Three ways to make money

Based on the stats for my newsletter, many of you seem focused on revenue.

I know that feeling.

You’re looking for ways to generate revenue quickly, add new revenue streams, increase conversions, and so on.

This is a quick mid-week email with three ideas for you. Let’s think about our approach in the short, medium, and long term. None of these tactics below require additional spending if you have a small customer database or an email list you can work with.

If you aren’t collecting customer email addresses, get on that ASAP!

When you want revenue fast, you need to find the low-hanging fruit. This means analyzing data to identify customer segments where there are opportunities.

If you haven’t read my Generate Quick Revenue approach, which I sent out recently, that’s a good place to start. But to sum up, you need to look for behavior that indicates someone is ready to buy.

For example, look at everyone who opened one of your emails AND clicked. Hit these people with a limited-time offer. Keep working on this group by hitting the openers, the clickers, and those who did not open with different follow-up emails.

I call this action-based segmentation. The goal is to send something to move each group further in the buyer’s journey.

That’s one campaign.

Increase your chances at short-term revenue by finding a second segment to target. Maybe you can re-engage anyone who hasn’t opened one of your emails in the last three months. An email with a great subject line about a special offer might draw them back. You might find yourself with a small re-engaged group you can now keep moving toward a purchase.

This next tactic might take longer as you build it and wait for replies, but it can be extremely valuable.

Short surveys can be a great way to identify warm leads. Anyone who takes the time to complete your survey might be open to connecting further with you.

Ask them a few questions (three to five is a good number) that will help you learn more about what they’re looking for and how ready they are to buy.

For example, an accounting software company that targets small business owners might ask, “What is your biggest challenge when managing your finances?” This helps identify pain points, allowing you to build this into your messaging. You might even reply directly to some survey responders with something that speaks to them and their needs.

I dive into this topic a bit more in this free article.

Building trust through valuable content and a patient, customer-focused approach fosters long-term relationships. Over time, this establishes loyalty and makes customers more receptive to purchasing.

These customers will tell others about you, and this can have a compounding effect over time. Help others solve problems, and they’ll become your super fans.

This approach can also help you get discovered through organic web searches. If your content comes up in a search result when someone has a problem to solve, you might earn a new fan and, hopefully, an eventual customer.

But this approach takes time. The good news is that you can invest in this strategy over the long haul and use the short- and medium-term tactics above to drive some revenue in the meantime.

I’ll talk with you again this Sunday, but I wanted to share these thoughts here while I was looking at newsletter data. I hope this inspires you to experiment with something new. Good luck! Let me know if there’s anything I can answer for you.

Mike
—-
bio.link/mikeholden
x.com/mikeholden
linkedin.com/in/mikeholdenmarketing/