8 Sure-Fire Strategies to Increase Profit.
CLICK THE VIDEO ABOVE TO WATCH THE WEBINAR.
Good afternoon. My name is Kadena Tate. I am a revenue strategist for female entrepreneurs who can’t figure out how to create multiple streams of income. I help them get exactly what they want, which is more clients, more money, and more vacations.
Through my delightful global retreats, courage inducing blog posts, free challenges and on-demand classes, I’m here to to show you how to create multiple streams of income — while making every step feel like a hallelujah good time.
And when I’m not helping you to find new customers and sell more to existing ones, you can find me indulging in spicy cajun food, reading a good book and the occasional Zumba dance class.
Welcome to “8 Sure Fire Strategies to Increase Profit”, the 5th class in this free 5-day preview of my mastermind program called “Creating Money.”
This webinar was designed to highlight the importance of finding new ways to monetize your business. I think far too often as women, we have this idea that it's going to be really difficult and we have to work harder. This is not true and my intention is to remind you to “let it be easy.”
Before we begin…
I’d like to share a quick fable with you.
The fable puts 5 monkeys in a large cage. High up at the top of the cage, well beyond the reach of the monkeys, is a bunch of bananas. Underneath the bananas is a ladder.
The monkeys immediately spot the bananas and one begins to climb the ladder. As he does, however, the experimenter sprays him with a stream of cold water. Then, he proceeds to spray each of the other monkeys.
The monkey on the ladder scrambles off. And all 5 sit for a time on the floor, wet, cold, and bewildered. Soon, though, the temptation of the bananas is too great, and another monkey begins to climb the ladder. Again, the experimenter sprays the ambitious monkey with cold water and all the other monkeys as well. When a third monkey tries to climb the ladder, the other monkeys, wanting to avoid the cold spray, pull him off the ladder and beat him.
Now one monkey is removed and a new monkey is introduced to the cage. Spotting the bananas, he naively begins to climb the ladder. The other monkeys pull him off and beat him.
Here’s where it gets interesting. The experimenter removes a second one of the original monkeys from the cage and replaces him with a new monkey. Again, the new monkey begins to climb the ladder and, again, the other monkeys pull him off and beat him - including the monkey who had never been sprayed.
By the end of the experiment, none of the original monkeys were left and yet, despite none of them ever experiencing the cold, wet, spray, they had all learned never to try and go for the bananas.
If it was possible to ask the monkeys why they beat up on all those who attempted to climb the ladder, their most likely answer would be “I don’t know. It’s just how things are done around here.”
The metaphor and the lessons that apply to the entrepreneurial adventure are clear.
I have met so many women who are resistant to the idea of stepping into the creative abyss. The entire purpose of you being an entrepreneur is to express and experience your own creativity so that you can be a service to other people. There is no one who possesses the exact same gifts, talents, strengths, abilities and the lessons learned from your life experiences. You are a designer’s original. You are only limited by your unwillingness to unleash your creative spirit.
Let’s get started.
One of the things that I want you to know is a simple truth about profitability.
Profitability is a strategy. You must decide exactly how much money you’d like to earn and design a business model that supports your desires.
1st– Be unapologetically you.
Be the same person online and offline and you will be rewarded financially. Leadership is required. Commit yourself to personal and professional development. Stay rooted in your zone of genius. Trust me - you don't want to be the only person in your organizational chart.
That is the fast track to exhaustion and depletion.
2nd– Please give yourself permission to not be married to your ideas.
Keep in mind that it isn’t just about what people want and need – profits are rooted in what people are willing to pay for. Therefore, your ideal client must find your solution relevant.
1st Revenue Strategy TEACH
TEACH- show or explain to (someone) how to do something.
The most powerful strategy for influencing people, create a behavioral change, and selling products or services of any kind is the ability to stand in front of a group of people and present your ideas and philosophies.
It is the highest form of sales leverage because you are able to address a large group of people in one place. This “one to many” approach is the quickest way to discover the answer to the questions: “What do people want?” and “What are they willing to pay for?”
