Last week’s post on why more offers don’t equal more revenue inspired some great conversation on Facebook. My friend Amanda Steinberg, founder of DailyWorth, invited several others to comment with their own experiences in the make-more-stuff trap.
Adda Birnir, the founder of SkillCrush, made the excellent point that it is easier to sell new products to old customers than it is to find new customers to sell old products to. I completely agree. The evidence is overwhelming. In fact, it’s not only easier but it’s cheaper and more efficient as well.
That very idea is the basis of how I work with clients on their Customer Journeys and Business Model Plans in 10ThousandFeet.
However, that fundamental idea of business assumes that you have sold your existing audience on your old products. I posit that there is, in fact, something even easier than selling new products to old customers. There is a much bigger, more lucrative opportunity for you and that is:
Selling old products to old customers.
That is selling existing products to people in your sphere of influence already who haven’t bought before. These are people who read your blog, open your emails, follow your business on social media, but still haven’t bought what you offer. Clearly, it’s not that they’re not interested in the work you do and the value you offer. They’d stop reading, unsubscribe, or unfollow you if that was the case.
The reason they haven’t bought is because you haven’t given them a good reason to buy. True story.
You haven’t tapped into their needs or wants with a clear statement of what your work offers them.
Most business owners I come into contact with don’t stretch their messaging beyond “It’s new!” And because they don’t push themselves to find the real reason people want to buy, they keep creating new products so that there’s always something they can say “It’s new!” about. It’s less a strategic decision than a wish and a prayer.
You see, there is a segment of your customers who like to buy from your business just because you’ve created something new. They’re called Early Adopters. But statistically, they’re an incredibly small part of your potential customer base. The Majority of your customers base waits to find out what other people think about your product, how you improve it, and how the market evolves. They won’t buy because “It’s new!” but they will buy if you offer your product again and tell them how it is a tool to help them solve their specific problem or reach their big goal.
And that is extremely good news!
It means there’s an excellent chance that your Next Big Thing–your next money-maker, your next signature offer, your next game-changer–is a product already in your arsenal. Maybe it was an idea you were super proud of but that didn’t sell well. Maybe it’s something you designed to be evergreen that needs a shot of marketing mojo. Maybe it’s a product that needs a spotlight at a trade show or on stage.
The bottom line is that offering something once, when it’s new, is never enough. But that’s exactly what so many businesses do. (Have you?)
While outreach and list-building should always be a goal, there’s every chance that your existing audience is a gold mine opportunity for your existing products. But they won’t buy just because “It’s new!” They want to know why it’s the right tool for them.
Does this have you thinking about one of your own existing products? Do you have an inkling of excitement about the revenue possibilities of something you’ve already put hard work into?
Leave a comment with the name of your product or offer and how you could reposition it to attract more of your existing audience.