Badass Is The New Black (Season 3) Episode #34 7 Simple Strategies To Increase Your Conversion Rate And Revenue On Your Next Launch Or SaleAug 31, 2021
The pandemic has greatly affected businesses that surviving already feels enough. It is time to add thriving to your vocabulary as you discover ways to increase your sales. With so many competitions out there, it helps to equip yourself with a few effective strategies that can take your sales to the next level. Join Krissy Chin in this episode as she breaks down seven simple strategies that will help increase your conversion rate and revenue on that next launch or sale. From live videos to incentives to payment schemes and methods, Krissy has these things covered. Follow along to today’s show to learn how to scale your business, work a little bit less, and enjoy a whole lot more!
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7 Simple Strategies To Increase Your Conversion Rate And Revenue On Your Next Launch Or Sale
This is a good one. If you are getting ready to launch something and you want to make sure that you are doing everything in your power to make that launch a success then this is an episode for you. Maybe you have already launched a course or a membership site and it did not go as you had hoped or planned. You did not have as many people jump on board and purchase as you would have liked and you want to make improvements for the next time, this episode is also for you.
I hear these stories all the time. I put together the seven things that you can do, not that hard, and going to help you increase your conversion rate to purchasers, which is going to increase your net revenue, which is exactly what you want so that you can scale your business, work a little bit less and enjoy a whole lot more.
Thank you so much for being with me, allowing me to do what I love to do and trusting me here to help and guide you on your journey. It means a lot to me. It lights me up to be able to serve you. I want to keep doing more of that here on the show. I wanted to let you know that I appreciate you taking the time to read, grow and learn more. For those that do want more support than just the show provides, I have opened up my Scale to 6 Coaching Community. It is only going to be open for one more week.
The doors will close a week from September 8, 2021. The doors will not open again for, I am not sure how long if I am completely honest. It could be 2, 3 or 6 months. I have not decided yet but what I do know is that the next time I open the doors to the coaching community, the price is going to go up. Now is the best time to jump in. It is super low-priced to get some exclusive training and ongoing support from me to help you scale your course or membership offer to six figures and beyond.
If you are working on your course or membership offer, you want some guidance or you already launched and are looking for more support to scale to six figures and you want better systems and processes to help you work less so you can enjoy and earn more then this is where you want to be inside the Scale to 6 Coaching Community.
I had already got students in there that joined when the doors opened asking some great questions. There are some cool people in there already. They are already supporting one another. It is a great place to network with other digital creators to collaborate with one another. Be a part of a supportive community that is there to lift one another up and lead in that service-driven space.
If that is you and if you are looking for a community that likes to give and you want to give then join our community. Also, you will get exclusive monthly training and live Q&As to help you scale to six. Check that out, TheKrissyChin.com/scaleto6 to jump in. If you are reading this in the future after September 8th, 2021 when the doors closed then you will be led to a waitlist so you can jump on the waitlist for when the doors open. I am sorry you missed it but you can get in when the doors open again.
This topic that we were talking about is a great example of maybe what a monthly training might be about inside the coaching community. I go deeper with the training inside the coaching community than I do on the show. There is that ability to ask me questions about your specific business and then we take it deeper from there.
Maybe this training is not perfect for you. If you are reading it, you are probably interested but let's say it was something that was released in the coaching community, you are not at that stage yet in your business but then the next month is perfect for you. When you get to that stage, you can go back and listen to the old training. It is all great. Above and beyond that, you get to ask me questions about anything and we get to go deep. Again, TheKrissyChin.com/scaleto6.
The video is what helps deepen that connection a lot quicker than just audio.
Let's get to the seven ways to get more people to purchase in your next launch or the next time you run a sale because you can use these strategies for a sale as well. I know sales are big around holidays like Black Friday in the States. I do not know if that goes beyond in the world if people do other things that time but there are certain times where people are prone to do sales. You can take these strategies that I am going to teach here and implement them.
If you are in the beginner stage and beyond, this is a great show episode to be reading. My Scale to 6 Community already knows what I am talking about. When I say beginner stage and beyond, we have different stages in there in your business. You get to read through them and identify where you are. I have got things that you can be working on to scale your business, work less, automate more and all of that in those various stages. Let's get to it.
