Latest / The Boujee Multipreneur / Adding Extras to Boost Revenue in Your Small Business

Transcript

Adding Extras to Boost Revenue in Your Small Business · The Boujee Multipreneur

• 0:16
  SPEAKER_00: Hi, welcome back to the Bougie Multipreneur.
• 0:19
  SPEAKER_00: I'm your host, Hilary.
• 0:21
  SPEAKER_00: Now you know we always talk about strategies and mindset shifts to scale your business while keeping all things bougie and profitable.
• 0:29
  SPEAKER_00: Today I'd like to talk about how we can add some extras into your small business, things that you already offer to increase your revenue and even like maybe elevate your customer experience.
• 0:41
  SPEAKER_00: Little extras like what you would hear as an upsell or an add-on, they can make a big difference in your bottom line in your revenue every month.
• 0:49
  SPEAKER_00: So we're going to go over some examples, how to choose the right extra that you're going to offer and how to present them in a way that maybe feels more authentic and like you, but still adding value to your clients or customers and in the long end of it, increasing your revenue, right?
• 1:06
  SPEAKER_00: That's what we're here for.
• 1:08
  SPEAKER_00: A little thing about the psychology of extras.
• 1:12
  SPEAKER_00: I looked this up for you guys.
• 1:14
  SPEAKER_00: But upscaling works because people like convenience in personalization.
• 1:20
  SPEAKER_00: As I learned about this psychology part of this, I thought I, this is me.
• 1:25
  SPEAKER_00: I love convenience.
• 1:28
  SPEAKER_00: As a busy mom that owns several businesses, I will pay for convenience all day long and personalize it for what I need, not just something anyone needs, but something that I specifically need.
• 1:41
  SPEAKER_00: Heck yeah, I will pay extra for it or add something on.
• 1:45
  SPEAKER_00: So offering patients or customers something additional to kind of satisfy these desires of convenience and personalization.
• 1:56
  SPEAKER_00: Now the key is to focus on the customers more than just making more money.
• 2:01
  SPEAKER_00: But we all know the bottom line, we still need to make money, right?
• 2:04
  SPEAKER_00: But when you do this correctly, you're going to increase your revenue month after month.
• 2:09
  SPEAKER_00: The add-on should feel like something that they want to do, like you're not pushing in on them or solving a problem that they didn't know that they had.
• 2:18
  SPEAKER_00: So looking at your ideal customer, your avatar, whatever you want to call that person, and what problem can you solve that they didn't know that they needed you for or needed an extra add-on for?
• 2:31
  SPEAKER_00: And even using like scarcity or exclusive exclusivity, I'm sorry, sometimes like when you add a limited time offer only, or only this month, or only this week, it creates that urgency to make them feel special.
• 2:45
  SPEAKER_00: Or maybe you have like the VIP customers that they only get it if you're the VIP or something, they're they're the top customer.
• 2:53
  SPEAKER_00: So the scarcity and exclusivity is some psychology that we can use behind it as to adding these add-ons, these value ads, if you will, and increasing the revenue.
• 3:03
  SPEAKER_00: So definitely, like I was saying, you need to know your customer, your patient, and what would make their life easier or improve their experience.
• 3:12
  SPEAKER_00: So, for instance, if I use my chiropractic offices as an example, we started adding on years ago something is extremely easy like cupping, because it was back in the day that Michael Phelps was swimming and people saw it on TV and they didn't know where they could go to do that.
• 3:30
  SPEAKER_00: They could go to a PT, but why would they make a PT appointment for cupping when their chiropractor could do it?
• 3:36
  SPEAKER_00: So that's like an add-on that we started, you know, really explaining to the patients about why they they might want that.
• 3:44
  SPEAKER_00: But it also fell in line with like what I believe.
• 3:47
  SPEAKER_00: My my goal is always to get my patients better the quickest, fastest, most correct way possible.
• 3:54
  SPEAKER_00: So adding on different like therapies if you're a chiropractor.
• 3:58
  SPEAKER_00: And in fact, I I speak on this a lot because I'm a huge fan of therapies for chiropractors, because it really enhances what the patient feels in your office, like they got more time with you.
• 4:09
  SPEAKER_00: They they leave with looser muscles than they came in.
• 4:14
  SPEAKER_00: And the thing is, if they're gonna go somewhere else to get it from a physical therapist, massage therapist, uh, a stretch lab, etc., why not do it all in one location under one roof, like a one-stop shop?
• 4:28
  SPEAKER_00: So those are some examples of like things that work for my chiropractic business, right?
• 4:32
  SPEAKER_00: As far as my coaching business, I add on things like SOP manuals because a lot of my clients and business owners don't have time to write their own operating procedure manuals and their training manuals.
• 4:47
  SPEAKER_00: And in fact, they don't even have time to train some of their staff.
