Breaking Revenue Plateaus: Boost Online Business Earnings with 4 Proven Strategies Ep 009

Can you imagine breaking through your online business revenue plateaus effortlessly? Join me, Joey Young, on Brightside Business as I reveal the secrets to boosting your income with four strategic methods tailored to maximize your earnings. From the simplest tactic of raising your prices—particularly if your sales conversion and renewal rates are already strong—to re-engaging customers who aren't fully utilizing your product, this episode is packed with actionable insights. We'll explore how conducting customer surveys and proactive communication can significantly improve renewal rates, helping you make the most out of your current resources.

But that's not all! We'll tackle the challenge of launching new products and services by focusing on the urgent, expensive, and painful problems that your target market faces. Learn the importance of conducting face-to-face market research, turning those invaluable interactions into beta clients, and securing their commitment for feedback and testimonials. We'll also revisit the earlier strategies of raising prices, selling more to the same customers, and expanding into new markets. If these tactics resonate with you, don't hesitate to reach out via email or Instagram, or even book a free consultation to discuss your unique business challenges. 

Tune in and elevate your online business revenue with these tried-and-true methods!

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Chapters

• 0:00 Strategies for Growing Online Business Revenue
• 9:02 Launching New Products and Services

Transcript

Joey Young: 0:00

Welcome to Bright Side Business, where we talk to online entrepreneurs like yourself about how to grow to six and seven figures and beyond. My name is Joey Young. I grew my family's professional service business from $20K to over $100,000 a month in revenue in two years and I learned a lot of lessons along the way. One of them is how to grow past the revenue plateaus. If you're facing a wall of $10K, $20kk, 30k a month and you can't seem to break into a higher level of revenue, this episode is for you. We're going to break down the four different ways to make more money in your online business. The good news is there's only four, and the other good news is you only got to pick one. That's the hard part to pick one. And the third good news is we're going to talk about it right now. So let's talk about how do you make more money, grow past your revenue barrier, your revenue plateau.

Joey Young: 0:47

In order from easy to hardest to implement, the number one easiest one is to raise your prices Pretty cut and dry. All you got to do is tell your sales team right. Number two sell more of the thing to the same people Renewals, re-uples, re-selling to the same people at the end of their term and their contract commitment. Number three sell the thing to different people. Your product and service. Sell it to a new market, new audience, sell it to someone new. And number four sell something completely new to everybody. So let's unpack each again in order from easiest to hardest. Number one raise your prices. This is the low-hanging fruit. If you've got good sales numbers, good sales conversion rates and you've got good renewal percentages, it's a great option for you, because you know that your customer base is strong. They're renewing their contracts with you, they're rebuying, so you can go ahead and raise your prices by three to five percent every three to nine months. And the big concern is OK, am I going to drive some customers away because I raised my prices? Am I going to lose money because now customers are saying no to me? And the answer to that is yes, you will. You will drive customers away, but don't have to worry about that, because you can always lower your prices back down. This is actually really important.

Joey Young: 2:06

We have been raising our prices consistently for our product over the past several years. About a year ago, we hit a point where we raised our price and, all of a sudden, our sales conversions rates plummeted way out of season. It was supposed to be a high volume period and it was not, and we knew it was the price of the product, so we lowered the price back down. We're at our best sales conversions rates ever in our business. So don't worry about raising the price too much to the point where people will stop buying, because I would rather you have a month where you have horrible sales but at least you know your prices are as high as they can be, as what the market can bear. So raise those prices if you got great sales conversion rates right now and great renewal rates.

Joey Young: 2:54

Number two sell more of the thing to the same people. This is for people who have a really good, strong business but you don't have great renewal rates or rebuying rates. This is another easy way, a little bit harder than raising your prices, but it's not too bad, because you're selling to people who already know you and love you and trust you and have spent money on you right. So here's how you do this Look at your products and all your customers who engage with it and try to find those bottom 20% of customers who are not engaging with the product. Don't have great call retention rates for your onboarding process, who are not really using the product very much. Talk to them, try to figure out why they aren't engaging and try to run some engagement campaigns to get those people to use your product more, because those are the people who are not going to buy again. The people who never open up your app, never, you know, show up to calls for your, your coaching, who never, you know, log in or whatever. Those are the people who are going to cancel at the end of their, their, their term. So how can you re-engage them?

