#123: Increase Revenue Without Getting New Customers
In this episode, Abu shares the real key to growing your business revenue—and it's not about getting more customers. It’s about retention. Through a behind-the-scenes look at his own businesses (agency, coaching, courses, and e-commerce), he breaks down three strategic ways to increase your revenue by optimizing the customer experience you already offer.
Whether you're running a product-based or service-based business, this episode gives you practical, actionable tactics to boost cash flow by serving your existing customers better—without launching something new.
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Key Takeaways (fill it in)
- Tap Into Micro-Segments of Your Existing Audience
- Use Strategic Surveys to Gather Data
- Level Up Your Follow-Up & Offboarding Process
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House Keeping
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Transcript
Hey and welcome back to this week's episode.
Speaker A:Super excited to be here.
Speaker A:Quick updates 1.
Speaker A:We launched the Unignorable series last week and it went amazing.
Speaker A:I actually did not know that we would get that level of reception.
Speaker A:There were so many people tuning in.
Speaker A:We had so many downloads, so many listeners to that episode.
Speaker A:I'm going to keep doing more of them.
Speaker A:One of the things I said is if you like me to do more of these, let me know.
Speaker A:And I got so many voice notes, phone calls, DMs, emails, just people really blown away by the level of storytelling and showcasing a different light of entrepreneurship.
Speaker A:Things that you could learn, things that people did.
Speaker A:It's really about the under the hood of what is actually going on.
Speaker A:What can you actually learn from what's going on?
Speaker A:And really around people, moves and moments that are shaping business and culture.
Speaker A:Tune in for new episodes coming weekly or until I run out of ideas or people to really dissect.
Speaker A:The second thing is before I jump into this week's episode talking about three ways to increase your revenue through retention, I want to just give a shout out to the listeners and the people that have been leaving reviews on the podcast.
Speaker A:If you're on Apple podcasts, go down below and you can write a review.
Speaker A: I'm trying to get to: Speaker A:Right now I think I'm a little over a hundred.
Speaker A:Long way to go.
Speaker A:But I know I can accomplish this goal with your help.
Speaker A:Let's dive into this week's episode.
Speaker A:This is around three ways to increase your revenue by increasing your retention.
Speaker B:It's been a long time and I miss this feeling.
Speaker B:It feels like freedom, it feels like healing, floating up the floor.
Speaker A:I was recently talking to a client of mine and she's trying to figure out ways to make more revenue in her business.
Speaker A:So she, she wants to build a whole nother business.
Speaker A:Before we do all of that, let's look at your current business model.
Speaker A:Because the first question you should ask yourself if you're running a business is, am I making all the money that I should be or can from this business?
Speaker A:And most times it's no.
Speaker A:Most times you have one single offer.
Speaker A:You may have two single offers, but that's essentially it.
Speaker A:You need to think outside of the box.
Speaker A:I always tell people, within every segment of customers, there are micro segments.
Speaker A:What does that mean?
Speaker A:Let's say there's a thousand people that follow you.
Speaker A:Or let's say there's a thousand people that are on your email list.
Speaker A:Or let's say there's a thousand people who have bought your product or service.
Speaker A:Out of that thousand, there are segments, micro segments, that if you were to offer them something additional that they would say yes to.
Speaker A:Here's an example.
Speaker A:When I was running an online course and I was coaching people, I had about 1,000 people sign up for my online course.
Speaker A:Then I said, okay, anyone that would want one on one time with me, let me know I'm going to charge an additional $500.
Speaker A:Out of that 1,000 people, 80% took that offer of doing a one on one with me for $500.
Speaker A:Now, I know $500 sounds small, but if you multiply it by 800 people, that's a lot of revenue, additional revenue that you could bring into your business, it's always not going to be 80%, even if it was 20% and 200, even if it was 10% and 100 out of a thousand took the offer, that's still great.
Speaker A:That's additional cash flow that you're bringing into your business because you may need it for something that you want to do or you may need it for a bigger, a larger marketing budget or to hire someone to take something off your place.
Speaker A:These things are crucial.
Speaker A:The first thing is what are the micro segments in my community?
Speaker A:And in order to understand what micro segments you might have in the community, whether it's on your email list or people who have bought from you, you have to pay attention to the data.
Speaker A:What this means is one of the things I did early on was I would send out surveys just to get an idea of what people needed.
Speaker A:The first thing is when people were onboarding to my offer, I sent out a survey.
Speaker A:They gave me money, right?
