Think the money is in the list? Think again.
The real money is in the follow-up. Without a great back end to support your list-building efforts, you’ll wind up with a huge list of names that do little but cost you money. And nowhere is that more true than with a big giveaway event.
Think about it. You’ll spend time and money—and lots of it—just organizing your event. Between the design work, recruiting guests, writing copy, and setting up the infrastructure, you’re going to spend dozens of hours.
The way to make up for that is with a solid back end that brings in sales each and every day.
Two Pages to Monetize
Want to know the most underutilized page on your site? It’s the confirmation page. You know, that page where new opt-ins land while they wait for your confirmation email to arrive? If yours says something like “Thanks, now go check your email” (or worse, it’s AWeber’s or Lead Page’s default page) then you’re missing a golden opportunity.
This is potentially the first exposure your new subscriber has to you, so it pays to make it a good one. This is the place where you should be offering a low-cost product that is a natural fit with your freebie. So in this case, your free offer is the giveaway event. Think about your products. Which one will help participants make the most of the event? That’s the one to offer on the confirmation or thank you page. And if you can offer a coupon, even better!
The download page is another often overlooked opportunity. Give your readers a relevant offer that ties in nicely with their download (or in this case, the gifts they’re receiving) and you’ll be pleasantly surprised at the number of takers you get.
Email Still Works
Don’t forget the follow-up emails. Hopefully you’ve created a series of emails to go out after a subscriber joins your list. These are the perfect place to make offers of relevant products and services, either yours or those of your event guests. You don’t have to resort to hard sell tactics in every email though—and you probably shouldn’t.
Instead, send your subscribers valuable information they can use, so they learn to look forward to your emails. Save the selling for your P.S. or for the occasional (once per week or less) solo email.
Done right, these two techniques can ensure you not only earn back your investment in creating your giveaway event, but earn a tidy profit as well. Not only that, but these strategies work for every opt-in offer on your site, so be sure to take a look at your other funnels and patch up any leaks you might have.
Looking forward to reading your comments below with your techniques for monetizing on your list, Coach Deb
For all my life, business, health and nutrition coaches or any other coaches out there, hands down, one of the best ways to boost your credibility as a coach is to host your own live events. They’re a chance for you to show off your expertise, provide social proof (your guest speakers will do that for you), and get your name in front of more potential clients and customers.
So what’s holding you back?
Well, if you’re like most people, it’s fear. Fear of not being able to attract speakers. Fear of not being able to sell enough tickets. Fear of just putting yourself out there and saying, “I’m hosting an event.”
Here’s the secret though. Your event does not have to be a 300-person affair. Sure, you can have aspirations of that (and you really should), but that’s not where you begin. You begin with a small, intimate venue that holds less than 50 people.
Think about it. If you only have to sell 50 tickets, there’s a lot less pressure to perform. You’ll have lower out-of-pocket expenses, fewer people to please, and less equipment to worry about.
But you still have all the benefits of being able to say, “I’m hosting an event.”
Plus, this live event will lay the groundwork for future events. Because you’ve got the experience, it will be much easier to add live group coaching or mastermind components to your top-dollar coaching programs. You’ll have a lot less worry over managing all the pieces and parts, simply because you’ve “been there, done that” on more than one occasion.
Live events can take many forms, too, so don’t think you have to commit yourself to a multi-day, multi-speaker conference. Your first event might be a local Meetup, or a half-day workshop held at your favorite conference center, or even a free mastermind session tacked on to a larger event you’re attending. The point is to get your feet wet and pave the way for bigger and better events down the road.
So while you’re planning your event, keep these points in mind:
But the most important point about your first live event? Just do it. Step outside your comfort zone and enter the world of event hosts. Once you’re there, you’ll find that your coaching credibility increases exponentially.
Have you had your first live event, yet? What did you learn that you wanted to improve upon at your next live event? Tell us in the comments below
Want to know what keeps a lot of service providers from charging what they’re worth?
It’s that all-too-common belief that “I am not a sales person.” Combine that with a healthy dose of “It’s rude to discuss money,” and you can see why it’s just easier to keep your rates low.
