At this stage, your goal is to generate repeat buys and real profits. While your entry-point offer was designed for conversions, your ascension offers should be geared for profits—because if you’re serving your customers well, they’ll want to buy again and again.
Ascension offers may be simple upsells made after that initial purchase… bigger, better solutions… or “done for you” add-ons.
So now we must ask ourselves, what is our core flagship offer and how do we continue to deliver value after the first sale is made? What is the thing that we are selling?
How we continue to deliver value after the first sale is really important, because having upsells and cross sales gives you the ability to sell to customers you already have. It will give you higher Average Customer values, which is going to give you higher margins. Which means you can spend more to acquire new customers.
Why does this matter? It matters because of this universal law of marketing and customer acquisition, he or she who is able and willing to spend the most to acquire a customer wins.
Very often the business with the best product messaging very often is the business that can throw the most into customer acquisition. Now there are two ways to do that.
The first way is to just raise a lot of money. The problem is if you have a lot of money, that doesn’t last forever. At some point you need economics.
The second way, and the most timeless and predictable approach, is to simply have the highest value customers of anyone in your market. If your customers are worth more to you than they are to your competitors, you can spend more to acquire them at the same margin.
If a customer is worth twice as much to you than it is to your competitor, you can spend twice as much trying to acquire them to make the same margin. You can invest in your customer acquisition, because your customers are investing in your business. You can invest in your customer experiences, and when we invest more into the customer we build brands that have greater value. Meaning, people are more likely to choose you over someone else, which can actually lower acquisition costs.
Happy customers refer others to us, which is called zero dollar customer acquisition, and generally just ensures you’re making a bigger impact. You can invest more in the customer experience and customer acquisition process if you don’t have high margins.
If you deliver a preview experience, you can utilize revenue maximizers like up sells, cross sales, and bundles. These are things that would follow up the initial sale or are combined with the initial sale to increase the Average Customer Value.
The best example of an immediate upsell is the classic McDonalds, “would you like fries with that?” You got just a burger, do you also want fries with that?
What distinguishes an upsell from other types of follow up offers is the upsell promise, the same end result for a bigger and better end result.
What’s your desired result when you go to McDonalds? It’s not to eat healthy food, and it’s not even to eat a small amount of food. When you go to McDonalds your job is to have a tasty, greasy, predictable inexpensive meal. No one is going there because it’s healthy, you’re going there because you want to eat good.
It’s predictable. It’s not going to break the bank for a hamburger, neither will adding fries or a Coke. It’s the same experience, but it’s BIGGER and BETTER.
Amazon does this all of the time with their “Customers Who Bought This Also Bought …” But this one is algorithmic. The point of a cross sell is that it is relevant to the consumer, but it doesn’t necessarily have to be aligned with the original purchase. What you don’t want to do is start someone down one path and confuse them.
You can make this process easy with Bundles and Kits. With a bundle or a kit you’re essentially saying to someone, “you can buy just one piece, or you can get this bundle that does all of these other things for a little bit more. And it’s a higher value.”
The idea behind bundles and kits is that we are adding to the primary offer, not offering them something different. We’re simply promising to get them this desired result in higher definition.
The Elements of High-Converting Revenue Maximizers (like our bundles and kits) are:
- Speed
If you’re an e-Commerce business, selling a physical product, this can look like: offering free shipping for orders $X or more. We’re looking to get your customers the same desired result, but with less work for them.
- Automation
If you’re a furniture business, and you want to add a Revenue Maximizer, this can look like: Right now for an extra $X our highly trained employees will come and put this together for you.
- Access
People will pay for speed, they’ll pay for less work, but they will also pay for a look behind the curtain. Think about the people who pay for Backstage Passes. Your customers will pay for a VIP experience just so they can kind of see how everything works.
Remember, the ascension stage doesn’t have to stop. Once you have a customer, you should do your best to make them a customer for life. You should continue serving them. Continue asking them, “what needs are we still not meeting” and seek to meet those needs.
It is your job as a marketer to seek out to discover these needs, to bring these back to the product team, because that’s what’s going to enable you to fully maximize the average customer value. Which is going to enable you to have a whole lot more to spend to acquire those customers and make your job a whole lot easier.
Now that you understand the importance of the ascend stage, let’s apply it to our examples.
Hazel & Hem could have free priority shipping over $150, a “Boutique Points” reward program with exclusive “double point” days to encourage spending, and an exclusive “Stylist Package” that includes a full outfit custom selected for the customer.
