3 Ways To Explosively Grow Your Infopreneur Business

 

Just about every business is constantly looking for ways to grow and scale bigger. Many entrepreneurs believe that to stop growing is to start dying. So information marketers are also always seeking avenues of growth.

You can grow your information empire by creating more products, or writing more content, or delivering more value to your buyers. But in a broader sense, there are just 3 ways to grow and scale your infopreneur business:

• Get more buyers
• Sell them more expensive things
• Bring them back to buy more often

Sound simple? It really is. And when you focus on improving each of the three elements, your information business will grow exponentially.

Get More Buyers

It is the obvious, most common and easily understood way to grow your business. If 100 buyers make your business $1,000 then it stands to reason that 1,000 buyers will get you to $10,000 and so on. Within limits, this holds true.

Of course, when you serve 1,000 clients, you’ll do things differently – and the changes may cost your business a little more. But by and large, more buyers will earn you more profit.

That’s why so many business owners invest a lot of their time and marketing budget searching for new buyers and customers. They target ideal audiences, run ads in places they’ll see them, and encourage partners to refer more new buyers to their business.

And this is a good approach, even though it’s a costly one.

As you’re probably aware already, a first-time buyer costs more to your business. This is because they are still not convinced that you are the right solution to their problems. Sure, they saw your ad and were impressed. They visited your website and found it informative. They read about your product and it all sounds good. They are impressed, convinced and almost certain you are the answer to their prayers…

But They Are Not 100% Sure

There are a hundred fears and doubts running through their mind.

• What if you take their money and run?
• What if your product or service is worthless?
• What if it’s good, but not quite what they want or expected?
• What if you won’t refund their money as you promised?
• What if it doesn’t give them the desired result?
• What if using your product or service actually harms them?

All these questions – and more – keep running through their mind. In the end, they decide to take a chance on you… but reluctantly, hesitatingly, uncertainly.

That’s why the first sale is so difficult. And costly.

So getting more buyers, who haven’t done business with you before, is going to be a more expensive and less profitable proposition. Of course, it’s something you need to do if you want to keep growing – but understanding the economics and difficulties involved is helpful.

Sell Them More Expensive Things

Another way to grow your business is by selling more costly items. You can boost your profitability with a range of premium products and services that cost more – or even simply by raising your prices.

While there is an upper limit to how high you can price your offering, depending upon external market forces and conventional expectations for the kind of items you’re selling, you still have reasonably flexibility with your pricing. What matters more is being able to justify the price you’re asking for.

And if even at the higher price point, you may not reach your growth targets, then it’s time to build an additional product portfolio of more expensive offers. This naturally means providing even higher value to match the price-tag, which could involve greater effort and cost on your part to create and deliver them.

Also, marketing more expensive items is a difficult challenge. While a lower price point might encourage “impulse buys” which don’t require much thought or analysis, a higher ticket purchase is usually better researched and more carefully considered. This means you’ll have to work harder to make a sale, and even take a different approach from the one you used before.

There are benefits to selling more expensive items.

They appeal to a section of your customer base that is generally able and willing to pay well for higher value, and is usually easier to convince, and easier to satisfy by providing top quality.

Product vendors and service providers frequently discover the reality that their most troublesome clients or buyers are those who spend the least amount of money with their business. The smaller group of high-ticket spenders often need the least amount of hand-holding, argue the least, and find greater value from what you offer.

So finding new customers for your product or service, and selling them higher ticket items are two very effective ways to grow your infopreneur profits. The third powerful way is…

Bring Them Back To Buy More

If all you did was sell a customer one product once, then regardless of the price you charge, you don’t really have a ‘business’ – you have a ‘promotion’.

The real value that lies within the asset called a ‘business’ that you build is the customers you acquire, and the relationship you develop with them.

Two classic examples may help highlight the importance of this.

In 2006, I bought a new $10,000 car. The dealership was recommended by a friend. Soon after the purchase, I kept being bothered by tele-marketers referred by the dealer trying to sell me stuff I didn’t want or need – like insurance, accessories and more.

Four years later, I was looking to buy another car. The buying process started with one decision – NOT to use the same dealership again!

On the other hand, I have an insurance agent who handles my health, travel and vehicle insurance. He’s been doing this for over 7 years. Rarely, if ever, does he pitch me on other offers. When he does, it’s usually something I need – and I end up buying.

