How to Triple the Revenue of your Business (WITHOUT more sales)

Summary

• Review your activation point, which is when a customer first sees value, and optimize the initial experience to ensure customers see quick returns on their investment.
• Track and display ROI (Return on Investment) to customers to keep them aware of the value you're providing, much like airlines update passengers during delays.
• Implement mirrored communication; match the number of touchpoints post-purchase to those pre-purchase to maintain engagement.
• Reduce the time to value; shorten the duration it takes for customers to see tangible benefits from your product or service.
• Conduct ongoing onboarding, continually educating your customers to maintain success and prevent issues that could lead to them leaving.
• Adjust communication frequency based on the stakeholder's level; higher-ups prefer less frequent, consolidated updates, while more involved stakeholders may appreciate more regular communication.
• Consistently improve your product to avoid becoming irrelevant; ask customers what they love about your product and what could be indispensable to iterate effectively.
• Create a feedback loop with a select group of customers like an "Inner Circle" to keep abreast of changes in the market and customer needs without overhauling your product.

Video

How To Take Action

I would suggest implementing these strategies to help small businesses, entrepreneurs, or those interested in personal growth to provide more value to their customers and increase their profits:

1. Optimize the Initial Experience: Make sure when a customer first uses your product or service, they quickly see its value. If I run a service business, I would make it so new customers get results right away. For products, I'd focus on that moment they receive their item to make it special.

2. Show the Value Provided: Always show customers how they’re benefiting from your product, like keeping them updated on the results they've reached, just as airlines do during flight delays. This reminds your customers continually about the value they're getting from you.

3. Mirror Communication: Match the efforts you put into pre-purchase interaction with post-purchase follow-up. This maintains a relationship with the customer and keeps them engaged. If I sent five emails to convince someone to buy, I’d send five more to support them after they've purchased.

4. Shorten Time to Value: I'd work on making the benefits of my product or service visible sooner. For example, if I sell an online course, I might offer a quick-start guide to get users seeing results within the first few lessons rather than weeks later.

5. Ongoing Onboarding: Keep teaching customers about your product. If I sold software, I would continually share tips and updates so customers get the most out of it. This education helps prevent problems that could make them leave over time.

6. Adjust Communication for Stakeholder Levels: Talk to busy stakeholders less and offer more consolidated updates, while keeping those directly involved with more frequent updates.

7. Consistently Improve the Product: Regularly ask customers what they love and can’t live without regarding my product. I’d also form a customer feedback group like an "Inner Circle" so that I can keep making the product better without the need for big overhauls.

By implementing these strategies, you can help ensure that customers recognize and continue to see value in what you offer, boosting their loyalty and your revenues in the long run.

Quotes by Leila Hormozi

"The faster you deliver results, the longer they stay and the more compliant they will be with the things that you recommend."

– Leila Hormozi

"If you want to keep customers engaged, you need to remind them constantly that you are providing value."

– Leila Hormozi

"People would rather be informed and feel like they're making progress and their questions are answered, than remain in the dark."

– Leila Hormozi

"Take the amount of touch points you have prior to the sale and reflect them after."

– Leila Hormozi

"If you want to keep a customer, you need to consistently be onboarding them."

