How To Make More Money With ZERO New Clients?

July 10th, 2020

Getting new clients through word of mouth and referrals is great. Right... (when you're getting started), but it is certainly not a sustainable approach after some time. If you have a couple of months, even years doing this, let me just tell you; that is a terrible way to try to grow a business.

While acquiring new clients by referrals can feel like a good strategy, it is crucial to re-adapt it to your specific circumstances. What is useful today, may not be convenient tomorrow. So before we move on, I'd want you to think about it. What would you say are the advantages of word of mouth and referrals?

Maybe you think...

1. Trust is higher as someone s/he knows recommended you.

or,

2. You can spend less time trying to find prospects

While both of these could be considered as true, they can also become actual roadblocks stopping you from scaling fast. You see, many business owners commonly oversee what they have in front of them already. They are constantly pitching their product/service to everyone and looking to close as many new deals as possible.

What they don't see though is, there are plenty people who have already made a commitment with them in the past. There's people who already paid them money to do business. And of course, if the fulfillment was done correctly, that would mean that these clients don't need to be convinced anymore about you delivering what you promised them.

In fact, when a client wants to make more money and asks me what's the best 'strategy to find new clients', I always ask them first, 'what's your strategy for keeping people in your world'?

What surprises me most is, people tend to focus on having one-time transactions with clients rather than creating a long-term relationship. And that requires them to start 'dating' with their new prospects all over again before they can do any 'unreasonable ask'.

Does that make sense?

Look, if we slightly changed our focus, a whole new world of possibilities and easier sales could come ring our door. Let's continue with the 'dating' example here...

Now, let's imagine you went on a first date with someone who you felt attracted to. You've invested some time and money, and it has brought value to your life. Would it be logical to take a step further and go on a second date?

So --> In terms of business, if the clients who you've helped before are happy with their results, why on earth would you end the relationship there? Yes, WHY?

Can you see where I'm going with this? I'm sure you by now you can think about today's question differently...

How can you make more money without finding more new clients?

Before you go around trying to pitch new prospects, before paying for traffic and advertising and EVEN before you think asking for referrals is the best way to grow your business, I'd suggest you to ask yourself this question:

[How can I serve people in my world even further?]

If you really take full ownership of your client's problems and success, their journey shall become part of your journey too. And that means, even after you allow them to reach that milestone you both agreed upon, you'd be willing to continue helping them and supporting them along the the way that they can stayed focused and ensure their results prevail for a long time.

At this point, I know some of you will be thinking, "but Eduardo, what if I don't have any other services beyond that point"?

Well... GO CREATE ONE!

Take into account though, splitting ONE solution into different pieces and trying to sell them separately as a puzzle will only make your client feel like you've haven't fully delivered on what you promised originally (and it could be considered unethical too).

BUT,

If you instead figure out what are some of the new challenges that come from that new result, and then turn that into your next offer..

Your result-preserving offer will become a no-brainer as a next step for your client to make sure all the previous effort is actually worth it.

THAT'S THE SECRET TO CREATING COMPELLING OFFERS.

Let's face it, in the end of the day, you could spend a lifetime trying to get new people to buy your product or services, but an actual business can easily thrive with a couple of hundred loyal long-term clients.

If you disagree --> go read Kevin Kelly's '1,000 True Fans' theory.

If you agree --> go read Kevin Kelly's '1,000 True Fans' theory.

If you feel intrigued --> go read Kevin Kelly's '1,000 True Fans' theory.

With all this in mind, my advise to you today would be:

Re-connect with people who are part of your world already, see how they're struggling nowadays and FIND OUT how can you offer a hand with continuous support long after you helped them get their first result.

But before that, you need to know your numbers and understand your current cost of acquisition per client. Only then, you'll be able to measure your improvements and your new CLTV (Customer Life-Time Value).

So let's do a quick exercise right now...

Write it down or calculate it before you keep reading. If you don't even know how to do it, that's great news too - you're about to learn something that will change the way you make money in your business. However, I can't teach you all at once so, go figure out what it is and come back when your homework is done.

If you've already written down your number, what I want you to do now is... Picture this.

What if, for the same cost of acquisition, that ONE SAME CLIENT bought a 2nd (back-end) offer from you?

How much more money would you be making for the same investment? And ultimately, what kind of impact would that have on your business?

Imagine you sell a $1,000 USD coaching 2 hour intensive but getting the prospect to sit on a call with you and closing the deal costs you $100 USD. That would mean your profit is $900. Simple, right?

Ok. If you tried to repeat this process, you'd naturally have to spend $100 USD again to bring in an extra $900 USD of profit by acquiring a new client.

So the formula would be $100 = $900

Anyone in their right mind could agree that when creating a proven process where you put $100 dollars in and get $900 back, the most sensible thing to do would be to SCALE it! Put more money in and automatically get more money back.

That sounds good, correcto? In fact, it sounds so good for some, that they easily lose focus and miss out on what's behind that.

Let's look at it from a different perspective so you understand what I mean:

...You spend $100 USD to bring in ONE new client. You close a deal for $1,000. You've made $900 profit. Client's happy, you are happy.

And now, instead of kissing goodbye and going back to your real deal $100=$900 formula, you now share the NEXT opportunity for you to continue guiding him throughout the way, suggesting accountability, support, next steps, (whatever you may think of).

He is interested and asks about the investment. You mention your 3/6/12/-month program is $5,000 USD and while you where expecting some kind of objection, he asks, "how can we get started with that?"

BOOM!

$100 USD invested have just turned into $5,900 USD profit in return.

What's up with that?! Where's your 'super cool $100 = $900 profit formula' now? Can you see how implementing such a strategy changes everything?

And more importantly, can you see WHY having long-term relationships is VITAL for your business if you want it to last?

Powerful stuff, huh?

With that kind of return on investment in comparison to such small cost of acquisition per client, you are, unlike anyone else, suddenly capable of reaching more people and spending more money to bring in new prospects.

And it's all because you can ACTUALLY afford it.

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So just to sum it up for you, the lesson here is...

Stop trying to make a quick buck with transactional offers and start working on a long-term plan.

Want some next steps?

1. Create your value ladder.
2. Connect with your ideal customer.
3. Listen. Nurture. Serve.
4. Inviting him/her into your world.
5. Give them all a reason to stay around you FOREVER!

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Now go out there and find new ways to serve your people.

To your success,

Eduardo

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