Six Ways to Make Three Times More Money

Jul 25, 2024

Six Ways to Make Three Times More Money Without More Marketing and Ads

Activation

  • Definition: The point at which the customer first receives value from the product.
    • Example 1: For a B2B service company like a marketing agency, it might be the first time they get leads.
    • Example 2: For a software company, it might be the first time they log in and see the dashboard.
    • Example 3: For a physical product, it might be when they receive the product in hand.
  • Case Study: Gym Launch
    • Problem: Turnover rate was 8%.
    • Solution: Implemented the ‘fast cash play’ strategy to ensure customers recoup investment in the first 30 days.
    • Result: Turnover rate decreased to 3% within six months.

Track and Display ROI

  • Principle: Remind customers constantly of the value you are providing.
    • Airline Example: Airlines provide updates on delays frequently to keep passengers informed.
    • B2B Example: Have customers report weekly on progress and ROI.
    • Software Example: Instacart informs customers how much time they've saved.

Mirrored Communication

  • Principle: Reflect the number of touchpoints pre-sale to post-sale.
    • Example: Have videos and content to get customers to use your product.
    • Warning: Avoid giving customers a feeling of being used post-purchase.

Time to Value

  • Definition: How long it takes for a customer to receive value from the product after purchase.
    • Example: Crest white strips shortened time to value with the One Hour Express.
    • Case Study: Company with a six-month value recognition reduced to one month by condensing video content.

Ongoing Onboarding

  • Principle: Continuously onboard customers to maintain engagement and success.
    • Educate customers on how to get the most out of the product.
    • Software Example: Tutorials and tips to improve user experience.
    • Tip: Higher stakeholders require less frequent communication.

Constant Evolution

  • Principle: Innovate and improve your product consistently to avoid irrelevance.
    • Ask customers about their favorite features and what would make the product indispensable.
    • Regularly gather feedback to stay ahead of the competition without complete overhauls.
    • Use "inner circles" for monthly feedback and innovation ideas.

Summary

  • Employing these tactics can lead to a threefold increase in revenue without additional customers.
  • Enhances reputation, brand, and employee environment.
  • Focus on constant product evolution and customer education.