– Leila Hormozi

Full Transcript

here are six ways to make three times more money this year without more marketing more ads and actually even more customers the first principle is activation the first point at which the customer receives value from the product if you're a B2B Service Company and you say that you're a marketing agency it would be probably the first time that they get leads from you whereas if you're a software company it might be the first time that they log in and see the dashboard with all their information whereas if you're a product a physical product it might be when they receive the product hand in hand I'll give you a quick story to demonstrate how important this is so in gym launch when we had an initiative which was hey our turn right now is at about 8% let me just try and break it in half to 4% and so given this is a B2B Service Company I looked at it and said okay what's the activation point of the customer when do they first get value from the product the more that I honed in on looking at when people were leaving in the program what I realized is that the people that were leaving were the people who were not making their investment back the fastest so the people who save the longest made back their investment in the first 30 days if I want more people to stay longer how do I Engineer it so that more people all the people make back their investment with us in the first 30 days and so we created what we call the Fast Cash play we're going to make everybody do what these people did because we looked at why did they make their money back so quickly because at this point what we were doing with gym launch is we said hey we've got four different paths that you can take you can start here here here here cuz I felt like oh that's more customized it gives a better experience for the customer what we lose through the customization is the certainty of delivering them the outcome and so we said cool we'll do that whole like they have to pick their own path but the first 30 days they need to do the Fast Cash play because what we saw was that those people that got to the 30 days and had recouped their investment had done the Fast Cash play out of those four options that was the one that they chose and that's why they made their money back so fast so then we said all these other options that's the only thing our customers do the Fast Cash play guess what happened our turn went from 8% to 3% Within six months and obviously I say within six months because it takes time to put these things together we had to redo the product and then we had to see out all the customers who came in after selling new ones into this new way of doing things and then we forever changed how we did business because we used to think that giving people more autonomy in the beginning would provide you know a feeling of freedom and so therefore they would want to stay longer but what we learned is that we actually need to give them more Direction in the beginning so that we are certain that we deliver the value that we know we can and then after that 30 days we can loosen it up the likelihood that we are able to now get them to do what the program says to do or what we tell them to do because they've already seen results is also much higher so you get more compliance from customers the faster you deliver results the longer they stay and the more compliant they will be with the things that you recommend so you have your activation point but the work is not done yet we have to do something on a consistent basis to make sure that we can maximize LTV of customers which is track and display RI if a tree falls in the forest but nobody sees it did it even happen if you do work for a customer and you don't show them the work did it happen if you make progress for a customer and they don't see the progress did it happen and so with any company what you want to understand is that if you want to keep customers engaged you need to remind them constantly that you are providing value they don't know what the you're doing if you don't tell them you need to tell people who are external from your business what you're doing internally and so like with anything in life say you give instructions to an employee and you're like here's what I want you to work on if you don't hear anything from them how do you know they're working on it how how do you know that they're going to hit the goal you don't okay think about it like this right if you go to get on airplane and they're like hey sorry we have a delay you're like okay great what happens 30 minutes later what happens 30 minutes later is you're like where the is my plane and you're like hello where is everybody like where's my plane what's going on has there been anything happening do you know why they always let you know hey we would like to inform you that there is still a delay why have Airlines figured it out that they have to consistently every 20 to 30 minutes tell you that you're still delayed people would rather be in full form Med and feel like they're making progress and their questions are answered then remain in the dark for a lot of companies they take in a customer and they say we're going to do all these things for you a great example would be recruiting we're going to find you the best coo in the world and they're going to change your whole company it's going to take us a couple weeks and then yeah you're like amazing by week two when they haven't sent you an email they haven't said jack to you they haven't told you how many candidates they've reached out to you're like this ghosted me he took my money and ran this actually happened to me when I was younger in my career about 7 years ago I signed up with the recruiting company for the first time and when I signed up with that recruiting company I was super excited and I was like oh I can't wait to get all these candidates I'm sure I'm going to get them in the next like 5 days and then a week goes by and I hear nothing and then the next week comes like nothing I'm like what the so I reach out to them and I'm like are we still doing this and they were like of course we've been doing X Y and Z we've been sourcing from here we've been doing all this stuff and I was like yeah that would be great to know because I feel like I paid you and I've gotten jacked why is that you don't need to get somebody to the goal immediately but you do need to tell them that you're tracking to it doing a recruiting service updating them on like here's my sourcing strategy here's how many people I'm going to cold email here's where I'm going to post your listing and then by the way you're going to hear from me in about 2 to 3 days and I'm going to let you know what the response rates are of those people and then by the end of the week on Friday I'm going to let you know how many people passed the first interview it's not like you need to have delivered the candidate in 5 days but you need to let them know where you're at in the process an example of this would be if you're a B2B company let's say Jim launch right like you're driving money into their business have them fill out a report of what they did that week and how much money they made using the systems that's actually what we did on our coaching size we had a document that we asked them to fill out every week which said like what steps did you take and how much money did you generate from The Fast Cash play so then what does that mean they don't need to have made back their entire investment in those 5 days but they're reminded of how far they've come software companies do a really great job of this a great