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14 November 2024

Build an Offer Suite that Retains Customers and Increases Revenue

2Frameworks
6Insights

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Frameworks in this episode

Insights & moments

The myth-busts, hot takes, explainers, and tools worth keeping.

Explainer· 2

Explainer04:29

Why Selling to Existing Buyers Beats Chasing New Ones

Jasmine Star argues the highest-leverage growth comes from offering more to people who already bought, not from acquiring cold leads. She cites a study that repeat buyers are 60-70% likely to purchase again versus 5-20% for new prospects. A continuum also raises lifetime value because you spend less acquiring each additional sale.

  • Repeat buyers convert at 60-70% versus 5-20% for cold leads
  • A continuum increases lifetime customer value by reusing marketing spend
  • You maximize company resources by selling more to existing clients
  • The stat comes from the book Marketing Metrics

“Studies show that when people buy from you once, they're 60 to 70% more likely to buy from you again, compared to new prospective leads…”

Jasmine Star · 04:29
#retention#ltv#repeat-buyers#marketing
Explainer05:25

Three Payoffs of Mapping a Strategic Next Step

Beyond revenue, Jasmine gives three reasons to build a continuum: it creates a smoother customer experience that keeps clients engaged and motivated, it increases lifetime value by reducing acquisition costs, and it differentiates you from competitors who never map out what comes next. Each makes you the go-to choice in your industry.

  • A clear path creates an enjoyable, motivating customer experience
  • Selling more to existing clients raises LTV and cuts acquisition spend
  • A mapped next step sets you apart from competitors who lack one
  • It positions you as a forward-thinking business committed to client success
#customer-experience#differentiation#ltv#strategy

Story· 2

Story10:04

Why Building a Mid-Tier Offer Takes Nine Months of Data

On a consulting call, Jasmine advised an entrepreneur whose leap from a $70 offer to a five-figure offer left 90% of leads unqualified. She proposed a $300 recurring mid-tier offer with a separate sales team, and stressed that testing it takes patience: each subscription data set needs about three months, so meaningful conclusions can require nine months of layered cohorts before setting sales expectations.

  • A huge price jump can leave 90% of deal flow unqualified
  • A mid-tier recurring offer bridges low and high tickets
  • Month three is the highest churn point for a subscription
  • Reading subscription efficacy can take three cohorts and nine months
  • A recurring mid-tier needs a different sales team and commission structure

“about month three, which is the highest month for somebody to churn or leave home a subscription is to make them an irresistible offer”

Jasmine Star · 11:00
#pricing#subscriptions#sales-team#testing
Story00:43

How Jasmine Star Tested Her First Digital Offer in 2009

Before social media, Jasmine built her audience through daily blogging about the photography business. Readers asked for more, so she tested ideas as simple PDFs on a template storefront she called the Jasmine Star Store. Within a year she had released educational PDFs, behind-the-scenes tutorials, and a 150-page self-published magazine, waking up to sales made overnight.

  • Daily blogging built her audience before social media existed
  • She tested the cheapest possible product: PDFs on a template storefront
  • New felt hard only because she programmed her mind that way
  • Within a year she had PDFs, tutorials, and a 150-page magazine selling

“there's nothing better than waking up and seeing 16 new sales that happened right when I was sleeping”

Jasmine Star · 01:41
#origin-story#digital-products#testing#photography

Takeaway· 2

Takeaway12:41

Resist the Temptation to Build the Perfect System First

Jasmine warns against insisting a new offer must launch fully-formed and look a certain way. Instead, run a series of strategic tests, gather data and analytics, and expect to tweak and repeat until the system is buttoned in. Only once it is proven do you push on the gas and scale.

  • Do not force the system to look finished on day one
  • Run a series of strategic tests and read the analytics
  • Expect to tweak and repeat the process multiple times
  • Scale spend only once the system is proven

“we're going to have a series of tests and we're going to get data and analytics”

Jasmine Star · 12:41
#testing#patience#systems#iteration
Takeaway09:14

Four Tips to Implement Your Continuum

Jasmine gives four implementation tips: start small by focusing on one or two of your most advanced or most needy clients; listen to customers and tell them when you apply their feedback so they feel ownership; test and refine messaging, features, pricing, and delivery; and make it easy to upgrade by reducing friction between levels.

  • Start with your most advanced or most-in-need clients
  • Apply client feedback visibly to give them a stake
  • Test messaging, features, pricing, and delivery, then refine
  • Reduce friction so upgrading is effortless
#implementation#feedback#testing#upgrades