1 00:00:00,120 --> 00:00:04,719 What other problems can you solve for your ideal clients? What are the problems 2 00:00:04,799 --> 00:00:08,279 might make it easier for them to solve the problems that you already solve. 3 00:00:09,199 --> 00:00:12,720 Those are some ways that you can increase the lifetime value because it is so 4 00:00:12,800 --> 00:00:17,679 much easier to get an existing client to come back and help them again and 5 00:00:17,719 --> 00:00:22,000 again and again than it is to constantly try and attract all of these new 6 00:00:22,039 --> 00:00:28,519 people into your audience. Welcome to Imperfect Action. I'm Steph Taylor. For 7 00:00:28,679 --> 00:00:31,960 years, I read all the books, downloaded all the freebies, and did 8 00:00:32,039 --> 00:00:36,759 all the courses, But it wasn't until I started taking imperfect action that my 9 00:00:36,840 --> 00:00:42,799 business had its first million dollar year. Imperfect action is about doing things before 10 00:00:42,960 --> 00:00:48,880 you're ready, prioritizing consistent action over perfect action, and moving forward even when 11 00:00:48,880 --> 00:00:52,840 you're not sure you're doing it right. On this show, you can expect 12 00:00:52,880 --> 00:00:57,759 mindset advice, actionable marketing tips and strategies to build a business that brings you 13 00:00:57,799 --> 00:01:03,719 more profit, more freedom, and even more joy. You want the list 14 00:01:03,719 --> 00:01:07,159 to get my daily businesses. Every day, I'll send you a bite sized 15 00:01:07,200 --> 00:01:11,480 prompt designed to help you grow your business in a more intentional way. Sign 16 00:01:11,599 --> 00:01:15,280 up at Steph Taylor dot co, forward slash DBB, or at the link 17 00:01:15,400 --> 00:01:21,599 in the show notes. Hey, welcome back to Imperfect Action. This is 18 00:01:21,640 --> 00:01:26,319 episode seven hundred and twenty nine. Today I'm sharing some ways you can create 19 00:01:26,359 --> 00:01:33,640 consistent income in your business without going and launching a membership. I know that 20 00:01:33,799 --> 00:01:38,640 there's this big misconception out there where people will tell you, oh, the 21 00:01:38,680 --> 00:01:42,640 only way to create consistent income in your business is to have some kind of 22 00:01:42,680 --> 00:01:47,719 recurring revenue offer. And while yes, having a recurring revenue offer can be 23 00:01:48,280 --> 00:01:53,120 super helpful, it can be really nice for evening out the highs and lows 24 00:01:53,159 --> 00:01:57,079 in your income, it's also not the only way to create consistent income in 25 00:01:57,120 --> 00:02:01,840 your business. And today we're going to talk about some ways to create that 26 00:02:01,959 --> 00:02:08,319 consistent income without adding any kind of recurring revenue offer like a membership or a 27 00:02:08,520 --> 00:02:14,120 retainer package. Now, I do share more tips on how to create consistent 28 00:02:14,159 --> 00:02:20,439 income in your business in my free masterclass seven Secrets for Consistent Sales. You 29 00:02:20,479 --> 00:02:23,879 can register for that at Steph Taylor dot co slash Masterclass, or you can 30 00:02:23,919 --> 00:02:28,840 send me a DM with the word masterclass. I'm on Instagram at Steph Taylor 31 00:02:28,919 --> 00:02:34,199 dot co and I will send you a direct link to register for that masterclass. 32 00:02:34,360 --> 00:02:40,400 It's a really simple way for coaches and creators and experts to grow your 33 00:02:40,439 --> 00:02:46,960 income without having to work more hours or spend loads of time on social media, 34 00:02:46,120 --> 00:02:50,759 just constantly trying to get new people in through the door. So defftailor 35 00:02:50,800 --> 00:02:53,960 dot co slash masterclass is that one, all right? So there are three 36 00:02:54,360 --> 00:02:59,120 main components to making sales in your business. Like, if we think of 37 00:02:59,159 --> 00:03:04,120 it as an equation, it's going to be the number of people who see 38 00:03:04,159 --> 00:03:07,639 your offers, the number of eyeballs on your offers, multiplied by the conversion 39 00:03:07,719 --> 00:03:12,879 rate, so the percentage of people who convert into paying clients or customers, 40 00:03:13,520 --> 00:03:20,000 and then multiplied that by the average lifetime value of