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August 8, 2024 14 mins

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!

Got Questions? Send them here and I'll tackle them on the show: joey@joeyhyoung.com

Follow me on Instagram, X/Twitter, and Threads for daily content on business strategy and high performance @joeyhyoung

Ready to scale your business? Book a free connection call here and let's chat!

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Episode Transcript

Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Joey Young (00:00):
Welcome to Bright Side Business, where we talk to
online entrepreneurs likeyourself about how to grow to
six and seven figures and beyond.
My name is Joey Young.
I grew my family's professionalservice business from $20K to
over $100,000 a month in revenuein two years and I learned a
lot of lessons along the way.
One of them is how to grow pastthe revenue plateaus.

(00:21):
If you're facing a wall of $10K, $20kk, 30k a month and you
can't seem to break into ahigher level of revenue, this
episode is for you.
We're going to break down thefour different ways to make more
money in your online business.
The good news is there's onlyfour, and the other good news is
you only got to pick one.
That's the hard part to pickone.
And the third good news iswe're going to talk about it

(00:41):
right now.
So let's talk about how do youmake more money, grow past your
revenue barrier, your revenueplateau.
In order from easy to hardest toimplement, the number one
easiest one is to raise yourprices Pretty cut and dry.
All you got to do is tell yoursales team right.
Number two sell more of thething to the same people
Renewals, re-uples, re-sellingto the same people at the end of

(01:06):
their term and their contractcommitment.
Number three sell the thing todifferent people.
Your product and service.
Sell it to a new market, newaudience, sell it to someone new
.
And number four sell somethingcompletely new to everybody.
So let's unpack each again inorder from easiest to hardest.
Number one raise your prices.
This is the low-hanging fruit.

(01:28):
If you've got good salesnumbers, good sales conversion
rates and you've got goodrenewal percentages, it's a
great option for you, becauseyou know that your customer base
is strong.
They're renewing theircontracts with you, they're
rebuying, so you can go aheadand raise your prices by three
to five percent every three tonine months.
And the big concern is OK, am Igoing to drive some customers

(01:51):
away because I raised my prices?
Am I going to lose moneybecause 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 alwayslower your prices back down.
This is actually reallyimportant.
We have been raising our pricesconsistently for our product
over the past several years.

(02:11):
About a year ago, we hit apoint where we raised our price
and, all of a sudden, our salesconversions rates plummeted way
out of season.
It was supposed to be a highvolume period and it was not,
and we knew it was the price ofthe product, so we lowered the
price back down.
We're at our best salesconversions rates ever in our

(02:32):
business.
So don't worry about raisingthe price too much to the point
where people will stop buying,because I would rather you have
a month where you have horriblesales but at least you know your
prices are as high as they canbe, as what the market can bear.
So raise those prices if yougot great sales conversion rates

(02:52):
right now and great renewalrates.
Number two sell more of thething to the same people.
This is for people who have areally good, strong business but
you don't have great renewalrates or rebuying rates.
This is another easy way, alittle bit harder than raising
your prices, but it's not toobad, because you're selling to

(03:14):
people who already know you andlove you and trust you and have
spent money on you right.
So here's how you do this Lookat your products and all your
customers who engage with it andtry to find those bottom 20% of
customers who are not engagingwith the product.
Don't have great call retentionrates for your onboarding

(03:35):
process, who are not reallyusing the product very much.
Talk to them, try to figure outwhy they aren't engaging and
try to run some engagementcampaigns to get those people to
use your product more, becausethose are the people who are not
going to buy again.
The people who never open upyour app, never, you know, show
up to calls for your, yourcoaching, who never, you know,

(03:57):
log in or whatever.
Those are the people who aregoing to cancel at the end of
their, their, their term.
So how can you re-engage them?
I talked to a coaching companythat does seven figures and they
were doing a really, reallyinteresting thing where they
would have their sales guysystematically reach out to
every client of theirs 30 daysbefore the contract renewal to

(04:18):
restart a conversation.
Now, this was on top ofeverything they did to support
their clients on a monthly basiswith tools and calls and
everything like that.
But this was like another justtouch point where the sales guy
came in 30 days ahead of theirrenewal rate and just started
the conversation.
It didn't really matter what itwas, but as long as the sales
guy was talking to them andgetting them thinking about

