- If you are just focused on getting new revenue, getting new customers to grow your business
online, then you're just like the 90 percent of businesses that are growing their business
in the wrong way.
This is probably gonna be the most important video that you are ever gonna watch on growing
your business, increasing your sales, and getting more customers and clients in your
business online than you could ever imagine.
My name is Benson Sung, and today I'm gonna be teaching you the three core revenue pillars
that you must have in order to grow your business online.
At the end of this video I'm gonna be giving you the structures, the frameworks, and hundreds
of ways that you can use to be able to increase your sales online.
So at the end, you're gonna get everything you need to know about growing these three
core revenue pillars.
Now that you've focused on implementing more traffic, and generating that to your website,
and you've also been able to convert those into leads and subscribers, we're focusing
on the third core way to grow your business online, which is: how do we convert all that
into revenue and sales for your business, and how do we acquire lifelong customers that
can continuously come back to shop at your business, buy your products and your services,
and they want to do this on an ongoing basis?
Now that we have this, if you do not focus on these three things, then I want you to
go back and learn how to drive more traffic, and also how to generate more leads and subscribers
for your business.
You wanna make sure that these two pillars are extremely strong when they're supporting
your business.
Without these two, you cannot focus on generating more sales.
Obviously as a byproduct and as a result of having more traffic to your website, and having
more conversion to get more leads, and building that community and indoctrinating them, you're
gonna generate sales regardless.
Because those two are extremely strong foundations before you focus on amplifying your sales,
which is what I'm gonna be sharing with you right now.
The first thing you wanna know is that there are three core revenue pillars in increasing
your sales online.
The first pillar is your new revenue.
This is what most businesses focus on.
How do we get and acquire new customers to the business?
How do we build that lifeline, that pipeline, or whatever word you wanna use.
People focus on their new revenue channel, and they use paid media, they use organic
traffic, they try to get new customers to buy.
That's the first pillar, and it's an important one.
But there's two more pillars that a lot of businesses miss.
The second one is how do you build more ascension revenue?
Ascension revenue is people that are already your customers and clients, and you get them
to get more of the products or services that are already there.
They're gonna upgrade, they're gonna downgrade, they're gonna get all these different things,
but they're your existing customers and clients.
The third revenue pillar, it's extremely important, is your reoccuring revenue plus retention
pillar.
This is one of the things you wanna implement into your business.
These two are gonna be the most important ones.
And the two that most businesses don't even focus on or they ignore, or they don't even
know that exists.
So the goal of this is how do we incorporate not just the new revenue, don't focus on just
acquiring new people, how do we maximize the existing customers and clients that are in
your business, to increase your business online.
'Cause this is how you're gonna build a sustainable business in the long term.
Now those three are based off the only three ways to increase your sales online.
It's either gonna be new revenue, it's gonna be ascension revenue, or it's gonna be reoccuring
revenue plus retention.
So based on these three things, they are already channel of revenue for your business.
What we wanna do in the first core step is identify for your business what is the new
revenue, what is the ascension revenue, and what is the existing, reocurring and retention
revenue that's in your business.
I want you to identify the traffic that's coming through, and I wanna identify the leads
that are coming through, and then when they convert into sales, what are these three revenue
pillars?
How much are you getting from new revenue, how much are you getting from ascension, and
how much are you getting from reocurring revenue for your business.
Once we identify those through the traffic, the leads, and also the conversions of sales,
we wanna focus on the next piece, which is how much does it cost to acquire all of these
three revenue channels?
You literally wanna start with this in a spreadsheet or a piece of paper if you have it, where
you just sit down, you map out, the first thing is: here are my three revenue pillars,
this is how much revenue you're making from these three, and what you might see is you
might not even have a pillar for reoccuring, or you might not even have ascension.
That's fine.
Most businesses don't focus on those things.
You just wanna know that I'm gonna teach you how to incorporate those.
But for now, identify what are the three revenue channels.
Then what you wanna do is focus on breaking them down by the traffic.
Number one, focusing on the leads, and then focusing on the sales, which is what you did
at the top level.
After that, what we wanna do is How much does it cost to acquire a new customer?
How much does it cost to acquire a reoccuring customer?
How much does it cost to acquire an ascension customer?
What you're gonna find is there's a difference cost for each revenue pillar and each customer
that you acquire.
One is gonna be more expensive, and it's always the new customers that are the most expensive.