Over the same four year period, I estimate he has generated 14 sales from me – and I’ll continue to work with him for many more years!

The dealership isn’t likely to be in business for long if they take the same approach to many clients. The insurance salesman is.

As we discussed earlier, the first sale is the hardest. But after you’ve acquired a customer, delivered value and built up a trusting relationship, most of the fear and uncertainty of the first sale has diminished, or even disappeared.

The second sale will happen quicker, easier, and at an even higher price – and the third will be easier still to close.

By working on delivering value and establishing trust with your customers, your infopreneur business can profit from the magic of repeat business and additional sales over the lifetime of a new client.

Lifetime Client Value

Marginal net worth (or lifetime client value) is an estimate, based upon previous client purchases, of the amount of money your average client will earn your business over the lifetime of their association with you.

For the car dealership in the example above, my lifetime value is $10,000 – from the single sale. For the insurance salesman, my lifetime value is $700 x 14 – or $9,800 and counting.

Of the two, which do you think is the more profitable business, with a stronger client base and more valued as an asset by a potential buyer of the business?

Right. The latter.

To the extent that you can maximize repeat business, you will steal an edge over your competition.

In the figures quoted above, the only reason company A has a $10,000 in the LTV column is because cars cost more than insurance. If you contrast it against another car dealership, who might have delighted me to the point I’ll only think of them when I’m buying my next vehicle, the figure could go up to $25,000 this year – and then higher over the lifetime of our relationship.

As an infopreneur, your goal should be to not only maximize the profit you get ‘per turn’ from a client – but also the ‘number of turns’ you get over a lifetime of association with the client.

That’s the real way to leverage a hard-built relationship with your buyers.

And as a growth focused information marketer, you should be excited and passionate about covering every single base that will let you grow bigger and better, so you can serve an ever-growing audience and deliver them amazing value.

How Else Can You Grow Your Information Business?

Apart from the 3 ways we talked about – getting new buyers, selling them more, and making them buy more often – there are another 3 ‘advanced’ approaches to growing a business massively.

While nothing really prevents a new business from going this route, the methods involve some more advanced planning and strategy setting – which may end up becoming a costly exercise unless you already have a firm foundation and basis for making decisions like this.

1. Buying out an existing business

If there’s another company in your niche which offers synergy with yours by way of having infoproducts you can offer your own buyers, or other assets that will add value to your way of doing business, then buying them out can be a quick way to grow your own organization. Be prepared to do your due diligence and think through the process in which you’ll integrate the new company with yours.

2. Adding a new product line

Infopreneurs often get tied down in creating “a little more of the same”. If your customers bought an ebook, it doesn’t mean they’ll only buy other ebooks. You may offer them a completely different kind of infoproduct, like a teleseminar series, or a coaching program, or private mentoring. Adding a new and related product line to your existing portfolio can make you very profitable because you now have something more to sell your client base.

3. Entering a new niche

Once you’ve achieved success in one niche, and know the secret of building a profitable infopreneur business in it, you can replicate the process in a different niche – and corner that market as well. The basic principles of information marketing are remarkably similar across niches, though each will have some nuances. Learning them and building upon the expertise you’ve already acquired can speed up your success in a new niche.

In these ways, you can further build upon the momentum and growth made possible from the basic 3 approaches. Getting new buyers, selling them more, and bringing them back to buy more often should be ongoing everyday activities of your business. The advanced methods – buying out a new business, adding new product lines and entering a new niche – can become annual targets, to achieve at least once every year.

Remember, most infopreneurs believe that to stop growing is to start dying.

Keep on growing. Take action on the basic steps. And then implement the more advanced techniques.

All success

p.s. If you haven't yet read my free "The Smilenaire Way" report, grab your copy here - and decide if you're ready to start smiling every day in your business. (When you are, click here)

Want a Mysterious Surprise? Free Offer for New Website Visitors... Download An Exclusive Gift Worth $37.00 When You Sign Up For Powerful Information Marketing Tips Today Name: Email:

 

Tags: 3 ways to build business, boost profits, growing, growth, infopreneur

RECOMMENDED PROGRAMS
Rich Niche Blogs Build Authority Niche Blogs That Crank Cash Like Clockwork! Learn How - Click Here	The Smilenaire Way Do You Want To Smile In Your Information Business? You Can - See Here