How to Make More Money With the Team You Have

The $100 MBA Show
|

Automatic TRANSCRIPT

Whether you're a team of one or team of one hundred there are certain tasks you can do to bring in more cash and in today's episode. I'm gonna put on my frugal hat on. I wanna make sure we squeeze as much money out of the current team you already have. Spending money is not the answer first. Let's maximize what we can do with who we have once we do that. We want to take things to the next level. Then we can consider bring on somebody else on our team but we need a maximize who we have right now and you'll be surprised. How much output. How much benefit how. Much money you can generally in new sales. You just realign certain tasks for your team members no matter what department during before we get into the nitty gritty details. Let's discuss what are the ways we can bring in money will really. There are three ways to make sure we make more money in our business to bring in more revenue. The obvious one is just more customers. More people buying your products or services. That's number one now. A lotta people. Just stop here. They're like just more customers. Well there are other ways. Money number to each customer spends more money so instead of each customer spending fifty dollars Each customer spent one hundred dollars. You just doubled your revenue cages double. How much money you make without even bring in new customers. This is often called lifetime value. Now i want to explain this one before we move on so yes you can bring in more customers number one number two. Each customer spends more doesn't necessarily mean they spend more when they first by they can buy one product but then they come back and buy another or they upgrade their plan or they have an ad on attitude their plan or they go from Your membership to your private coaching point. Here's at the same. Customer is paying you more money and lastly is retention is keeping your customers now if you have a software company like sas business where people pay you every single month for membership or you have a community like ecorse course community where people learn from you every month or you have monthly. Coaching any reoccurring model. This is essential. Okay you need to make sure you keep your customers. Even if they're not spending more by keeping your customers you basically plug any leaks in a bucket right. There's no sense in bring in or working so hard on marketing to bring more customers. If just as many leave you okay keeping customers actually a lot less expensive than bringing in a new customer. Now save for example. You an ecommerce store. You're in retail. And you might be well. I don't have a membership model. Omar people buy from me and then they leave. Well that's okay but you need to make sure they continue to buy from you. You have to see this as a membership model if somebody has bought something from your ecommerce sore And they haven't bought from you in months. That's a problem. You need to find ways to re engage with them. Give him reasons. Give him purposes to buy your products. Yes maybe they bought for themselves. But hey there's a holiday pretty much every single month. Have you bought something for your mother for mother's day one about fathers day. What about birthdays christmas. Valentine's day i can go on and on but the point is is that people buy things for other people not just for themselves make it so it is sort of a subscription model to get them to come back and keep buying. That's a reoccurring customer and if you have great quality products they will love you for the gift ideas all right so these are the ways people can make more money. So how am. I gonna tap into my team to do that. Well everybody on. Your team has a job already right. They have duties. All you have to do is refocus. Those do these to apply to one of those three things. So i'm gonna give you some examples. Let's say you have somebody who's doing customer support. They're not selling. They're not bringing any new customers but they deal with the customers that they already have the ones that are asking support questions or asking questions about products or sizing or whatever. It is if you want retention. If won't people coming back. You won't be able to keep paying you. These people are your soldiers okay. These people are going to help you big time your support team. If you have a sale going on you've ever promotion going on. They should close off all conversations with a reminder of that if there's a better way for them to save the customer money i know. This sounds out counterintuitive but you can save the customer money varroa wrong plan for some reason or they're spending their money on the wrong things by giving the customer advice. Hey you can actually do better on an annual plan versus your monthly plan. You could save up to one hundred and fifty dollars by going annual. I noticed you've been with us for a year already. The customer gets locked in you get upfront cash flow and the customer really appreciates you looking out for them so get your support team to actively keep your customers happy and can keep them Retained and continuing to pay you now. This isn't happened by accident. it's obviously takes training. But if you allow the metrics that they're measured against to be aligned with this this is what's going to work so when you're evaluating your customer support team make this one of the things are evaluated on retention. How many customers they save. How many customers do the upgrade the hits her milestones. You can give them a bonus you can give them a raise whatever it is incentivize them because at the end of the day people need a carrot.

Coming up next