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7 Ways To Double Your Online Business Revenue In 3 Months

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The sales funnel of an online business encompasses every step from someone visiting a website to joining an email list, to purchasing and repeat purchasing. Although huge efforts likely went into designing and producing products and securing customers, most businesses can do more to optimise their funnels, making a huge impact on their profitability.

John Ainsworth is the founder of Data Driven Marketing, an agency that works with online course creators, that “already have web traffic and great products, but not enough sales”. Over twenty years of building sales funnels, Ainsworth has analysed hundreds of millions of dollars in online business, to pass the learning onto his clients. Many of Ainsworth’s five and six-figure clients have reached seven figures in annual revenue after implementing his guidance.

Making improvements to each element of a sales funnel compounds. I interviewed Ainsworth to find out the seven most powerful tactics online business owners can deploy.

1.    Add “order bumps”

“This is the easiest way to increase total revenue,” explained Ainsworth, “and other industries do it all the time.” Order bumps are additional products offered on the checkout page, via a tick box. These are products that accompany what the customer is buying. “At McDonalds, if you order a Big Mac they will ask ‘do you want fries with that?’ If you add something to your Amazon cart, then they will suggest other products you might want to buy.” Amazon has reported that 35% of its revenue is generated from cross-selling and up-selling.

“For an online course the order bump could be a PDF workbook.” On the checkout or order page, add a few sentences explaining the product and the price. Ainsworth explained that “40% to 60% of people buying an online course will buy an order bump product, and for e-commerce stores it’s between 5% and 15% of customers.”

Look at your most popular product, choose a less expensive product that goes with it, and set up your order bump.

2.    Create upsells

With online business funnels, upsells are offered after the customer has checked out. After you have bought a flight ticket you’ll be upsold holiday insurance, car hire and a swanky hotel. Often they are offered in the follow-up email or on the purchase confirmation page.

They tend to be the same price or a little more expensive than the original product. “About 10-20% of people will buy these additional offers,” said Ainsworth. “If you’re selling a basic language learning course, the upsell could be the intermediate course. For a monthly subscription, the upsell could be a quarterly or annual subscription. For a bottle of supplements, the upsell could be 3 bottles.”

Look at your most popular product, choose the product that would make sense for a customer to purchase next and offer that for sale on the confirmation page. Offering a one-time discount on the upsell product is a compelling reason for a customer to buy it there and then.

3.    Improve your offer

Want to buy this proven, highly acclaimed, bestselling product with a money-back guarantee and super-easy returns? It’s a compelling offer, so why not? Ainsworth explained that “improving your offer doesn’t mean reducing your prices or improving your product, but rather offering better bonuses and improved guarantees.”

When a customer is buying from you they are taking a risk. They risk losing money and not being happy. Ainsworth wants you to take the risk. “If the risk is the customer’s, fewer people buy. If the risk is yours, more will.” Can you throw in anything that reduces the risk of dissatisfaction even further? This is called coinage and consists of those additions that add insane value for a customer but don’t cost you anything. Free worksheets, a promotional tweet, a website backlink. Perhaps express delivery or an invitation to an exclusive webinar or group.

Figure out if you could offer a satisfaction promise or a money-back guarantee to take the risk out of your future customer’s decision.

4.    Sell to your email list

Most revenue in the online business space comes from email, rather than directly from website traffic or social media. “Some of our clients make hundreds of thousands of dollars a month from the emails they send,” explained Ainsworth, but “online business owners want to be careful “not to bombard their subscribers with so many sales promotions that they unsubscribe in annoyance.”

To not bore or annoy your subscribers, Ainsworth explained you should “use a mixture of compelling and value-adding content and promotion in every email.” Make it so your email subscribers love your emails, and even look forward to receiving them. This will “reduce your unsubscribe rate and should make you sales every month.”

Make sure those who are ready to buy have the chance to do so by selling within your email newsletters.

5.    Grow your email list

Now you’re making more money from your emails, the next step is to grow your list. Ainsworth explained “your email list is your most valuable marketing asset, but the average website has an opt-in rate of less than 1%.” Ainsworth believes it’s possible for nearly every site to reach 2-5%, “which will mean huge growth over time.”

Calculate your opt-in rate by taking the number of new subscribers you secure per month, dividing that by your website traffic and multiplying the number by 100. Less than 2% means you are leaving revenue on the table.

Grow your email list by creating a highly desirable lead magnet, which is a free resource sent to new subscribers, giving someone a genuine reason to subscribe. Use a lead magnet with a high perceived value and link to the lead magnet in multiple places on your site.

6.    Improve your sales pages

Bad sales pages are commonplace. Unclear images, confusing descriptions and no clear journey around a website often create more objections than they answer. Ainsworth has a list of components of a great sales page, which should “grab attention, explain your product’s benefits, answer your prospects’ questions and calm their fears.” Visitors to your site are likely interested in buying, but when they become nervous, uncomfortable and afraid that it won’t work for them they simply click away.

“There are fifteen crucial elements to a sales page you have to include. Three of the most important are testimonials (which provide invaluable social proof), guarantees and frequently asked questions.” In Ainsworth’s experience, “nearly every sales page is missing some of these elements and has done others badly.”

See your sales page with fresh eyes and put improvements in place, or ask your target audience members for their opinion.

7.    Improve your checkout pages

So you’ve optimised your sales page and added guarantees, upsells and order bumps to your carts. There’s more. “Many people are falling at the last hurdle by having a poor checkout page” explained Ainsworth. “Someone is on the checkout page because they want to buy, but while putting their credit card details in they are at their most uncertain. It’s essential to reassure them here.”

Crucial elements to add to the checkout page include “your guarantee, testimonials, reminders of what’s included in the product, along with benefits and trust badges.” All of these will mean your customer feels more comfortable spending their money with you.