It’s time to think of your services from a different angle. Not only will you see things in a clearer light but selling suddenly won’t feel so much like selling and will feel more like talking.
Here’s how traditional pricing discussions go:
You talk to a potential client, and you explain what you can offer, how your service works, what he or she can expect (how many calls/emails, phases of work, length of contract), etc. And then you say, “My rate is $XXX.00.”
Your client either says yes, no or (the kiss of death) maybe.
Let’s turn that around, and rather than focus on what he or she will get from YOU, look at what she will achieve when she hires you.
For a business coach, this is easy. Talk money. How much more profit will your client make when she hires you? If your coaching fee is $1,000 per month, but you can show her how to increase her sales by $3,000 per month, then your price is inconsequential. She’ll earn it back three times over, not only while you’re actively coaching her, but for the rest of her business life.
Who wouldn’t jump on that with both feet?
What you’re doing here is not talking about the cost of your coaching, but rather the cost of not hiring you. Because if she doesn’t work with you, she’s losing $3,000 per month.
What about other kinds of services though? The same applies, you just must find a way to show your clients the cost of their inaction.
If you’re a life coach, inaction (to your potential client) might mean years of feeling unhappy and unfulfilled. Imagine what it might be worth to your client to lift that depressing burden forever?
The same goes for health and fitness trainers. Can you add 10 years to the life of an unhealthy, overweight man? That’s priceless.
What about dating coaches? For someone who’s been unlucky in love, in and out of one troubled relationship after another, the promise of a man (or woman) who will love and cherish them is worth nearly any price.
You just have to paint the picture.
What will life/business/love look like without your services, and what can it look like with you? Once they see the value in what you have to offer, pricing becomes nearly irrelevant.
How do you paint the picture of the results of your services? Comment below
If you want to earn top dollar for your VIP or group programs, it’s clear you’ll first have to become the go-to expert in your niche. You’re likely already working toward that goal, and probably have been for some time, but if you’re not quite there yet, here’s how to jump-start your career.
This is by far the most important thing you can do to grow your audience and your credibility. Blog posts, podcasts, eBooks, and self-paced training programs—whether free or paid—are the building blocks of your empire, and if you want to earn top dollar, you first have to put in the work to create a solid foundation.
This is where a lot of people struggle. Maybe you hate the sound of your voice or you hate how you look on video. You’ll need to get over it. Your potential clients need to get to know you better before they shell out $5,000 or $10,000 for that group or VIP program you’re putting together, and video is the easiest way for them to do that. So get a makeover, hire a video coach, and start sharing what you know on YouTube and other video channels.
Write a Book
The big daddy of content, a real, physical book can skyrocket your credibility and pave the way for the rest of your professional career. Now, we’re not talking about Kindle books here (although they do have their place in your overall content plans). No, for this, you want to publish a printed book—and if you can attract the attention of a publishing house rather than going the self-publishing route, that lends more credibility.
Nothing says “I’m an expert” quite like getting to take to the stage and speak in front of a group. Chances are your expert status has already attracted the attention of event organizers and you’ve been asked to speak. If you have, and have turned down the opportunity, now is the time to boost up your confidence and make the leap. If you haven’t, then go out and actively seek opportunities that are a good fit. Don’t be afraid to start small—at your local Chamber of Commerce or a recurring MeetUp group—but keep an eye on the big stage, too, and be open for the chance to wow a crowd with your expertise.
Host a Live Event
Want to really blow your audience away with your professional services and business skills? Plan and host a live event. It doesn’t have to be huge—in fact a small, intimate venue is often the best choice—but do start making plans. Live event hosts are often viewed as the real movers and shakers in their industries (because they are).
Remember, too, no matter which credibility-boosting method you’re using, it will only work if people know about it. So don’t just start a podcast, market it. Don’t step onto a stage of any size without shouting about it to the rooftops, and never ever write a book without a big launch. Credibility and visibility go hand in hand, so do everything you can to get the word out about your achievements.
What do you do to boost your credibility? Share in the comments below
When is the last time you changed the theme on your website? Changed your head-shots? Rewrote your “About” page?