The other benefit is that so many people are terrified of public speaking, so you are viewed as a “courageous expert.”
I’ve noticed that roughly 4-6% of the attendees will make a purchase.
Roughly 10-12% of the audience will attempt to pull you into a corner and tell your their life story and/or ask you for free advice. You must be able to lovingly guide people to a product, service or program offering. If you are scared to do that, at least invite them to a business development call or pick your brain session. Most important, please know that you do NOT have to spin into people-pleasing or proving energy.
A speaker centric model is part of my brand experience.
Ladies, the advice that I am about to share with you is applicable whether your event is online or offline.
Online - virtual conference, webinars and tele-summits.
Offline – retreat, workshop, a boot camp, a seminar or a conference.
I’ve discovered that you can earn money in one of three ways:
Prior to the event, in addition to earning a speaker fee or admission fee, you can sell a workbook, book or product/service bundle.
During the event, you can sell audio products, video products, journals, art, music, clothing, jewelry and other promotional products.
During the event is where you also sell future services.like coaching packages, consulting services and tickets to future online/offline events.
After the event is when you would deliver your brand promise on the future services that were paid for at your event.
2nd Revenue Strategy – SUPPORT
The truth is that we all have tolerations and one day we get sick and tired of the drama of overgiving, under-earning, settling, tolerating disrespect, etc.
We do NOT come online to “buy stuff.” We come online to research solutions. This is why Google is so popular. We resonate with people who “sell stuff” if the messaging is clear, concise and spoken with authority and confidence.
We don’t even realize that we are being “sold” because they’ve mastered the feel – know- do approach.
Alexandra Franzen, a brilliant writer, taught me the feel-know-do formula.
Her objective was to teach you how to write with clarity, brevity and authority however, in my opinion, this is also the perfect sales invitation formula.
Confused buyers do not buy and this will help you sell without sounding salesy.
Now, let’s apply the sales invitation formula to your brand.
The 1st question is “How do you want your ideal client to feel when working with you?”
We are stuck when our feelings are either rooted in toxic beliefs and/or aligned with disempowering habits and actions.
Entrepreneurs are not therapists, however we are expected to have solutions that move a person from feeling powerless to one where they feel confident and powerful.
That was my gentle reminder that people buy feelings.
People can sense insincerity – so please be yourself.
What really matters to you?
What makes you come alive?
What gives you strength?
What feeds and nourishes you?
By taking the time to answer these questions, you can craft experiences that delight.
I believe that our clients feel supported, seen, heard, known and understood when we create experiences that make them feel sovereign, loved, valued, respected and appreciated.
Allow me to share a big lesson that I’ve learned from Starbucks.
I love coffee and both McDonald’s and Starbucks have great coffee.
McDonald’s has a vibe that attracts children, teenagers and senior citizens.
Starbucks is more my speed. The experience is sexier. Free wifi, warm color palette, soothing music, the use of lighting to create drama and visual appeal, a chill vibe, cute Italian product names and the Barista uses your first name.
Starbucks taught me the perception impacts pricing.
People pay MORE for beautiful experiences.
A beautiful environment allows a woman to express her vulnerability AND still feel love, acceptance and abundant.
You can also use beauty as an advantage. How? Weave art, music, photography, videography, flowers, fabrics, scents, fragrances and lighting to bring a total sensory experience.
The 2nd question is “What do you want your ideal client to know as a result of with you?”
Your ideal client is willing to pay for confidence, guidance and solutions.
When a prospective client looks at your book, product or service, what wisdom can they gain that will propel them forward?
What steps and processes are you willing to share to assist them?
In order to bypass the brain and connect directly to the heart of your ideal client, your brand story must have unique message rooted in your wisdom.
They have challenges in the areas of health, wealth, success, technology, beauty, happiness, relationships, sex, spirituality and personal growth.