• 4:50
  SPEAKER_00: And so these are like add-ons that I do as a business coach, besides just our monthly or weekly coaching that I do with them.
• 4:59
  SPEAKER_00: So, what you know, what do they need?
• 5:01
  SPEAKER_00: What's their pain point for my business clients that I coach?
• 5:06
  SPEAKER_00: Their pain point is often uh time, they don't have time to do this or that.
• 5:11
  SPEAKER_00: So, what can I do to take that off their plate?
• 5:14
  SPEAKER_00: And maybe they didn't even know they needed.
• 5:16
  SPEAKER_00: I can't tell you how many times people didn't know that they needed an SOP manual or an employee manual.
• 5:21
  SPEAKER_00: And here I am typing it up for them because I've done it a million times.
• 5:24
  SPEAKER_00: It's so easy for me to do in an add-on.
• 5:27
  SPEAKER_00: It's something that I don't push on them, just like with chiropractic, we don't push on doing like the kinesio taping, the dry needling, the cupping, the massage, these are all things that I feel like is what they need.
• 5:40
  SPEAKER_00: Um, and I feel like it aligns with how I feel they should be treated too.
• 5:45
  SPEAKER_00: So even if um one of my other businesses is a it's called Luxury Garage Events, it's an event center.
• 5:52
  SPEAKER_00: I add on extra things like if someone wants to rent tables and chairs, they can rent from us.
• 5:58
  SPEAKER_00: They don't have to rent from us, they can rent from someone else.
• 6:01
  SPEAKER_00: But if they don't want to deal with contacting another business, we can add the rental of the table and chairs in.
• 6:07
  SPEAKER_00: Even like planning for like the parties and stuff like that.
• 6:09
  SPEAKER_00: So whatever fits with your business, think about that.
• 6:13
  SPEAKER_00: It could be a physical product, like an item, you know, like if you run a spa or a salon, you are selling more of like luxury skincare products that they can't get anywhere else.
• 6:24
  SPEAKER_00: Or chiropractors, are you selling a specific cervical pillow that they can't get anywhere else?
• 6:30
  SPEAKER_00: Are you giving them these therapies that they don't need to necessarily go anywhere else to do?
• 6:37
  SPEAKER_00: You could even brand them.
• 6:39
  SPEAKER_00: So I know a lot of us will brand our own even supplements because supplement companies will put your own branding on them too.
• 6:46
  SPEAKER_00: So think about what you could make to really elevate your experience for your customer, your patient, really create that bouginess, but add extra on and it adds to the top of your revenue.
• 6:58
  SPEAKER_00: You could have like VIP experiences or like VIP packages that you get more with it.
• 7:05
  SPEAKER_00: So creating like premium service packages, something like they get access to different booking, or they get certain products every month, or they get free consultations of something.
• 7:17
  SPEAKER_00: So packages, you could bundle them and even show them what they're saving when you create a package, but bundling them that would be a premium package.
• 7:26
  SPEAKER_00: You could offer like digital products, uh, downloads, guides, things like that.
• 7:32
  SPEAKER_00: Um, a lot of my chiropractic patients, they really love stretching guides that I've like charged minimal for, but it's just an added bonus to them.
• 7:41
  SPEAKER_00: It adds to our revenue.
• 7:43
  SPEAKER_00: Um, even like a guide for like we have a lot of rental houses that we do also, you know, um, offering something to them, some kind of guide for moving, and I mean, just anything really.
• 7:57
  SPEAKER_00: Um for my chiropractic businesses, we do a lot of like events.
• 8:02
  SPEAKER_00: So, for instance, one of our big events every year is called Google's Night Out, and we have like VIP tickets that they get perks for doing that.
• 8:10
  SPEAKER_00: They get to come in early, they get extra things, they might get like a tarot card reading.
• 8:15
  SPEAKER_00: So, if an experience is what your ideal client is wanting, what could you do to level up an experience and make it more a VIP, more bougie, if you will?
• 8:25
  SPEAKER_00: A lot of uh people ask me, I don't so want to like be pushy.
• 8:30
  SPEAKER_00: I don't want to be that salesman.
• 8:31
  SPEAKER_00: And I get it, even for chiropractors, like we have to sell health.
• 8:35
  SPEAKER_00: Like you wouldn't think you'd have to sell like good health and habits, but we do.
• 8:41
  SPEAKER_00: I think most things in life, we're selling something.
• 8:44
  SPEAKER_00: I mean, we're selling things to our even our kids on how to how to grow up and how we want them to be healthy too.
• 8:50
  SPEAKER_00: The the key is we need to educate them and educating without feeling too pushy, right?
• 8:57
  SPEAKER_00: So we're doing a consultation near chiropractor, and you're just mentioning these extra services or products that could benefit.
