May 2016 Coaches Corner
Automation for the Busy ExpertPreneur®
As a successful Expertpreneur®, you have a lot on your plate.
But are you leaving money on the table every day?
These are not words any business owner wants to hear, yet so many people are guilty of it. And the sad part is many of them don't even know it.
If you don't have a system in place for handling every element of your business, from when your prospect signs up for your free “lead magnet”, to making their first purchase and beyond, you are leaking profits from your bottom line!
In this month's newsletter, we are discussing how you can stop leaving money on the table. In this article, I'll show you how you can implement and optimize an automated marketing system, which enables you to collect the most revenue possible from your customers, and keep it.
You'll discover one key strategy to reduce your refunds…
How to get even more sales from a satisfied customer…
And why simple “surprise” bonuses can make you thousands of dollars…
All without having to lift a finger.
The Nuts and Bolts of “Customer Relationship Management”
The foundation of any successful business is good customer relationships.
Customer Relationship Management (or CRM, for short), is essentially a model for managing interactions with present and future customers. Where you can conduct surveys, track click-throughs, and even interview those who are already clients, to optimize your business and improve your bottom line.
There are different types of CRM software to help streamline and automate this process. In their most basic form, they serve as a database for your prospect and customer list. And enable you to send automatic emails by “autoresponder” when a prospect gives his or her info for a free report, or buys a product or service. You can simply write an email communication series, and the software will send it out automatically at times you set up in advance.
More advanced programs can track your clients' actions down to the click, allowing you to trigger campaigns around even the smallest activity.
Let's say you send an email with a link to a sales page. CRM software can divide your list into groups, based on how they responded to that email. Those who clicked through and bought the product go into one group, those who clicked through but didn't buy go into another, and finally those who didn't click it at all make up the third.
You can now craft three different follow up approaches to these groups, allowing for optimal response and revenue.
This is the true magic of CRM software – segmentation of your list, on autopilot. When you start to approach each client based on their actions and interests, you stand to get more positive responses back.
This is a complex subject, but when you think about the basics of CRM, the software and the relationships, as you read through the rest of this newsletter – you'll see how it applies to each subject.
Getting Your Customers to Stick
Congratulations, you just made a sale!
Your launch was a success, clients are lining up to buy your product or service, and you are feeling great about your business. Job's done, we can all go home now. Right?
Believe it or not, dropping the ball at this pivotal point in your business will cause you to leave a lot of money on the table.
You see, when a customer buys something, they are at the peak of their excitement; whatever problem they were experiencing is about to be solved, and they are happy.
If you don't strike while the iron is hot, that excitement will slowly wane while they are waiting for the product to arrive. Even if the product is digital, they will eventually lose steam after a few days, and even potentially lose interest. That's when buyer's remorse can set in, leading to the dreaded refund.
But you can avoid much of that by creating what is known as a Stick Strategy.
A Stick Strategy is simply a way of getting customers to consume the product or service they just bought. Often times, it begins with an email series that goes out once they have purchased it.
Typically, you want the emails to start with a congratulatory statement of some sort. Affirming that they made a good decision. And reminding them of all of the wonderful benefits they will experience because of their purchase. Plus offering tips on how they can “get started” using the product or service right away.
The best thing you can do is guide them to how-to articles or videos that you have created to get them thinking about the subject that your product relates to. The idea is to give them their first “win”, so they feel the rush of success right away, and have their good decision affirmed again.
In each email, give them new tidbits of information they can utilize to get the most out of the product: for example, “on page 52, you'll see the number one secret to getting lots of leads using social media” or in module 3 “I lay out the exact steps you need to take to implement a way to increase sales by 20%”.
This gets them looking forward to that information once they get your product. Or, if they already have it, they'll jump right into it to check it out.
Doing this will reduce returns, because you will be consistently reminding them of the value of your product. It also has another highly desirable effect:
They'll be primed to buy even more from you down the road.
