I think we’ve all heard that before at some point. Here’s how you turn that into a huge sales driver while decreasing the likelihood of hearing it.
In my early coaching days, I frequently heard, “Don’t lower your price; what we have is worth it.” But in the “real world” where I live and work, and where you no doubt also live and work, many people say, “Wow, that’s expensive.”
I’ll explain why that is the case and how to prevent it in two primary methods.
The Rationale:
So many trainers are aiming for the wrong crowd. Not everyone is willing to buy anything, ever. Most are pointless to bother with. But I’ll teach you how to obtain more useful and less useless ones.
You’re trying to market coaching itself, not just its worth. If you can increase your sales close rate by only 10% by emphasizing value, it will more than justify the effort.
If you give them a taste of what you have at a price they can afford, they will likely take a more significant step the next time.
The incorrect consumers were targeted.
A general rule of thumb is as follows.
According to a business coach, companies with annual incomes of less than $500,000 often operate with a “scarcity” mentality. They have become accustomed to focusing on their limitations. They didn’t have enough money to promote last month, so they’re cutting even more spending this month, including on marketing that could generate enough money or coaching that could help them break out of their rut. They can’t seem to get out of their rut. Most people with incomes of less than $500,000 will not adapt even after being shown the way. Focusing on companies with annual revenue of more than $500,000 is a surefire way to boost your profits and success rate. Time efficiency is of the utmost importance. Invest your time where it will pay out the most.
Executive Mentor – Over $1,000,000: Most will part with the cash IF you can demonstrate its value. We’ll talk about this in a little.
Determine the best customers for your product or service.
The term “life coach” describes a similar role. Families with an annual income of $75,000 or less have difficulty spending money, even if doing so would improve their well-being. Since singles have more financial flexibility, this threshold may be lowered.
I go for the less complicated market to crack.
Advertise Value, Not Training
This holds whether you’re targeting consumers with a lower or higher income. If you’ve been trying to market “coaching,” you should know that few of your potential customers know what you do or how much value it can bring to their lives.
Nobody cares about “coaching”; the only two things that interest your prospect are:
If you want to sell something, explain how it will solve a customer’s problem.
They don’t care that you offer “coaching,” that you can help them create a business plan, that you have a proven system for ___________ [fill in the blank] successfully, that you have been in the field for 20+ years, or that you have a “certified” coach designation. That is entirely irrelevant.
That may come as a complete surprise to some of you, but it’s the truth and the main reason you haven’t been successful so far.
Let’s examine these ideas, not from your perspective but rather from that of your potential customers. Does being a “certified coach,” “having been in this business for 20+ years,” or even having an advanced degree in it guarantee (I said GUARANTEE, absolutely without fail) that the prospect will get what he wants, whether that be a rapidly expanding business or the elimination of particular problems he is currently experiencing?
Sincere reflection requires rejecting this possibility.
Don’t you know that some people have been in their field for twenty years but are still terrible at it?
Don’t you know that there are “certified coaches” out there who are complete failures as mentors?
I’ve taught many successful businesspeople who have earned more degrees than you can count, all of whom have said, “Wow, you’re causing me to think about things I’ve never run into before.” Isn’t it true that a coach’s job is to encourage “out-of-the-box” thinking?
Once you realize that the prospect isn’t interested in what you’ve been selling and saying and switch to talking about the results you’ve brought to others (RESULTS) and the value of those results, you’ll see a meteoric rise in both your results and income.
Don’t try to sell what you can do, but what you can add.
Determine the “ENTRY” Price Point that is Viable for Your Market and Guide Customers to That Decision
Selling something that seems “expensive” to the market you’re trying to break into is a dangerous proposition. The more at stake, the longer it will take to build trust and a relationship. People tend to purchase from those they have a personal connection to, like, and faith in, which is a statement you have probably heard before. Okay, so that’s where we’ll be focusing our efforts. It’s improbable that you could walk up to a stranger, introduce yourself, and immediately pitch them a coaching job paying several thousand dollars. They need to warm up to you before they can trust you. Time is required.
Well, what are some potential approaches?
Let’s analyze this circumstance.
Developing familiarity, affection, and trust
You’re strolling down your go-to supermarket aisle. An elderly woman is present, holding a toothpick with something attached to it. The aroma beckons you to come closer. Your curiosity has peaked, so you decide to try one. Since you enjoyed it so much, she brings you another serving in a cup. It has an excellent flavor. Then, for only $1, she offers you a bucket full to take home to your loved ones for supper. You take it home because it’s the only affordable option for feeding the whole family, especially considering its deliciousness.
You got a lot of bang for your buck with what she provided you. Because of how delicious it was, of course, you’ll accept my offer. CONSIDER what this means for your company.
The children, naturally, react the same way you did and demand more. The elderly lady did provide you with a discount for future purchases or a coupon for next month’s sale. Next time you need that item, pick up a few extra buckets of this stuff while you’re at the supermarket.
The tiny old lady who gave you the sample also signed you up for a mailing list so that when your birthday or other significant family occasion rolls around, you’ll receive a slew of coupons for even more products.
Don’t forget that you weren’t specifically seeking out what the tiny old lady was selling and that you probably wouldn’t have purchased it if you hadn’t been offered a “free taste.” You’re currently shopping for and purchasing their wares.
Is there a trend developing here? This is called relationship marketing, and it entails getting to know, like, and trust the target audience. You may use the same thinking in your coaching, too.
Where do we even begin?
Finding a low-barrier-to-entry point and guiding people step-by-step through learning to know, like, and trust you are crucial. You can begin with something completely free. Give them a chance to “taste” what you’re offering. The person’s reaction to “Wow, this stuff is fantastic” indicates their entry into a marketing funnel.
Think of a funnel as a wide-mouthed container that gets narrower as it descends. As people “taste,” you pack them at the top and gradually bring them lower in the funnel. To get them to your ultimate product or service (highest value, most significant expense, and the most considerable risk, but because they appreciated what you had to give), you gradually increase the size and weight of each successive level.
Some suggestions for coaches are as follows:
Provide something of value for free, such as a lecture on rapid business expansion or client acquisition. Create something of sufficient importance to entice them but limited enough in scope that it is “only a taste” of what may lie ahead. Do your best to leave them feeling like they got something of value this time around and that they will continue to. Then, make them an offer for the following stage, such as a cheap seminar or an e-book (typically costing between $39 and $99).
Teleconferences, group coaching, mastermind groups, and email coaching are all viable options for providing clients with a taste of what’s to come. We thrive in communal situations. I’ve seen coaches I’ve mentored through this process learn to make more money in the cheaper steps along the way than they do with the final product (one-on-one coaching).
There’s one more nugget; recall the supermarket and the sales funnel. Don’t waste a customer’s time after you’ve gotten them to enter the funnel once by not offering them the “flavor of the month.” Create a new channel and fill it with a different taste. You just guided them through a funnel with a specific goal; try giving them an extra twist next month. The next sale will go more smoothly because they already know, like, and trust you. Create several other products and advertising approaches.
Are you interested in expanding your coaching practice?
I have just finished writing a comprehensive guide on coaching in marketing. You will also be offered a no-cost spot in a mastermind group with other coaches. Listen to the successes and failures.
How to Make Your Coaching Firm a “Super Star” is available at no cost at the following link: http://www.leaders-perspective.com/Super-Star-Coaching-Business.htm.
Coaches like Alan Boyer desire more clients than they can realistically take on, or at least more than they had anticipated having. According to sources, five to ten times as many customers in a matter of weeks, and that number keeps rising.
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