Staying in touch with your audience can feel like running on a treadmill. The more you write, the more you publish, which means the more you feel pressured to write even more so you can give your audience what they’re waiting for.
It’s a never-ending cycle. Every time you write something that delights your readers, the treadmill keeps spinning because your readers will be clamoring to read what’s next.
But if you’re like most small business owners, the problem is finding the time and the ideas to keep the wheels turning. Even pros like Adam Baker (Man vs. Debt) and Ramit Sethi (I Will Teach You to Be Rich) spend anywhere from 8 to 18 hours on each in-depth blog post they write.
In other words, if you’re spending time just keeping up with your editorial calendar, when will you spend time on staying actively engaged with your customers, offering mind-blowing products and services, keeping your day-to-day business running like a well-oiled machine, and…on top of all that…trying to grow your business? Sometimes the math just doesn’t add up.
Enter: The 7-Step CASHFLO Formula
You can use any or all of these methods to immediately make more money for your business… using content you already have.
C – Create Bundles
Grouping your products or services and selling them together makes your offer more attractive to customers, plus more profitable for you. They also make your products and services exponentially more valuable when bundled items do more good for your customer when they are used together.
For example, digital strategist Nathalie Lussier bundled three of her most popular DIY website products so customers could (1) get their websites up and running, (2) optimize it for SEO, and (3) get more subscribers. Her customers made more progress at a faster rate for less money.
Then of course, we have LKR’s Social Media Marketer. It’s a perfect example of bundling content that already existed. Laura and the team packed years of top-shelf training courses into their online community and classroom. There are tremendous benefits to bundling like this. Members get 24/7 access to over five thousand dollars’ worth of LKR social media training. At the same time, they get a phenomenal value in terms of price because membership is offered on a month-to-month basis. Same content, new form. More value. Win-win.
The opposite works here, too. Taking products apart (un-bundling) lets customers choose the most relevant parts of a product and then skip the rest. It also gives “undecided” customers a more appealing option. Their risk of loss is low when they can buy just a piece of the larger product, which means they’re more inclined to give something a try.
Examine your existing products or services and see what makes sense to either bundle or unbundle. Which option works better for you will depend on your target audience and the type of products you have available. Do a little research and offer whatever has greatest appeal to your readers, specifically.
A – Add a Passive Income Stream
A passive income stream means you really, truly, (finally!) will be able to “make money while you sleep.” While it might not be the most lucrative, it’s nice because once it’s set up, a passive income stream will bring in income with pretty minimal effort on your part.
One easy-to-set-up method to is to become an affiliate of the very products and services you use (and recommend) yourself. As an affiliate, you can include well-placed links in your content, all of which are an exact match to what your readers need to achieve their goals.
For example, if you’re a web designer or online marketing coach, you can recommend domain hosting services, autoresponder services, keyword research tools, and classes to help readers build their businesses.
Once you’ve chosen the products you’ll be recommending, take a look through your existing content add in one (or all) of these different techniques for using affiliate links.
Embed links: Go through your existing content and add relevant affiliate links within the body of your blog posts or other relevant content. Pay special attention to old blog posts that are still receiving tons of traffic.
Update your blog posts: Update existing blog posts with a post-script suggesting something like, “For further information, check out the following.” Then include your affiliate links within that updated section.
Revise and republish: Spend a few minutes revising an existing piece of content and then publish it as a new, follow-up, second edition, or review of the previous content. Talk about the new, updated information and insights you have to share. Again, include your affiliate links where they’re relevant to your readers.
The key is to make sure and include links that serve your audience and help them achieve their goals.
S – Set up Different Tiers or Versions of Your Product or Service
Different product versions mean more customers and more money. This approach is powerful because you’re able to capture more profit by attracting different types of customers with different options. It’s different than bundling different products together. Instead, you start with a core product or service, then add more exclusive attributes centered around that core item.
For example, if you’re a personal coach, you can build a core coaching package and then add more exclusive tiers each with a more exclusive way to work with you, like priority access, limited membership, or private elite one-on-one coaching.
