You need a profit pathway
One of the most frustrating things for entrepreneurs is to have a vision of where we want to go, proceed to throw all energy, money and tactics at that vision, only to marginally move our revenue figures.
There’s a tool that can help you get a grip on what’s happening so that you can conserve your resources, use them to your highest good, and make more money.
It’s called a profit pathway. I built it like a staircase, where each bar is like a range of products or services in your business. The first bar, or in this case, stack of coins, is what you do for free; activities that you engage in to broaden awareness and simply share your expertise. Think of it as goodwill. These items could be newsletters, public speaking, white papers, etc.
The subsequent bars represent “bands” or ranges of products that you offer with increasing price points (for service providers this also means increasing access to your personal time). So that, your customers pay more, for more of your time, or greater levels of expertise. You don’t have to have 6 bars, you could have fewer.
A range of bands might include:
• Free
• Lower Price Point with No personal contact; books, work books, self study courses
• Mid-range; group courses or more specialized products
• High range; private sessions or highest quality
The key is to actually build from the top down, focusing on current clients first. It’s always easier to upsell an existing client, than to cultivate a new client. This approach to nurturing what you already have is a great way to move your revenue needle with less effort but greater effect!
Join us when Karyn Pettigrew is our Conversation Starter on our August Virtual Roundtable
August 28, 6pm PST
Register by going to the WSA Events Calendar in your Member’s Only area.