Cyrus & Clark can retain current clients by offering an annual strategic plan, “Done for You” Marketing services that execute on the strategic plan, and the top tier would allow customers to be the exclusive company that Cyrus & Clark services in specific geographical territories.
The post Ascend appeared first on DigitalMarketer.
Frequently Asked Questions
What are the five important factors of motivation in entrepreneur?
Motivation is key to success. Without it, everything would fail. We wouldn't exist without it.
Motivational psychology is the study of how humans behave when motivated. We do amazing things when we are motivated. It's clear, however, that motivation has limits.
The five most important motivational factors are:
- Autonomy - the freedom to choose
- Mastery - the ability to master skills
- Purpose is the feeling of purpose
- The feeling of belonging - relatedness
- Reciprocity: The desire to give something back
These motivators might seem to be applicable to your business. However, each perspective is a little different about why people do what they do.
For example, an individual might seek autonomy because he wants to live his way. Or he might want to mastery because he wants more skill at his job.
So on. These are just some examples of possible motivations. There are many other motivations. There are many others. But which ones are most relevant to your specific situation? All of that depends on you.
Write down three words to describe your ideal working environment. Next, use those words to describe your current working conditions.
If you find it difficult to think of ideas, try asking yourself this question: "Why are I doing this?" The answer will help you identify your goals.
Once you know your goals and objectives, you can determine where you stand now. And that knowledge can help you determine whether or not you should make changes.
If you don’t wish to change anything, then it’s time to consider your options.
However, if you are looking to make positive changes in your life, you will need to begin thinking about how to motivate yourself.
Which of these motivators is most effective? It's difficult to say. So instead of focusing on one single factor, focus on all five.
This will help you achieve your ultimate goal: becoming a successful entrepreneur.
What is the importance of motivation for entrepreneurs?
When we feel lost or stuck, motivation is what propels us forward. It allows us to face our fears with courage and make tough decisions.
Motivation is also key to success. Lack of motivation can cause us to become lazy, unmotivated or unproductive, ultimately leading to our failure.
To unlock your potential, you must find ways to motivate. You need to find a way of staying motivated every day.
It is like a muscle. The more you work it, the stronger it will become. It will weaken and atrophy if you don't exercise.
Some of the most successful entrepreneurs are self-motivated. They set goals and plan how they will be achieved. Then, they follow through.
You may find yourself struggling to stay motivated at times. Here are three easy steps to keep you going.
Step 1) Get inspired. Find an example of someone who inspires. Someone who is already achieving your goals.
Step 2: Establish small goals. Make sure each goal is achievable. Focus on the next step rather than the ultimate result. You can reach big goals quicker by breaking them into smaller pieces.
Step 3: Reward your self. When you achieve your goals, reward yourself. Reward doesn't necessarily have to be tangible; it could be simply taking the time to do something enjoyable.
Remember, motivation is a choice. Choose to be happy and to succeed, and to live an abundant life.
Start today if you are ready to make a change in your life. The first step to making a change is to choose to do so. The next step is to take action. Get started now on your journey to living the life you desire.
How to Motivate Yourself as an Entrepreneur?
Find someone to motivate you. Ask someone who has worked hard towards achieving his goals to tell you how he did it.
Listen, ask for advice and, most importantly, follow through. If you find someone who is successful, emulate them.
You can do whatever it takes to be that person. Learn from them. Take notes. Follow their example.
Keep pushing forward. Keep moving. Never stop learning. Never give up.
Never listen to anyone telling you that you're not capable. Do not let anyone tell your that you aren't capable of following a specific path.
You might fail, but it doesn't necessarily mean that you have failed. Failure is an opportunity for growth. To learn more. To push harder.
Failure is just one step on the path to success.
You can start now. Do something today that will move you closer to your dream.
What are you waiting for?
How can entrepreneurs motivate staff?
Motivation can come anywhere. Motivation doesn't have to come from a specific place. All that matters is that it motivates them. Motivation is essential for any business, no matter how it comes in the form of a carrot or stick approach.
The more motivated employees feel, the better they will perform. For a team that performs well, provide them with the tools they need to feel empowered.
You need to create an environment where they feel valued. They need to feel valued and able to learn. It is a place where they can express their ideas without fear of being punished.
A company culture that allows them to thrive and succeed. That's how you keep your most talented employees happy, satisfied, and productive.
To maintain the culture you have to reward the successful behaviors. You can offer bonuses for achieving goals, training opportunities, raises in pay, or other perks like health insurance.
You also need to provide clear direction and communication. You must ensure that everyone understands the expectations and reasons for them.