The ones that you get to ascend, and the ones that you get to reocurring revenue, are the
ones that are the lowest and the highest value.
Lowest cost, but highest value.
Which is why I wanted to implement these two into increasing your online sales through
these two channels.
Now after you have identified these things, you understand what is coming in and what
is going out, we wanna focus on moving into the next step, is how do we amplify this?
There's a process for this, let's go into it.
So if you're in a physical product space, you're doing eCommerce, it's not just the
adspend that you're putting behind to acquire a customer, but you wanna look at how much
it costs to manufacture your product.
How much it takes to fulfill the product with your team.
How much is it for shipping the product?
All these things calculate into the true cost of acquiring the customer, and how much you're
spending to build that revenue for new customers as well.
At the same time, if you're doing a service, how much is it costing you to fulfill on the
service for the customer or the client.
You wanna build that cost into the acquisition cost for that customer, but also look at breaking
it down between the three revenue pillars.
For example, let's say you are acquiring and spending ads on Facebook, on Google, on YouTube,
on Instagram, all these four revenue channels, let's say, produce a different type of revenue
and a different cost for new revenue, for reoccuring revenue, and ascension.
You wanna make sure you break down these three revenue pillars based on how much you're spending
on those social channels, for example, and how much revenue each customer is producing
you from the social channels.
Now, this might sound overwhelming, but I'm gonna simplify it for you in the next part.
But make sure you understand, once you break this down, and once you see this, I want you
to keep this statement in mind.
This is gonna be super important for you to increase your sales online.
Each customer that you generate from each channel is not worth the same thing.
When you get one from one channel, it's gonna be worth more, one time, in the long term
as well as reoccuring revenue and ascension revenue.
So don't look at just the front end, but understand that each customer you generate, each conversion,
is not worth the same.
It's all different values.
And when you can identify which values are worth the most for your business, you're able
to exponentially focus on this and amplify it even more.
Once we've identified the three revenue pillars that you have, and all the channels of traffic
that's feeding into them, and converting them into customers, then we wanna identify what
are the top three channels that are feeding into each revenue pillar?
So for example, let's say you have new revenue right now, you're doing $100,000 a year.
We wanna break that down; we notice that Facebook is bringing in $20,000; we notice that YouTube
is bringing in $50,000; we notice that Twitter is bringing in $5,000; and we notice that
Instagram is bringing in $10,000.
So what we wanna do once we separate these channels of revenue is you wanna identify
the top three channels that are producing the revenue.
And then we wanna amplify that.
We wanna make sure that we're doing more of what's working, and then doing less of what's
working, or cutting down completely, and testing new, different channels.
Same thing, for the reoccuring revenue and ascension revenue you do the exact same thing.
You calculate how much is worth reoccuring-wise from a Facebook customer, and also how much
is from ascension from a Facebook customer.
What is gonna be interesting is that it's not gonna be worth the same, as I mentioned
before.
What you're gonna find is you might be acquiring customers, new customers from Facebook that
might be $10, and when you find out the reoccuring revenue, or the ascension revenue, it's very,
very low.
So even though you're making a lot of money from new customers, it's not worth that much.
Now what's interesting, let's say that YouTube is costing you $50 to acquire a new customer.
But they are sending, over time, they're increasing their average order value, they're buying
more products or services from you, and they stay longer with you.
Their lifetime value is worth more to your business, that even though the $50 cost of
YouTube is worth a lot, it makes so much more sense to focus on YouTube because the reoccuring
revenue and the ascension revenue is so much higher.
So never take things at a first glance, but really understand what it is.
So once we break this down, focus on the top three things.
The revenue channels that are making you the most money, and then be able to amplify that,
and then find the top three worst performing channels for each revenue pillar, and then
slow it down or cut it away.
The next thing that you can do, once you have identified your own revenue pillars and the
sources of traffic that you go on to acquire customers, let's look at your competitors
and how they're building their revenue and where they're spending their money.
So what we wanna do is we can actually see how much money your competitors are spending
on advertising using two specific tools.
On paid advertising we can use a tool called WhatRunsWhere.
You can go on there and actually get a very low-cost membership to get and understand
where are your customers running their advertising across different social channels, on Google,
on Facebook, on Instagram.
See their advertising and how much approximately that they're spending.
It's not 100% accurate, but it gives you a picture of seeing what they're spending.
