Quiz… can you name the artists?
“Got everything I own by the sweat of my brow”
“She works hard for her money, so hard for her money”
“I’m working so hard, I’m working for the company, I’m working so hard to keep you in the luxury”
(Let me know in the comment section)
Whatever tune gets you humming, your money didn’t appear by magic. It came from your hard work, sacrifices, and drive. And you put too much of your blood, sweat, and tears into it to lose it.
Unfortunately, if you are like most small business owners, that is exactly what you are doing every day. Because there is money hiding in your business and unless you recover it, it will stay hidden forever.
Where to start digging
To uncover your piles of cash that are just waiting for the taking, start by looking in these four places…
- A profitable nudge. Comb through your email over the past year and search for the deals that didn’t close, the prospects that went missing, or the customer that asked a bunch of questions but never pressed the “Add to Cart” button. Develop a promotion that gives them a time sensitive call to action to act now. On the client-side of things, we ran a Cyber Monday special where we reduced our “4-Hour Launch” program from $4,000 to $2,000. And we picked up three new clients from it.For our Black Friday special, we offered a 12-Pay for our 12 Minute Social Media Cash Machine. We sold $43,000 worth of courses that day.
None of the sales required any ad spend, so it was pure profit. Because the leads were simply sitting in our list and just needed a little nudge to move forward. What will a nudge do for your list?
- More of the Good Stuff
You know who is most likely to buy something from you right now? A past customer. In fact, they are 5x more likely to buy from you than a new lead. When is the last time you surveyed your audience to find out what programs, products, or services they wish you offered?A simple one-question survey such as: “If you had a magic wand, what is one product/program/service you wish I could give you?” Then list out four choices and an“other” line with room for commenting.
Following the survey, simply follow up with any who wished for something you currently offer and give them a time sensitive reason to move forward now. Again, no advertising required and a profitable way to make more sales.
3. Collect and Prosper. Through Powerful Professionals Membership and our course offerings such as The Social Media Cash Machine, we have a lot of people on monthly payment programs. Occasionally a credit card may expire and life gets in the way and the customer’s payment doesn’t go through. We knew this was a problem, but we didn’t know just how much of a problem it was until Payment Saver did an audit for us. Their CEO Casey Graham is a friend of mine and approached me with an offer to find out how much money we were losing each month.
It turned out to be thousands and thousands of dollars.
We simply partnered with them and for a split of the collected revenue, we started recovering a pile of hidden money. (Bam!)
Are there payments from customers you are currently missing out on and could prosper from? Get in a regular habit of checking your “failed payments” report of your merchant processor and follow up with these delinquent, yet still lovely, customers. Or bring someone on like we did to help you solve the problem. Casey joined me to do a session called “3 Ways To Bring In An Extra Five Figures A Month Without Spending A Dime” which you can get by clicking here. He is also speaking live at our Game Changer Marketing Summit. Reserve your spots now.
Got one or two ideas on how to find some hidden money? Now grab a shovel and start digging!