I can still remember once it finally clicked.
That huge relief I felt inside when someone came to my website to buy a $27 product, but ended up spending $228 instead.
And that wasn’t by accident, it was extremely strategic and completely planned.
=> This is what allowed us to more than 10x our revenue in a single year. I’m talking from making 120k to over 1million.
Take a second and think about this.
What if every person who came to buy something from you, spent significantly more than what their original purchase would have been?
And I’m not just talking about digital products, I’m also talking about courses, group programs, workshops and services.
Basically anything you offer in your business.
Great, let’s dive in to the 2 easy ways to double your business income in 2023!
Step 1. to double your business income
Increase Your Average Order Value.
In case you’re thinking you need to be some sort of math or accounting wizard to get this, just stop right there.
It’s simple, I promise.
And if you want to double your business income in 2023, turn off the distractions, lean in and pay good attention. (Remember that whole 10x thing above).
It starts by you writing out all of the offers (products, courses, group programs etc…) you have in your business.
You can do this on a piece of paper and try to compartmentalize the offers from low-ticket to high-ticket.
=> Or you can get access to our Handy Dandy Google Sheets Template to make it even easier. You will need to make a copy in order to edit it.
Now look at each one of those offers and see if you use any others as upgrades or complimentary offers.
Here are a few examples for the products and services we offer:
Someone buys our LBS WordPress Website Academy.
Upgrade to Membership at a special price not on website.
Someone joins our Sales on Repeat Society.
Upgrade offer to add in Bonus 1-hour Strategy Session.
Someone buys an LBS Semi-Custom Brand Design.
Upgrade offer to special pricing on a fully-custom brand.
Now not every single person is going to take you up on every single upgrade offer you have.
But it’s going to make a massive difference to your average order value, especially if do a great job of offering really aligned upgrades and one-time offers.
As I’m sure you’re guessing, there are many ways to offer upgrades and a lot of different 3rd party cart and sales funnel providers you can use to create these types of funnels.
And in case you’re wondering, we use our very own Funnel Breezy as our fave cart provider, and we wholeheartedly love it. (Also because it offer soo much more)
So if you can make it a rule in your business that for every offer you have or make, you have at least 1 aligned upgrade offer available, you’ll be all set.
The best part is that once the upgrade offer is setup, it literally takes no extra work to make that extra money. It’s all icing on the cake.
I’ll eat that icing all day long. You?
Now let’s talk about the second easy way to double your business income in 2023.
Step 2. to double your business income
Increase Your Average Lifetime Value.
This is really where having a value ladder in your business comes in handy.
In case you’re thinking “Dammit Tasha, what’s a value ladder”? I’ll go there first.
Think of it as a lineup of your offers that increases in price and value as you move up.
Typically, the higher the offer on the ladder, the more 1-1 (or access) your audience gets to you.
Here’s a really great example for Wellness Coach that has digital products – all the way to 1-1 private coaching.
Having a value ladder allows you to service your audience within your zone of genius, based on the level of attention they want and can afford.
Not to mention, most people won’t jump right in at your highest ticket offer. So having a strategic value ladder allows more people to pay you off the bat.
Okay, now back to how to double your business income by increasing your customer’s lifetime value.
Your customer’s lifetime value is basically totaling up everything they’ve spend with your business.
The more things they buy, the higher their lifetime value will likely be.
Example: When someone comes in and buys a digital download or product, you can setup an automated email sequence that offers them the option to upgrade to your next offer or the one that makes the most sense.
Now this doesn’t always have to happen right after their initial purchase.
When you promote your offers regularly, stay in touch with your audience with emails and show up on social, this will also happen organically.
If you have an aligned value ladder, your audience will naturally gravitate towards your higher offers once you’ve built that trust.
So increasing your the average lifetime value of your customers becomes much easier.
You cannot build a sustainable business when someone only ever buys from your one time.
You’ll be stuck always trying to find new people to buy from you. No thanks!
Bonus: Mini Case Study
Here's a look behind the Scenes.
We ran the first iteration of the Sales on Repeat Society as a live Group Coaching Program with 33 incredible women business owners.
This graph still lives within the program as I think it’s super important to illustrate the power of a strategic value ladder.
Out of the 33 women who joined the group program, you can see how many of them had already purchased or signed up for something else from our business.
Some of them have purchased many of these options and have been with us as customers and clients for years.
So what’s the big takeaway here?
=> An Aligned Value Ladder + Trust through excellent past experience = people willing to spend money with your business over and over.
So I would like to implore you to please consider slowing down, and working through increasing your Average Order Value and Average Customer Lifetime Value.
And as always, if you want to dive deeper with some real deal hand holding – The Sales on Repeat Society is the place to be.