Speaker A:And on the thank you page and the first email that they would get was a survey.
Speaker A:And this survey said, where are you right now?
Speaker A:What are the challenges that you're having in your business?
Speaker A:Where are you trying to go?
Speaker A:Where are the things you need help with?
Speaker A:And even though I knew that offer that they purchased for me would only solve one of those things, I wanted the data.
Speaker A:So later on, if I were to start a second offer, I understood, okay, where are majority of people struggling?
Speaker A:I had foresight into knowing the more data that you collect on your customers early on, the better it is for you to one, improve the customer experience, but second, improve your offer.
Speaker A:Does that make sense?
Speaker A:This was an onboarding survey that gave me insight into who is my customer to where are my customers right now in their business journey.
Speaker A:The next thing I did, I added a Survey midway through for my customer based on their experience, for example.
Speaker A:What does that mean?
Speaker A:It means that let's say I am working with someone for four weeks midway they will get a survey to get a gauge of how am I doing, what problems are they still having?
Speaker A:Are we solving the problem that they initially came to me for?
Speaker A:This would give me additional data and they'll either tell me okay, I'm doing a good job, but what I would love most is how am I doing a good job?
Speaker A:And it would also tell me their frustration that I would love most is pinpointing what are you frustrated about?
Speaker A:The more specific I could get, the better I could one, go backwards and improve my onboarding experience.
Speaker A:Two, improve the experience until the customer off boards or essentially until the end of our relationship, end of our agreement.
Speaker A:The next thing I looked at, what's the completion time?
Speaker A:How long has it taken my customer to go from where they wanted to go from where they started?
Speaker A:I needed to understand that a little bit more.
Speaker A:How much time were they spending on certain pages of the course for my course business?
Speaker A:How much time were they spending in their portal?
Speaker A:When I was running my agency I needed to collect all this data in order to figure out what is that thing that I need to offer in order to one, bring in more revenue or cash flow to improve my experience so the customer stays around longer and maybe renews.
Speaker A:These are some of the questions that I had to ask myself and I hope you're taking notes because I'm giving you a lot of game of different levels.
Speaker A:I want to make sure you understand and I'm talking to the person who runs a product or a service based business because I've done both.
Speaker A:I understand you running your agency, I understand you running your coaching business, I understand you running your online course business and I understand that you're running your E commerce business.
Speaker A:These things are transferable.
Speaker A:You have to understand.
Speaker A:What I'm trying to show you is how to collect data in order to increase your revenue by increasing retention.
Speaker A:Does that make sense?
Speaker A:Are you following?
Speaker A:And the third thing I had to do was I had to make sure my follow up and my offboarding was elite.
Speaker A:And what do I mean by that?
Speaker A:Here was another survey to collect, collect feedback to collect a review from that customer or that client experience.
Speaker A:This will allow me to improve and the reviews or feedbacks that were less than three stars.
Speaker A:There was a booking link at the end of it because I wanted that additional touch point to see if I can sway or change that customer's mind to improve their experience.
Speaker A:They could renew to see that.
Speaker A:Okay, what exactly did I miss out on?
Speaker A:And put a face to the voice.
Speaker A:These are little things that took time, but they had a high value in return.
Speaker A:Every little thing you shouldn't do.
Speaker A:Delegate.
Speaker A:I tell entrepreneurs this all the time.
Speaker A:There's certain little things that touch the bottom line that can drastically shift the bottom line if you do them extremely well.
Speaker A:Those are the three things that I needed to implement when I implemented those three things and when I share this with the client to implement.
Speaker A:This is a way for them to increase their revenue by increasing retention.
Speaker A:Sometimes targeting the micro segment inside the segment that you're already serving, you'll realize that you could reach your revenue goals a lot faster.
Speaker A:These individuals have already said yes to you.
Speaker A:Now it's a lot easier to get them to say yes to you a second time versus building a whole new business, building a whole new company, building a whole new offer that is completely unrelated to the group of people whose problems you're already solving.
Speaker A:Give me an amen.
Speaker A:I'm just kidding.
Speaker A:But that's all I have.
Speaker A:I wanted to keep this episode short and concise and to the point.
Speaker A:I'll see you during next week's episode.
Speaker A:All right.
Speaker B:It's been a long time and I miss this feeling it feels like freedom it feels like healing Floating off the floor past the ceiling the wind in my hair I can see the light at the end of the tunnel as I'm taking flight Man, I'm feeling like myself again Man, I'm feeling like myself again it's been a long time and I miss this feeling.