You must ensure that policies and procedures are clearly written and communicated. Make sure there's someone responsible for making sure they're followed.
Communicate frequently, but most importantly. Keep your employees informed about the current state of the organization. Let them know about the latest developments and plans.
Communication is vital. Looking after your team is the best way for you to stay ahead of the game. They will take care you.
A bad relationship with employees could lead to big problems. Research shows that employees who are engaged with their work have higher productivity and profitability than those who struggle for top performers.
It is important to realize that not all employees want to work at the same speed. Some prefer to work independently while others like to work in a team. Each person can be motivated in different ways, so it is up to you which one works for you.
For example, some may respond better to incentives, while others might appreciate the recognition. Whatever works for your company, ensure that it is consistent with its goals.
It's up to the leader to set the tone. Be open-minded. Listen to the team. You have to listen to your team if you want it done right.
What keeps you motivated as an entrepreneur?
Freedom to pursue my goals is my biggest motivator. We live in a world with limits on how much money we can earn and save, how much we can invest, purchase, consume, own or borrow. We are not subject to these limitations. We are free and allowed to pursue our dreams.
These limitations cannot be allowed to control us. We can't allow ourselves to be enslaved by these limitations. We are the captains for our ships. We are the architects to our lives.
I am driven to create wealth beyond what I can imagine. To create businesses that surpass the limits of human potential. To build businesses that will change the way people live for ever.
To create stronger businesses than any governments, more influential as any religion, and longer lasting than time.
That's why you're here. My goal is to help entrepreneurs grow their business faster than anyone else. Because success is for everyone.
What are the 3 motivations behind an entrepreneur's success?
Entrepreneurs have three primary motivations: freedom, money, knowledge.
- Freedom means being able to do what you like whenever you like. When our lives or jobs are restricting us, we can become entrepreneurs.
- We wouldn't consider opening a business without money. You can live without food, water and shelter but you cannot survive without money.
- The third motivator is knowledge. Entrepreneurship requires us to constantly learn more and more, which is why we often find ourselves reading books, attending seminars, taking online courses, and learning how to create products and services.
This is what motivates us to achieve our goals. It gives us meaning and purpose.
These are the three main reasons we started our business. These three factors are the key to our success day after day.
If we don't have these three things, we may pack up our bags and head home. These three essentials are what will make us truly happy.
Statistics
- "Most of the time when people ask me about motivation, 80 percent of the time, I attribute it to gratitude. (entrepreneur.com)
- That means for $150,000, you could have bought 10 percent of Airbnb." (entrepreneur.com)
- “Effective communication is 20% what you know and 80% how you feel about what you know. (americanexpress.com)
- Our 10 years of research also shows that 75% of mentored entrepreneurs increased their revenue, and 82% of their businesses survived the first two years. (carolroth.com)
- “If you look to lead, invest at least 40% of your time managing yourself – your ethics, character, principles, purpose, motivation, and conduct. (americanexpress.com)
External Links
due.com
businessinsider.com
- 101 Best Inspirational Quotes For Entrepreneurs
- Why Elon Musk sets nearly impossible goals for SpaceX employees
twitter.com
cnbc.com
- This inspiring quote Jeff Bezos keeps in his fridge
- Richard Branson, a Billionaire: These are my top 10 secrets to success
How To
How do I sustain my motivation when starting a business?
It is essential to create an income stream in order to make money online. This means creating a method to consistently generate revenue through your website.
This is easiest if you create products that solve customer problems. How can you create these products, though? This is where the real excitement begins.
There are two possible approaches to product creation. One is to come up with a great idea and then spend hours perfecting it, which is probably the most traditional method.
But there's another option. The answer is simple: ask yourself what problem you are trying to solve. You can then search for the product that will solve your problem.
This is called the "find-a-problem" method. You will most likely find a problem not being solved by any site when you use the find-aproblem method.
Once you have determined the problem, then you must decide if it is worth solving. There are three basic questions you need to answer:
- Is it worthwhile?
- It is possible.
- Will it work?
If you can answer yes to all three questions, then you have the basis of a successful product. You just need to know how to package your product.
Lacking a plan to generate regular revenue is the number one reason businesses fail. It's easier to stay focused once you have your plan.
You might also discover that you have more ideas to accomplish than time. This is where you can either delegate tasks to your team members or hire freelancers.
As long as you continue to grow your income stream, you'll be able to stay motivated.
Keep in mind: If you are determined to put in the effort, you can achieve anything. Why wait? So why wait? Get going today!
Did you miss our previous article...
https://consumernewsnetwork.com/technology-news/excite
