Since 2009, I have been coaching purpose-driven leaders in business development to become change-makers, personally and professionally. Over the last 11 years, I have answered many questions regarding goal setting. However, ‘how to create a steady monthly recurring revenue’ or MRR, comes highly requested especially that important five-figure monthly revenue target.
Multiple businesses see the highs of bonanza months, only to find themselves counting tumbleweeds the next month. These extreme fluctuations feel like a rollercoaster rider of frustration. To avoid such highs and lows, and to keep your revenue steady, here are four essential tips to help you say adios to the revenue rollercoaster and reach your five-figure monthly revenue.
Say goodbye to the revenue rollercoaster!
Here are four essential tips to reach your five-figure monthly revenue:
Tip #4-Know your Ideal Client
Knowing your ideal client is a drop the mic moment for your brand. Every package, strategy, and marketing asset you create MUST connect with your ideal client. Forging this connection is the deep dive that many business owners don’t take; therefore, missing the secret to cutting through the noise and creating an engaged, loyal and profitable community.
I’m a firm believer that you get out of life what you put into it. If you are determined to pave the way to your best year of revenue yet, take the time to break down your ideal client avatar. If you want to find out more about how to define who your ideal client is and build a loyal and engaged community around your brand, read this article.
This is a core fundamental exercise for achieving that five-figure monthly recurring revenue.
Tip #3-Tiered Offering
People like to be given choices. I have a Jog, Run & Sprint package for my private coaching, do you have a tiered offering? Having an effective package that produces results in small, large, and ‘just-the-right- size servings is key to increasing your revenue and developing your business.
After a consultation with a client, service providers will have a clearer understanding of the scope of the situation and often make a recommendation based on this. To set yourself apart from the rest, focus on not just informing your client of the best package for them, but also the runner up; this not only provides them with options, but also puts the ball in their court. Prospects then have the option to decide which service is right for them, not just whether to use your services at all.
Consider offering your clients a ‘first date’ whereby you offer a high $/hr single-serving offering. My longest-term client hired me for my Business Explosion Strategy Session to try out my services before making a big commitment.
Tip #2-Consider Value Over Price
As a service provider, your pricing is not a direct reflection of the time a client spends with you. That money-for-time mindset needs to be kicked to the curb. For example, I can give someone a strategy that produces six figures of business. Should I bill out for the 15 minutes that took? Hell no!
No one wants the cheapest option when it comes to investing in progress. Your ideal client values your expertise. When you position your brand around your core values, you aren’t competing for those buyers who are out there shopping for the lowest prices.
Write down a $/hr for your time. Understanding your value helps you delegate and harness the power of your time like the CEO you are. I love writing about the power of your time, read more here and here.
Tip #1-More Than a Funnel
Instead of creating a marketing strategy with touch-points that lead to a purchase (a funnel) why not create a spiral? A profit plan where you have products and packages that serve your clients as they learn and grow. Once they complete your first offering, they have new knowledge and a new level of curiosity to match their increasing trust in your brand.
Be ready to create a loyal customer with maintenance workshops, passive income streams (like membership sites) online learning options and of course, a higher priced program like an exclusive mentorship program.
If the mechanics and scope of streamlining and automating your business make parts of your brain start to freeze up, I’ve got you. I have compiled a library of blog articles addressing how to create a killer marketing strategy. Alongside downloadable resources that help you define your lead to purchase. Be sure to check out my expert business development workshops and watch more informative videos sharing expertise from my business coaching vault here.
If you’re considering group or private business coaching, schedule a Discovery Conversation here to see if we’re a good fit for your empire building.
Make more money, have more fun. Now is your time.
Keep going; keep growing. ? Let’s achieve that five-figure monthly revenue!