How’s your checkout page looking? Make sure it evokes trust and confidence in multiple places.

There are several ways to grow an online business and not all of those ways include creating more products or writing more content to drive traffic. Add order bumps, create upsells, and improve your offer to make more revenue per transaction. Improve your website’s pages, grow and sell to your email list to convert more traffic to sales.

Startups

Identity in the metaverse: Creating a global identity system

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With the advent of the metaverse, the need for a global identity system has become apparent. There are many different ways to create an identity in the metaverse, but no single system is universally accepted. 

The challenge is usually two-fold: first, how to create an identity that is accepted by all the different platforms and services in the metaverse, and second, how to keep track of all the different identities a person may have.

There are many proposed solutions to these challenges, but no clear consensus has emerged. Some believe that a single, global identity system is the only way to ensure interoperability between different platforms and services. Others believe that multiple identities are necessary to allow people to maintain their privacy and security.

The debate is ongoing, but it is clear that the need for a global identity system is becoming more urgent as the metaverse continues to grow.

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In this article, we will explore the various options for creating a global identity system in the metaverse. We will discuss the pros and cons of each option, and try to identify the best solution for the future.

Option 1: A single global identity

The simplest solution to the problem of identity in the metaverse is to create a single, global identity system. This would be a centralized system that would be responsible for managing all identities in the metaverse. 

The advantages of this approach are obvious: It would be much easier to keep track of identities, and there would be no need to worry about different platforms and services accepting different identities. In addition, a centralized identity system would allow for better security and privacy controls, as well as the ability to track identity theft and fraud.

However, this approach also has several disadvantages. First, it would be very difficult to create a global identity system that is accepted by everyone. Also, a centralized system would be vulnerable to attack and could be used to track people’s movements and activities. Third, it would be difficult to protect the privacy of users in a centralized system.

Option 2: Multiple identities

Another solution to the problem of identity in the metaverse is to allow each person to have multiple identities. This would mean that each person could have one or more identities that they use for different purposes. 

One of the main advantages of this approach is that it would allow people to maintain their privacy and security. Each person could choose which identity to use for each situation, and they would not have to worry about their entire identity being exposed. In addition, this approach would be more resilient to attack, as it would be much harder to take down multiple identities than a single one.

The limitations of such an approach would be that it could be difficult to keep track of all the different identities, and there would be no guarantee that different platforms and services would accept all of them. In addition, multiple identities could lead to confusion and could make it more difficult for people to build trust with others.

Option 3: A decentralized identity system

A third solution to the problem of identity in the metaverse is to create a decentralized identity system. This would be an identity system that is not controlled by any one centralized authority but rather is distributed among many different nodes. 

This might seem like the ideal approach, since decentralization is a common theme in the metaverse. However, there are still some challenges that need to be overcome. For instance, it would need to be ensured that all the different nodes in the system are properly synchronized and that the system as a whole is secure. In addition, it might be difficult to get people to adopt such a system if they are used to the more traditional centralized approach.

One solution would be to get the nodes in the system to be run by different organizations. This would help to decentralize the system and make it more secure. Another advantage of this approach is that it would allow different organizations to offer their own identity services, which could be more tailored to their needs.

Another would be to incorporate an edge computing solution into the system. This would allow for more decentralized processing of data and could help to improve performance. It would also make the system more resilient to attack since there would be no centralized point of failure.

The best solution for the future of identity in the metaverse is likely to be a combination of these approaches. A centralized system might be necessary to provide a basic level of identity services, but it should be supplemented by a decentralized system that is more secure and resilient. Ultimately, the goal should be to create an identity system that is both easy to use and secure.

The ideal identity standards of the metaverse

Now that we have explored the various options for identity in the metaverse, we can start to identify the ideal standards that should be met by any future global identity system. 

It is no easy task to create a global identity system that meets all of the criteria, but it is important to strive for an ideal solution. After all, the metaverse is still in its early stages, and the decisions made now will have a lasting impact on its future. 

Current iterations of the metaverse have used very traditional approaches to identity, but it is time to start thinking outside the box. The ideal solution will be one that is secure, private, decentralized, and easy to use. It will be a solution that allows people to maintain their privacy while still being able to interact with others in the metaverse. 

Most importantly, it will be a solution that can be accepted and used by everyone. Only then can we hope to create a truly global identity system for the metaverse.

The bottom line on identity in the metaverse

The question of identity in the metaverse is a complex one, but it is an important issue that needs to be addressed. 

The challenges associated with creating an implementation that is secure, private and decentralized are significant, but they are not insurmountable. For one, it will be important to get buy-in from organizations that have a vested interest in the metaverse. These organizations can help to promote and support the adoption of identity standards. 

It is also important to keep in mind that the metaverse is still evolving, and the solution that is ideal today might not be ideal tomorrow. As such, it will be critical to have a flexible identity system that can adapt as the needs of the metaverse change. 

Ultimately, the goal should be to create an identity system that is both easy to use and secure. Only then can we hope to create a truly global identity system for the metaverse.

Daniel Saito is CEO and cofounder of StrongNode

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How to Eliminate Scheduling Inefficiencies in Your Business

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What do salons, consultancies, and home service providers all have in common? This question may seem like the prime setup for a joke, but there’s no punchline to look forward…

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Why You Should Start a Business Only While You Have a Job

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Opinions expressed by Entrepreneur contributors are their own.

Many people that I meet tell me that they dream of starting their own . I always ask them, “Then why don’t you?” They typically respond by saying that they have so many financial and personal responsibilities, that they can’t just quit their job to start a company, etc. Then I tell them my story …



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Related: How to Use Your Current Job to Start Your Next Business

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