So if you know, for example, your competitors are spending $50,000 on Facebook, or $100,000
on Twitter, or $10,000 on Google, then you'll know why are they spending so much money on
this, what ads are they showing, so that gives you valuable insights into what you should
be doing in terms of advertising for yourself.
And also it gives you valuable data on where their most profitable channels are.
Most likely if someone is spending $50,000 or $100,000 on one channel, and it's the dominating
one from all the other ones, it means it's really working well for them.
So that's why you should replicate it and focus on doing that as well.
And also seeing if they have all these top three channels, you do it for yourself if
you're not doing it, and if they already are doing it, look at what are the other channels
that they're doing that you're not focusing on.
The second tool that you wanna use is called SEMrush.
SEMrush is gonna be the tool where you can actually enter your competitors, and, same
thing, you're gonna be able to see their ads, how much they're spending on a specific channel,
Google, Facebook, or YouTube, and actually be able to see the amount of ads that they're
doing and how much adspend.
The third thing you're gonna be able to do is also cross-reference between SEMrush and
also WhatRunsWhere to see what is the aggregate?
What's an average of both?
Because both of them are platforms that are taking data from different sources and they're
combining them.
But why you wanna use both is you can get an average and an aggregate of both so you
can get the insights and be able to apply it and see which one is gonna be more accurate,
and then build a plan around that from your three new revenue pillars.
The new, the ascension, and the reoccuring revenue pillar.
These three core revenue pillars are really gonna exponentially grow your business online,
and it's how you increase your sales and build a long-term sustainable business.
Now, you might say that the new revenue, the reoccuring revenue, and the ascension revenue,
it sounds very complicated, but let's look at the biggest companies on the planet, like
Amazon.com.
They're one of the largest eCommerce businesses in the world, and you can take a look at their
site, they focus on all three revenue pillars as well.
New revenue is very obvious.
You go on Amazon.com, you can actually see the products, when someone searches any kind
of product on Amazon they can buy those new products.
The second way you can see is they focus on ascension revenue.
When you go on the page, you can see that they recommend what customers often buy with
this product, with this book, whatever it is, they're recommending that.
So they wanna increase the average order value.
They want you to get the best experience, but at the same time they wanna make sure
that you're buying multiple different products whenever you go on to the cart.
So they recommend complimentary products, they recommend other people things that you
can be able to consolidate in one thing.
And they even focus on reoccuring revenue.
Now how do they do that?
When you go on Amazon.com, one of the services that they have incorporated is Amazon Prime.
Any Amazon membership that they have with Amazon TV, you can see that Amazon Prime gives
you access for shipping, fast shipping, one to two days, or the same-day delivery.
They give you things like you're able to access Amazon Music, Amazon Movie, Amazon TVs, so
you can go on and watch different shows, they really bundle that in and that builds reoccuring
revenue.
It's almost like a membership that charges you every single month, and I've talked with
a lot of Amazon customers, you're probably one too, that uses Amazon Prime and they love
it.
So that's how Amazon builds a reoccuring revenue, and they have hundreds of thousands of people
that are on that membership, probably millions of people that are using it.
Can you imagine?
It's $29.95 or somewhere around there, and they've got hundreds of thousands of millions
of people every single month that's building their reoccuring revenue and all that is,
is just offering a better experience, like a premium membership.
The second thing is they're building the new and their ascension revenue all on Amazon.com.
Now, I just wanna give you five core ways that you can use to build your ascension revenue
and your reoccuring revenue.
The first thing you can do is you can find out what are the complimentary products or
services that you can add to your existing business from the products and services you
already sell, or if you don't have enough products, then focus on what are the complimentary
products that you can add?
What services could you add?
You can add consulting, you can add coaching, you could add a service where you're able
to offer them a meal plan or different things that you can do.
If, let's say you have a supplement, what you can also do is you can add blender bottles.
You can add different things like more supplements.
Or you can add supplements of different categories.
There are so many complimentary products and services you can add to your existing offering
and lineup, that it's almost, what you wanna do is focus on the core ones.
All you need to do is have the right complimentary products and services, and you'll be able
to build your ascension and reoccuring revenue.
The next thing you can do is three core things.
Usually, what happens with your consumers, is there's a do-it-yourself option, there's
a do-it-with-you option, and there's a done-for-you option.
If you're able to break down your business, your services, or your products by these three
things, you can add them right away.
