The Little Known Secret to Generating More Revenue From Every Customer | Ep. #591

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In episode #591, Eric and Neil discuss the secret to engaging your customers in order to produce greater revenue. Tune in to hear the main thing you can do to generate sales.

TIME-STAMPED SHOW NOTES:

  • [00:27] Today’s Topic: The Little Known Secret to Generating More Revenue From Every Customer
  • [00:54] When you first sign up with Intercom, they have a great on-boarding email.
  • [01:35] On-boarding is the biggest lever you can pull to generate more revenue.
  • [01:53] When you buy a meal at McDonalds, they are always upselling (Fries? Super size?)
  • [02:22] Upsell or downsell when people are checking out.
  • [03:12] The upsell could be a software that does the work for you.
  • [03:32] Your solution should be both speed and automation.
  • [03:49] Dotcom Secrets is a great book about upselling and on-boarding.
  • [04:05] Eric recommends Appcues, a cheaper option, or Intercom, which is known for their chat feature.
  • [04:34] On-boarding isn’t just the first week, it’s about keeping customers engaged.
  • [05:03] Customers who are successfully on-boarded are more likely to buy products and services.
  • [05:40] That’s it for today!
  • [05:42] Go to Singlegrain.com/Giveway for a special marketing tool giveaway!

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The post  The Little Known Secret to Generating More Revenue From Every Customer | Ep. #591 appeared first on Marketing School Podcast.

Full Transcript of The Episode

Announcer: Get ready for your daily dose of marketing strategies and tactics from entrepreneurs with the gile and experience to help you find success in any marketing capacity. You're listening to Marketing School with your instructors, Neil Patel and Eric Siu.

Eric Siu: Welcome to another episode of Marketing School. I'm Eric Siu.

Neil Patel: I'm Neil Patel.

Eric Siu: Today, we're going to give you two little known secrets to generating more revenue from every customer. Couple episodes ago, I touched a little bit upon the concept of onboarding. It seems boring. Onboarding, "Duh, oh yeah," but when you think about it, we talked about it in the last episode, the concept of having, or creating, a remarkable customer experience. It all starts with the onboarding first, whether it's a hotel or it's software. Again, I'm going to come back to Intercom. When I think about Intercom, when you first sign up, you're going to get an email, right away, and it's going to tell you exactly what you should be doing, what you should be watching. It's going to tell you, which steps you should be taking to make sure that you get the optimum experience.
Now, also from an onboarding perspective, I've just done a lot of studying on this in the past and then also just get a review the last couple weeks, or so. Onboarding is actually ... it's not pricing. It's not all these other things that you think are really sexy in the world of growth. It's onboarding that actually is the biggest lever, I believe. It might have been Price Intelligently that wrote this, it could be somebody else, but Intercom also has some really good literature around onboarding. Then if you want more stuff around onboarding go to growthhackers.com and then search for the tag onboarding and look at their best posts out there.
Onboarding is one of the biggest levers that you can pull to generate more revenue, because if you don't deliver a good experience in the first, let's say, seven, 14, 30 days, or so, they are gone. All that money you spent trying to acquire them, bye-bye, you are screwed.

Neil Patel: My secret is all around up-selling. When you go to McDonald's and you buy a hamburger, what do they ask you? Would you like to super size that? Do you want some fries with it? Do you want a shake? That's all about up-selling. Up-selling goes back, back years, and years ago. Everyone's been doing it, especially in the traditional businesses; Pizza Hut, wings with it, whatever it may be. Most people aren't up-selling in their business. Yeah, a year from now you may be coming up with another product or service, but why aren't you up-selling, or down-selling, right when people checkout? That's the best time to generate more revenue from your customers. If someone is whipping out their credit card and willing to swipe it right then and there, why wouldn't you try to up-sell them on the thank you page with more products or services? If they say, "No," what do you have to lose? Nothing.
It's not like you lost any revenue. If they say, "Yes," what do you have to gain? Everything. Consider adding a few up-sells and down-sells right upon checkout. There's a key and an art to up-selling. It's not just about shoving more products in. They have to be related to the product that they originally bought. The solution that you're providing in your up-sell or down-sell should, ideally, offer speed, or automation, or both.
Here's what I mean by this, if I sold a course that teaches you how to get higher rankings in Google, my up-sell could be a software that can automate most of the work for you, or my up-sell could be a link service that helps you get the results faster, because everyone knows link building is a huge component in S-E-O. That's a good example of up-selling and, ideally, your solution should offer both speed and automation. You can have multiple up-sells. Make sure your products are both more expensive than your original priced item and lower and continually test to figure out what maximizes your revenue.

Eric Siu: Yeah, so if you think about it, you look at the book we recommended in the past is DotCom Secrets. Russell Brunson, who is the CEO of Click Funnels, talks about concept of having an ascension funnel, which is exactly what Neil is talking about. You want to ascend people through the funnel and it has to make logical sense.
Now, going back to onboarding, a tool that you can use. There's actually a ton of onboarding tools out there, so I recommend you can either use Appcues, that's A-P-P-C-U-E-S. It's a cheaper versus the other onboarding tools out there. It's a cheaper way to set up these onboarding tool tips and just walk people through how your software is for example. Or if you're not doing software, let's say you're doing a service, for example, you can use Intercom. Intercom is known for their chat, but also they have the chat. They have the in app messages. They have the emails, as well. Those two tools can help you.
Now, onboarding isn't just the first week, or so, whatever it is exactly. If people aren't engaging with your product, or your service, you have to make sure that you're retaining them. If you see that they're not engaging, they're not coming back to your website, think about the messages you could be sending to people. Think about the additional benefit around your product, or service, that you can be calling out to these people. Then when your trial, the trial of your service or product, is expiring, you have a sequence for that. You can easily build this into Intercom and we found some great success with that.

Neil Patel: Eric talked about onboarding. I talked about up-selling. They go hand-in-hand. If people are better onboarded, they're more likely to buy more products and services from you. If people continually buy more products and services from you, they're more likely to take the actions that you're giving them in onboarding, so try to integrate them together and you can do a lot of those things like Eric mentioned with Intercom, or Drift, or whatever chat solution you want to do, or within your emails, as people are going through the flows in your onboarding them, feel free to up-sell them or down-sell them whenever you think that it's relevant and can help them get throughout their journey faster and get the results that they're looking for.

Eric Siu: Great, so that's it for today, but before we go, go to singlegrain.com/giveaway for special goodies that we change from time-to-time, so make sure that you're checking it out. See you later.

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