example would be instacart every freaking time I log into instacart what do I see all it tells me you have saved 5,672 hours with instacart cuz guess who's been a customer for like since Inception I have so it reminds me every time I use it that I don't even know what the inside of a grocery store looks like anymore it's telling me and reinforcing my usage by letting me know how much time I've saved and so you always want to be thinking how can I track and report on the ROI that the customer is getting that's why the second principle is so important of making sure that your customer knows exactly where you're at and what you're doing the next principle is going to help you operation ize a lot of the value you give to the customers which is called mired communication right now you think that you're really great at making sales and marketing what I want you to do is I want you to get in your customer's shoes and count how many times does your customer touch your business before you make a sale how many ads do they see how many funnels do they opt into how many emails do they get how many touch points with a rep do they have how many calls do they have how many pieces of content do they consume and then what I want you to do is take that number and put it post purchase if you you want to keep someone longer take the amount of touch points you have prior to the sale and reflect them after the second thing could be you have content to get people to buy your thing why would you not have content to get people to use your thing this is called product marketing which is as soon as you have somebody into the business you're no longer marketing to get customers you're marketing to get customers to use the product don't you think that if you had some videos some content and some email Communications they'd be more likely to use it that is why mirrored communication is so important is because it's it's kind of like high school right where you like before it's like a guy flirting with you doing all this stuff and you like make out with him and it's like ghost you maybe not everyone maybe not for the guys right but you did it to a girl for sure a lot of people have really great communication prior to purchase but then afterwards it's like they leave everyone feeling like the girl who got left in the dust they get that feeling they're like oh my God I was used I was taking advantage of that's the same feeling your customers have when after you make a sale you don't talk to them and so take the amount of touch points mirr them to after now just because your customers use your product and have consumed it right in some way shape or form doesn't mean that they get value from it okay which brings us to the fourth principle which is time to Value time to value is how long it takes for the customer to get value from the product after they purchase they can use the product but do they get value from it what's a good example Crest White Strips you have 30-day supply of white strips so I'm going to use the product on day one but when are my teeth white certainly not day one it's certainly not day two certainly not day four it's 30 why do you think they came out with 1 hour Express because it shortens the time to Value I put it on and an hour later my teeth are white it's no coincidence that they did this because they realized people felt very discouraged putting on Crest White chips every day and only getting result 30 days later it was a lot of work and you don't see a result until 30 days there's a lot of businesses that have great products but they do not know how to deliver value fast enough so I'll give you an example we have one company in the portfolio that they have a fantastic product but that product is a business service and it requires both work on their part to help the customer and actions on the customer's behalf to make the product work so it's a two-way streak when we looked at when does somebody really recognize value from this product it was at the 6mon Mark and so the reason I thought this was a problem was because I thought they had a great product but when renewals came around we had 52 renewals come up one month and they got two to renew and I was like I know the product is not the issue cuz the product's great but the experience of the product is poor have you ever gone to a restaurant that's incredibly fancy and everyone's told you it's amazing and you get there and you have to wait 3 hours before you get your first course or it might be that you have to wait an hour before you can get bread and appetizers doesn't that completely taint your view of the product the food might be fantastic but the fact that you had to wait 3 hours to get a steak you're never going back there again the same can be said for any product or service and so I explained this to them and I said you've got the cold steak problem which is you have a great stake but it's just 3 hours too late and so I looked at their product and I said why is the reason it has to take 6 months Why Can't This take 30 days and they're like oh well Leila you know we've got to educate the customer and you know we drip one video a week for 6 months and so I said what if they watched one video a day for 2 weeks what could we get done there and so as soon as we did that I kid you not we reduced the time to value by 5 months customers were able to get the same result that they they were getting in 6 months in one from a very simple change of just condensing the work because it's not about the time it takes it's about the amount of videos that they consumed it's not that it takes 6 months to learn the product it's that you spaced the videos out over 6 months and I think a lot of people canate these it's not the time it's the things that happen in that time so let's just take the things that happen in 6 months put them in 30 days so again if you're like a Service Company how long before they recoup their investment how long before they see a result if you're a pest control company am I going to still have rats after the first spray how many sprays do I need before there's no rats I mean it's simple like this just take the same amount of interactions that you have spread over a longer time Horizon and condense them down into the one that you want it's not about the time it's about the amount of things that occur in that time the fifth principle is called ongoing onboarding and you're probably thinking I thought onboarding was a onetime thing but the reality is just like you're always dating your spouse to keep a great marriage you're always onboarding your customers to keep great customers you're I thought I only onboarded customers once if you want to keep a customer you need to consistently be onboarding them think about this you onboard an employee after you onboard an employee you have one-on ones you have meetings you're talking to them consistently the same goes for customers so just because we've sold the customer and then onboarded the customer what happens next how are we talking to the customer so again just like we have the mirrored communication we want to mirror the communication through the entire process and so for example if if you are a service company and your customer needs to know things about your product let's give an example of a marketing agency if I were a marketing agency today and I were trying to keep my customers longer I would educate them on all the things that I need them to be able to do to make my marketing effective because what's the most common issue with a marketing agency they generate leads those leads come in the sales team says