Are you feeling like you want to increase your revenue and decrease your expenses?
I went on vacation last year to Mexico with a friend. I stayed at a beautiful resort called Vidanta where I learned three ways how you can increase your revenue, lower your expenses, and bring in more clients.
(Think about your business and your business model as I go through these.)
#1 - Share resources between different customers
At the resort, there are five different hotels under the same brand. Those hotels share all the different services, events, locations, lounges, pools, and staff.
For instance, there is entertainment on most nights. People from all five hotels can come and enjoy. The resort pays for one event, one band, one set of musicians, or one form of entertainment. All the resort guests can come no matter their level.
Now, where in your business could you have multiple customers from different priced offers share the same service or the same event on different platforms? Where in your business could you have the same resources or assets offered to different customers or different clients under different packages?
I've seen this work so well at the resort because for example, if the staff are busy in some location, rather than the shuttles just sitting there waiting for one hotel, the shuttles are going around for all the different hotels - such great savings.
Also, the customers who paid more get access to more pools and offerings. Where in your business could you include lower package benefits to higher paying clients, even as bonuses?
#2 - Create a desire for a higher-end product
The five hotels have different levels of experience, different decorations, and different levels of luxury. Some have different pools just right outside your door. Some are full suites with your own butler.
How do they create this exclusivity?
The higher-level hotel guests can go to any of the pools and any of the locations and do all the activities. But if you were at a lower-end hotel, which is still amazing, you only get specific ones
Guests know which hotels are better than others and since everyone also wears bracelets that shows which people have access to which locations.
Imagine this in your business. You're creating a desire for the higher-end product because some of your clients are seeing what other clients get - what perks, bonuses, or offerings are given to your higher-end customers or clients. If they buy a certain package, they get these additional experiences.
I was on the app the resort has, looking through the events and special activities they offered and thought, “Oh, I can attend this one, but I can't attend that one because that's at the super exclusive place.” It makes you covet the ones you can’t have, yearn for them, want them. It makes you walk past certain places and go, “I wish I could go in there.”
If you have a platform for your courses or an app where your clients access their materials and additional ones are there but locked it may make your customer think, “I'm going to move up to that. I'm going to one day buy into that when I can afford that” or “I'm going to prioritize that because I want that experience.” Maybe it's “I want that VIP experience” or “I want those opportunities.”
#3 - Opportunities to Upgrade
There are opportunities during my experience at the resort to upgrade. So not only to upgrade to maybe a higher-level hotel but also opportunities to expand the package like “Do you want to add on this piece?”
I know you might be like, “Oh, God, I don't want to go to those sales things.” But think of this in your business. How can you have your clients move up in their package while they are still working with you? Or how can you have them expand to do add-ons?
It could be additional:
Whatever it may be. They already love you, right? Just like the people walking around the resort, they already love the resort.
Here’s a bonus tip. When your customers are in the moment of loving working with you, that's when you invite them to upgrade. That's when they might add on because they're in the moment of appreciating the experience or the results you provide, and they see the benefit.
If you ask them,
And their response is, “Oh, it’s great”, then that's the time to see if they would like more or to expand their package.
Which of the three ways to grow your revenue will you try? Let me quickly go through them again.
I’d love to hear which of these you’ve tried or which you will be bringing into your business.
P.S. Are you a member of the Dynamic Women Global Community? It’s a free community for female business leaders to come together to connect, share, grow, and be inspired. Join today so you won’t miss out on any of our programs and events!
Read my other blogs here:
Get Goaled! Coaching Mastermind
Connect with me