Let's say your product is digital, and you run this “stick” series for a week or so. They've been enjoying it the whole time, with added advice and even some bonuses from you. Wouldn't this be a fantastic time to bring up that live event you are having next month on this very subject?
Or perhaps a teleseminar? Or a more advanced product?
The possibilities really are endless; you just have to make sure whatever it is you are intending to offer is congruent with the product they already bought. And once the “stick” email series is made, you can “set it and forget it.” It will run again and again with every new customer you get.
When Will They Buy The Most?
There is no better time to sell something to a customer than when they are in the middle of buying something else, or have just completed a purchase.
Think about it: when you go to any store, how often do you see little add-ons at the checkout counter? They know you are willing to throw in a “few more things” while you are there. So they present you with other products you can purchase.
If you aren't doing this, you are leaving money on the table, again.
You may have heard the term before, but very often, once you've bought something, whether online or offline, you will get an offer for another product. This is referred to as an “upsell.”
Simply, this a product the business is offering as an “add-on” to your purchase. Generally, it is complementary to what you purchased already, and may be offered at a special discount rate.
Statistically, there is a 20% chance that a customer will purchase an upsell. Think about how much money could be going to your bottom line, since an upsell is often more expensive than the original product.
If you already are implementing this tactic, great job! You are picking up a lot extra revenue that many overlook.
But what do you do if the customer declines the upsell? Do you just let them go on their merry way?
Believe it or not, just because someone declines an upsell does not mean that they aren't interested in buying something else altogether. Perhaps they just weren't interested in that item. Or, they didn't want to spend that much money.
Either way, you are doing yourself a disservice if you don't include a downsell as well.
A downsell is simply an offer after the upsell for a lower-priced item that is still congruent with the original purchase. Perhaps it's an accompanying series of videos to your course, or access to a teleseminar.
Whatever it may be, implementing a downsell in your selling system can pick up even more money that may have been left on the table. Revenue you may have missed out on otherwise.
The Power of Bonuses
Who doesn't like getting something for free?
No matter who your customers are, they will always appreciate a gift. This is why you offer a free report or other content as an exchange for their contact information when they first enter your world.
Well, the power of the “free bonus” goes even further when you give it away as a surprise.
Let's say you created your Stick Strategy of five emails after a customer has purchased a product. In the first email with your congratulations, you include a free video highlighting a short-cut to experiencing the benefits of your product, fast. That's unexpected and exciting.
Next, after four emails, you surprise them with another free bonus. Perhaps a really handy reference guide, or even a helpful workbook for them to use.
They will be blown away by your thoughtfulness and will be more inclined to not only buy from you again, but also tell others about their experience with your business.
The best part? You don't have to create these bonuses from scratch. They can be repurposed from other content or products you have created.
I recently received an email from the Dan Kennedy-founded company GKIC, with five free bonuses. Just because.
Now, as an Expertpreneur™ myself, I know these were repurposed from previous events, articles, webinars, etc… But it doesn't matter, as they are still incredibly useful and jam-packed with information.
And you can do the same. Your average customer won't know they are from repurposed content, anyway. Yet they will be delighted by your thoughtfulness.
All you have to do is put in the work once, creating the bonus products and the emails, and let the CRM software take over from there.
A Better Way to Run Your Business
Having a business that makes your customers happy, and earns you extra money without any extra work from you sounds great, right?
It really is as simple as setting up systems that address your customers' frustrations, problems, wants and needs. And making sure that your sales funnel makes them an offer when they are primed.
Look into CRM software like Office Autopilot or Infusionsoft to handle these tasks. They are geared specifically for Internet Marketers and Expertpreneurs®. They do cost money, but the payoff is worth it.
Try implementing one of these tactics into your marketing funnel this week and see what happens. You will be amazed by how much money you can earn just by tweaking a few things here and there. So you can stop leaving money on the table.