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If you had 24 hours to improve revenue as much as possible, what would you do?
Hey all! Thanks so much for your comments and valuable thoughts. I'm no longer accepting contributions, but love all the insight given by this community. I'll post a link when I publish!
How to Make a Quick Injection of Revenue in 7 Steps
I am working as one or two types of businesses. Service or Product based. I made a quick 7 steps to revenue, huge injection of volume, for both.
If I am service based. Then I need leads. In service based businesses, more leads and more volume equals more revenue.
1. Craft a special. Get approval on a special week only coupon. This creates a sense of urgency because if you wait, I am not here (fired by boss) and the coupon is gone. It has to be something awesome like 20% off or 20% more.
2. Create a follow up series of emails that sell. We are not brand building so don't send them to social media channels. This is in your face copywriting. I would go to fiverr and outsource this piece of it. I want to sell my offer in 7 days. Make me a series that bugs people to death.
3. I would hire call drops to my leads. Call drops are voicemail messages without the phone ringing. I could only do this if I have people to take the call. I would have 2 call drops per person. If I didn't have list of prospects (no wonder your boss is mad) then I would use scrapebox to scrape a list. If that wasn't an option due to setup timing then I would buy a list of people to call drop to.
4. I would make a landing page with my offer. I would mention the URL in the voicemail. Take the top 85% konker.io landing page and install it. Have it up and fully functional. This is where we are driving traffic to. I may have to hire a copywriter (I wouldn't but you may have to) in order to get this done. Again, I would go to fiverr.com for that.
5. Email drops. I would use the free trial or the paid version (cheap software) on outreach ninja. I would find every blogger, website, and pay them to send to their list. This is a negotiation game. I would also find every solo ad I could and pay to have those sent. Think targeted hot prospects. That's it.
6. With any left over budget (probably next to nothing at this point if you did the last step right) I would buy one of the following:
Leads from a lead seller. I would have call drops and emails sent to them as well as a outbound call.
Traffic from a hot source. If I could find a Facebook audience of a competitor to emulate then that would work great.
7. I would find four huge whales and do a complete analysis on what my service would do for their business. I would have a detailed proposal where I completely overwhelm them with data. I would have every in and out of their business broken down with a True and Steady game plan to showing an increase in revenue. I would then take every measure needed to contact them and pitch that plan. I would also have people calling every lead that came into the funnel and doing the same thing. Proposals win you business. Even when the customer doesn't think they have budget.
Product Based Business:
1. Side offers. If I have a big expensive product then I may make a smaller portion of it available for free in order to capture more signups. This again all depends on the product. My goal is to create a sales funnel where I can drive traffic to a landing page. If I have to I would go buy a few PLR products and group them together as bonuses that make a great upsell or downsell. I want to have 1 free or 30 dollar product that leads people into my funnel. This is using something like clickfunnels.com as the gateway and building from there.
2. Landing Page with Special One Week Offer. Use same protocol as above. Sales funnel that works one people hit the button on the landing page. Upsell, downsell, side sells, OTO, and the full copy on every page with images.
3. Create or optimize email series for a one week sell (barn building and burning) special. I would again use the same parameters as above and outsource this potentially. I would do this for every phase of the sales funnel.
4. Find curators and affiliates. Call Appsumo if you have a SAAS or product similar to what they offer. Find everyone that curates a list and sends out offers. I would go around the web and sign up just to capture what people are sending in my market. Then I would contact all of them. I would find everyone that could push traffic and tell them the circumstances. Let them know you will make it up to them if they help you keep your job.
5. Find bloggers and influencers with list. Again I am doing email drops. Same protocol as service business. I would write great email sequences to get them interested. My first email would be very blunt. I am not relationship developing for links. I want to pay them to send emails and place banners. I want good prices and I want it all to happen tomorrow.
6. Traffic Hack. I would find every source of traffic available for a limited budget. Facebook hacks would probably be where I started but with 1k I don't know how far this would take me. I need to find hot offers (like groupon) that sends the traffic to my landing page. This would mean every influencer in my market and every twitter user that #hashtag my field of work.
7. Find a heavy hitter. There is definitely a product that is focused on hitting the same demographic. I would approach them to become an affiliate. I wouldn't use the word affiliate but rather the word partner. This is anyone that is targeting the same audience that I am but does not have the same product or product line. e.g.Web designer if I am SEO.