a customer or a client, 41 00:03:20,120 --> 00:03:23,280 so how much that person spends over their lifetime. So I'm going to 42 00:03:23,319 --> 00:03:28,159 break it down into those three sections. Some things that you can do to 43 00:03:28,439 --> 00:03:30,639 increase the number of eyeballs on your offers because that will increase your sales, 44 00:03:30,960 --> 00:03:35,520 how to increase the conversion rate, and then how to increase that customer lifetime 45 00:03:35,599 --> 00:03:40,840 value. Increasing all three or improving all three parts of this equation is kind 46 00:03:40,879 --> 00:03:46,680 of a non negotiable when it comes to creating that consistent income in your business. 47 00:03:46,759 --> 00:03:51,960 It'll make life a lot easier than just haphazardly trying to grow your audience 48 00:03:52,000 --> 00:03:55,639 but without thinking about how you're converting them, or trying to increase your conversion 49 00:03:55,680 --> 00:04:00,439 rate, without thinking about how much somebody spends with you over the lifetime that 50 00:04:00,520 --> 00:04:04,400 they are your customer or your client. So let's start with number one, 51 00:04:04,520 --> 00:04:09,479 increasing the number of people that your offers reach. Increasing the number of eyeballs 52 00:04:09,479 --> 00:04:14,159 on your offers. Number one, Build your email list and make offers to 53 00:04:14,319 --> 00:04:17,279 them regularly. And when I say an offer, I don't mean that it 54 00:04:17,319 --> 00:04:23,279 has to be like a flash sale or a discount. Your offer can be 55 00:04:23,360 --> 00:04:27,279 hey, guys, for this weekend only, I'm offering this new service that 56 00:04:27,360 --> 00:04:30,959 I never usually offer, or for this week if you sign up for my 57 00:04:31,000 --> 00:04:34,519 online course, you get this bonus. Right. So, you can make 58 00:04:34,560 --> 00:04:39,120 these offers to your list with a little bit of a deadline, so that 59 00:04:39,120 --> 00:04:43,720 if somebody's on the fence they've been thinking about doing it, that little deadline's 60 00:04:43,759 --> 00:04:46,959 gonna nudge them off the fence and encourage them to convert. Now, in 61 00:04:47,000 --> 00:04:50,519 the foot of all of my emails, that go out, So we send 62 00:04:51,079 --> 00:04:56,959 pretty much daily emails at this rate, at least three emails a week with 63 00:04:57,439 --> 00:05:00,759 the new podcast episodes. But in the foot we also include ways people can 64 00:05:00,920 --> 00:05:06,240 work with me. And that's making sure that people who are on my list, 65 00:05:06,240 --> 00:05:11,120 who are in my audience, actually seeing the ways that they can work 66 00:05:11,160 --> 00:05:15,959 with me. And if you're worried that selling to your email list means people 67 00:05:15,959 --> 00:05:18,360 are gonna unsubscribe, and you'd think, oh, I just want to I 68 00:05:18,480 --> 00:05:21,360 just want to deliver loads of value to them, you could do both. 69 00:05:23,199 --> 00:05:28,399 You can deliver loads of value and still sell to your audience and know that 70 00:05:28,439 --> 00:05:30,519 if somebody unsubscribes that we're never going to buy from you in the first place. 71 00:05:30,560 --> 00:05:34,120 They probably weren't your ideal client. And that's okay. We're not there 72 00:05:34,160 --> 00:05:38,879 to just deliver value, and you can't help your audience. The ones who 73 00:05:39,000 --> 00:05:41,319 are willing to work with you, You can't help them if they don't know 74 00:05:41,360 --> 00:05:45,399 how they can work with you. Okay. Number two, include offers in 75 00:05:45,439 --> 00:05:50,759 your lead magnet nurture sequences and then consistently drive traffic to download your lead magnet. 