Joey Young: 4:03

I talked to a coaching company that does seven figures and they were doing a really, really interesting thing where they would have their sales guy systematically reach out to every client of theirs 30 days before the contract renewal to restart a conversation. Now, this was on top of everything they did to support their clients on a monthly basis with tools and calls and everything like that. But this was like another just touch point where the sales guy came in 30 days ahead of their renewal rate and just started the conversation. It didn't really matter what it was, but as long as the sales guy was talking to them and getting them thinking about renewing 30 days ahead of time. Then they saw a lot better renewal rates and they actually had a really interesting system too where they had two different rates for renewal, one for clients who were doing really well and wanted more, and they had a downsell. If the clients didn't take that for renewal to a price that was one quarter of that price, that would keep them on at a lower level of services. So they could capture those leads as well, people who just weren't ready to do that bigger long-term commitment for the higher ticket renewal. So really interesting stuff.

Joey Young: 5:13

Another thing you can do is do surveys to your current clients, ask them what features your product could have that would get them to buy again to renew. So we've done surveys for our clients where we asked them we literally put a survey out with bullet point lists of like which things do you want to see developed as part of our service here, what is the most requested feature by you? And we lay out ideas that we had for what they wanted and of course, we had an other and it ended up being that it was 90% one thing. So we focused all of our energy on that one thing that our clients are telling us they want from our program and that's worked out really, really well. So that's selling more of the same thing to the same people, fairly easy. Number three a little bit harder. Now. You're selling the same thing but to different people, to new customers.

Joey Young: 6:07

Now we need to get a little bit creative with marketing, because you have people who are problem aware out there but they're not solution aware. They know they need help. They don't know that you can help them, right. So how do we do that? Well, we need a solid referral and affiliate program. If you can equip your raving fans, the people who already buy from you, who love you, to spread the word with discount codes they can share with their friends, with free months of service if they refer friends, with money back, with shout outs on posts, if they tag you in a post and you share them and spread the word about them, anything like that swag, any sort of t-shirts or stuff you can give away so they can promote your brand and hashtag it and post it. All this sort of stuff is really helpful to equip your raving fans to share more about your brand.

Joey Young: 7:00

And another strategy is, besides the traditional stuff, everybody knows, you can run a Google ads campaign. You can, you know, go on Facebook or whatever you can do organic marketing, but this is one I don't see as much talked about. You need a brand metric Because once you're getting to the point where you're scaling up to seven figures, it's no longer you don't want to have to have, you know, the whole battle of acquiring a client be you know, getting that client for the least amount of money possible. On ads, you have an ad strategy. It's important, but you need to think about how does my brand represent itself in people's minds and how can I improve that reputation so I can get clients who just come to me because of the quality of the service that we have, clients who just come to me because of the quality of the service that we have.

Joey Young: 7:47

And one of the ways you can raise your brand's quality and authority in a space is to have what I call a brand metric, and a brand metric is just a single mind-blowing metric that you can share in one sentence that sets your brand apart from other brands in your potential customers' minds. So, for example, we have a metric that we get our clients in within seven days. They call us, they have an appointment and they sit down within seven days and in the market and the niche that we're in, we're looking at people calling and getting an appointment within two months, sometimes three months. For the service that we provide, we can get them in within seven days, and that's a number that we track every single day. We track every client that we bring in, how fast we can bring them in, and we know that if someone calls in, the vast majority of the time they're going to be sitting down within seven days to be seen, and that is huge when we say that, it literally turns heads in our industry. So what's something that you can do, what's one metric that you can point to in your business? And if you don't have one yet, how can you develop it so you can have a brand that's represented in people's minds as not just another option but as a whoa, wow, these guys are really doing something special here.

