We offer you 21 ways to increase the profits of your online business. Take this as a checklist and see if you are missing out on a potential revenue source. If yes, then add the resource to your income stream.
However, we would like to tell you – DON’T try all these at once. Keep adding them as you go ahead with your online business.
1. Add an Upsell
Adding an upsell can really work better for you. Add an upsell right at the point of purchase or right after purchase. Why? Because you can make the next sale to the same customer when he already has his credit card or paypal password handy with him. As a customer buys something, he is more inclined to buy another item. Utilize it.
2. Add a Deluxe Version
This is a good technique for people who sell information product (courses, ebooks etc). Add a deluxe version of the already existing product where you can add some things extra (templates, checklists, readymade sites, extra guidance). Then charge a higher price for the deluxe version. If a normal version costs $100, for a deluxe version, you can ask for $150.
3. Increase testimonials
Testimonials have psychological effects on customers. People buy something which others testify as good. More testimonials mean more chance of convincing the customers that the product is really good. Testimonials improve sales as they work as advertisements.
4. Write more follow-up emails
More follow up emails help in two ways. First it keeps your customers in close contact and second, it increases the chance of conversion. Continuous follow up emails do not let the customer forget you or your product.
5. Contact your customers off the Internet
If you can contact your paying customers offline besides emails, then there is more chance of more sales. Print newsletters will help the traditional customers to believe you more. You can send a postcard to all your paying customers. Postcards lost very little.
6. Create services exclusively for your hyperresponsives
Glenn Livingston shows that there are customers (1 out of every 2,000 visitors) who produce 50% of your business profits. So focus on such hyperresponsive customers. Focus on selling high ticket products to such customers. Create products and services exclusively for them.
7. Add payment options
Have you experienced loss of sale due to lack of a particular payment option? Even if you haven’t noticed it, but it may be happening with your business. So offer more and more payment options for customers.
You can also offer your product in monthly installments. People love to pay small amounts every month then one huge payment.
8. Hook on a continuity program
If you add a continuity program to your offer, you tend to make more money. The continuity program will ensure your customers stay for a longer time and keep paying you.
9. Specialize to a niche
When you become a specialist in any particular niche you are known by more people and you tend to garner higher price for your service and products. Specialize in one niche instead of many of them and then you will see your value increasing. A specialist brings in more referrals and business and so earns more money.
10. Raise your prices
Raising the prices may seem to be very stupid thing sometimes but it also helps. When you raise your price then you may find higher sales than previous times. Low prices actually deter customers because they think you are cheap and they think so about your services. A premium price even though not the expensive one, will generate better and more customers for you.
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