In this new podcast we go over how my company picked up over 50 – 75% more revenue using payment plans. I go over the situations I use them in, and the only situation I wouldn’t use a payment plan in.
Yo, Mike Buontempo here. Just in my office right now. It’s late night, around 12:13, and I wanted to do a podcast for you guys and tell you how I’m picking up probably 60 to 75% extra revenue with payment plans. There’s a lot of people out there who don’t like doing payment plans and that’s fine. I mean, if you’re doing millions of dollars in revenue every single year, and you don’t want to deal with certain types of clients that aren’t going to pay and that are going to fall off, that’s fine. But if you’re just getting started out or you need some nice revenue, and you’re looking to work with more people, if you’re not doing payment plans on your high-ticket stuff, you’re just losing so, so much money.
We’ve been doing payment plans for a while on our high-ticket stuff, and especially since the niche that we’re in, biz-op, it’s a tougher niche. You’re not dealing with a lot of people that have a ton of credit available or a ton of money available. You’re not dealing with … It’s not B2B. It’s B2C. We’re financing these people anywhere from 12 to 36 months if we feel like they’re a good fit. The main thing to look at here, if you’re going to pick up these payment plans, is you need to make sure that the person you’re bringing on is solid. They have a solid mindset. They’re going to put in the work. They’re going to actually advertise, depending on your niche, whatever it is, but they’re going to actually do what it is that you’re going to tell them and that you’re going to … They’re actually going to get results from this.
If you have a program that actually is getting people results and you’re not selling enough of it, I highly, highly recommend a payment plan, financing these people, breaking up the payments six months, 12 months, 24 months. Really depends what exactly you’re doing. For me, it’s more of a done-for-you thing. It’s a done-for-you package, and then I just have people on my team follow up with each person every week.
Another thing that’s really big is the actual follow-up and keeping these people on task. If you’re doing payment plans, obviously you’re dealing with somebody that doesn’t have a lot of cash and needs the help. One of the things is you know you need to keep them active. In order to keep them active, you need to follow up with them every single week. You need to give them certain things that they need to accomplish. Like for our clients, we give them … If they don’t have a lot of cash, they need to finish our free traffic execution plan and do our YouTube SEO execution plan as well.
If they actually do those, they’re going to get free traffic, they’re going to make free sales, and they don’t need an advertising budget. If they don’t do that, then obviously they’re just not going to make any sales and they’re going to struggle. Then they’re going to fall out of the program and they’re not going to pay you whatever you close at, if you’re closing at 5,000, 10,000, 25,000, whatever it is.
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