these leads are or they generate leads the leads come in and then they say oh I can't handle all these leads it's like how the do you have a sales team and they're like I didn't know I was going to need a sales team for all this I even going to need that much so think about all the reasons why your product or service may not work how can you educate the customer on those things so that they can help you prevent those things from happening that becomes all the communication you have after you've onboarded somebody because what do you want to do you want to make sure they remain successful and so what are all the things that could torpedo this why are all the reasons that they would Le and then how can you educate them on those reasons so that they have the opportunity to stay a lot of the reasons that customers leave companies are out of true ignorance they don't know how to use the product they don't know how to use the service they don't understand how they're making it harder for them to get value out of the product or service and so they are just ignorant and you are the person that needs to educate them on those things an example of this that's done really well is like in software companies so someone gets into the software once they've been onboard it and then they're using it they constantly if you look at the best softwares have tutorials that will pop up and say hey did you know you could do X Y and Z did you know that if you did this it would make your life easier did you did you know we could save you 2 more hours if you configured this over here the reason they're doing that is they're trying to educate the customers that they stay longer think about the software that you use the most do you know how to use it do you know lots of things about the different bells and whistles and because of that you like using it more people like using things that they know how to use whether it be a product a service doesn't matter and so the more that they understand how to use the thing and how to get value from the thing the more likely they are to stay for the Long Haul so if you interact with different level of stakeholders in a business there's one thing that you need to keep in mind the higher up the stakeholder is the less communication that they are going to want and so they don't want to talk to you every day and they don't want to hear from you every day they're probably going to want it less frequently why it's less top of mind for them they have all these other things that are coming at them versus if you are a marketing agency and this is the director of marketing in the company they want to know every day because it affects everything they do versus something I think about once a week and so so think about how often the stakeholder you communicate with is being affected by the product or service the more they are affected by it and interacting with it the more you communicate the less they are affected by it and interacting with it the less you communicate so consolidate communication and make it less frequent for the higher up stakeholders and spread out the communication and make it more frequent for the lower level stakeholders so if you have five of these six things your company's probably on a good track to making three times more money but you want to make sure that one thing doesn't happen which is you don't become irrelevant and so how do we do that is we need to constantly be evolving the market is constantly changing Therefore your product and service should also constantly change so a lot of people they're trying to figure out like how do I Market more how do I sell more how do I trick people into staying with me because they're like I don't know why they're leaving maybe it's because you haven't innovated your product in 6 to 12 months it's sometimes the simple and so the reality is that like no marketing no sales and no customer success can help when you have an out dated product so the easiest way to prevent an outdated product is to be constantly improving your product cuz people who don't update it it goes like this people who are constantly improving it goes like this so what do you want this or this and if you're constantly improving your product you never have the need to do a complete overhaul of the product and that's what happens to a lot of companies they acquire what I call product debt they don't innovate their product for months to years at a time and then when they look at it it's like this enormous project that's going to take six months from an entire team and listen it doesn't need to be that way if you do these few things there's two things you can ask your customers to figure out what you need to do to iterate your product make it go like this the first one is you want to ask the current customers you have what is your favorite thing about our product to make it easy you can also list out everything that you do so for example I did this at gym launch I asked them like what is your favorite thing they all said events and I was like holy we do only one a year what if we just did more of these and less of all the other because what they actually rated the lowest was our tech support which was actually a very high cost for us at the time and it was a huge hassle and I was like easy for me get rid of tech support add on more events super easy what do we do increase lifetime value the second thing is to ask your customers what would make this product something that you couldn't live without and what that is always telling you is what are the unmet needs of your customer that if you were to do these things or improve the product they would be more likely to stay for a longer period of time so if surveying your customers and doing all these things sounds daunting so at gym launch we we got together what we called like our Inner Circle and so we said hey if we give you X percentage off of the product will you meet with us once a month and give us product feedback and also collect it from other people that are customers cuz they're also more likely to tell you not tell us and so once a month we had what we called like a round table and they would essentially share with us the things that people wanted more of the things that people didn't care about and all of the other features that other companies were coming and offering so something that we noticed is like who knows the most about competition in the market actually our customers because they're constantly being marketed to by the other competitors in the market and so we said great we don't need to look at any of that but you can just tell us what's appealing about what's new in the marketplace now we'll just take what sounds best and what is actually appealing and then we'll just Implement that into what we're doing now so if you do this and you're doing this on a monthly basis and you have a constant product pipeline then you never have to completely overhaul your product and redo it you can just constantly iterate it and always stay above the curve so hopefully if you've watched this video I have been able to convince you that there are ways to make three times more money without getting more customers and this actually can create a better reputation a better brand and a better environment for all of your employees I know what you're thinking which is probably a lot of this we talked about product as well and so if you resonated with the evolution of your product and maybe you're thinking like hey I might be a little irrelevant at this point in time that I made an entire video on product itself which you can go ahead and find here