4 Places To Find Hidden Money In Your Online Business
Last night I laid awake in my bed, thinking about my business.
It’s not every night I feel this way. But lately, I’ve been making some big changes… and a lot of big decisions have to be made.
You’ve probably experienced the same feeling.
You want to change things up, create a new offer, find new clients, fire old ones, create a new program, hire more help, work less, make more.
On and on and on we go.
We need cash flow to do all of these things.
And we need it fast.
I’m a direct response marketing consultant and copywriter by trade. It’s my job to put the asses in the seats, but bacon on the table, make the cash register ring, and make it rain whenever there’s a drought.
I do this for my clients all the time. It’s pretty easy to look at someone else’s business and find “hidden money” that they couldn’t see.
But when you’re doing it for your own business, it can be tough to see through the camouflage.
I’m hoping this article gives you a new perspective on your lead flow and conversion process… while also showing you a few places you can find some easy money and get some quick wins.
Where Money Comes From
Money flows into your business from only four sources.
- New leads
- Unconverted leads
- Current clients
- Former clients
Let’s look at how to get more money from each one of these groups… starting with the easiest.
4. Reactivating Former Clients
I looked through my G Drive yesterday at all of the clients I’d worked with in the past.
There were a lot of names. A lot of folders. A lot of projects. Pages upon pages of copy.
And it really got me thinking about something Abbey Woodcock said in her Business Of Copy page(which should be a MANDATORY training for freelancers and copywriters, in my opinion).
It was this line that really grabbed a hold of me and never let go:
“What if every client you had was still with you today?”
I’m paraphrasing. But the idea is so powerful.
What if — in your online business — everyone who bought from you one time, wound up buying a second… third… fifth… tenth time?
How many new leads would you NEED if that happened?
As a copywriter, how many new clients would you need if every client you worked with wanted to come back for more?
As an online business owner, how much more cash flow would you have if your clients stayed with you for years?
So… how do we accomplish this goal?
How do we reactivate all these former clients?
One simple way is to just reach back out.
Send an email. Send a letter. Get on the phone. Add them to a print newsletter. Send them a gift. An article. Anything. Tag them in a post.
There are so many ways to reach out and touch someone personally… and remind them of all the good times you had when you worked together.
Nostalgia is powerful.
Good experiences tend to beget more good experiences.
Dip your bucket into the well before trying to build an entirely new pipeline.
Your mission after reading this should be to design a campaign that can reactivate all of your past clients… and start their customer lifecycle over again from the beginning.
3. Current Clients
The best thing about your current clients is that they already:
- Know you
- Like you
- Trust you
- Understand you can help them
- WANT you to help them
- Have given you money
- Believe you can be the solution to their problem
So escalate these people up the value ladder.
Solve one problem for them. Then solve the next. Then the next one after that.
What tends to happen is, the more problems you solve, the more they want to keep doing business with you.
With my clients, I usually start off doing a launch. Then, they wanna do another one. A bigger one. Then we do that a few times and they wanna turn their launch evergreen. Then, they wanna make a new product and start the whole process over.
Your clients and customers aren’t any different. Doesn’t matter what you sell.
Before we go chasing new people… can you sell your tribe something else that they are dying for?
Create a campaign for these people that move them up your value ladder to a bigger and better offer.
2. Unconverted Leads
There are probably tens of thousands of people who are on your email list, waiting patiently for you to put the right offer in front of them.
They are all there for a reason.
No one accidentally signs up for an email list they have no interest in.
Your unconverted people are unconverted for a reason.
Can we run a survey and see what’s up?
Can we talk tot hem on the phone?
Can we put different offers in front of them or give them a new way to enter into your funnels?
Can we send them to an affiliate offer if it makes sense? They can find the solutions they need — and someone better equipped might be able to take care of them. It’s a win-win.
Some people just need time. I read an article somewhere — I WISH I could remember who wrote it so I could give them credit — but it was a big name marketer who was doing a launch… and they analyzed their buyers and found that around 30% of their new buyers had been through 2.4 launches.
What does that tell us?
It tells us that sometimes it’s not the offer… it’s a timing problem. Sometimes their understanding of their own problem is not developed enough. They are not at the right “market awareness” level to buy our thing just yet.
Which is why you’ll have people on your prospect list who will sometimes buy after reading your emails for 5 years. The stars finally aligned in their life and they are finally ready to pull the trigger.
Thing is… this doesn’t happen if you stop communicating with these people and if you’re inconsistent. You might continue to market to them and show them offers until they are ready to cross the threshold to becoming one of your customers.
Create new campaigns that your unconverted leads haven’t seen before. Try new angles. Test out new funnels and conversion mechanisms.
1. New leads
If you’ve exhausted all of these other four options… you’re probably sitting on a big ol pile of cash. Good for you.
Once you’ve optimized these other three areas, every new lead just got that much more profitable.
If you’ve done all these three things, you can afford to spend more on bringing new people into your business.
Because you know that for every new lead, you’ll have a better chance of turning them into a customer. You’ll have a better chance of escalating the relationship up your value ladder. And you’ll have a bigger pool of people to reactivate when you run those campaigns.
Create some new campaigns to test against your current ones. Every new lead you get will be worth at a minimum 3x more.
What are the next steps?
You might have gotten to the end of this and are thinking… “man, this all sounds great. But how do I do all this?”
Not to worry.
Shoot me a message.
I have pre-built campaigns that I can customize for your business so we can start finding hidden money in your business immediately.
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