Now the fun part is that they want transformation with as little change as possible. This is where your ability to step into the creative abyss comes in handy. You must be a truth teller and lovingly remind them to embrace destruction, as this will clear a pathway for their heart’s desires.
You are encouraged to infuse as many of them as possible into the experience of working with you. I believe that your ability to educate, uplift, inspire and empower others to stand fully in their personal power is a powerful legacy builder. We all win when we teach others how to be themselves without apology.
The 3rd question is “What do you want them to do?”
Every piece of marketing collateral – both online and offline - must have a call to action. Do you want them to purchase now or request more information?
I have no problem “telling people what to do”. However, for a long time, I was afraid of appearing bossy and controlling. I also felt like “if I have to convince you to work with me, now I have to convince you to stay. “ I was not about to deal with that. I wanted people to make a decision without NLP, manipulative sales tactics or fear based conversations.
The unwillingness to ask for what I wanted – and be open to receiving – hurt my ability to earn a living.
One day I realized that I was doing people a grave dis-service. People do not know the “next best step”.
If they did, they would not need your expertise. Therefore, I had to learn how sell my solution with ease.
If you can help someone, be loud and proud about the value that you bring. Stop giving away for free what you deserve to be compensated for.
3rd Revenue Strategy – SIMPLIFY
Now is the time to simplify your value proposition.
Your value proposition answers the question “Why should I work with you”?
Ladies, confused minds do not buy.
Too many women try to be “Jill of all trades” and then don’t understand why people run away from them.
Say you are at a dinner party, and someone asks you “what do you do”?
How do you respond? Do you tell them that you are an artist, coach, and a rep for some network marketing company?
Do you vomit all over them exactly what you do and how you do it?
Do you try to sell them something right then and there?
Do you answer their question with a question so that you can customize your response?
Your choice will determine how far the conversation goes.
Everyone is NOT a good fit for your offerings so you’ve got to get crystal clear about who you even want to work with so that your responses elicit a response like “Wow! Tell me more!”
I’d like to share 3 quick examples:
Credit Karma(https://www.creditkarma.com) has a very strong value proposition: “Your credit scores should be free. And now they are.
Check your scores anytime, anywhere, and never pay for it.”
The Call to Action (CTA) is also on point with a reminder that it doesn’t hurt to check your score right now.
Proven(https://www.proven.com) is a hiring platform that nets small business owners with a promise to “get back to doing what you love.”
The value proposition: “Struggling to hire is not why people start businesses. They do it to share their craft, provide for their families, and contribute to their communities. Struggle no more, we are here to help.
Call to Action (CTA): “Get back to doing what you love.”
Not only does it get right into the action, but it’s coupled with a strong CTA that lets you get started using the system in a single click.
Now, the 3rd example is a colleague of mine. Let’s take a look at the homepage of her website:
“The world can no longer afford your silence.
My name is Kasia Urbaniak.
I teach women to profoundly expand their personal power and influence.
Because when women lead, everyone wins.”
Her value proposition is powerful because:
Kasia understands that the mass market is not her market!
Kasia is a specialist who speaks specifically to women who feel unseen and unheard.
Kasia is talking specifically to a woman who wants to know how to say “no” to emotional abuse, physical abuse, sexual abuse, manipulative tactics, mansplaining, etc.
Kasia is teaching women how to ask for what they want – without guilt, shame and embarrassment.
Kasia is teaching women how to set healthy boundaries and sit in the seat of her sovereignty.
Kasia is teaching women how to shift from feeling powerless to feeling powerful.
She is part of the movement to support women in redefining the narrative as it relates to female leadership.
Yes. You can be feminine, strong, sexy and powerful.
Trust me, as you embrace your sovereignty, you light the way for the people who follow you to sit in the seat of their personal sovereignty.
WALK YOUR TALK
Weaving your value proposition through your buyer journey continuum supports your efforts to fulfill your brand promise.
Four factors to take into consideration are messaging and positioning, education, engagement and experience.
Messaging and Positioning
Ask yourself “why do people purchase my products and services”?