76 00:05:50,839 --> 00:05:55,560 So let's do a little recap. Lead magnet is usually going to be 77 00:05:55,839 --> 00:06:00,720 a little freebie, like a free ebook or a workbook, or a mini 78 00:06:00,800 --> 00:06:04,360 course or a masterclass. That's going to be a little piece of free content 79 00:06:04,399 --> 00:06:10,000 where somebody has to give you their email address in return for having access to 80 00:06:10,079 --> 00:06:14,160 this content. And then once they have signed up for the freebie, they 81 00:06:14,160 --> 00:06:16,360 will get a series of emails from you, which is what I call the 82 00:06:16,480 --> 00:06:23,319 nurture sequence. Now, in that series of emails include some different ways that 83 00:06:23,360 --> 00:06:27,439 people can take that next step with you. Maybe there's just one offer linked 84 00:06:27,439 --> 00:06:30,680 to that one particular lead magnet. And in that nurture sequence, you are 85 00:06:30,800 --> 00:06:33,839 showing them, yeah, they're getting loads of value from the freebie, they're 86 00:06:33,839 --> 00:06:38,399 getting loads of value from that nurture sequence, but they're also getting that next 87 00:06:38,480 --> 00:06:42,160 step so that they can keep working with you, because they can't just magically 88 00:06:42,199 --> 00:06:45,680 find the next step, and they probably won't go on your website and click 89 00:06:45,720 --> 00:06:47,199 through all of the pages and look for the next way to work with you. 90 00:06:47,360 --> 00:06:53,240 So tell them how to and then promote that freebie. So promote that 91 00:06:53,279 --> 00:06:57,519 free lead magnet wherever you can. If you're a guest on somebody's podcast, 92 00:06:57,800 --> 00:07:00,480 make that your call to action at the end of the episode. If you're 93 00:07:00,519 --> 00:07:03,720 running Facebook ads. Run Facebook ads to it. Tell people about that lead 94 00:07:03,759 --> 00:07:09,920 magnet they can get on your email list. Number three, sell More often, 95 00:07:10,879 --> 00:07:14,240 selling gets a really bad rap. People think, Oh, I don't 96 00:07:14,240 --> 00:07:16,279 want to be salesy and sleezy, and I don't want to sell to my 97 00:07:16,360 --> 00:07:20,120 audience because that's going to just turn them off. But selling doesn't have to 98 00:07:20,160 --> 00:07:25,480 be sleezy if you do it right. It can just be a way of 99 00:07:26,160 --> 00:07:29,800 showing your audience how you actually have the solution to the problem that they are 100 00:07:29,800 --> 00:07:33,600 struggling with. And you can make offers to your audience that way without putting 101 00:07:33,600 --> 00:07:40,000 them off, without being the sleezy, stereotypical second hand car salesman that we 102 00:07:40,199 --> 00:07:45,319 tend to associate selling with. And remember, your offers can't help your audience 103 00:07:45,319 --> 00:07:48,079 if they don't know about them, so you actually need to tell them about 104 00:07:48,120 --> 00:07:51,240 your offers. Okay, So then we're going to look at the second part 105 00:07:51,399 --> 00:07:57,240 of that income equation, increasing your conversion rates. So of the people who 106 00:07:57,319 --> 00:08:01,560 see your offers, who potentially land and on the sales page, or they 107 00:08:01,600 --> 00:08:05,720 see that email in front of them, how can we make more of those 108 00:08:05,759 --> 00:08:09,879 people convert, more of the right people convert So firstly, we want to 109 00:08:09,920 --> 00:08:13,639 create the right offer. And when I say create the right offer, I 110 00:08:13,680 --> 00:08:16,120 don't mean that your offer needs to be this unique, shiny thing that nobody 111 00:08:16,160 --> 00:08:20,839 else has ever done. That's not necessarily the right offer, and it doesn't 112 00:08:20,839 --> 00:08:24,759 have to be a great exciting idea either. The right offer is one that 113 00:08:24,839 --> 00:08:28,360 solves a problem for your ideal client that they are willing to pay money to 114 00:08:28,480 --> 00:08:33,320 solve, okay, Or it helps them to complete a task that has been 115 00:08:33,360 --> 00:08:35,559 on their to do list, or it helps them to achieve a win that 116 00:08:35,600 --> 00:08:41,120 they've been dreaming of achieving and it's something that they would pay money to do 117 00:08:41,360 --> 00:08:46,759 or to achieve. Number two, communicate those offers with the right messaging. 