When you are launching or relaunching your course, maybe you have launched it already, I want you to go through and see if you implemented these seven things in your last launch. It is going to be like an audit of your last launch, "Did I do all these seven things? No. I only did half of these things. Next time, I could do them to get more conversions and generate more revenue." If you are planning to launch, I want you to go through your launch list and have these on checking off, "I did this. I am implementing this one." These are going to be helpful.
Leveraging Live Video
Number one is Leveraging Live Video. You can do this in a live webinar or a live workshop. If you are launching a course or a membership site, maybe you have put together this live training for your audience. For your audience and potential customers, they have the ability to see you in action when it is live. They can hear your voice, video especially so even dropping the live part.
With video, they can hear your voice and see your expressions. They will get a taste of how you educate, which will speed up the know, like and trust factor 100%. It will give them an example of maybe what your course will be like or what the membership would include if you are doing support like that. If it resonates with them, they enjoy the way that you teach and find value in it then they will be much more likely to purchase.
I did an entire episode on using and leveraging video with Jack Revell. We talked about the power of video. One of the benefits to live video is also the ability to interact with people that are there. You can offer Q&A sessions and ask them questions to get them to engage. You can interact with them, even if they are not necessarily there visually. You cannot see them but if they are participating live, they can ask questions and you can answer them. That again builds that trust factor quicker if you are adding value and you will be there for them like you were there for them.
I know you might be thinking, "Do I have to do live, Krissy? You love evergreen. Why cannot I just do evergreen?" You can do evergreen, set that up in your funnel and let it play, which I do as well. It can be effective. The main point here is that it is video. The video is what helps deepen that connection a lot quicker than just audio.
Even with my show, I end up recording so that I can put them on YouTube so that you can see my face if you want. Maybe you are watching on YouTube instead of reading the blog. My husband listens to the show. He told me that. He does not watch on YouTube but someone might like to watch and see my face and facial expressions. That is deepening the connection maybe even a little bit quicker than someone who is listening.
You can leverage this video and not necessarily live video. What I want you to ask yourself are two questions, "Did I do video in my last launch? Am I planning to do video in my upcoming launch? Was it live? Yes or no." If you answered no to those, "I did not do video," or, "It was not live," then you could think about incorporating that into your launch or your next launch.
Offering An Exclusive Bonus
Number two is Offering an Exclusive Bonus or Bonuses. Exclusive bonuses are something that is an extra incentive to get people to jump in. Maybe it is a training or template if that fits what you are doing or it is an extra resource. Whatever it is, it is going to fit in with your course and membership. With Scale to 6, I offered a bonus private session to anyone who was on my waitlist before they jumped into Scale to 6. It was an exclusive incentive to take that action for what I wanted. I wanted people to get on the waitlist before the door is open.
For your launching, you want people to purchase. Having that exclusive offer is, "If you purchase, you will get this." These bonus things are things that they cannot get anywhere else, which makes them exclusive or they could be things that cost money but they cannot get them for free. I prefer that they cannot get them anywhere because it makes them exclusive and sweetens the pot.
If you have something that you already offer for sale, know it is that perfect add-on and think it would be more effective as an exclusive bonus then you could offer that for free as the exclusive bonus. If you are not going to use it for an upsell then I say, go for it. Write that one down. Do you offer any bonuses? If not, what can you offer next time that everyone would want? We are looking for everyone. We want everyone to say, "I also need that thing. I am going to get that when I jump in. Seal the deal. I am jumping in."
Offering A Payment Plan
Number three is Offer a Payment Plan. Many times, people are not purchasing. They are not converting because they cannot swing it financially but offering a payment plan will make that doable for them. I have seen payment plans break down a $2,000 course into 12 payments of $191 or 6 payments of $383. Get it to that odd number that you want. I have seen a $397 broken down into five payments for $95. I did that for one of my courses and it worked well.
Typically, when you offer a payment plan, it is a much lower investment to pay upfront than it is to do the payment plan. A lot of people add 15% or anywhere between 10% and 20% is typical. There is that increased cost for a payment plan. It makes the initial investment much lower but over time, you are paying a little bit more. That incentivizes people to pay upfront but it gives people the opportunity who cannot do that to be able to jump in with that.