(04:40):
renewing 30 days ahead of time.
Then they saw a lot betterrenewal rates and they actually
had a really interesting systemtoo where they had two different
rates for renewal, one forclients who were doing really
well and wanted more, and theyhad a downsell.
If the clients didn't take thatfor renewal to a price that was
one quarter of that price, thatwould keep them on at a lower

(05:01):
level of services.
So they could capture thoseleads as well, people who just
weren't ready to do that biggerlong-term commitment for the
higher ticket renewal.
So really interesting stuff.
Another thing you can do is dosurveys to your current clients,
ask them what features yourproduct could have that would

(05:21):
get them to buy again to renew.
So we've done surveys for ourclients where we asked them we
literally put a survey out withbullet point lists of like which
things do you want to seedeveloped as part of our service
here, what is the mostrequested feature by you?
And we lay out ideas that wehad for what they wanted and of

(05:42):
course, we had an other and itended up being that it was 90%
one thing.
So we focused all of our energyon that one thing that our
clients are telling us they wantfrom our program and that's
worked out really, really well.
So that's selling more of thesame thing to the same people,
fairly easy.
Number three a little bitharder.
Now.
You're selling the same thingbut to different people, to new

(06:06):
customers.
Now we need to get a little bitcreative with marketing, because
you have people who are problemaware out there but they're not
solution aware.
They know they need help.
They don't know that you canhelp them, right.
So how do we do that?
Well, we need a solid referraland affiliate program.
If you can equip your ravingfans, the people who already buy
from you, who love you, tospread the word with discount

(06:32):
codes they can share with theirfriends, with free months of
service if they refer friends,with money back, with shout outs
on posts, if they tag you in apost and you share them and
spread the word about them,anything like that swag, any
sort of t-shirts or stuff youcan give away so they can
promote your brand and hashtagit and post it.
All this sort of stuff isreally helpful to equip your

(06:55):
raving fans to share more aboutyour brand.
And another strategy is, besidesthe traditional stuff,
everybody knows, you can run aGoogle ads campaign.
You can, you know, go onFacebook or whatever you can do
organic marketing, but this isone I don't see as much talked
about.
You need a brand metric Becauseonce you're getting to the

(07:16):
point where you're scaling up toseven 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 tothink about how does my brand

(07:38):
represent itself in people'sminds and how can I improve that
reputation so I can get clientswho just come to me because of
the quality of the service thatwe have, clients who just come
to me because of the quality ofthe service that we have.
And one of the ways you canraise your brand's quality and
authority in a space is to havewhat I call a brand metric, and
a brand metric is just a singlemind-blowing metric that you can
share in one sentence that setsyour brand apart from other

(08:01):
brands in your potentialcustomers' minds.
So, for example, we have ametric that we get our clients
in within seven days.
They call us, they have anappointment and they sit down
within seven days and in themarket and the niche that we're
in, we're looking at peoplecalling and getting an
appointment within two months,sometimes three months.

(08:23):
For the service that we provide, we can get them in within
seven days, and that's a numberthat we track every single day.
We track every client that webring in, how fast we can bring
them in, and we know that ifsomeone calls in, the vast
majority of the time they'regoing to be sitting down within
seven days to be seen, and thatis huge when we say that, it
literally turns heads in ourindustry.

(08:44):
So what's something that youcan do, what's one metric that
you can point to in yourbusiness?
And if you don't have one yet,how can you develop it so you
can have a brand that'srepresented in people's minds as
not just another option but asa whoa, wow, these guys are
really doing something specialhere.
Number four start something new,sell something brand new, a new

(09:06):
product, a new service, newline.
You know all this stuff.
It's definitely the hardest todo because you have to go
through the whole ideationprocess, brainstorming, you've
got to think about new customermarkets and return on
investments and everything likethat.
But if you've tapped out allthe other three options.
Here's what you do.

