If you know your pricing is correct then making more money in your business can be achieved two specific ways: sell more or charge more. Charging more is a discussion for another day. Selling more product can seem daunting. What else can I sell? Do I have time to create something new? Do I have the skills needed to do something different? A way to make money in your business is to focus on what you have done or are doing right now. If you have been in business for a few years you likely have previous products and content you may be able to use to create value for your clients on top of, or within, your current offerings. Here are three ideas you can start with.
We often create a large amount of content for our clients; like video, audio, and written content, as well as content we have created for our own use inside our company. Here is one example that may give you some ideas of what you could add to your own products.
When I started hosting the Power of Leadership 5 years ago (back when it was called the EClub), I wasn’t thinking about how I would accumulate the recordings of experts and their teachings over the years. Time often gives us a great deal of options that we only see as the single focus. In this case, I saw a monthly 1 hour expert call. When I realized I had over 50 hours of recordings from some of the most successful small business owners in North American I started thinking, “what else can I do with this?” I had recordings stored away and inaccessible to those that really needed it. I had hours of prep work and interviews invested and was still investing and no way to ensure the experts’ brilliance was available in an ongoing way. This made me think about creating something that would be easy to use and valuable to my clients. So I created a product that gave unlimited access to all past and future recordings for $47. It is digital access so I don’t have to monitor it (except to upload new calls) and people can download and listen to any call at any time.
Bundle & Packages
If you have ever given a webinar or online training, you can use some or all of the content created for a new product. In fact, it would be best to create products with the intent of reusing the content for a digital product.
For instance, I gave a 5 week online program call “Profit and Play”. It was a detailed program on business development which included group calls and group coaching. I put the group calls and exercise work into a digital product and offered live group coaching calls to go along with it. I only needed to deliver the content once for the program and then it was delivered via weekly download. I reduced the amount of time I had to put into delivering the program and was still giving people the insight and support they needed to grow their business.
Use any past product, part of a product, or content to add value to a new product and entice more sales. You have seen this done very successfully by many experts. When you purchase their new product they add in access to something else.
e.g. Register for my 3-day program by ‘specific-date’ and get immediate access to my ‘X-program’.
You can even use your past content to add to your marketing reach by offering it to someone else’s product launch.
e.g. Purchase my new book today and get $1000 in free gifts. (which includes a gift from you)
If you have physical product sitting on a shelf because it is not selling as it once did, make it a ‘value add’ for your newer products. This helps with current sales and also helps you clear your inventory and balance your accounting. It is much better than having to count the product every year when you do your end-of-year inventory
e.g. Buy two and we’ll through in one of our best selling products at no extra charge.
Now that you have some ideas, get your mastermind group together and brainstorm what else you can be offering to create more money in your business sales right now!