• 9:05
  SPEAKER_00: You're prescribing them, if you will.
• 9:08
  SPEAKER_00: You know, these are things that will help you get better faster.
• 9:11
  SPEAKER_00: This is what I do with all of my other patients.
• 9:13
  SPEAKER_00: I would like to start those today as well.
• 9:16
  SPEAKER_00: You know, also making it easy for them to add them on.
• 9:20
  SPEAKER_00: So making so they don't have to ask you or they don't have to pay for them separately.
• 9:24
  SPEAKER_00: Like, can anything be bundled together or their card on file where it's an easy check-in and checkout process?
• 9:30
  SPEAKER_00: And then always get testimonials because then you can show these stories of all these other people that have done, for instance, the therapies at your chiropractic office or who have enjoyed their different manuals that you're making if you're a business coach like I am.
• 9:44
  SPEAKER_00: So just so people can see what they're gonna buy and have that across, of course, all your social media, right?
• 9:51
  SPEAKER_00: So when you're adding on extras, we want things to be, you know, like a win-win for you and your customer or client, right?
• 9:58
  SPEAKER_00: We want to make sure that everyone's feeling that they're getting something out of it.
• 10:03
  SPEAKER_00: And I don't want you to feel pushy where you're making them buy anything.
• 10:07
  SPEAKER_00: Um, you could do, like I said, the the limited time offers, like the call to action about you know what what you have going on this week or that.
• 10:17
  SPEAKER_00: So think about your upcoming months.
• 10:20
  SPEAKER_00: I like to pre-populate my marketing for the whole year.
• 10:23
  SPEAKER_00: In fact, I do a whole workshop on that, but you could have this all planned out to of maybe something that you're gonna offer each month or an add-on, a bonus, something for your VIP people.
• 10:37
  SPEAKER_00: Um, I've created VIP memberships and uh people love it.
• 10:42
  SPEAKER_00: I do think it depends on where you live.
• 10:44
  SPEAKER_00: So again, knowing your target audience, your target clients, what they want, like what's their pain point, what can you make easier for them?
• 10:52
  SPEAKER_00: Is it time?
• 10:54
  SPEAKER_00: Is it a discount?
• 10:55
  SPEAKER_00: If you're in an area where people love discounts, then you're gonna have to discount things, you're gonna have to bundle things together.
• 11:02
  SPEAKER_00: You get these three things for this low price, or you buy these three, you get this one free.
• 11:09
  SPEAKER_00: You know, make sure you're educating them about why they need a product.
• 11:13
  SPEAKER_00: And it's okay if the first time you educate them on it, they don't sign up and say yes.
• 11:19
  SPEAKER_00: The education can and the sales is can be a long process.
• 11:24
  SPEAKER_00: If you think about it like a ring of a ladder, like step by step by step.
• 11:28
  SPEAKER_00: It might take you 10 steps to get up to the top of that ladder, but you're gonna get there.
• 11:33
  SPEAKER_00: You just need to do it in a good order.
• 11:35
  SPEAKER_00: I'm a big fan of not being too pushy.
• 11:38
  SPEAKER_00: So I do a lot of the education, a lot of the meet and greets.
• 11:41
  SPEAKER_00: I know with my chiropractic stuff with our offices, we do a lot of events just to meet people in the public.
• 11:48
  SPEAKER_00: We go to events, we host events because I think that's a big key is getting someone to know you and your business and not necessarily pushing them to sign up for what it is you're selling right then and there.
• 12:01
  SPEAKER_00: It's a step-by-step.
• 12:03
  SPEAKER_00: And I found in the 18 years I've been running my chiropractic office is that it does take a while.
• 12:10
  SPEAKER_00: Some of my favorite and best patients I've had for 17, 18 years are because it was a step-by-step process and they got to know me, and it was link by link by link up the ladder until the final sale, and then it's like it was a perfect match.
• 12:29
  SPEAKER_00: So if you're also looking for the best type of customers, clients, patients, also think about a step-by-step sales ladder because that could be maybe one of the missing keys, and maybe that'd be a great uh podcast for another time.
• 12:43
  SPEAKER_00: So if you are thinking about starting to add extras to your business, but you need some help, reach out to me.
• 12:50
  SPEAKER_00: Um, my website is hhjconsulting.com.
• 12:54
  SPEAKER_00: You'll see me all across social media channels, Hillary Hushour Jones.
• 12:59
  SPEAKER_00: I'm on Facebook and Instagram, a lot of YouTube videos, and hope that you enjoy this podcast.
• 13:06
  SPEAKER_00: And I think we will do another one about maybe sales for another podcast.
• 13:11
  SPEAKER_00: So hope you have a great day.
• 13:12
  SPEAKER_00: I hope that money drops effortlessly into your lap.
• 13:16
  SPEAKER_00: And as always, keep it moving.