Do not use business jargon when speaking with your ideal client. They won’t tell you this, but it is confusing. So we've got to speak in a clear language that people understand. And that doesn't mean that you're dumbing everything down. It simply means that you're talking to people in a way that they know exactly what you're talking about.
Dame Dash was telling the truth when he said that you cannot be a public servant if you are heavily invested in what the public thinks about you.
Position yourself as a leader and yes, verbal attacks will seemingly come out of nowhere. Life is way too short to try to please everyone.
My advice to you is “be free.” I’ve had people hire me simply because I have an opinion and am not afraid to share it. I’ve had women ask me if I can teach them to be more confident. I’ve had women ask me where my resilient spirit comes from. I tell everyone the same thing. Notice that the highest paid actors and entertainers are the ones who gave themselves permission to BE themselves – without apology. This alone serves as a reminder that stepping into self-love, self-acceptance, self-compassion and self-care requires a DAILY commitment.
Bruce Klatt, in his book “The Ultimate Training Workshop Handbook”, stated that ongoing personal development is today’s new form of job security. People need to learn continuously and help others learn as well”.
Educate the public.
First of all, customer education is not the same as marketing.
In previous masterclasses, I’ve encouraged you to:
design a customer journey map on paper
include customer touchpoints
align your content strategy to those touchpoints
align your offers to ensure that you’ve considered what they need to know/do next
price your offers accordingly with the level of complexity
In essence, the entire point of customer education is to share information with a client – that so that if/when they choose to work with you, the experience will be mutually beneficial.
Educate your clients.
Everyone has an imaginary barrier or comfort zone where we tolerate toxic thoughts, beliefs, behaviors and habits.
You have the ability to help people solve these complex problems.
Your teaching methodology will show them how to solve their problem with more ease, joy, and grace. Educate them on the benefits of working smarter, not harder.
Exercise: Write down 52 ways of how you help your clients solve a problem and/or achieve a goal. Now, if that's hard for you, flip it. Write down 52 challenges that affect your ideal client. Next to the challenge, write down how you help them.
The next step is to take your 52 solutions and break them down into assessments, audios, videos, book chapters, workbooks, worksheets, coaching exercises, success formulas, how-to tutorials, etc. Trust that whatever you’ve decided to create will present your value proposition in a manner that honors you and those who are called to work with you.
Writing a book or report is a great way to improve your credibility.
The truth is an author is someone who writes a book. However, we live in a society that pushes the idea that an author is a credible expert.
Credibility is a vital part of persuasive communication. Trust leads to sales. Leave perfectionism, people pleasing and proving alone. Not only are these behaviors disempowering – they are also destroy relationships.
Congruency is key. Meaning, be the same person online and offline.
Be impeccable with your word. Don’t make false promises. Act with integrity. Protect your brand’s reputation.
Sell an experience.- Customize and personalize the experience of working with you. Write down all the ways that you can show your tribe that they are loved, valued, respected and appreciated.
Sell luxury. Luxury does not have to be expensive. However, you must remember that the love is in the details. Choose quality over quantity. Remember that perception affects price. It has been proven that higher quality products command a higher price point.
How can you provide better service than someone with a similar offering?
At your live events, use art, music, dance, immersion based processes, hot seats, group exercises and role-play/embodiment exercises that teach them how to expand their paradigm of possibility.
For example, at my live events, I will have a woman stand in a hula hoop.
I then throw fake money and real money on the floor. The real money is outside of the hula hoop. I ask her several questions about her and the audience about their “money comfort zone and what is stopping her from stepping outside her comfort zone and building a million dollar business.” We have beautiful conversations about how to feel the fear, but move in the directions of our dreams.
4th Revenue Strategy – DISCOVER
The next thing I want to talk about is how people discover you in order for you to make more money. You’ve heard of writing articles, blog posts, creating email campaigns, designing digital newsletter and magazines, or recording audio/video experiences. You’ve probably wondered “where does the money come from?”
The money comes from your willingness to (a) be visible; (b) get really clear about what you're selling; and (c) ask for the sale.
