How to Instantly Increase Your ROI
(with Jon Weberg)
Jon Weberg is an American entrepreneur, top 1% consultant, and super affiliate. By the age of 23, he was a 2X self-published author and had helped clients in industries such as SaaS, Ecommerce, coaching, and more. Jon currently spends his time helping entrepreneurs scale their businesses profitably without outside capital.
In today’s episode, we’re going to discuss how we can instantly increase our ROI (return on investment).
We will cover the following key takeaways:
- There are many different ways entrepreneurs can fund their business themselves. We don’t have to use outside capital.
- To increase our ROI instantly, we may be able to raise our prices.
- The certainty of getting the result that the product will deliver and the reduction of risk increases our value.
- We should follow-up with our customers as this helps us build and maintain our relationships.
- Split testing helps us determine what works so we don’t waste time and money on things that don’t work.
Avoiding Outside Capital
Both Jon and I agree that it is better to avoid using outside capital to start a business. So often we turn to investors first and we think that’s how we’ve got to fund our business, but if we can find another way, we can become masters of our own destiny. We don’t have to be dependent on somebody else, telling us whether or not we can survive as an entity and have the funding we need.
“You don’t want a portion of your profits taken away. You don’t want to owe someone. . . . You can use that wisely in some situations, but too much [and] you’re going to have to take care of that in the long run,” Jon said. “[You want to be] self sufficient, both in how proud you are that you were able to accomplish what you were in your business and how fulfilled you’ll be that you do that on your own or with your own resources.”
There are also so many different ways entrepreneurs can fund their business themselves. If we are creative and create a strong plan, it is possible to create a successful business without any outside capital. Today, Jon shared a few ways we can increase our revenue and reduce our expenses.
How to Increase Revenue
To increase our ROI, we can first look at ways we can increase our revenue.
1. Raise Your Price
To increase our ROI instantly, we can simply raise our prices. Jon’s best sales strategy is to always raise the price of his product or service in the sales call. If he normally sells consulting for $3000, he will say it costs $5000 on the call. Then, if that price is too high for the client, it gives him room to work down to the original price that works for the client.
“Raise your prices; [you] should be doing [this] naturally as you retain and keep more clients. You need to raise your prices as you become more valuable,” Jon said.
Entrepreneurs often make the mistake of undervaluing what they do and then under charge. This causes a myriad of other issues because when we charge less for our products or services, we can’t provide as good of a service. We can’t afford to hire as good of a team. When we do raise our prices, we have the ability to provide a better service or product.
So, how do we improve the value of our products to increase our price? What increases the perception of value? The promise and certainty of getting the result that the product will deliver and the reduction of risk increases our value. To reduce the risk we can add a guarantee and we can add a timeframe.
“[The] reduction of risk and increase in certainty is what completely separates different companies from one another and that’s what differentiates the winners in the marketplace,” Jon said.
To increase our revenue we can also simply follow-up with our customers. Instead of only emailing our customers once a month, we should try to stay in constant contact with them. When we get a lead or someone makes a purchase, we should always follow-up.
“When you don’t follow up, when you don’t produce content, when you aren’t actually communicating with [your customers], your list, your audience, your followers are all dying,” Jon said. “The biggest thing most companies, businesses, entrepreneurs, [and] affiliates lack is the amount of follow up.”
Follow-ups help us build a relationship with our community. When we don’t follow-up, those relationships die. The consumer has thousands of options and if our competitors are following-up more than we are, they are likely going to win. Jon recommends following-up with our customers every other day.
“You don’t [just] want to follow up consistently on a regular basis, . . . but also from a variety of sources,” Jon said. “If you’re looking to scale, . . . follow-up not just through email, but also through text, through calling, through content production, through other sources.”
We should follow-up from different sources and from different perspectives. We don’t always have to send our customers to the same sales page in our emails. We can make another page dedicated to the story of our company or a page dedicated to testimonials. When we create follow-ups from multiple different perspectives, we can relate to our audience in multiple different ways.
How to Reduce Costs
To increase our ROI, we will also need to reduce our costs. Here are two ways we can do that:
1. Do Split Testing
Split testing helps us determine what works so we don’t waste time and money on things that don’t work. We should test variations of a set page or opt-in form to see if the abnormal or variant will perform better than the original. This method of testing can be really effective for reducing our costs.
For example, instead of paying for multiple ads, we look at our ad performance to find the ones that work the best and the ones that aren’t performing well. Once we’ve identified the good ads, we can cut down on the ones that aren’t converting.
This same thing applies to our emails and opt-in pages. If we run split testing to create the best opt-in emails and landing pages, we can increase our conversion rates, immediately reducing the cost that it takes to get one customer. With better opt-in pages we can spend less on ads and other marketing methods.
“By doing split testing, any company [can] drastically decrease ad spend, and also any expenditures,” Jon said.
2. Create Targeted Messaging
To decrease our costs we should focus on creating targeted messages. We don’t want to use generic ads or marketing messages that apply to everyone. Our messaging should be focused towards our niche audience so that it resonates with them.
“If you had 100 of your best customers possible, what would be the messaging to track those whale clients, those best quality customers who will buy with you again and again and again and who will follow you for years or decades to come? You want your messaging to resonate with those types of people,” Jon said.
We don’t want to work with everyone; we only want to work with the best clients and customers possible. While we may get less leads from this, we’re only getting good leads. When we create better marketing messages, we don’t have to spend as much money on more mediocre messages.
“If you’re getting 100 leads, but 95% of them aren’t buying, it doesn’t matter,” Jon said. “It’s not about lead quantities but lead quality. . . . That’s why messaging is so important to make sure you keep out the bad people you don’t want and keep only your dream customers and clients.”
Connect with Jon
Thank you so much Jon for sharing your stories and insights with us today. To learn more about or connect with Jon:
- Visit his website at JonWeberg.com
- Get his book, Finally Wealthy
- Get a free ebook about passion marketing, and learn how to become a top priority of your ideal customers at PassionMarketing.com.
- Subscribe to Monetization Nation on YouTube, Instagram, Twitter, our Facebook Group, and on your favorite podcast platform.