Subscription growth hack (by PayKickstart)
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If you’re reviewing your numbers and struggling to make the math work in your favor, you’re not alone. Many small- and medium-sized businesses especially are always looking for ways to increase their margins of profit and revenue streams. Even the smallest changes in the way we operate can have huge impacts on our bottom lines.
Are you a business owner looking for better ways to pinch your pennies?
There are a few barriers you may recognize that are keeping you from churning up the most profit from your business like:
Do any of these sound familiar to you? Maybe you’ve got another reason keeping you from maximizing your profits. Regardless, there are quicker and simpler ways to instantly boost your revenue — and many of these can be enacted by the end of your business day!
You don’t have to figure out the trick to squeezing two pennies together to make a dime, but you do need to know how to earn the most out of everything you invest. Here are 5 quick ways to instantly increase your revenue:
Upselling is one of the best ways to make the most out of every customer. Rather than simply selling a product and tallying your sales, the goal here is to boost each ticket sale to the maximum potential.
To do so, the upsell has to be:
The ‘irresistible’ part can be done with a deal that’s too good to pass up, but the ‘quick and easy’ part is where many miss the mark. The answer here is a one-click upsell. Between the time a customer decides they’ll take the bait and the time the sale actually goes though, there’s a big drop-off rate where shopping carts are abandoned or forms are left unfilled.
Amazon does this exceptionally well by suggesting more items to you in an email based on your previous purchases or shopping cart items. If you decide you want to make that purchase, all it takes is literally one click. Charles Nicholls from SeeWhy shows this via slides in his presentation from Conversion Conference:
It’s quick and easy, and all it took was one click. You can also utilize a program like Pay Kickstart where customers can take the upsell in literally one click. No more barriers, no more missed opportunities — if a customer is inclined to take the upsell, the only thing holding them back is one fast and easy click.
Have you familiarized yourself with audience builders? An audience builder allows businesses to accurately target customized groups of people based on any number of factors such as demographics, preferences, or even based on their previous actions (like whether or not they clicked through a link). It’s a powerful tool that enables you to create lists of audiences. With this data, you can create customized experiences for your users and grow your revenue.
For example, you could create an Audience List that defines those users who’ve visited your site but haven’t made a purchase. Why not target these users with a campaign designed specifically for conversion and re-engagement purposes?
There are several audience builders out there that can be used with different platforms and checkouts. Pay Kickstart allows you to target each audience in the most profitable ways so that you can design campaigns more effectively and squeeze the most sales out of each group in the most appropriate manner.
Checkout customization can help to increase your revenue. For instance, when customers can see exactly what they purchased as well as their running totals and discounts, they’re better able to gauge their interest in more products. Consider this formula:
Behavior = Motivation x Ability x Trigger
So if the behavior we want is for more folks to complete their purchase, we need to increase at least one of the three factors. A customized checkout page makes the flow of the checkout process easier and quicker while increasing the motivation to continue through the conversion funnel.
So what should your checkout cart look like?
Did you know that 1 in 4 customers will abandon their cart due to forced registrations?
Make things easier with a customized checkout page that pre-fills all fields for the customers to remove that barrier right off the bat. You’re automating the process wherever possible. Pay Kickstart utilizes a one-click checkout process to take customers quickly from ‘interested’ to ‘purchase’.
The money a customer pays for their product doesn’t all go into your pocket, as you already know. Payment processors all have their own fees, and each sale means another fee paid to that processor.
By removing this fee, you’re ensuring that you’re getting the maximum profit from each sale.
Pay Kickstart removes the fees associated when customers use their credit cards or other payment processors to check out. Instead, that money stays in the sale and in your pocket.
Third party seller tools can easily hack away at your revenue stream. By incorporating everything an affiliate would need in one place, affiliates don’t have to wait the traditional 30-60 days for their payment. The very instance a conversion is made, your affiliate is rewarded.
So how does this increase your revenue?
When your affiliates are rewarded immediately for the work they’ve put into promoting your product, they’re more inclined to work harder now. The long waits for payments used to hinder affiliate growth; Now, instant affiliate payments push affiliates to work harder, faster, and better.
Pay Kickstart is the world’s most powerful affiliate solution, providing your affiliates with their hard-earned money instantaneously when a product is sold. No more waiting for a third party processor. Instead, you’re giving your affiliates the motivation they need to work for your company — and to work more effectively so that they can see their wallets swell simultaneously as yours does!
Increasing your revenue doesn’t have to be a long, time-consuming process. You can see financial results quickly and easily with these 5 quick tips:
You tell us: Have you tried any of these tips? How much of a difference did it make to your revenue stream?
Jared Schneider is CEO of PayKickstart and a serial entrepreneur. He is passionate about helping thousands of entrepreneurs and businesses grow through advice, automating payments and providing affiliate tools.Read More About Jared Schneider