118 00:08:46,159 --> 00:08:50,559 Nobody else is ever going to be as excited about what you are selling as 119 00:08:50,639 --> 00:08:56,320 you are, so instead you need to put You need to communicate your offers 120 00:08:56,320 --> 00:09:00,320 in a way that meets your ideal clients where they're at and shows the why 121 00:09:00,320 --> 00:09:03,759 it's something they need to prioritize. It's not messaging that's going to try and 122 00:09:03,799 --> 00:09:07,279 make them really excited and hype them up and get them to buy because they're 123 00:09:07,320 --> 00:09:09,600 afraid of missing out. That's not what's going to sell it's going to be 124 00:09:09,600 --> 00:09:13,360 messaging that shows them, hey, I know the problem you are struggling with, 125 00:09:13,799 --> 00:09:16,679 and here is the solution, and this is why it's going to work 126 00:09:16,720 --> 00:09:20,960 when nothing else has worked to solve your problem before, and then also show 127 00:09:22,000 --> 00:09:26,440 them why they should prioritize spending money on it right now. Number three, 128 00:09:26,399 --> 00:09:31,480 you have the right people in your audience. You're attracting the right people into 129 00:09:31,519 --> 00:09:35,840 your audience, so you can have the right offer with perfect messaging. But 130 00:09:35,919 --> 00:09:37,440 if you are trying to sell it to the wrong people, to the person 131 00:09:37,440 --> 00:09:41,919 who doesn't have the problem that that offer solves, or who doesn't value solving 132 00:09:41,960 --> 00:09:46,720 it enough to spend money on your offer to solve it, then you're going 133 00:09:46,799 --> 00:09:50,279 to struggle to convert them, regardless of how great your offer is and how 134 00:09:50,279 --> 00:09:54,279 great your messaging is. Though, you know, when somebody tells me my 135 00:09:54,360 --> 00:09:58,000 audience doesn't want what I'm selling, a lot of the time, it's not 136 00:09:58,039 --> 00:10:01,679 that they're the wrong people. It's usually that you haven't communicated why they should 137 00:10:01,840 --> 00:10:07,000 prioritize it enough to spend money on it. And it's often a messaging problem, 138 00:10:07,080 --> 00:10:11,200 not an audience problem. But the challenge can be discerning between the two 139 00:10:11,240 --> 00:10:15,600 of those, and then finally the third part increasing the lifetime value, so 140 00:10:15,679 --> 00:10:20,200 increasing the amount that somebody spends with you over their lifetime. And this isn't 141 00:10:20,360 --> 00:10:26,039 about not delivering loads of value in each of your offers. I know this 142 00:10:26,039 --> 00:10:28,639 can be a bit of a misconception, like, oh, so should I 143 00:10:28,720 --> 00:10:31,720 always leave them wanting more? No, it's not about that. It's about 144 00:10:31,120 --> 00:10:37,480 solving smaller, more specific problems in each of your offers, or delivering smaller, 145 00:10:37,519 --> 00:10:41,000 more specific transformations, and then helping them to solve more problems or achieve 146 00:10:41,039 --> 00:10:46,399 more problems over their lifetime and with your different offers. So number one easy 147 00:10:46,399 --> 00:10:50,080 way to do this is to add a back end offer that somebody can buy 148 00:10:50,559 --> 00:10:56,879 after they complete your other offer. So when somebody has completed one offer, 149 00:10:56,919 --> 00:11:00,720 maybe it's your signature one, and they've achieved the our come from that, 150 00:11:01,240 --> 00:11:05,720 what new problems do they have or what new transformations do they want to achieve? 151 00:11:05,759 --> 00:11:09,679 Like what is next for them? I when I created offer less, 152 00:11:09,720 --> 00:11:15,000 sell more, that's the very first step in my suite of offers. And 153 00:11:15,120 --> 00:11:18,720 when somebody has completed that, then the next question for them is, oh, 154 00:11:18,799 --> 00:11:22,679 how do I attract the right people form my offers great. My next 155 00:11:22,679 --> 00:11:26,120 offer is booster brand superfans. And once they've attracted the right people, then 156 00:11:26,159 --> 00:11:28,960 it's oh, how do I launch this new course idea that I have? 157 00:11:28,399 --> 00:11:33,360 Then it's launched Magic. So I'm not trying to solve all of their problems 158 00:11:33,399 --> 00:11:37,159 in one gigantic, overwhelming offer. I've broken it down into smaller ones, 159 00:11:37,720 --> 00:11:41,000 and it means that I can help my audience beyond just that one solution, 160 00:11:41,159 --> 00:11:46,600 beyond just the one transformation that they are achieving. The second way you can 161 00:11:46,639 --> 00:11:50,000 do this is to add an offer that moves somebody closer to buying your main 162 00:11:50,080 --> 00:11:54,840 offering signature offer if you want to call it that. So what comes before 163 00:11:54,919 --> 00:11:58,840 that main offer or what comes before even the first offer? If you have 164 00:11:58,919 --> 00:12:01,919 multiple different ones, what does somebody need before they are ready to buy your 165 00:12:01,919 --> 00:12:05,840 first offer? And a great place to get inspiration for this is from your 166 00:12:05,879 --> 00:12:09,399 non buyer surveys. So if you're sending out a survey after a launch and 167 00:12:09,399 --> 00:12:13,559 you're finding out why people didn't buy, that's a great place of inspiration. 