For example: do-it-yourself is things that you can offer products, where they're focusing
on just they buy it, and they can take it home, and they implement it, and whether or
not the get results, it's all up to them.
Do-it-with-them is something like services.
Let's say for example you consult with them, you walk them through the process of using
your product or service, it's almost like a premium service, in a sense.
The third way you can do this is done-for-them.
You can offer a service where you literally give them the highest, best personalized service,
or best product, and be able to actually add that in, whatever product they buy, whatever
service, you give them the premium level, and you make sure that they achieve the results
that they want, or they solve the problems.
And people are willing to pay premium for done-for-you.
Because people are lazy, they don't wanna do anything.
So when you're able to offer an option where you get them the result of the problem without
them having to do anything, and you do it for them, then it's extremely powerful.
It's why, how consulting firms, how agencies make money.
They basically help businesses grow, and they do the whole thing for them.
They just get paid a monthly fee, and they focus on doing that.
The third way you can do this is being able to add a premium product or a service to your
existing lineup.
There's always a percentage of your customers or clients that are willing to pay more for
more service, for better engagements, for even more things that you can add value to
their business and make things easier for them, save them time, save them money, and
be able to just offer a premium quality experience and premium quality result, and more engagements
and more touchpoints with them.
The next one, is you take your product or your service and you break it down into the
different ways that people consume your product or your service.
So for example, let's say you have a service where you're offering a very premium, in-point
kind of service, where it's very high touchpoint, where you're having to just work with them
very closely.
What you can do is you can turn what you're doing there into a course, or even a book,
and you show that same way that you're doing, except you're teaching them how to do it in
a course, it doesn't take much of your time, and you lower it at a different price point.
So you're able to capture more of the market share, or more of the customers that aren't
able to afford your expensive version.
Whatever priced one that you're going for right now.
Or, let's say, you have somewhere where it's in the middle, you wanna add a top premium
part, and you add a lower part that involves less of your time, less of your money, less
of your resources, there's so many different ways you can move up and down, and you can
move left and right.
The final thing that you can do is, if you think that, hey, it's gonna take so much money,
time, and resources to develop a ascension product, or a reoccuring product, or a service
for either or of those revenue channels, then what you can do is actually find partnerships
with existing companies and websites that you can just basically partner up with.
Take their product, become an affiliate, promote it to your unsold buyers, or promote it to
your existing buyers, and find out how you can build ascension or reoccuring revenue.
Test out those different things.
This is actually one of the strategies I use for myself.
I used it for my companies and different clients that I have, and it's done millions of dollars
just by partnering with people that have existing products or services that are complimentary
for our target audience and we can add more value to them, and be able to just cross-promote
each other, vice versa.
You promote theirs, and see if it's a good test, before you commit the resources into
it, and you can also promote your product and services to their lists as well, and then
cross-promote each other and be able to build each other up.
Going through the process I just went through with you, for understanding the new, the reoccuring,
and the ascension revenue pillars, and identifying the sources and channels, the top three ones,
how to build it in into your business, has made me, my clients' companies, multi-millions
of dollars.
So what I want you to do is to focus on really understanding this, and re-watching this,
or what I want you to do as promised, is go onto BensonSung.com, go to the Digital Marketing
University, there's a link here to the exact post where I'm gonna walk you through step-by-step
how to build new, ascension, and reoccuring revenue, 50 to 100 ways for each one, how
to add this to your business.
How do you incorporate this regardless of the industry that you're in, the business
stage that you're at, target audience that you're going for, or the product or service
that you sell.
There's ways to build all three revenue channels at your business.
I'm gonna walk you through, step-by-step, how to do this in more detail on the expanded
post, here.
If you liked this video, what I want you to do is three core things.
I want you to comment below; I want you to let me know, what is the product or service
that you sell?
And I'm gonna let you know how to incorporate all three revenue pillars into your business,
I'll give you feedback, I'll answer your questions.
The next thing I want you to do is hit "like" on this video.
Let me know if you liked this video, if you're getting value from this, and I wanna make
sure that there's more videos coming out, it's gonna add more value to you, and show
you how you can grow your business and increase your sales online.
The third thing is there's gonna be a face that's gonna pop up here, I want you to hit
that subscribe button, because every single week there's gonna videos like this teaching
you how to grow your business online through digital marketing.
So thanks for watching the video, and I'll see you in the next one.
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