Revenue Streams - Revenue Clarity - Part 1

Module 2 - Week 2

Transcript

1. SUPERNOVA Business Bootcamp Revenue Streams + Brand Definition by Like a Celebrity, LLC
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4. REVENUE CLARITY 4
5. 5 Here's What You'll Learn In This Module - How to determine the best business model for your unique gifts and talents - How to identify and create the "sweet spot" of lucrative profit streams - How to get a crystal clear picture of how your business makes money so that you can finally stop wasting time on unprofitable income streams
6. 6 Why Revenue Clarity is so Important Revenue clarity means that you understand exactly where the money is coming from in your business - ie. - which products and services are the most profitable. Without revenue clarity you can get stuck in a business model that you don't enjoy and doesn't provide the most value for your clients. Revenue clarity is vital for making more money and not wasting time on unprofitable income streams. This is a fundamental concept that you can use as a filter to determine if future products and services or partnerships will be enjoyable AND make you money.
7. 7 Money Needs Clarity If you have a business idea but don’t understand how money comes into your business, you need to go back to the drawing board. • Use the “Supernova Kickstart Guide” to learn more about business models, as well as testing and validating your ideas. • Business is an exchange of value - you provide value and monetary value is given to you in return. Understand exactly how this exchange happens for any new idea, project, or service you add to your business. • May seem obvious, but if no one is giving you money, you don’t have a business. Some projects may reward you with non-financial value, but your business requires a monetary exchange in order to run.
8. 8 Business Models to Make Money • Customer buys a one-on-one service • Customer buys a group service • Customer buys a standard physical or digital product • Customer buys a customized physical or digital product • Advertisers pay to get in front of your audience • Customer pays for leads/referrals (affiliate marketing, lead gen) • Customer pays for your talent (TV host, speaking, acting, etc.) • Again, please revisit the "Supernova Kickstart Guide" for a more in depth conversation on business models.
9. 9 Leveraged Profit Comes From The Sweet Spot • Our goal is to meet in the middle of what you MOST want to deliver and what your customers most want to buy - let's call that your “sweet spot!” • You'll work on discovering where your customers big dreams line up with your strengths and desires. • The value exchange must be even - you may love watching Housewives on Bravo, but how is that providing value for your customers? Conversely, you will be drained if you do things you hate to please your customers. • We often think people wouldn't be willing to pay for whatever would be the most fun for us, but that’s often exactly what they’re looking for!
10. 10 Build a Business Around Your Strengths • What do you love to do so much you could do it all day? • What are your natural gifts that you love to share? • How do you love to work with people? • What do people thank you for? • There are no right or wrong answers, but you gotta know yourself. • Remember that YOU make the rules in your business so don’t offer products or services that you DON’T want to fulfill!
11. 11 Imagine Your Customer's Fantasy • What is your customer’s dream scenario regarding your product/ service? What makes your customer say “Wouldn’t it be cool if. . . “ • What would absolutely THRILL them? • Don't worry, we're going to dive deep into your customer’s psychology in another section - I want you THINKING in a new way! • Ex: “I want my finances and business books to be handled without having to touch them. I never have to file a paper or enter an expense, it’s all just done for me, well organized and easy to understand.” Ex: I want the most outrageously comfortable pair of shoes ever. Shoes I can walk in all day and feel like I've worn my fuzzy slippers!”
12. Revenue Clarity - Sweet Spot pg 1/4 How do you love to work with people? How do you love to spend your time? What comes so naturally to you that it doesn’t feel like work at all? Brainstorm at least 10 ideas that you enjoy that also provide value to others. Don’t censor yourself, the goal here is just to brainstorm ideas that draw upon your key strengths. 12 1. ______________________________________________________________________________________________________ 2. ______________________________________________________________________________________________________ 3. ______________________________________________________________________________________________________ 4. ______________________________________________________________________________________________________ 5. ______________________________________________________________________________________________________ 6. ______________________________________________________________________________________________________ 7. ______________________________________________________________________________________________________ 8. ______________________________________________________________________________________________________ 9. ______________________________________________________________________________________________________ 10. ____________________________________________________________________________________________________
13. Revenue Clarity - Sweet Spot pg 2/4 What is your customer’s dream? What’s her ultimate fantasy of how your product or service is delivered? Free flow here and use your imagination and creativity. Come up with at least 10 fantasies. It doesn’t matter whether you could realistically deliver them or not, the goal is to challenge yourself to THINK in a new way. 13 1. ______________________________________________________________________________________________________ 2. ______________________________________________________________________________________________________ 3. ______________________________________________________________________________________________________ 4. ______________________________________________________________________________________________________ 5. ______________________________________________________________________________________________________ 6. ______________________________________________________________________________________________________ 7. ______________________________________________________________________________________________________ 8. ______________________________________________________________________________________________________ 9. ______________________________________________________________________________________________________ 10. ____________________________________________________________________________________________________
14. Revenue Clarity - Sweet Spot pg 3/4 Go back and circle the ideas in question one that you believe customers would want to pay for. Then circle ideas from question two that you want to provide. These are potential “sweet spot” offerings where you can provide immense value that customers are happy to pay for. Use this page to write down your new “sweet spot” offering ideas. 14 1. ______________________________________________________________________________________________________ 2. ______________________________________________________________________________________________________ 3. ______________________________________________________________________________________________________ 4. ______________________________________________________________________________________________________ 5. ______________________________________________________________________________________________________ 6. ______________________________________________________________________________________________________ 7. ______________________________________________________________________________________________________ 8. ______________________________________________________________________________________________________ 9. ______________________________________________________________________________________________________ 10. ____________________________________________________________________________________________________
15. Revenue Clarity - Sweet Spot pg 4/4 This exercise may have sparked a hot new offering you can roll out immediately. If you’re brand new in your business, or you've come up with an outrageous idea and you’re not sure if it will work, use the testing methods in our "Supernova Kickstart Guide" to shop it around to your customers and get feedback before moving ahead. Final note, we're about to go very, very, very deep into your customer’s psychology via the Ideal Customer Avatar exercise so if you got stumped on this one, don't worry. You’ll have even more ideas soon! 15