There are two options here. You can offer this right from the get-go or if you are doing a live launch, you could lead with your one-time payment. A few days before the cart closes, offer that payment plan. If you are doing an evergreen funnel where you record the video, set up the funnel, drive traffic to it and it goes then likely you are going to offer that as an alternative solution right from the get-go. You are going to say, "Pay upfront. Save 15%." There is also a payment plan. You can pay X, Y, Z over X amount of months or biweekly, whatever is going to fit your audience and what you are offering. Most platforms have the ability to do a payment plan option.
In Kajabi, I set up a second offer. I set that payment plan to be three payments of X, Y, Z every month or you can do biweekly or however you want to do that. They will be auto-billed. Their card will be automatically charged. If they do not end up paying then they will automatically revoke their access to the course. Automation is built in there, making it nice and effective for everyone.
Adding An Abandoned Cart Email
Number four is Adding an Abandoned Cart Email or an Abandoned Cart Email Sequence so a couple of emails. This is something that many people overlook. When you are doing your Kajabi offers page, it is the little boxes, abandoned cart email and then you pick how many hours. Many times, people put stuff in their cart and then they realize, "I do not have my credit card," and then they do not purchase it.
I have done this many times when I am in bed and I am like, "I did not want to go get my card." They forget and they decided later after they thought about it, "I do not need that. I do not have to buy it," or you forget and therefore you do not buy it. The abandoned cart email will send an email to someone who puts something into their cart but does not buy it.
In Kajabi, there are a couple of different options you can select like send in 1 or 6 hours. There is another one that is longer than that but that will send that email then. If they put it in their cart and they do not buy then one hour later they will get the abandoned cart email that says something like, "I noticed you did not purchase. Are you still interested?" This shown to increase the number of purchases for those who could not do it right then and there and then forgot.
I typically do a 1-hour or 6-hour. If you are doing a time-sensitive bonus that is only available for two hours if you are including that in then pick the one-hour abandoned email to go automatically. Do not let it go too long because they may have missed that window to get that bonus. It is almost like that extra incentive like, "You forgot, time is ticking. Time to get that bonus." We want to do it when they are excited about it. I would say 1 to 6 hours, not too much more because if they are not excited and then we were nudging them, the excitement has gone away and they are less likely to purchase. Do not make it too far out there.
Add visual cues to peak someone's curiosity to find out more about what it is they could be missing out on.
Number five is Offer a PayPal As An Option. I personally hate PayPal as a business owner but I love PayPal as a consumer. Many times, I am that person that I described before, where I do not have my credit card. There is not an option to do PayPal, have Apple Pay or anything like that so I do not purchase it. I am lazy, I do not go down and get my credit card, I changed my mind and I do not purchase. You are trying to get the person who is me who is willing to spend money and wants to pay but is too lazy to go get their card.
Having PayPal or some type of virtual wallet payment can be helpful. A friend of mine, Melissa Litchfield, who I had on the show, ran an ad agency and tested this out. When she added PayPal as a payment option, she increased her sales by 4%. That is huge just by adding another payment option for people. That is another way for you to increase your conversion rate and revenue.
Emailing Twice On The Last Day
Number six is Email Twice On The Last Day. If you are doing an open and close cart launch, where you open the cart for a period of time and then you close it and they cannot purchase after that then two emails on the last day is a great way to get any last-minute buyers. A lot of people are afraid that they are going to bug their list. They do not want them to unsubscribe so they are like, "I am not going to send a bunch of emails to tell them."
In a typical launch, you will have a few sales in the beginning and then in the middle of the launch, it will be quiet and you will probably get discouraged like, "No one is buying." At the end of your launch, there will be 50% to 60% of your sales because people wait until the last minute. What happens if you are not reminding them that the doors are closing and this is the last chance? You could be missing out on 50% to 60% of your sales by not sending these emails.
You need to send emails at the end of your launch. I say two emails on the last day. You could do the day before and then two on the last day. Two emails on the last day is a must. I typically do one in the morning saying like, "Today is the last day," whatever message I have crafted in there to also help get them to pull the trigger and then one late afternoon or early evening. Usually, it is like, "Six hours left."