Ladies, give voice to your value proposition when writing and speaking.
Your confidence will invite people to reach out to you instead of you feeling as though you have to chase folks down begging for some money.
Article– guest articles, write for others, research sites that pay content creators
Blog– advertising, sponsored content, product/service reviews, affiliate marketing, guest blogs
Email- There are people who pay for 365 emails to be sent to them one per day telling them a specific action to take. You can sell a product on the thank you page of your optin (tripwire), email those people who abandoned the shopping cart with an offer, rent or sell your email list.
E-Newsletter and E-Magazine- There are people who pay for newsletter and magazine subscriptions. You can sell ads in your digital newsletter or magazine, create premium content for your subscribers
Audio/Video Series/ Book Summaries– There are people who pay for audio and video series each month. There are people who purchase business book summaries. You can do the same thing. You can earn good money providing a monthly subscription service.
The money is available to you. The only thing you're limited by is your own creativity.
Example: https://www.wherewomencreate.com offers magazines written by women for women. These magazines inspire, create a community, and teach what we long to know more about … whether that be recipes and all things food with WHERE WOMEN COOK; the secrets behind the techniques and processes-of-creating all that is handmade in WHAT WOMEN CREATE; the design and organization of your creative space, even if that is a closet or your kitchen table, in WHERE WOMEN CREATE; or the wisdom, the knowledge, and the experience of the small-business artisan entrepreneur in WHERE WOMEN WORK.
5th Revenue Strategy – EMPOWER
You can attract and empower people by designing complimentary and companion products, services, and experiences. These may come in the form of an up-sell, cross-sell or down-sell offer.
For example, let's pretend that you are in my shoes.
I am hosting a free online webinar. During the Q&A Session, a participant reveals that she is a “perfectionist in the midst of burn-out”, and expresses a desire to buy something from me but she is not sure what.
My book “Be Fearless” is a “down-sell offer”. This will support her in cultivating courage. Why would she purchase? She desires more knowledge, wisdom and understanding of how to overcome her fears.
My Parisian retreat is a “cross-sell offer”. This will support her in over-coming burn-out. Why would she invest? She is ready to jump off of the rollercoaster of workaholism, perfectionism and people-pleasing. She yearns for restoration, renewal and refreshment. She desires more joy, pleasure, adventure and sisterhood.
My program “Creating Money” is an “up-sell offer”. This is both a coaching and a mastermind experience. Why would she invest? She is not exactly sure how to create a pleasurable and profitable business model with both active and passive revenue streams. She desires to be in a community of like-minded women, who are loving and supportive.
Example: http://www.DanielleLaporte.com has a variety of products to support her books: candles, card decks, journals, licensed facilitator programs and the like. You can easily create a planner, implementation framework, retreat, book of the month, subscription box. There is opportunity all around you. Your client research will reveal the next best product, service or program offer.
Look closely at your customer journey map. What is the next best and most relevant offering for your client? What would bring them more joy, satisfaction and fulfillment?
6th Revenue Strategy – ACCORD
Direct Mail– From a monetary perspective, you will need to consider the costs of a direct mail campaign because advertising can get expensive. I’ve used direct mail in 2 different ways:
1st–I created a list of Corporations, Chambers of Commerce, Rotary clubs, Kiwanis clubs, Sororities, Business Clubs and other professional organizations.
I sent each of them a postcard advertising a free breakfast and learn. Once a month I taught a FREE one hour in depth training. The upsell was a $1,500 monthly coaching program.
2nd- I do not like attending other people’s networking events because people have a tendency to vomit what they do all over you without asking. I am all about relationships so this gets on my nerves.
In 2005, I decided I would start a Ladies brunch networking event for female entrepreneurs.
I was very strict. The purpose was to build relationships. At the beginning of the meal, I would introduce myself and give each person a chance to say “My name is ________. I help ______ achieve/accomplish ________.” That’s it. I told them that if someone wants to know more about you and what you do, they will walk directly up to you and ask. But you would be asked to leave if you attempted to pass out advertisements, business cards or flyers.
