simple sales tactic to create a better revenue stream

Simple Sales Tactic To Create A Better Revenue Stream

Whether it be an online or offline business, creating a revenue stream to increase customer lifetime value is a goal for every small business. So what’s a funnel? It’s a breadcrumb trail where each breadcrumb gets bigger and bigger as the customer purchase more and more.

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How do you do this? Create a series of products or services that increase in price. Customers enter the funnel at the top and this is where the least expensive products are found. At the bottom of the funnel are the most expensive products.



You want to move your customer from the smaller purchases to the larger ones. With each purchase, the customer gains more trust and becomes more comfortable with your business; which makes it easier for the customer to purchase larger value items. This will increase the customer lifetime value.



Top consultants and experts are masters at this funnel. They may offer a free seminar or give a free speech. But as I’ve said before, one should always get something in return for free or a discount – although not monetary. A free event is an opportunity to collect names and email addresses.



Here’s a couple of tips on free. If your aim is to be world class, provide free what your average competitor is charging for. Another tip is to consider changing the wording of a “free consultation” to “perspective client interview”. People equate “free consultation” with just another way of saying sales call. Whereas an interview gives them the impression you are going to be discussing their issues and problems.



What comes after the freebie? If you have a book, it could be getting this customer to purchase it for less than $25. Next, it could be purchasing an online training course or perhaps a CD set for $100. From there, the customer might move onto a 2-day workshop for $500 or a $50 per month membership site. This may be followed by private consulting work.



Here’s the lesson. It’s okay to have similar products at the top of the funnel. For example, it’s common for someone to have authored a book, created an audio, or even made a DVD – all with exactly the same information, just in different formats. However, once the customer goes to the next level, the follow-on products need to be complementary or more in-depth than the previous ones.



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simple sales tactic to create a better revenue stream

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