available. Yet it costs you nothing and can create some of the best customers possible. Is there anything better than word of mouth marketing from a friend or person you trust?
Here’s a quick 3 step process of creating a simple, yet effective referral system:
- Create a referral email campaign with 3-5 emails.
- In these emails clearly, communicate who your “perfect prospect” is and how you can help them. You can also share a powerful testimonial here.
- Create some sort of monetary incentive, discount code, or coupon which your customer receives for each referral they send your way.
Load this up as an automated campaign to send to your new buyers once they’ve purchased from you. You could also add something to the bottom of your emails simply stating your referral program and the incentive they receive if they connect you with a new customer.
The point here is that instead of having to pay to acquire a new customer, you’re now leveraging the work you’ve already done and the trust you’ve created in generating a new flow of customers for less than what you’d normally spend.
That’s why it’s also ok to make your incentive really great! Figure out what it typically costs you to acquire a new customer and find a way to offer an amount below that but still enough to excite your customers to action.
#4: Use Affiliate Marketing
Affiliate marketing is about as hands-off an income stream as you’ll ever find.
Are there products or services you’ve used and think could benefit those on your list? Well, don’t forget that most of them have some sort of affiliate program in place which you can sign up for! Even just sending one email can make you money.
Even here at Kajabi, we have our Partner Program which pays you each month for every new customer you help bring to the platform!
Make a list of all the different product or services you use, or even different entrepreneurs or businesses you trust, and see how you can promote their different offers.
You can promote them to your subscribers or your buyer list. It’s your choice. Just remember that your buyers will most likely be more willing to take your word and act upon your suggestion.
#5: New Products From Old Work
Sometimes we make product creation harder than it has to be. Especially when you’re promoting new products to your buyer's list. Since these are people who already trust you and recognize you as an authority, they’re more likely to be receptive to anything you present them.
Here are a handful of ways you can turn old work into new products:
- Getting the transcriptions from podcasts you’ve done, video training, or audios you’ve recorded and turned them into books or in-depth pdfs.
- Bundling up some of your older products into a massive vault like deal which you discount heavily.
- Creating video walkthroughs to some of your more popular topics which can be sold as crossells to your existing courses, memberships, etc.
- Selling any recordings of you speaking at live events, providing coaching, or other kinds of video assets.
The key here is to always be thinking how you can turn work you’re already doing into an ancillary product you can sell.
Just like sawdust is a by-product of other work being done and then used in everything from concrete, garden mulch, and even kitty litter, there are similar opportunities there for you.
Back-End Marketing Should Be At The Front Of Your Mind
No matter which tip you take away from this article and implement in your own online business, the main idea we want you to understand is this…
Your best customers are the ones you already have. Market to them more and you’ll not only make more sales, but you’ll save money, time, and run a much more profitable business.
Remember these five tips:
- Email Your Buyers More Often
- Create New Offers
- Leverage A Referral System
- Use Affiliate Marketing
- New Products From Old Work
Unsure Of What To Sell?
And If you’re still in the “idea stage” and are unsure what you’d even teach online, we’ve recently put together a brand new, completely free, 3-part video training series which takes you from idea to your first mini-course.
Click the link below to get immediate access to the first video:
CLICK HERE FOR IMMEDIATE ACCESS
If you already know what you’d like to teach and would rather jump right into the Kajabi platform and take it for a risk-free test drive, below you’ll find a link for your 14-day free trial…
Use Kajabi to Turn Your Knowledge And Content Into Products You Can Sell
We know that you have something to teach the world. We also know there are people out there who want to learn what you know.
That’s why we created Kajabi. It’s a full-featured platform that allows professionals like you to create their own businesses from home.
Create online courses, establish membership sites, and sell other digital products. We offer tons of marketing tools to help you spread the word about your products and earn more revenue.
Of course, launching a business represents a huge commitment. We understand that.
To help ease you into the process of creating a Knowledge Commerce business of your own, we offer a 14-day free trial.
Get unfettered access to our tools, templates, and other assets so you can fully explore what Kajabi has to offer.
Are you ready to become your own boss? Now’s the time.
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