Tara Gentile offers two different versions of her signature training, The Customer Perspective. The course is available as a 4-part virtual, online Bootcamp. It’s also available as a live, in-person, one-day training limited to 10 participants per session. Again, same content – more money.
H – Hike Your Rates Already!
Bargain basement pricing restricts the amount of money you can make, how much your business can grow, and even the outcomes you can achieve for your clients. If you’re charging by the hour or trying to beat out your competitors on price, it’s time to raise your rates!
Customers buy solutions to their problems. The bigger the problem, the more they are willing to pay to fix it. Your pricing should reflect what your product or service really means to the customer. How it changes their lives. How it helps them grow their business. How it solves their problems in ways that leave them singing your praises.
Value pricing reflects the complete customer experience including quality, service, emotional satisfaction, and solution to a problem.
Copywriter Lauren Forest, otherwise known as The Word Perfectionist, raised her rates twice within an eight month period. Each time she did, she made more money and attracted more qualified clients. Higher rates also meant she was able to give each client and each project an optimal amount of time, devotion, attention, and focus. This meant happier clients who were even more thrilled with their results.
Consider this: when you raise your rates, you’re actually putting your paying customers first. Higher prices mean you have more time to provide the best, most comprehensive value possible for each of them.
F – Find Yourself a Partner-in-Awesome
Partnering can help you make more money using the content you already have. There are many ways to partner – the only limit is your imagination. The trifecta of partnering is to broaden your reach, help more people, and make more sales.
Amy Porterfield was making a splash as a social media strategy consultant and co-author of Facebook Marketing All-in-One for Dummies. But then she found her partners-in-awesome, Lewis Howes (LinkedInfluence) and Sean Malarkey (Twixplode). Using Amy’s content and expertise, they teamed up to offer the course, FB Influence. Again, partnering is a powerful and profitable way to make use of content you already have.
L – Lose What’s Not Working
It’s time to wave goodbye to the product, system, or client that seems to be more of a profit taker than a profit maker.
Products: Step back and look at what you’ve got for sale. Go through your offerings and honestly evaluate whether or not they’re taking too much of your time and energy for the price you are charging. Factor in the time you’re spending with elements like Facebook groups, Google Hangouts, unlimited email Q & A, and support calls. The more people have direct access to you, the more it should be reflected in your pricing.
When products (or product features) are not scalable or automated, they can raise your costs and take time away from other income producing activities. Your goal is to increase overall revenue and profit, which sometimes means letting go of products you can’t support at a level that’s still profitable.
Clients: Now let’s talk about the customer from hell. You know the one – taking up all of your time, attention, and focus. Unfortunately, that also means they’re stealing time from your best customers – the ones you went into business to serve.
Bad clients cost more money per sale because of the extra time and labor cost it takes to do business with them. Not to mention they return more products, make more complaints (often in public), and fail to pay their invoices on time (if at all!). Again, taking money away from your business.
Entrepreneur Magazine recommends that you fire the bottom 10 percent of clients (in terms of profitability) so you can shift time and attention to your best clients.
When you lose what’s not working, you immediately make more money – by definition.
O – Offer Different Payment and Financing Options
This is a powerful strategy, especially when you are selling higher priced products or services. A payment plan can be the tipping point for many customers. We’ve all been there – a lower monthly payment makes it easier to buy what we want.
Most payment processing systems will let you set up an installment option right on your blog or sales page. Just add a second “buy now” button next to your single payment button, making sure it’s clear and easy for the customer to see they have a choice. LKR’s signature course, Creating Fame, does this very thing. As readers learn more about the program, Team LKR makes it clear there is an option to make multiple payments.
According to Inc. Magazine, a deferred payment plan can increase the size of an order by up to 75% and increase the number of sales by up to 43%. By changing the way people pay, you can make more money selling the content you already have.
Relief from the Treadmill
Keeping up with your readers can be demanding but massively rewarding. The ongoing quest to create great new content can be time consuming, but it doesn’t have to interfere with running your business.
Now that you’re familiar with the 7-step CASHFLO formula, you can use it to start making more money for your business, using the content you already have.