21 Ways To Make More Money From What You’ve Already Got!
You probably have your own business website or blog by now. You have started building your e-mail list, or you at least have contact information for previous customers and clients. You have also developed business contacts over the years as well, and have some sort of social media presence. But you still feel like your business could be doing so much better.
If your efforts are just not getting the bang for your business buck that you had hoped for, there are a few things you can do to make more money from what you’ve already got.
Below you will find a list of 21 strategies and tactics to boost your business in its current state. Some may take a little money to implement, some are free, but all of these money-making methods maximize what you already have, so you get the most out of your business efforts.
1 – Look At Your Current Assets
The first thing you need to do is make a truthful assessment of what you already have. These assets could include a website or blog, a podcast, an e-mail list, your current vehicle, friends, family, and web traffic. Everyone’s list of business assets is going to be different. Just make sure you do not miss including a single virtual or physical component when compiling this list. You can never get the most out of what you’ve got, if you don’t know just what you have.
2 – Distribute Old Press Releases to Dozens of PR Distribution Sites
Do you have any old press releases lying around? If you do so, go to Fiverr.com. Type “press release distribution” in the search field. What you’ll see is a list of online marketers that will send your press release to dozens of press release distribution sites, for just $5. This delivers traffic, rank-boosting backlinks and legitimacy.
3 – Edit Your Content to Include the Following 5 Words
Do you know the 5 most influential words in the English language? Are you using them every time you communicate, either verbally, in print or on the web? The 5 power words “you, free, because, instantly and new” were found by influential copywriting blog Copyblogger to be found in greater frequency on their most successful blog posts.
Whether trying to get your kids to clean up their room or to influence a prospective client to make a purchase, when you begin using these 5 influential words, you will be surprised at how much more efficient and persuasive your communication becomes.
4 – Make Your Vehicle a Rolling Advertisement for Your Business
This one is going to require a small investment. The car, truck or SUV you drive every day is more than just transportation. It can be a rolling billboard. Purchase car wraps, auto decals and car magnets from companies like Vista Print and Fast Signs online. Beginning at around $20 and reaching as high as a couple of thousand dollars, these simple but ingenious 24/7/365 silent salesman are working for your business each and every day, even when you forget they are there.
5 – Ask Your Friends and Family for Help
We are not talking about asking your family and friends to buy your products and services. But you can (and should) ask those that love you to spread the word about your business. If you simply contact 10 friends and family members and they in turn spread the word about your business to 10 associates, coworkers, friends, and daily contacts, you have just created a brand-new 100-person market. A good way to maximize your current personal network is to offer incentives and commissions when one of your friends or family members refers someone who makes a purchase.
6 – Give Away Something for Free
Giving away something of value is still one of the best online and offline marketing models, and it will probably work forever. English residents were offered free land to come to America, and once there, they were offered more land to settle the Wild West. Guess what, the tactic worked! On top of developing great rapport with your prospective clients and customers, giving away something of value for free also works on a psychological level. The recipient feels like they should in some way repay this unselfish gift, which leads to sales and referrals down the line.
7 – Rehash Your Old Blog Posts into a Valuable E-Book
This particular business efficiency tool puts your current blog or website to work. And it doesn’t matter if you have not made a fresh post in some time. Look back over the pages and posts on your website or blog. There is some really good information there, so why not put it to use? Do not simply copy and paste, but rather copy, edit, and then publish this information in the form of an e-book digital product. You can use this as your free giveaway for the previous step, or sell at an extremely discounted price for some quick cash. Either way, you have a digital product that you can market for the rest of your life.
8 – Check Your Stats
Go to the admin section of your website, and check your traffic stats and other analytics. If this overwhelms you, pay someone to do it. You absolutely must know how your online presence is being built. Things to look at include:
• Top traffic sources (so you know where your efforts are paying off, or where you might need to make more effort)
• Top pages of your website (you might be able to find a way to monetize those top pages with ads, product reviews, links to your own products etc.)
• Demographics (so you know who you are and should be marketing to)
• And any other relevant information!
9 – Sell More to Your Current Customers
If you have been in business any amount of time at all, you have customers. Here is a crazy idea … ask them what they want! This is such an obvious strategy for effectively maximizing sales and profits that it is often times passed over. If you own a brick-and-mortar business, conduct entry and exit polls. If your business is web-based, this is even easier. Send out an e-mail or add a pop-up form on your site asking your customers exactly what they need to solve a major problem in their lives. When you know what your customers want, give it to them! It’s far easier to sell to your current customers than to find new ones. And it doesn’t necessarily mean creating new products, either. Perhaps you can offer them a discount or bundle offer?
10 – Stop Selling and Start Providing Value
One great way to get the most out of your current business platform is to stop selling. Seriously, take a long hard look at your business. If you are constantly pushing for the sale and your numbers are not where they need to be, stop. Begin providing free value on a consistent basis, ask for the sale, occasionally instead of relentlessly, and your revenue will probably pick up.