168 00:12:15,279 --> 00:12:18,120 I did this with launch Magic. Every time I launch Launch Magic, I 169 00:12:18,159 --> 00:12:22,559 send out a non buy a survey after we closed doors and the big takeaways 170 00:12:22,559 --> 00:12:26,759 that I always get from that is oh, I don't know what I should 171 00:12:26,799 --> 00:12:30,039 launch yet, or I don't have any ideas for my offer yet. That 172 00:12:30,200 --> 00:12:33,960 told me, oh, actually, there's place for me to create a course 173 00:12:33,080 --> 00:12:37,840 that's helping people to come up with the ideas to build out that vision for 174 00:12:37,879 --> 00:12:39,440 all of the offers that they're going to sell. And that's how offer less 175 00:12:39,480 --> 00:12:43,960 sell more came around. Okay, so I was creating an offer that would 176 00:12:45,000 --> 00:12:48,480 move somebody to solve that problem that they needed to solve before they'd be ready 177 00:12:48,519 --> 00:12:54,240 to buy my bigger offer, and then number three add an offer that solves 178 00:12:54,279 --> 00:13:00,720 a related problem they are experiencing. So what other problems is your ideal client 179 00:13:00,799 --> 00:13:07,080 experiencing that don't already get solved in your main offers. When I created Booster 180 00:13:07,159 --> 00:13:11,240 Brand Superfans, that was to solve a problem that people who have done my 181 00:13:11,360 --> 00:13:15,879 podcast launch plan have, which is, once they've launched their podcast, they 182 00:13:15,879 --> 00:13:18,799 need to intentionally grow their audience. It also was created to solve a problem 183 00:13:18,840 --> 00:13:22,000 that some of my Launch Magic students have. Once they've done the first launch, 184 00:13:22,279 --> 00:13:26,120 then how do they keep attracting more of the right people into their audience 185 00:13:26,159 --> 00:13:30,000 so that the second launch grows from the first launch. That's why I created 186 00:13:30,039 --> 00:13:33,720 Booster brand Superfans. So it's a related problem that my audience was struggling with. 187 00:13:35,080 --> 00:13:39,279 What other problems can you solve for your ideal clients? What are the 188 00:13:39,320 --> 00:13:43,240 problems might make it easier for them to solve the problems that you already solve. 189 00:13:43,200 --> 00:13:46,519 Those are some ways that you can increase the lifetime value because it is 190 00:13:46,600 --> 00:13:52,519 so much easier to get an existing client to come back and help them again 191 00:13:52,559 --> 00:13:56,759 and again and again than it is to constantly try and attract all of these 192 00:13:56,799 --> 00:14:01,159 new people into your audience. So there you have it. Different little ways 193 00:14:01,200 --> 00:14:03,840 that you can play around with those three parts of the income equation, the 194 00:14:03,840 --> 00:14:07,600 people who are seeing your offer, the percentage who are converting, and then 195 00:14:07,639 --> 00:14:13,600 how much those converted clients or customers are spending with you over their lifetime. 196 00:14:13,919 --> 00:14:16,759 If you're not already subscribed to the show, hit the subscribe button. I 197 00:14:16,840 --> 00:14:20,559 release new episodes every Monday, Wednesday, and Friday, and it just means 198 00:14:20,600 --> 00:14:24,600 you'll get them straight to your podcast app of choice. Now, if you 199 00:14:24,759 --> 00:14:28,240 haven't yet left a rating or a review, please take thirty seconds to do 200 00:14:28,320 --> 00:14:31,519 so. In Apple Podcasts, I read all of them. It means a 201 00:14:31,519 --> 00:14:33,679 lot to me because a lot of work goes into creating this show. Thank 202 00:14:33,679 --> 00:14:35,480 you so much for listening. Catch you next time.