Joey Young: 9:02

Number four start something new, sell something brand new, a new product, a new service, new line. You know all this stuff. It's definitely the hardest to do because you have to go through the whole ideation process, brainstorming, you've got to think about new customer markets and return on investments and everything like that. But if you've tapped out all the other three options. Here's what you do. You got to target an urgent, expensive, painful problem you're target market is going through right now. This is the number one issue I see with new products is they don't target urgent, painful, expensive problems. Urgent in the sense that the problem needs to be solved quickly, because people who have a problem that's imminent, that's going to cause damage if they don't solve it quickly, tend to buy more quickly and have less questions and objections. Painful it's something that is causing them a lot of stress, a lot of heartache. It's causing them to stay up at night. It's causing them to worry. It's causing them to have a reputation damage if they don't solve this problem. And expensive this problem is literally costing them money, this problem that this business or this client that you're targeting with your solution is spending lots of money on or losing lots of potential money on because they don't have a solution for it. So choose a product or service with that sort of focus.

Joey Young: 10:26

Do face-to-face market research. I remember I was interviewed recently. Friend of a friend connected me with a startup founder. He's trying to do some stuff in the cloud financial space for small to medium-sized businesses and he just jumped on a Zoom with me for 30 minutes and asked me a bunch of questions about what software we use, what problems we had, what would we want if we had our dream analytics dashboard for all of our financials. And it was really interesting and it was a really easy way and a low-key way for him to gather data from his target market.

Joey Young: 10:58

Now what you do with those face-to-face interactions, those target market research calls, is you build a list of your beta clients, because those beta clients are those people who are most likely going to want your service and they've already said yes to a market research call. So they kind of heard your pitch already. So you can pitch them with deep discounts in exchange for testimonials and referring you to their friends. So what you do with those market research calls is you attempt to convert them to beta clients and you ask three things of your beta clients. First of all, you give them a massive discount on your product or service. You give them a huge chunk of money off so they feel like they're getting well, they are getting a great deal, but they also feel like they're at the ground floor, so they're going to get the best value for your solution. So that's what you give them.

Joey Young: 11:51

Then you ask of them three things. You say, listen, I need total commitment from you to get the most out of this product I'm giving you. I need you to show up to every call. I need you to implement everything I say. I need you to do all the things to make sure that you get the most out of this product, and that's part of you earning your discount on this and being a part of the beta launch. Number two I need regular feedback about your experience. Systematize this. You need to get their commitment that they're going to do it and then install systems of feedback with surveys and calls throughout their experience of onboarding and experiencing your product, so that they feel like they can give their honest opinions, not about how they're doing with your product or service, but about the product itself.

Joey Young: 12:40

And then, three, a video testimonial once they start to get results. So this is really important. You want to capture a commitment from them at the outset that they'll give you a video testimonial about their experience when they begin to get results, not at the very end, get one in the beginning. You can always do one later too, but get a video testimonial when they begin to see results using your product. So a total commitment to see it through, feedback throughout the program and a video testimonial in exchange for a massive discount and extra special white glove service for your new product. And that's how you launch a new product or service.

Joey Young: 13:16

If you can't do any of the other three options, remember raise prices Super easy. Sell more of the same thing to the same people Almost as easy. Sell the same thing to new people and then finally sell something new. One of those four things is going to bust you through your revenue plateau that you're facing right now. And hey, if this has been helpful for you, I'd love to hear your thoughts. Shoot me an email, joey, at joeyhyoungcom, any feedback, any questions, any thoughts you had based on this video, this episode. Love to hear it. Or shoot me a DM on Instagram with the same stuff that's at joeyhyoung on Instagram.

Joey Young: 13:56

And if you want to book a 20-minute free consultation to talk about what's limiting your business right now and how to break through, you can do that. There's a link in my description here on Instagram to book a free 20-minute consultation. Call with me, be happy to speak with you. And if you're out here you're all here at the end of the episode, then listen. You must have liked something you heard here, so leave a five-star review on the platform you're listening on. Leave a like, drop a subscribe or a follow wherever you're listening or watching. This I really appreciate it. It really helps the show to spread to more people. Thank you so much in advance for those five-star reviews and those likes, and hey, until next time, my friend, happy scaling.