5 Tips to Creating More Revenue from Existing Clients – Increase the Transaction Frequency
1. Develop back-end products.
The key question to ask yourself is: what other products or services can I provide to my clients after they make their initial purchase? You can either provide the products to them directly (meaning you develop it) or you can develop an affiliate or host/ beneficiary relationship with someone. Example: at NCP in the early years when we mainly formed corporations, we recognized that clients needed tax and bookkeeping support. We realized most did not have an accountant they were happy with, so we created a quarterly tax and bookkeeping program with our CPA (well trained over the years) to help support our clients. We have outsourced part of it, brought it in house for a while with a full-time CPA, and then outsourced part of it again. All along we kept adding to the service to improve it for our clients.
If you are in the home-based business industry, you or your company are probably mainly providing marketing and product training to your staff and consultants that you bring on board. Yet, they are all running a business (or should be) and you know they may need support in forming an LLC, with tax and bookkeeping, lead-developing training. It would make sense for you to offer additional bonuses when someone joins your organization to help them in these other areas. At least you would receive a referral/affiliate fee, if you refer them to someone like NCP.
CAUTION: Be careful not to offer TOO MANY back-up products where it comes across you are there just to sell anything to your clients. They must add value and connect with the goals they want to accomplish. Many of you may have dozens of back-end products or services—just make sure they make sense for your list. I would recommend you purchase the product or service first before recommending; it is much easier if you are familiar with and like the product, and not just recommending something you have never tested before.
Informational products are, many times, the easiest back-end products to develop. I would recommend you invest in the Start Your Own Information Marketing Business book from Amazon. I was a contributing author on the chapter on “how to structure your business.” http://www.amazon.com/ Start-
Information-Marketing-Business-Own/dp/1599181746 The value with this book is that you get access to the best information marketers in the world to help you develop a product. Fast Start Tips on Creating an Information Marketing Product Go to a website by a top marketer that is offering a $37- $97 product (or one in the price range you would like to offer to your clients) and opt in and do not buy. Save all those e-mails. That will give you the pattern of what happens when you opt in and do not buy. You may receive an e-mail every day for 10 days, then one every other week for 12 months…the key is to see how they add more value and ask you to go back and purchase. Second, go and purchase the $37 product and you can even use Camtasia (software that will capture any activity on your computer screen that you can add audio to and save as a video that you can review later). You can get a free 30-day trial.
Search “Camtasia” on Google, the process as you opt in, purchase, see the upsell offer, what happens when you check out…and save that file. Keep those sets of e-mails also as you purchase. Find out how the bonuses are delivered and what other offers you will receive. This will give you the entire model for both when you opt in and do not buy and when you do purchase. Now re-create the process to match your information marketing product. I would recommend you start off with online products like MP3s and transcripts saved as PDFs.
Scott is the prominent entrepreneur and CEO who founded Nevada Corporate Planners, Inc. in 1997. He also founded the complementary Fast Business Credit, Inc. in 2003, again with great success.
In addition, Scott is a busy lecturer, consultant and author, who is recognized worldwide for helping entrepreneurs get their businesses off to a fast start in the United States.