You’re listening to the Flourish and Grow to CEO podcast. This is episode 19.
Are you a lady boss making 50 to a hundred thousand in your business? And you’re ready to break through that six figure barrier.
Have you done a great job of creating a nice life as the ultimate gig master, but no, your inner CEO is calling you to greater Heights. You’re in the right place. If you want to create and implement solid fundamentals in your business without sacrificing fun.
I’m Pam Ivey, I’m certified in small business management and I concentrate in the areas of training and certifying real estate assistance, coaching and mentoring entrepreneurs in online business, marketing growth and profit acceleration. And I take men and women business owners aged 40 plus to bucket list destinations around the world for a month at a time to work, explore, and live in community.
And I’m Jane Garee, known as the sales strategist for the non-salesperson. And I work with business owners who want to increase their conversion rate, shorten their sales cycle and have more impact and influence with the work they do all while having more fun with selling.
Hello and welcome back everyone to the Flourish & Grow to CEO Podcast. You have with you here, Pam Ivey, a very lonely Pam Ivey as Miss. Jane is on a plane on her way to join a colleague in Turks and Caicos. Unfair. I got to tell you because I cannot get a flight being in Canada to the Caribbean until June. They’ve actually grounded flights. So Jane, if you’re listening, I hope you have a wonderful time. And please do tell me all about, you know, that sunny, gorgeous weather and those crystal clear waters… But enough about that, let’s get onto what I’d like to talk to you about today and that’s back-end sales strategies. And I know that a lot of you out there do not have back-end sales strategies in your business. And if you don’t, you’re really missing out on some lucrative, extra profits, some extra green in that pocket.
So let’s talk about them. So what the heck are they backend includes the products and services that you offer after your customer’s first purchase? Your backend can include things like products, services, information, products, and even things like memberships and coaching sessions. A well-constructed backend will have multiple products sold in multiple ways at multiple price points. So the purpose behind creating a backend strategy is to maximize the amount of money you make from each and every customer. But there’s also many benefits to both you and your customers. So the benefits can include statistics and tracking results have shown that time and time. Again, it’s easier to sell an existing customer than it is to sell a new customer. It’s not uncommon for backend offers to get as much as five 10, or even up to 20% conversion. And you know, as a rule of thumb and I’m sure you’ve heard it over and over again, it’s about seven times easier to sell to an existing customer than it is to acquire a new customer.
You can also sell much higher priced items when you embrace a back end sales strategy. There are many reasons for this. The fact is repeat customers are much more willing to spend money with you for several reasons. They know firsthand that the quality of product or service is great from you. You’ve established trust. They’ve experienced your customer service already, and we hope that it’s absolutely exceptional. It’s easier to do business with you, someone they already know the out and find another product or service provider, each product service that you offer represents your business. So offer top quality products and services. And along the way, you build a reputation for excellence. You also lock into life as long loyal customers. We can’t ask for more than that. Someone buys your products or services. Do you want them to walk away feeling like they’ve received far more value than they paid for?
So each purchase will solidify their trust in you, your credibility and the chance that they’ll buy from you. Again, they should see you as more of an expert than they did before. They should also be left with the feeling of wanting more. They can see how far your expertise can get them, and they want to have the chance to continue to benefit from your products or your services and your expertise. This is a mindset that’ll allow you to sell them more products and services. You’re creating a genuine win-win, where they’re getting more of what they want, and you are getting paid more and more for the value that you’re providing in the show notes. You’re going to find an Excel workbook with four worksheets so that you can work on what we’re discussing today. They’ve been designed to help you brainstorm, cross selling promotions and upselling tactics.
We’re going to walk you through the process. Step-by-step including helping you formulate and implement your model marketing tactics to promote your backend offers. Here’s the first step in the first top of that workbook, it’s called your offerings. Make a list of all your products and services and include all your freebies that are in your sales funnel to list the price of each item and the benefit it offers to your audience, and also document them, your target audience, and the problem that they’re faced with that leads them to finding your product or service. Step two is brainstorming. You’re cross selling your upselling and your promotional offers. So keeping in mind, the list you just made in the first step, which includes your target audience, price points and complimentary products, look for ways to add maximum value for your customer, for pricing opportunities, ways to group or sell more products and ways to sell higher priced products.