(09:27):
You got to target an urgent,expensive, painful problem
you're target market is goingthrough right now.
This is the number one issue Isee with new products is they
don't target urgent, painful,expensive problems.
Urgent in the sense that theproblem needs to be solved
quickly, because people who havea problem that's imminent,

(09:48):
that's going to cause damage ifthey don't solve it quickly,
tend to buy more quickly andhave less questions and
objections.
Painful it's something that iscausing them a lot of stress, a
lot of heartache.
It's causing them to stay up atnight.
It's causing them to worry.
It's causing them to have areputation damage if they don't
solve this problem.
And expensive this problem isliterally costing them money,

(10:10):
this problem that this businessor this client that you're
targeting with your solution isspending lots of money on or
losing lots of potential moneyon because they don't have a
solution for it.
So choose a product or servicewith that sort of focus.
Do face-to-face market research.
I remember I was interviewedrecently.
Friend of a friend connected mewith a startup founder.

(10:33):
He's trying to do some stuff inthe cloud financial space for
small to medium-sized businessesand he just jumped on a Zoom
with me for 30 minutes and askedme a bunch of questions about
what software we use, whatproblems we had, what would we
want if we had our dreamanalytics dashboard for all of
our financials.
And it was really interestingand it was a really easy way and

(10:54):
a low-key way for him to gatherdata from his target market.
Now what you do with thoseface-to-face interactions, those
target market research calls,is you build a list of your beta
clients, because those betaclients are those people who are
most likely going to want yourservice and they've already said

(11:15):
yes to a market research call.
So they kind of heard yourpitch already.
So you can pitch them with deepdiscounts in exchange for
testimonials and referring youto their friends.
So what you do with thosemarket research calls is you
attempt to convert them to betaclients and you ask three things
of your beta clients.
First of all, you give them amassive discount on your product

(11:38):
or service.
You give them a huge chunk ofmoney off so they feel like
they're getting well, they aregetting a great deal, but they
also feel like they're at theground floor, so they're going
to get the best value for yoursolution.
So that's what you give them.
Then you ask of them threethings.
You say, listen, I need totalcommitment from you to get the
most out of this product I'mgiving you.
I need you to show up to everycall.

(12:00):
I need you to implementeverything I say.
I need you to do all the thingsto make sure that you get the
most out of this product, andthat's part of you earning your
discount on this and being apart of the beta launch.
Number two I need regularfeedback about your experience.
Systematize this.
You need to get theircommitment that they're going to

(12:20):
do it and then install systemsof feedback with surveys and
calls throughout theirexperience of onboarding and
experiencing your product, sothat they feel like they can
give their honest opinions, notabout how they're doing with
your product or service, butabout the product itself.
And then, three, a videotestimonial once they start to

(12:43):
get results.
So this is really important.
You want to capture acommitment from them at the
outset that they'll give you avideo testimonial about their
experience when they begin toget 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 resultsusing your product.
So a total commitment to see itthrough, feedback throughout

(13:05):
the program and a videotestimonial in exchange for a
massive discount and extraspecial white glove service for
your new product.
And that's how you launch a newproduct or service.
If you can't do any of the otherthree options, remember raise
prices Super easy.
Sell more of the same thing tothe same people Almost as easy.
Sell the same thing to newpeople and then finally sell

(13:29):
something new.
One of those four things isgoing to bust you through your
revenue plateau that you'refacing right now.
And hey, if this has beenhelpful for you, I'd love to
hear your thoughts.
Shoot me an email, joey, atjoeyhyoungcom, any feedback, any
questions, any thoughts you hadbased on this video, this
episode.
Love to hear it.

(13:49):
Or shoot me a DM on Instagramwith the same stuff that's at
joeyhyoung on Instagram.
And if you want to book a20-minute free consultation to
talk about what's limiting yourbusiness right now and how to
break through, you can do that.
There's a link in mydescription here on Instagram to
book a free 20-minuteconsultation.
Call with me, be happy to speakwith you.

(14:11):
And if you're out here you'reall here at the end of the
episode, then listen.
You must have liked somethingyou heard here, so leave a
five-star review on the platformyou're listening on.
Leave a like, drop a subscribeor a follow wherever you're
listening or watching.
This I really appreciate it.
It really helps the show tospread to more people.
Thank you so much in advancefor those five-star reviews and

(14:31):
those likes, and hey, until nexttime, my friend, happy scaling.
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