Six Ways to Triple Your Revenue Without Additional Marketing

Jul 25, 2024

Six Ways to Triple Your Revenue Without Additional Marketing

Key Principles

  1. Activation

    • The initial moment a customer gains value from the product.
    • Examples:
      • B2B Service: First successful lead.
      • Software: First login seeing a dashboard.
      • Physical Product: When the product is delivered.
    • Case Study: Gym Launch
      • Problem: Customer churn was at 8%.
      • Solution: Identified activation point where customers recoup their investment quickly.
      • Strategy: Introduced 'Fast Cash Play' to ensure quick ROI.
      • Result: Reduced churn rate to 3%.
  2. Track and Display ROI

    • Constantly remind customers of the value you deliver.
    • Example: Airlines update customers during delays to keep them informed.
    • Personal Anecdote: Poor communication from a recruiting company led to doubts about their service.
    • Tools used: Weekly reports, progress tracking, updating customers consistently.
    • Software Example: Instacart reminds users of hours saved.
  3. Mirrored Communication

    • Match the number of interactions pre-sale with post-sale.
    • Example: Marketing agencies need to educate customers post-purchase as much as pre-purchase.
    • Analogy: Like high school relationships—customers feel used if they're ignored post-sale.
    • Strategy: Implement continued content and communication post-sale.
  4. Time to Value

    • Minimize the period before a customer gets significant value from your product.
    • Example: Crest White Strips shortened time to result with '1 hour Express'.
    • Case Study: Company in the portfolio reduced time to value by condensing educational content.
    • Strategy: Condense essential steps to show quicker results.
  5. Ongoing Onboarding

    • Continuous onboarding and education of customers.
    • Regular communication to prevent misunderstandings and ignorance.
    • Examples: Software tutorial pop-ups, regular updates, educating on preventing torpedoes to success.
    • Strategy: Regularly updating and educating customers to promote usage.
  6. Product Evolution

    • Avoid becoming irrelevant by consistently updating your product.
    • Regularly ask customers two questions:
      1. What’s your favorite thing about our product?
      2. What would make this product indispensable?
    • Strategy: Monthly customer feedback sessions.
    • Benefit: Prevents massive product overhauls and reduces product debt.

Conclusion

  • Implementing these principles not only triples revenue without acquiring more customers but also enhances brand reputation and employee morale.
  • Continuous iterations keep the product relevant and valuable.
  • Encourages long-term customer relationships and compliance.