I tried to think through what I would really do. I have faced this situation before (not a boss) and needed to bring in clean and good revenue. Hope this helps you with your article.
Helluva reply Will. Thanks so much for your thoughts! Will include a synopsis of your ideas and link you! Preferred bio link?
I will create good content for my customers that they need it and I will pay to post it on all places that my customers spend their time on it. and I will pay some money to high profile accounts or blogers to share it.
I test it and it works :)
24 hours is too short to create new content, so reuse the best one that gave the best returns so far and put some dollars on it to push it through channels that worked the best for our business. Secondly, I would pick up the phone and call all my existing customers to give me references to get a new customer. Direct Referral gives the best results than anything else in sales. Then go to sleep with satisfaction of a great day at work. 😀
Interesting, i quite often put my self in a similiar situation and ask my self: If i could only work 2 hours per week on my business, what would I do? ( Its a question i got from Tim Ferris 17 Questions which I highly recommend ).
So the point is to invest as minimum time as possible and get the best outcome. So let's get started :)
1 ) In the first 3 hours, I would contact the latest buyers of my product/service and talk to them. Like, become friends with them. If you have a personality no one likes to talk to, you can lure them with giving Amazon Vouchers or full refunds. The point here is that you find out WHY they bought your product, and what they paid most attention to.
2 ) With that information, create a SPLITTER PRODUCT. That is basically the ONE THING that the customer love about the product. If you have an app or service, this is quite easy. If you are selling physical products, you can still think about ways to "fakely" limit the product capabilities.
3 ) Product Development: Set up a WordPress Landing Page or ClickFunnels or Contact someone like me to create this new product. Basically, you want a single landing page that explains the benefits of the new product and target group, as well as the special price. ONLY OFFER PAYPAL OR STRIPE PAYMENT. Make this as easy as possible to order. No Checkout Page, No FAQ. Just focus on the Splitter Product and a 1 Click Way to Order. Once they customer made a payment, you can email them and still upsell, downsell etc.
4 ) The first working day is over now, it's 7 pm, but you have a new landing page with a new product. NOW its time to get crazy. Email every blogger, influencer that is getting traffic for your product keyword. Email them and offer them a partnership. For every sale that they generate, they will receive a commission. Send out about 50 emails, contact 20 people on LinkedIn and tweet to 20 influencers.
5 ) If you have budget left over, invest that into Facebook Ads. Send as much traffic to the high converting sales funnel.
This process has shown itself very helpful to me and if you follow it, I am sure you will notice the increase in productivity and sales :)
If you have questions, you can contact me at www.Hamed.de
There are some great answers here. One point to add, particularly if the company is experiencing stagnant growth or a company in growth mode hasn't done this, is to first put the $1,000 towards getting the "Must Have" survey question answered that @sean suggested in Hacking Growth: “How would you feel if you could no longer use xyz?”. Though it's likely possible to collect this info without spending any money using free tools.
Spending $1,000 or $100,000 on growth efforts is a waste of resources until the growth team is certain the product is at "must have" status.
Step 1: I would build a viral sign up page (To build a strong e-mail list), where users will have to leave their e-mail ID & contact number, to unlock content & product value worth $$$, with of course the product's core USP's highlighted.
Objectives achieved - Easy to build and free
Step 2: Promote the sign up page every where possible i.e. Resident e-mail lists, personal contacts on Facebook/Twitter/LinkedIn, Relevant facebook groups & LinkedIn groups, online communities, trusted contact/partner references, employee email signatures.
Objectives achieved - Email list building & organic reach for the product/brand
Step 3: Promote the sign up page with a $200 budget on Facebook, with an aim of reaching a minimum of 20000+ people. The ad copy can say 'Share this to stand a chance to win $100 valued Amazon voucher' to boost the organic reach from there on.
Objectives achieved - Initial paid traction & organic traction++
Step 4: Put a simple referral scheme in place (Using a software like Referral candy, plans start from $25), where every referrer & the referee gets a premium version of my product for free for 6 months, as a minimum gratification for engaging.Send out a nicely designed e-mailer announcing the contest to the list I built in Step 1. The top 3 referrers will get cash vouchers worth USD300, USD200, USD100 respectively & a life time free access to the product. The referral page should have a stop timer in place, to increase the speed of referrals
Objectives achieved - Hundreds of users to use the product, because you're giving them a premium version for free. Organic reach with the help of referrals.
