As most business owners do, I spent some time at the beginning of this year mapping out growth goals for 2020. I’ve always been a pretty big dreamer. And my 2020 goals were no different.
Now that the year is coming to an end, I’ve been spending some time looking back on all that we’ve done this year. It’s easy to feel like you’re not growing as quickly as you’d like. Or to compare yourself to the level of success you see other businesses in your industry operating at.
Which is why looking back and seeing how far you’ve come is everything. It’s evidence that what you’re doing is working and motivation to keep pushing yourself beyond what you believe is possible.
Not only did we hit our big goals this year, but we far surpassed them. And it wasn’t luck or some big break. Which is why I want to break down the four things that allowed us to triple our revenue in 2020.
1. Raising our prices.
Want to know the #1 way to increase revenue without adding additional work? RAISE YOUR PRICES.
At the beginning of 2019, I did an internal audit of our 1-on-1 services, client process & pricing. I mapped out how many clients we needed to work with this year to reach our revenue goals. And it was A LOT. At the time, we were charging between $2k-$5k for branding and website design services. And I realized, in order to hit our goals without completely burning out, we needed to be charging closer to $10k-$12k per package.
After some coaching, mindset work and an elevated client process, we started booking packages in the $10k-$15k range. Almost overnight, our revenue projections skyrocketed.
If you’re wondering if it’s time to raise your prices, here are a few things to consider…
What is the value of your product or service?
The first thing I looked at when I decided to raise our prices was the value our services hold for our clients. The work we do for them allows them to raise their prices, sell more products, book more clients, reach new audiences, gain new opportunities, automate their processes…the list goes on.
We have seen our clients double their revenue and quadruple their client roster after working with us. We’ve seen them go from being a brand nobody has heard of to an iconic leader in their field. The websites we build for our clients have the potential to bring in hundreds of thousands of dollars in sales. We’ve helped our clients organize and effectively present information that’s saved them time and money answering emails or hopping on long sales calls.
Price based on the value and ROI your product or service brings.
Are you presenting your brand in a way that LOOKS as valuable as it is?
The way you are presenting your offerings is EVERYTHING. Presentation adds perceived value. There is a reason why beautiful things cost more. It’s because they look more valuable.
Your potential clients and customers probably don’t know how good your product or service is yet. All they have to go off of is the way it looks.
So ask yourself…
If I knew nothing about my brand, would I pay top dollar for what I’m selling?
Do my offerings look as high value as they are?
Do I stand out and compete with other brands in my industry?
If you answered “no” to any of those questions, it might be time to consider investing in a rebrand. You are probably leaving a lot of money on the table, purely because you don’t look like the high-value brand or expert that you are. We’d love to chat about what it would like to work together.
What does the experience feel like for your customers?
What happens after the customer buys? Will their experience after purchasing reinforce their decision to buy from you? Was the experience one that will make them want to buy again? Will they tell their friends or colleagues about you?
The customer experience after the purchase is just as important as everything you did to get them to purchase. For service-based businesses, this comes through in your client process, the way you communicate, how well the client feels taken care of and how your service is ultimately delivered. For product-based businesses, this is your unboxing experience, the culture you’re creating, on-going customer exclusives and how you’re building brand loyalty.
Often times, the customers you already have are your best customers. How are you taking care of them and making them feel valued after the purchase?
2. Investing in education.
I am a big believer in education. New skills can help you reach more people, uplevel your current offerings and better establish yourself in an industry. And I know I always need to be learning and developing my skills if I want to continue to grow.
This year, I invested in two courses that had a direct impact on revenue growth.
The Brand Mapping Method is Carli Anna‘s signature brand strategy course. I knew I wanted to be able to help my clients build more than just a pretty brand. And this course gave me a solid foundation for how to design strategically and offer my clients a more transformative branding experience.
Another tool I wanted to tap into this year was Facebook ads. Content creation and organic marketing are great. But also very time-consuming. And as this business grows, I am constantly on the lookout for ways to automate.
Not only is Have Them At Hello a comprehensive guide to the technical side of running ad campaigns, it’s also an inside look into one of the most brilliant marketing strategies I’ve ever been taught. This course teaches skills that go well beyond running ad campaigns and has completely transformed the way I approach marketing.
3. Outsourcing and getting support.
A couple months into this year, I knew growth was in our immediate future. And I knew I couldn’t handle new growth on my own. I made decisions to hire help before the growth came so I was ready for it when it did.
A big mindset shift for me this year has been to start making decision as if I’m already operating at the level I’m trying to reach.
This year, we made three strategic hires…
Having support in all three of these areas allowed us to grow faster and more efficiently than I ever could have done on my own. And now, we’re set-up to handle even more growth in the coming year.
4. Developing content & products for a new audience.
Over the past few years, I’ve talked to so many other designers about growing a business, working with clients, working for yourself, etc. In fact, one of the highest traffic pages on my website is a blog post I wrote about being a self-taught designer.
I never wanted to be an “educator”. But the interest and audience were clearly there. And I decided, if I could do it my own way, I would try my hand at education & creating resources for designers.
I created a 45-minute, low-cost workshop on finding and developing your signature style as a designer – just to see if there was any interest. 6-months later, it’s my best selling product with $12k in sales (it’s a $37 workshop).
From there I decided to develop an entire high ticket group coaching program for designers who were ready to completely dive in, called Drop Dead Designer. I took a small group of designers through the first round. They helped me develop the content so it was exactly what they needed. I reopened the program for a second time and had a $40k launch.
And the most surprising part is, I LOVE COACHING. Just as much as a I love designing. Empowering and helping other designers see a future they could never dream of is the part of my business I never knew I needed.
Never underestimate the power of simply listening to what your audience is asking for. It’s probably something completely different than what you think you should offer. Or servicing a new audience entirely. But it will be the most aligned thing you ever do for your business.
This year required me to try new things, take new risks and learn more than I’ve ever had to before. I’m so proud of all that we accomplished and look forward to working towards even bigger goals next year!
Signing off, until then.