I grew it from 2 women to over 150 women in less than 2.5 years. The only reason that I stopped in 2006 was because I went into caregiver mode for my father for 6 years before he passed. I still have women who say to me “I love your no-nonsense, heart centered approach to relationship building. Please restart the Ladies Brunch”.
From a money perspective, I had a coaching program back then that was $47 a month. 67 of those women were in that program. Tweak this idea for your business if you like it. Trust that “what belongs to you will come to you”, if you create a container to receive it.
Handwritten Notes– I’ve received handmade and handwritten cards from people. I’ve also received art, music, poetry, food, clothing, jewelry, candles, t-shirts, crystals and journals. Each of these gifts made me feel cherished.
You can do the same thing. The love is in the details. It does not have to be expensive. It has to be thoughtful. Your thoughtfulness, kindness and generosity will have people running through the streets telling everyone that you are pure awesomeness. What a beautiful legacy to leave.
Example: https://www.irresistiblemail.comis a cool sister website of the United States Postal Service highlighting successful direct mail campaigns. Go there to get some ideas. This one is a lunch and learn. You could host free lunch and learns and use the aforementioned speaker strategy.
7th Revenue Strategy – ALLIANCE
One of the things that I have found is that you make more money faster if you are in relationship and partnership with other people. Les Brown was right: “Teamwork makes the dreamwork”.
There are 4 basic ways that you can partner with others to increase the opportunity to reach your ideal client.
Affiliate– Pay commission to those willing to sell your offerings
Collaboration– Create a new offer with someone who brings a different audience, skill set, perspective, and strengths to the table
Joint Venture– Offer other people’s products to your customers
Partnership– Become an add-on to someone else’s product, service or program
Example: https://www.ruzuku.com Ruzuku is the platform that I used to build out my academy. I love how they support the people who support them. This is a mutually beneficial alliance. Everyone involved runs their business with integrity, respect for self and client and in a professional manner.
8th Revenue Strategy – PAYRAISE
Every six months you are encouraged to review your pricing strategy.
You can introduce a new product, service or program or you can simply
Increase your prices– Give yourself a payraise.
Membership– Bundle your product and service offerings
Mastermind– Use preview workshops and customer testimonials to advertise your new mastermind
Subscription Services– Upsell customers at the point of purchase
Retreats– Create intimacy, community and adventure with retreats
Example: https://www.kadenatate.com/paris-retreat was created because
I was in the travel industry for 20 years and I respect other cultures.
I hadn’t taken a vacation in 15 years without guilt and embarrassment.
I was exhausted and depleted, and
It was my sincere desire to spend time with entrepreneurial women who wanted to experience MORE self-care, beauty and luxury.
You possess the remarkable power to change someone’s life.
How would you like to help and serve others?
Selling is the art of aligning your offer with the needs and desires of your ideal client. You can never over-research your ideal client. What does this person want, need, desire, crave? Where are they stuck? What is it that they can't figure out how to do? What have they been tolerating? What are they absolutely arms open wide, ready for? Can't wait to have the experience. That's why they're buying your products and services. Therefore, you must clean your messaging up so that they feel in their bodies “oh wow, she's talking to me.”
Sell your business offerings by communicating the value of your product, service or program to your ideal clients.
Lead the customer through the buying decision and facilitate a mutually beneficial transaction.
THE BOTTOM LINE
Nothing happens until someone purchases your product, service or program.
QUESTION AND ANSWER SESSION
Please submit your questions in the comment section below. Thank you.
WORK WITH ME
Today is a great day to call up your sexy, gorgeous, vibrant feminine energy and translate it to solid business practices. if you need support in launching an audio, video, multimedia product, service or experience, let’s have a chat. I’m happy to support you. Please feel free to reach out to me.https://www.kadenatate.com/mastermind
Thank you for attending 8 Sure-Fire Strategies to Increase Profit.