11 – Run a Contest on Your Website
You can find several companies online that offer free and paid contest management services. Tell your followers and readers that 1 or 5 or 10 randomly selected contest entrants will receive a valuable prize. You can offer a physical product (iPads do very well here), or you can simply offer a bundle of your own products. This is also a great way to build your e-mail list or social media following.
12 – Benefit from the Perspective of a New Set of Eyeballs
When you run out of ideas for driving traffic, improving your conversion rate and boosting sales, step away from your business. Ask for the honest opinion of a fresh set of eyeballs. Ask a business contact or client to give you an objective business appraisal. This will not cost you a thing, and can help you more effectively identify those business inefficiencies you may be overlooking.
13 – Create a Mastermind Group
The old saying that “two heads are better than one” is put to use here. Get together with other business owners, online or off, both in your niche and in other markets. Meet once a month or every two weeks. This mastermind group can help all of its individual members get more out of what they already have, based on the proven profit-enhancing idea discussed in the last tip.
14 – Track Your Daily Activities
My sister once told me she did not have enough hours in the day to accomplish everything she needed to. I challenged her to prove that. She began tracking each and every activity, business and personal, she engaged in everyday. Needless to say, she was proven wrong. Track your daily activities, including each and every miniscule thing that you do. You may find that you are not effectively spending enough time on your business, and are wasting precious hours and days every week on activities and actions that return zero value.
15 – Run a Sale
One of the quickest ways to make more money from what you’ve already got is to run a sale. If you sell physical products, this is a good way to clear out old stock. If you sell digital products, this won’t even cost you any inventory! And if you sell a service, it could help fill your calendar and bring some cash in quicker than waiting for standard orders to come in. Not sure what kind of sale to run? Here are a few ideas:
• Run a straight discount coupon (e.g. 30%) on all of your content. This will diminish your product’s value if you do it too often, but it is enticing to buyers and can bring in a lot of cash!
• Bundle up several related products that you’ve already released, add in something small that you’ve never released before, and sell it for a lower price than it’d cost to buy all individually. This is a better long-term strategy as it won’t reduce your product’s value so much! • Run sales only for your past customers – help increase loyalty!
• Offer a freebie when your customers buy a product or service at full price. That way you don’t need to discount the product at all, you just need to come up with a bonus idea!
16 – Conduct a “30 in 30” Brainstorming Session
Force yourself to come up with 30 new ideas in 30 minutes that can benefit your business. Allot 60 seconds to each idea. Write everything down, even if it seems unimportant or ridiculous. When you are through, take a short break. Come back to this list, and you will find at least 10 actionable strategies you can begin to implement immediately that do not require anything more than the business tools and assets you already possess.
17 – Engage Your Social Media Followers
Even if you only have a personal Facebook account, why not use it to market your business? You are on Twitter, so start tweeting. Set up a schedule by which you hit Facebook, Twitter, Google+, LinkedIn and any other social platform you are on at least 2 or 3 times a week, posting engaging and valuable information about your business. This could be an easy way to bring in extra clients without needing to start an expensive new advertising campaign!
18 – Implement the 80/20 Rule (the Pareto Principle)
As a companion to tips #1 and #14, this is invaluable. The 80/20 principle was put forth by Italian economist Vilfredo Pareto in 1906. And its business relevancy still holds true today. Basically put, 20% of your actions will produce 80% of your profits. 20% of your customers will deliver 80% of your sales. Use the 1st and 14th tips in this report to identify what areas you need to focus more of your time on, and you will start getting much more from your current efforts.
19 – Identify and Market Your USP
Do you know what your Unique Selling Proposition is? If not, that is actually good news. Because you have been attempting to sell products and services without differentiating yourself from the marketplace. Use tip number 16 to conduct a brainstorming session, coming up with 30 benefits and advantages that your service or product offers. Even if what you are offering is virtually identical to your competitor’s product, when you present and market it in a unique way you become the proprietary destination for your marketplace.
20 – Ask for Referrals
It is amazing how many unsuccessful, and even successful, businesses do not employ this pathetically simple strategy. You already asked your friends and family members in tip #5 to spread the word about your business. But the best referral of all comes from a previous customer! They have already bought your product or service, so when you get them to make a referral, their opinion carries serious weight. One of the most time-tested and proven direct marketing and direct sales tactics is to use satisfied customer referrals as social proof. That is exactly what you are doing here when you ask your satisfied customers to spread the word about your business. Offering them a referral fee or percentage is a great way to guarantee their efforts.
21 – Swap Referrals
A clever offshoot of the last tip is to actually swap referrals. If you have done business with someone else, and they have purchased something from you as well, contact them about swapping referrals. You can simply place your referral on your website, and they can do the same. If you really like a particular blog, let the owner know. And then ask them if they could take some time to check out your blog or website. Then approach that blog owner about swapping referrals.
Please let me know if you have any other tips! 🙂