3 effective ways to raise your income – without selling your soul.
1. Build a bigger subscriber community. Sell more of your existing products and services to more people. Out of these 3 tips, this one is a longer-term strategy. It definitely will not be an overnight cure-all and it’s not a magic pill, yet it is one of the most incredibly powerful things you can do to build or grow your online business.
It’s worth spending the time, energy and effort to create a database of subscribers, what I call your list community. You may have heard about list building. The fact is, it’s not a new concept. What is new is the convenience with which you can do it and the incredible reach you potentially have. Once you have a new subscriber, you’ll also want to build an actual relationship with them. Communicate on a regular basis, giving great value and making offers for your products and services. Your subscribers came to you for a reason, didn’t they? You can help them solve a pain point or achieve a goal. Don’t let them down once they’re part of your list community.
2. Raise your prices. Most people are actually undercharging for their products and services. They might look at their competition or be afraid to raise their prices. Maybe a family member or friend you were talking to said – “What?!? You’re going to charge THAT?!” filling you with self-doubt and anxiety. This has happened to most business owners.
The fact is your family and friends are not your target market. It’s super important to dig deep into what the true value your ideal clients get from working with you. The first time you raise your prices, you’ll feel extremely uncomfortable, I guarantee it. You may even find a way to not do it, reverting to offering your lower prices out of fear. Don’t do it…
It happens to all entrepreneurs at some point. Fear and loathing about asking for money. You did start a business, right? Not a non-profit agency?
Maybe you’re overwhelmed with business and you know it’s time to raise your prices.
Maybe you recently started your business and you’re simply scared of asking for money. Especially if it’s for something you love doing and would do for free.
It’s not a service to your client if you’re not asking for the sale or you’re undercharging.
Think about it:
Scenario one: you get the best advice from a friend that could solve your problem immediately.
Scenario two: you find the “head guru” in that area and you invest a big fee for the same advice.
Whose advice will you take seriously and implement? The one you invested in! Weird but true. And after getting the great advice from your friend, you’ll probably end up feeling guilty and resenting them when you don’t use it. All because you never made an emotional and financial commitment to take action.
By giving your stuff away for free or cheap, you’re devaluing it and it will help no one.
Put some emotion into it. Why are you in business? No, really… the REAL why. Not just, I don’t want a “real job” or “no one else would hire me”.
Did you want your business to allow you and your spouse to stay home and work together? Was it to have schedule flexibility and freedom? To be able to make more money than you could in a job? Send your child to college, care for your elderly parents or save for retirement?
Think about your real emotional reasons and know that if you don’t ask for the sale, you won’t reach those real goals. Then ask for the sale. Every time.
When you do make your first sale for more money, make sure you sweat blood for your new client to ensure you do everything possible to help them get the best results. And when they do, your confidence in your higher prices will be confirmed.
3. Be about much more than your products and services.
What do you stand for? I mean go deep… In this noisy online world, telling your stories has never been more important than it is now. Why? Because it’s the one thing that can really help differentiate you from everyone else out there! You are a Hero to your potential clients and customers, tell your story.
Uncovering your marketing stories can transform your business
Many times, people come to me for help with their marketing. They wonder why they aren’t getting any new clients or building their list. When I do one of my monthly free website reviews for my subscribers – I look at exactly how they can monetize their products, information and passion faster, I see the same exact thing over and over… there’s nothing to differentiate businesses from each other. Especially at the rate we’re getting bombarded with new information, site, products and services. Everything begins to look the same.
A learned an incredibly valuable lesson about the power of story in marketing years ago. My grandmother (aka “Abuelita”) moved to the United States from Latin America. Abuelita made homemade beauty recipes our ancestors used to manufacture for the local community. One day she helped me make soaps for a baby shower. These soaps were actually shaped little like baby booties. Because they were handmade and organic, other mommies wanted to know where to buy them. There was an opportunity here! I started a bath & beauty products company with my Abuelita’s’s recipes.
To get the word out, I made an investment in a booth at the Dallas Market Center. I had no idea what was going to happen. We did a lot of preparation and visualizing that everything was going to go well. The first time, I had a lukewarm reception and sold, but I didn’t hit my sales targets.
The next time at the Dallas Market Center, I made sure to tell the story of my family in all my marketing materials. Old black and white family photos were used in the catalog. Old family films were used in the marketing video created for the booth. My goal was to get into 20 spas and luxury boutiques.
Because of the story behind the products (every single product had a story associated with it), my booth was a huge success. A little too successful, actually… We got into 31 spas and sold out of inventory. Even with a full day left of market! I had a choice. Close the booth or keep selling stuff and figure out how to fulfill all the orders after the market was closed.
My decision was to go for it and kept selling stuff until the very last moment. On the drive back home, I calculated the raw ingredients to have express shipped to fulfill all these new orders. We worked like madwomen to get all the orders fulfilled. No sleep and that’s no joke.
This demonstrated to me the power of using your marketing stories to stand out and grow your business. How and where can you add story to make your business as unique as you are?