Think about what your customer wants, what they need, what they desire and how you can offer to provide them with the most value and benefit. Use this second time in the workbook called brainstorming to chart your idea for each product or service that you currently offer. So in that worksheet, we’re going to list products and services. You’re cross selling ideas, upsell ideas, and your special promo ideas. All right, now, once that’s done, we’re onto step three, which is creating your autoresponder email messages, how you market or promote your backend sales opportunity is an important element of your success. You want to time your message correctly, offer enough incentive to motivate another purchase. And you want to make sure that you’re communicating effectively hitting the right price point and tapping into your customer’s needs. Email marketing is still the most effective way to communicate your offers to existing customers, because you can schedule them to match your customer’s purchase.
For example, if someone downloads your free report, you can automatically send an email to thank them and promote your entry-level product. When a customer purchases, your entry level product, they’re automatically going to receive three separate and evenly placed email messages, promoting your next most expensive product. Autoresponders make scheduling your offers, a set it and forget it type of process. Now what’s better than automatic sales, right? Each offer you brainstormed for each product in your portfolio will need to be marketed and promoted. And you can use the third tab in our workbook to brainstorm that process. Step four is to set up your messages. So there are important aspects to consider when you’re setting up your follow-up and your promotional messages, you really want to time them, right? Each message needs to arrive at the right time. And this not only includes the right time in the sales and buying process, but also the right time of day.
You need to be tracking your click-through rates, which will help you determine much of that information that you need to know along with the timing of your messages. You’re also going to want to evaluate the message itself. You want to test and track your subject lines. This is Uber Uber important. If you’re not doing this now, please do start. You also want to test and track your call to action. And of course the offer itself, and you want to test this for maximum results, including both the click-throughs, but also your conversions or sales. How effective is this? So in order to be able to track all this information, you’ll want to create a system to organize your information and your messages, and you can use the track, the numbers table under the fourth tab in the Excel workbook, of course, to track and analyze your data. So in that worksheet, you can track your promotional message, the audience that it was targeted to your marketing tactic, how you got it out to the world, your delivery date and time, your subject line that you used, the offer, the price, the call to action, what your click-through rate was and how many sales you made or your conversion rate.
Hey lady, boss, would you like to learn how to quickly create information products that you can sell to add additional streams of income to your business? Check out our fast and profitable infoproducts course at https://flourish.biz/fip. What’s great is you’ll learn how to make information products quickly using content that you already have. This video course is available for only 49 bucks, less than a couple of Starbucks coffees I kid, but not by much. So, head over to flourish.biz/fip that’s F L O U R I S H dot B I Z forward slash F I P, as in fast info products. All right, let’s get back to the show.
And the final step, step five is to evaluate the success of your backend strategy. So, once you have your system set up to cross sell and upsell, you have your promotions in place and you have your autoresponders all scheduled up and set up and scheduled. You can pretty much set it and forget it. Although smart entrepreneurs like we know our listeners are no that nothing about their business can be neglected, especially not their marketing funnel.
So, you’ll really want to create a system to evaluate how effective your marketing and promotional messages and your offers are. So are your customers really taking advantage of your cross selling opportunities? Are the upsells working, are your special promotions and incentives. They’re really motivating customers to make repeat purchases. And if not, why not? When you evaluate the strategy, you want to look at the click-through rates in your autoresponder, email messages, your open rates, your conversion rates for each offer and promotion and your sales. In the beginning. You may want to evaluate your strategy and your tactics on a monthly basis, but once you have that system running smoothly and effectively, it makes sense to evaluate it on a quarterly basis. And don’t forget, whenever you add a new product or service to your marketing funnel, make sure to integrate it into your overall backend sales strategies, add it to your autoresponder and your marketing messages, and make sure that all of your customers reap the benefits of everything that you have to offer.
So there you have it. There’s five pretty easy steps to including a backend sales strategy to your business. Who does not like to add additional income to their bottom line? And of course, serve customers in a much bigger way and hopefully to create lifelong customers from those people. And if it hasn’t been something on your radar before, I hope that it really gets you thinking about how you can add these things to your business. And, with that, I’d like to wish you adieu until we connect next week. Make it a great one!
Well, that’s a wrap everyone. Thanks for joining us this week on the flourish and grow to CEO podcast. Be sure to visit our website at www.flourish.biz. That’s F L O U R I S h.biz, where you can subscribe to the shows in iTunes, Stitcher, or via RSS. So you’ll never miss an episode. You can also find our show notes and resources there too. And while you’re at it, if you found value in this show, we’d love for you to leave a rating on iTunes. Or if you’d simply tell a friend about the show that would sure help us out to now get out there and flourish!