Results: If you ask me if this is going to improve your revenue overnight? No or May be yes. You're going to build a huge e-mail list of potential customers, you've gotten enough eye balls for your brand with the organic promo activity & minimal ad spend on Facebook, you're going to get a lot of users for your product (Who may become your paid customers once their premium access is over & they realize your product value) with the referral scheme and finally in the process of reaching these many people, you might given get paid customers who find your product a right fit for their requirements right now. You'll still be left with $75 (This can be used for FB ads for further reach & results)
Would break the tasks into three parts
1) User Side (Demand Generation)
2) Business Side (Supply)
3) Tech Side (Distribution/Point of Contact)
User Side :
1) Bribe popular people to talk about your product. I am not talking about Alpha Influencer of your domain, I am talking about a college kid with a 100,000 Followers on Insta. If you can get your industry influencers on board then nothing like it. Get a pretty local blogger to talk about you.
2) Use the current database of Customers. Get in touch with them through a seriously genuine communication. (Lead to conversion is bound to be higher)
3) Local Hacks : Never underestimate local offline channels. (Will get the local homeboy to slip my brochures in the drivers backseat of at least 500 Cab's in my area. When one is sitting in the cab thats the spot where one gazes at. Ive tried this to sell hotel inventory on new years. Worked with L2C% 3X than Facebook leads)
1) Change the Sales Pitch : Eliminate the salesey pitch, come across as people who are there to give you what you always wanted.Basically, change the equation of Buyer - Seller to Lonely Kid - Popular kid on the block who agreed to be your friend )
2) Incentivize the sales team like F*#K. Every Conversion means serious $$ during this period
3) Lure buyers to rope in their friends for that "group" discount. You have no idea what people can do for a little reward. ( Tried this, worked like a charm)
4) Run a contest within employees. Probably lowest customer acquisition costs ever.
1) Use Tech Product as a sales tool : All the tricks to be thrown in ( Limited Time, Fast Filling, 23 ppl viewing this right now ...)
2) Use channels of communication like Watsapp with Loyal customers. Let them know you need help.
I'm assuming that we are talking about generating revenues for a small start-up with about 10 staffs, $5-7M/year revenue. Since mostly working with companies that are at the very early stage I'd like to state my best approach in this scenario.
The instinctive approach was to acquire more customers. But this mostly can cost a large budget and a lot of time with a lot of A/B testing. 24 hours can be quite daunting to launch an effective customer acquisition campaign. Unless we possess a huge cash pocket.
A smarter approach would be taking care of the existing customer base and turn them into loyal fans. This can be done much more easily than acquiring new users considering we only have one day.
The CEO or founder needs to understand clearly the value and purpose of the business and communicate that with existing fan base.
One approach could be to create a campaign that shows how much the company appreciate the support of its user for the last X period of time:
1) Send and email to all the users. Title "Thank you, we love you" (or some version of this)
2) Get everyone to stop doing what they're doing that day, get everyone to write thank you messages
3) Record it, facebook live it
4) Make facebook ads, try to make it viral on facebook
5) Ask most active users to share it
-> Build the "We care" brand for the company.
Nurturing your existing fan base can be extremely helpful to increase life time value. Loyal fans will go miles further to buy whatever product the company put out, but first they need to trust the brand they're buying from.
Although we might not see a jump in revenue within only 24 hours, we have turned a cold fan base into a more loyal fan base that support the company. CLTV might have just doubled, and one customer might just turned into two or three.
As this is designed to be a revenue booster. I would look at a few of my top performing post (in terms of responses) that month or quarter and build a small tripwire/lead/bonus based on that. Initially, I would send it to that same list referencing the post and how this helps with the problem. Then submitting it out to a new list for onboarding.
Great response Freddie and I'll be including it in the final post. Is there a preferred bio link I can use for you?
Apologies, I missed this. Here's my Linkedin https://www.linkedin.com/in/freddie-streeter-lion-14311b7/
All great ideas and everyone has pointed out the BIG challenge - 24hrs. The7 steps laid out are excellent - are they really accomplishable in 24 hrs and would they make an impact within that timeframe? Taking portions of them would and regardless of service or product base think the fastest formula these days to TEST for impact is Facebook advertising.
1. Craft your special offer and landing page
2. Define your target audience CLEARLY
3. Test FB ads
4. Invest in Lookalike targeting once you know what works
This typically can be the fastest way to get sales and I've used it personally with many small companies & huge brands.
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