Business Unlock your earning potential with the Revenue Optimization Canvas

Unlock your earning potential with the Revenue Optimization Canvas

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I recently spoke to a new client and they were concerned about their lack of revenue growth. So I asked them a simple but revealing question;

“What are you currently doing to generate leads?”

And they listed many well-known activities.

  • Post on Linkedin
  • Create videos on Instagram
  • Write blogs for their website

I then asked another simple question;

“When was the last time you reached out to someone and pitched your services?”

They couldn’t remember.

What followed was a deep dive into their current business model, revealing some minor, but correctable, errors that negatively impacted sales.

By the end of the assignment, they were able to generate leads consistently and I knew I was onto something that would help other entrepreneurs who were stuck or stagnant.

I call it the 360° Revenue Optimization Canvas, a visual and tactical solution to help you identify and remove revenue roadblocks.

So if you feel like your business is stalling or stagnating, listen to the latest episode of the Launch Your Business podcast.

I’ll walk you through the business model section of the optimization canvas and help you identify the specific actions you need to take to generate revenue.

You can see the main tips below, as well as the following steps that you can apply immediately. And if you need more support, you can access the related resource on my website.

You may not need to implement all of these actions, but reviewing them all will ensure you address any critical flaws in your business model.

Part 1: Optimizing your offer

To optimize your revenue, you first need to make sure you have a strong offering for your audience. What are you literally giving them in exchange for their money?

I covered this at length in a previous article, 5 Steps to Build Your Irresistible Offer and Attract High Paying Customers, but I will now discuss it at a high level.

The process involves identifying and expressing your audience’s desired outcome, maximizing their perceived chance of success, minimizing time to success, and reducing effort and sacrifice.

Many entrepreneurs don’t tick all of these boxes, which limits their earning potential.

Here’s a quick example of how to apply this to your offer. And in this case, let’s say you offer corporate training.

To help your clients progress faster (minimizing time to success), you can provide them with pre-recorded training that will help them progress toward their goal as soon as they sign a contract.

This would also increase the impact of live training as they already have a basic understanding of the content you are covering.

Customizing your offering in these ways can be the key to unlocking revenue.

Next step:

Evaluate and update your perfect offer. You can read the full article I referenced or listen to my podcast Episode 22: Alex Hormozi’s Blueprint for Entrepreneurial Success: The Irresistible Offer.

Part 2: Personal branding

The next step is your personal branding. And I’ve noticed that most people already spend way too much time here, so we’re going to keep this short.

But if you want more detailed guidance, be sure to check out episode 6 of my podcast, Shanee Moret explains how to build and monetize your personal brand.

As an ukbusinessupdates.com, your personal brand is often the only unique differentiator for your business. So how do you build that up? By sharing content that showcases your expertise, worldview and personality.

An easy way to get started is to come up with 10 topics your audience would like to learn more about, then create content that educates, entertains and engages them.

You can build your personal brand by posting on social media, speaking on stages and podcasts, and you can also write blogs or articles.

So if you don’t do any of these things, that’s another reason why you’re not growing as much as you could.

Next step:

Monitor the amount and consistency of your social media posts. Aim to post at least three times a week in the future.

Part 3: Business Development

On to the next part, and this is perhaps the most critical for you, business development. And by that I mean actively pursuing relationships and partnerships that can grow your business.

This is different from personal branding, which is a passive way to attract these opportunities.

If you need more leads today, you can’t afford to be passive. You need to boldly and proactively pitch your business to your prospects.

Here’s a quick three-step process to get you started.

  • Teach your audience about a relevant topic in a social media post. Focus on solving a problem they have or debunking myths.
  • Identify people who are engaged with your message and belong to your target audience.
  • Send them a message and ask if they have any questions about how to apply the guidelines you shared.

There are of course more advanced approaches, but this is a great starting point.

And I covered my favorite approach to pitching during Episode 22: The Easiest Way to Get Leads for Your Business.

Next step:

If you haven’t already, pitch 10 prospects a week for the next 30 days. Then evaluate the results, make any necessary adjustments, and continue pitching 10 prospects per week in the future.

And if you’re not comfortable with sales in general, listen up Episode 6: Brian Cristiano shares sales tips for introverts and how to avoid being chased.

Part 4: Services

Good service is crucial to growing your business through referrals and testimonials, as well as maintaining a good reputation.

The onboarding process is an important part of the service, as it sets the tone for the rest of the job. This includes sending a welcome email with next steps and access to resources your customer needs.

Good project management is key to staying on track and maintaining consistent communication. Consider using tools like Notion, Trello, or Google Drive to track milestones and tasks.

Once you keep your promises, it’s time to ask your customers to spread the word on your behalf. And I know this can feel uncomfortable, so here’s some information that may help.

According to a marketing study conducted by Texas Tech, 83% of satisfied customers are willing to refer products and services. But only 29% actually do.

Want to guess why they don’t? Another Heinz Marketing survey found that only 30% of companies surveyed have a formalized referral program.

So what does this mean for you?

If you want to grow faster and make more money, ask for referrals and testimonials.

Next step:

Update or evolve your onboarding and project management process. And if you already have existing customers, ask at least one of them for a testimonial. In the future, ask for a referral and testimonial after each successful engagement.

Part 5: Workflow Optimization

The last part of your model to address is workflow optimization, the process of increasing efficiency, avoiding burnout and meeting your revenue goals.

As you may have guessed, it all starts with your goals. I shared my preferred process during Episode 15: How to Set and Achieve Your Goals Without Burning Out. But for now, let’s say you have to have a target, usually on a quarterly level.

Then identify all the actions that need to be completed to achieve that goal. This gives you focus and helps you avoid distractions. Whenever you come across an opportunity that doesn’t directly align with the goals you’ve set, keep going.

These quarterly goals also give you more structure on a weekly basis. I suggest setting three big goals for the week and setting aside time to complete them.

Each day you can review your list, make progress, and avoid scratching your head wondering where all that time went.

To avoid burnout, conduct a weekly review where you determine whether any of your tasks can be automated, delegated, or eliminated.

Remember that you want to spend as much time as possible in your genius, focusing on the critical activities for which you are ideally suited.

Next step:

Update or evolve your 90-day goals as needed. Then get in the habit of setting weekly goals so you can consistently make progress every day.

Identify at least one time-consuming task that can be automated, delegated, or eliminated to avoid burnout and increase efficiency. Need help focusing? Listen to episode 2 Nir Eyal shares how to focus on work and ignore distractions.

Apply what you’ve learned

So now that you’ve become aware of what you need to assess and optimize, it’s time to take action. Block time this week to implement what you’ve learned, but don’t rush it.

Now is the time to work ON your business so that the time spent working IN your business will be easier and more rewarding.

And if you need more support, here are a few ways I can help:

Sign up for the Launch Your Business Podcast

Join my newsletter, the Solopreneur’s Shortcut

Get quick answers to your most pressing questions

Anyway, I wish you the best of luck and feel free to contact me LinkedIn or Instagram.

To hear the full conversation and access additional resources, tune into this week’s episode of the Launch your business podcast.


Shreya Christinahttp://ukbusinessupdates.com
Shreya has been with ukbusinessupdates.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider ukbusinessupdates.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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