I do not want to do two hours before midnight if that is when the deal ends or the doors close because they are probably sleeping. They will get it in the morning and they would be like, "This is done so I cannot buy it." It is not like 10:00. It is like 4:00, 5:00 or 6:00. People are getting out of work. They are going to maybe check their email again after dinner because they are bored but not too early.
Adding A Countdown Timer To Your Email
Number seven, Add A Countdown Timer To Your Email. Your cart open and then closing is creating that urgency that will increase the purchases but then adding that visual countdown timer gives them the visual sense of urgency. Companies do this all the time with sales. Sale is another time to do this. Your sale is only lasting so long. Not only are we telling them the date but we were giving that visual of, "You only have two days. You only have one day. You only have eight hours." Whenever they open the emails, they have this countdown timer going on.
This happened to me many times. I was realizing and noticing that more and more websites are doing it. I do not know what system they are using but it is pretty cool because I will go to the website. Let's say I was shopping for furniture because it has legit happened multiple times. I would open up the website and it would say like, "30% off sale. Two hours until it ends." The timer would start counting down and I am like, "I have to order because I want that 30% off. I am going to see if I can find something," so I am shopping there.
Normally, I would sit on it and wait. I am like, "Couches are expensive and 30% off is a lot. If I find something, I am definitely going to order it to get that deal." There is that countdown timer. As I am shopping, it is reminding me, "The clock is ticking. There is not much time left." It is getting me to take action, which is what we want. If you are adding a countdown timer in your emails, you do not need to necessarily add it in every single email that you are promoting, although I would say that if someone opens one of your early emails later towards cart close then they will see that timer is running out.
It is not necessarily a bad idea to put it in there in the early emails. I tend to put it towards the bottom. At least, in the last two emails that I am sending on that last day, that timer is smack dab right at the top. I will even put it above or I say like hey and have their name. It is the thing that they are seeing. They are like, "What is this timer counting down for?" It also triggers that curiosity. They see the timer counting down and they are like, "What is this for? I do not have much time for what it is. Let me read and see what it is." It is that visual cue to pique someone's curiosity to find out more about what it is they could be missing out on. You could have this on your sales page as well. You could put a countdown timer there.
Take these seven things and either do an audit of your last launch or sale and then go back and see which of these you did not do. Maybe that affected your results and then plan for your next launch. If you are planning a launch, go and see, "Am I including these in my strategy for my launch?" These things will help you convert more and increase your revenue, which is exactly what we want.
Tell me which ones of these were maybe new to you. Are there some here that you have not implemented and are excited to include next time around? Are you getting ready to launch for the first and you want to give your 110%? If you want to include all of these tips, tell me which ones you maybe were not thinking about including. I would love to know. Also, when is your launch? What is it? I am super curious.
Thank you to everyone who read this episode. If you are launching a course, a membership offer soon or you have already launched one, want to be a part of the supportive community, get exclusive access to me to help you scale to six figures and beyond while working less, jump into my Scale to 6 Coaching Community, TheKrissyChin.com/scaleto6. Nothing lights me up more than to be with you to be able to answer your questions.
Do not sit in this space of overwhelm and overthinking to the point where you are not taking action. Come join us. Be a part of something great. Allow me to push you to hold you accountable so that you can scale your business with better systems and processes so you can enjoy a whole lot more in your life. If you are not yet on my email list, get on there. This is the place where I send the juicy tips. You can look forward to an email at least every Wednesday with new tips, tricks, updates and things that I am not talking about on social media and the newest badass is the new black episode.
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- Jack Revell – past episode
- Melissa Litchfield – past episode
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About Krissy Chin
Krissy Chin is known by many as the go-to business strategy coach & consultant for those who want to create digital products and work more efficiently in their business. From building a multi-million-dollar course and membership site, she has learned strategies to save time and scale through automation and building a team. Now she helps thousands across the globe build and scale their digital products business online.
There is nothing Krissy loves more than to help others embrace her “done is better than perfect” motto to get unstuck and take action to Build a Blissful Business so they can work less and enjoy (and earn) more!