Need to make more money? Generate some revenue? It’s as easy as creating a new offer, right?
Not so fast. True, being an entrepreneur means that, even if money doesn’t grow on trees, it’s not so hard to find something to sell when you need a few extra dollars.
But creating a new product, program, or offer every time you want to generate revenue isn’t a good plan. In fact, it’s not a plan at all. It’s a reaction to a need.
When you’re just starting out, most of what you do is react. And that’s okay. But you’re really ready for something a little more proactive now, aren’t you?
My story starts no differently than yours. I “got” the entrepreneurial money mindset—that you can create revenue whenever you need it—well before I “got” planning for steady, predictable revenue growth. When I wanted to make some money, I’d make something new. I’d write a book, create a program, make a new coaching offer.
Of course, launching all the time, creating products all the time (even when you’re an idea person like me!), and selling all the time is exhausting.
Beyond that, it’s not building a legacy for your business. It doesn’t give your prospects something to remember your business for.
But most importantly, always creating new offers doesn’t set you up for making more money in the long run.
Every time you launch a new product or program, you’re only tapping into a very small segment of your potential customer base (the Early Adopters). If you stop there, other customers might trickle in over time but most people won’t even know you have that offer available.
That just puts your business back in the position of needing to generate revenue with another new product. It’s a vicious cycle.
Instead of a vicious cycle, your business needs a system for marketing, launching, and selling your best offers over & over again. And when that system also includes products that work together to create more value for your customers and your business than they could alone, it’s a Business Model.
When your business has that kind of system in place, revenue becomes predictable and more consistent. At the very least, you know when it’s coming. Best of all, you’ll find that your offers start to generate more and more revenue each time you enter a sales cycle because your customers are expecting them, planning for them, and eager to buy them.
It’s so much easier to sell to a prospect who is already aware of your product. It’s even easier when your prospect knows people who have purchased and loved your product already. That’s easy to accomplish when your business has regular sales cycles for your best offers.
My business now has two main offers: Kick Start Labs and 10ThousandFeet. And with just those two offers, my business is on track to do $100,000 more in revenue than it did last year—and possibly much more. Instead of generating new offers over the last 2 years, I’ve focused on making those offers better and better, more predictable, and more familiar.
To get really specific, that means that my interest list for an offer like 10ThousandFeet has gone from 20 to 50 to 150 to 250 to many, many more without much promotion. When I enter a sales cycle with that group, they’re there because they’re truly eager to find out more about the program. They’ve probably heard about it from a past client and they want to get similar results.
Each time I launch the program, it’s easier and easier to sell and I’m more confident about its ability to sell out.
That’s how a blockbuster product is born.
It doesn’t happen all it once. It builds over time. When you design your whole business model that way, you’ve got the makings of a blockbuster business.
This is a great time of year to step back and examine the offers your business currently has, how they’re working together (or not), and how you could plan a system for revenue growth based on those existing offers. Your Next Big Thing might be something you’re already selling.
Have questions about how that works? Ask them in the comments and I’ll address it in a future post.