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How to Grow A Business Online – 6 Ways to Make Your Profits Bloom
Whether you’ve got just a seed of an idea to grow a business online or are looking for fresh ways to increase your profits, it literally pays to take a look at different ways to expand your income.
Here’s the thing, often entrepreneurs reach out to me for marketing help, no matter what stage they’re at in their business, typically their No. 1 thought is to sell more of their existing products or services to more customers. But there’s another way that you can expand financially — in fact, there are lots of ways.
It comes from developing “multiple streams of income,” which is really just a fancy marketing way to say “Don’t put all your eggs in one basket.”
Here are five ways how to grow a business online by diversifying from your core product or service.
1. Consults: Even if you’re promoting a product, people want to pick your brain. Consulting is certainly relevant to service professionals, but there are people looking for guidance from anyone with success or experience that can shorten their learning curve. Next time someone starts to ask you advice that you worked hard and long to garner, let them know “That’s a great question” and you actually just happen to offer consults around this very topic. Local service professionals can often expand their profits by providing consults beyond their region via phone or Skype depending on their type of business. Offer the sessions in various increments, starting with something small and affordable. Once they realize the results focused approach you are providing, I find that clients then want to sign up for longer sessions. It’s like an express pass to success for them.
2. Video training: Developing a series of training videos or product demonstrations can be a cost-effective way for your clients and customers to benefit from your expertise, even if they don’t want a one-on-one customized session. Put together a series and offer the overview video for free, then bundle a set for a logical price. This is another way to give your prospects a sampling of what you have to offer, with the intent that often they will convert into paid consults.
3. Audio tapes: An audio tape is can be set up the same way as video training but is often easier for you to make — and therefore more lucrative. In addition, I find that many clients prefer audio to video because of the portability. They can listen to it on the go — in the car or on a walk, at the gym. Really play up this portability aspect when offering audio tapes of your expertise.
4. Affiliate products: Do you have certain online products you work with that make your life easier — and would do the same for others? Often you can work with other entrepreneurs to offer complementary products or services on your website or to your email list… and make money every time someone clicks the links and buys the product or service through your site. I have several relationships like this with companies that I really believe in.
5. eBooks: Do you have a thriving blog or email marketing campaign? Then you already have the start of an eBook. In order to make the book appealing you have to ensure that you are offering more than what you offered for free already. But, by taking content you’ve already created, and adding more detail and insight, you have an information-packed book that your customers will pay for. Make sure it isn’t the exact same info on your blog, though. Your prospects will expect added value, and Google doesn’t like duplicate content.
6. Up-sell and Cross-Sell: Whether you are promoting a product or a service, you can always offer an additional promotion once someone has purchased or promote something complimentary during any part of the sales funnel. Something as simple as “If you like this, you may also like this” can provide added value to both you and your customer.
The benefits of all these tactics to you (monetarily) and your clients, via your expertise, are obvious. The trick is to get people to realize that your expertise is worth the cost. You have to speak in terms of “return on investment.” Your potential buyers need to understand that what you are offering will help them solve a potential problem or challenge, and get them on the road to improved profits. It’s a win-win — profit for you and profit for them when they learn from your mistakes or guidance and improve their own business.
Entrepreneurs who have made even simple tweaks after a training with me have helped increase sales of their products and services. A small business owner recently told me that after one of my trainings, where I talked about enhanced online product marketing, she was able to move certain products in her online store that had been languishing. My advice made a real difference in her business — and that is advice that is worth paying for.
As you consider how to grow a business online, branching out to take advantage of multiple streams of income is the perfect way to add value to your – and your client’s — businesses. Whether you sell products or a service, you can showcase your expertise in a way so that other small business owners can benefit.
Ready to make more profits and create your best year, yet?
Call me today at 1-858-859-1411 or email me at firstname.lastname@example.org and let’s talk about how to help you reach and surpass your business goals this year.
Looking forward to connecting soon.