How to make more money in three steps
Heck, if it were easy then everybody would be doing it.
If it were easy then it would most likely be something that comes naturally to you (flow), you’d be doing it and you wouldn’t, necessarily, be reading this blog.
For the rest of the world that wants to make more money and realises that it will take effort, read on.
Recently, more and more of my clients have been sharing a common frustration. How do I increase revenue? (a sophisticated/business way of saying “I want to make more money”)
There are a number of ways that I’ve learned over the past 25 years working with businesses to help them grow. I’ve even distilled it down into clear steps that have always yielded results (i.e. this is a strategy that has made countless people into millionaires)
There are lots of ‘answers’ out there but as I said in my last blog..
“the answer isn’t really the answer”
It’s more about the journey. Step by step, day by day, pennies to pounds.
OK, I hear you saying, “So what are the three steps?” Well, if you’re one of the many people out there that just want an answer, then here it is:
- Create value
- Leverage it
Those are the three steps of the strategy……… the answer.
Within the steps there’s more….. so If you stop reading now you’ll miss out on the part that will help you to take the next step. This is because there are questions that follow with answers that are all a part of the journey.
The fact is, they’ve created value for somebody but it might be for a dwindling number of people. Additionally, the people you may be connecting with don’t necessarily place a constant level of value on what you are delivering.
So, here’s the next question, “What are some of the easy indicators that you are delivering value?”
The answer: Attention, Time and Money (ATM)
- Attention – If something is really of interest to you, then you’ll have no problem clicking a mouse, looking in a shop window or reading the headline on a leaflet or brochure.
- Time – Once you’ve moved past the initial glance of the headline or clicked on an ad or banner, you’ll invest more and more time to investigate and learn more about the product or service
- Money – Money is one of the most clear indicators of interest. The indicator that, once given to you, can be exchanged for other goods and services.
I say all of that to say this….
The global economy is based upon the principle that people will invest into things that meet a need or a want. You may pay (money) for something, but the money is usually the last step in a sequence of investments – the preceding investments being attention and time.
The attention and time investments that your customers make can be measured. The level of investment will vary based upon how important the need/want may be to you (balanced with the attention and time that you have to invest)
These two key areas (attention and time), when measured, are important leading indicators of the potential for revenue.
If you make the effort to examine the buying habits of your customers and measure the
- ‘attention’ that you are getting,
- ‘time’ they are spending
- money they are willing to exchange,
THEN you can see if you are really connecting with the right market and if you have created the level of value that makes them want to invest their ATM.
If your customers aren’t willing to give you their attention or their time, chances are that they won’t give you their money.
Puzzle me this, puzzle me that….
Do you have metrics within your organisation that measures attention and time invested by your customers? If you do, bravo. You are equipped with valuable information that, when used strategically, can help you say ‘no’ to products and services that are losing traction OR equip you to ask better questions about who you are trying to reach as a customer.
If you don’t then find a way to do so.
If you still have questions on specific measures, indicators or strategies, contact me or leave a comment and I will assist where possible. It’s always better to have a specific and personal answer than to deal in the hypothetical.
This is another important step on your journey to go from an idea, through effective implementation and all the way to making the income you desire.