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Attention digital creators: You should be making more than twice the money you're currently.
Find out how millions of dollar brands are pulling every dime of revenue from their fans.
I'm Scott Moran, the co-founder of the platform for commerce that caters to creators. And what I'm about to demonstrate is straight from a book we have called the "The Profitable Consumer". If you're interested in knowing the ways our 7eight-, or even 9-figure authors are making more than you do from each customer they get, this article is for you.
I'm going to dive into the Database of the Database, which contains information compiled from more than $3 billion in sales of ebooks, classes and digital downloads, as well as coaching, services and all the rest.
If you are interested in the four strategies below, go here to to download a copy of this book to receive 12 additional strategies similar to the one below.
This all starts with a shockingly simple stat. In 2022, we dug into 's database and tried to discover what it was that made our million dollar brands succeed so much better than everyone else. Since, let's face it, the majority of our million dollar brands have pretty small audiences. In my experience, I've met a lot of creators with hundreds of thousands of fans and followers who have in full-time employment, trying to earn enough revenue from their digital product sales for them to make this side-business into their sole source of income.
So if audience size isn't the only thing that separates creator CEOs from hobbyists What is?
Well the answer is incredibly simple. It is what I now refer as 3X Rule.
The 3X rule states that in order to increase your profits let your most profitable clients to increase the value of their order. That is, regardless of what the cost of your primary offer at the point that the customer has completed placing their order the customer should be able to pay triple the amount.
So let's say you were selling a $27 e-book, as the original product we ever sold "The 10-Step Hitting System." Step Hit System." To adhere to this 3X golden rule, it is essential to allow each customer easily add other things to their cart. Utilizing strategically placed orders bumps, upsells and payment options that enable our top customers to spend at least $181.
If you're selling a $1,000 website design and development service, then it is essential to permit your best customer to spend at least $3,000 after upgrading their order. If you are selling a $100/month coaching package then you must allow your best customers to spend $300 per month.
The 3X Rule is very consistently. While we perused the databases, it was crystal clear that creators that let their top customers effortlessly spend more money, will experience the same growth as most creators want to hunt towards.
If your earnings are stagnant and you're not making any progress, then you're likely in the midst of the sins for digital designers. "One and done sales". If you're selling only one product to customers, without any ability to buy anything else, you're leaving all but the majority of your profits in the dust.
Some customers aren't ready to invest more. But the ones that will change the course of your business. Give your best customers the opportunity to spend more (3x more in fact), and change your business for the better.
Ok, so you need to let your customers spend more. How do you go about it?
This leads us to the second item that can help you create clients who are extremely profitable with just one basic checkbox which has been a huge hit on the web.
These checkboxes make it incredibly simple for clients to increase the value of their purchase. Checkboxes can be responsible for doubling revenue, and padding profits by as much as 3x.
At , we call these
The best comparison here is the famous six-word phrase that created the single most popular restaurant chain on Earth. McDonald's has become the world's biggest burger restaurant thanks to the beautiful simplicity of "Would you like fries along with that?"
Fries and a drink can be a simple "yes" for every customer. But did you know that extra $2 you spend actually makes up the majority of McDonald's profits? Without "would you prefer fries with that?", McDonald's would've been a mother and pop burger restaurant as many other.
If you are a creator of digital content, what's your "would you prefer fries with that?"
What would happen if customers began spending more than they did? That's the power of beautifully-designed improvements that allow for each and every client to make more money with your company.
The database paints a really transparent image. Just adding one of 's Order Bumps boosts the value of an order by 31 percent. A 31% increase in revenue by adding one simple box to your order.
What are you planning to do to assist your customers in spending more?
It's time to think about Strategy #3, The "Yes!" Email.
To properly explain this one, we actually have to travel to Disneyland. Specifically, the line for getting on SpaceMountain. Since that's the place Molly Mahoney was when she used The YES email to close several new customers into a service that was high-end she offered.
It's true, Molly was in line at an amusement center, enjoying her son's birthday celebration with her family, and closing clients who were new on her phone. Here's how she did it.
Molly wrote an email to customers informing them of the open spots for the massive service package. The only thing they needed to respond to was, "Yes!", and Molly could use the "Add to Purchase" button inside of the message to charge the customer's card on file for the first payment of the service.
Here's the kicker, Molly was taking calls, and then closing customers while she was waiting in line at Disneyland celebrating her son's birthday! She would get a "Yes!" email reply after which she would open her phone and use that "Add to Order" button to charge their card to make the payment.
The customers weren't required to perform any complicated tasks (like make a new order, sign in to their account and wait for an invoice to be generated) Molly filled up those clients' spots and made an enormous amount of cash during the procedure.
How could you use the YES email? Put an offer out to customers and make it easy for them to buy.
We saved the best for last. Well, kind of. So much of making more money from every customer is about one crucial statistic; customer lifetime value. Your LTV will determine wether you're eating ramen or splurging on chipotle. There are cards on the table. I really enjoy Chipotle. You are welcome to add something you like into this metaphor.
But a higher customer lifetime worth is the value for every million-dollar maker who makes a call to home. Let's look at one very simple strategy that will pull in more profits right after a buyer makes their first purchase. And spoiler alert, every purchase after the first is almost always pure profits.
When it comes to convincing customers to buy again The name to be playing is simplicity. Like the YES message, you need for your customers to be able to buy something else without sending them to a wild chase through some 7 or eight-step marketing funnel that is overly complicated. No one wants to visit your website, check out all your products, sit through a 90 minute webinar, read a sales page, and later have to enter the information they entered to make another purchase.
If this is what your customers must do today in order to purchase again, I'm willing to wager that the value of your customer's lifetime looking pretty low right now. Why not instead offer your customers an easy way to buy related items or services using the information about their payment that they already are storing on their computer?
More than that You can also offer different courses, products including templates, coaching or anything in-between to your existing clients. While your students look through the weeknight cooking course they purchased, you could help them find the Home Chef Membership you offer, and then allow them to place an order for membership using their credit card that they have in their account.
Make it easy for customers to make more purchases. And watch your sales soar. Pay attention to your average order value, and your customer lifetime value. Two of these numbers distinguish creator CEOs from the amateurs. Utilizing the techniques from this article could double the profits you keep through your digital product in the coming year.
If you enjoyed these four ideas, and want to get 12 more just similar to them, make sure to get the The Successful Customer guide. It's 100% free.