If the answer to any of those is more than a year ago, listen up, because big consulting paychecks require more than a fancy sales page and an email pitch. If you want to attract high-end clients, you have to look and act the part.
Head-shots Done Right
We all looked better ten years ago, but that’s no excuse for using old, outdated or—heaven forbid—amateur head-shots.
When you are selling consulting programs that range into the five figures, looking professional is critical, and that starts with great head-shots. Hire a photographer who specializes in portraits for speakers, consultants, and coaches. Expect to spend a few hundred dollars for a selection of high-resolution images you can use in all your marketing materials, including on your website.
Get Your Website Redone
Speaking of websites, if you are still using the same theme you designed yourself, it is time for a fresh look. While you can say that potential clients should not judge you by the way your site looks, they will. A clean, modern website will work wonders to improve your credibility and start attracting the right clients.
While you are at it, take some time to solicit new testimonials. Don’t just load them all up on a single page though. Take the best ones and add them to your sales page, put them in your email newsletters, and include them in your lead-generation materials as well.
Don’t forget your “About” page, either. This one is hard for most people, so it’s a good idea to have someone else write this, or at least have a writer revise the one you wrote. Remember to include your most recent accomplishments, any awards or accolades, your speaking engagements, and anything else that lets people know you have got what it takes to help them grow. Include a few personal details as well, so readers will feel as if they know you just little better for having read it.
Lastly, remember to update your social media profiles as well. LinkedIn, Facebook, Twitter and others have a long reach, so you want to ensure that no matter where potential clients find you, the information is consistent and professional.
Getting new head-shots and making over your website might feel like a waste of time, but the truth is, people do judge a book by its cover, and you often only have a second or two to make an impression. Make sure it is the best one you can make.
What is your #1 social media outlet? Share in the comments below
You’ve filled your funnel and you’re starting to see a steady stream of clients on your calendar. Congrats! That’s a great start to building a rock-solid business you love.
But the work doesn’t end with that first sale. In fact, it’s just beginning.
Your next job is to continue to make offers (and sales) to your loyal customers. Remember, it’s much easier to sell to a current customer than to earn a new one, so don’t ignore those who have already expressed trust in you.
For each of your products or services, there must be a “next logical step” for those who buy. If the point of entry into your customer’s list was an eBook, then perhaps the next step is a video guide. If she’s already purchased your video guide, a multi-week workshop might be next on the agenda. And if that multi-week workshop was a hit, private consultation is going to be her next need.
By thoughtfully including “next step” recommendations in your follow-up emails and even in your products themselves, you can easily move your clients further into your funnel with timely up-sells.
Automate Your Follow-Ups
Of course, it can be tricky to manage all your products and services, so savvy entrepreneurs are careful to create an autoresponder series to follow every product purchase. You’ll want to include emails that encourage your buyer to consume the products she’s already purchased, plus tips to help her progress even further.
As she buys your next offer, make sure you make use of the automation tools available in your email software to remove her from the “sales” list and add her to the “buyers” list for that next product. When you manage this well, your clients will progress easily from one offer to the next.
Segment Your Lists
One thing to be cautious of is trying to force buyers to make too big of a leap. The woman who bought your $47 eBook is not likely to sign on for a $1997 program—at least not yet.
By segmenting your mailing lists you can avoid making overly aggressive offers, and instead send your buyers exactly what they need, when they need it.
Up-selling your buyers is the key to higher income with less work. Don’t be afraid to make offers, and remember, a happy buyer is primed to make another purchase. She’s counting on you to show her what’s next, so don’t make the mistake of thinking you’re bothering or annoying her by making offers. Do it thoughtfully, and she’ll actually thank you for it.
Do you Up-sell like a PRO? Tell us your favorite go to tip in the comments below.
In any business, you’ll spend a certain amount of time on clients who will never pay you.
Website designers quote jobs that never come to fruition.
Car dealers spend hours chatting up customers who will never buy.
Book agents read countless manuscripts they will never be able to sell.
And coaches spend time giving out free advice to clients who cannot or will not hire them.
Truthfully, it can be frustrating, and it’s definitely a drain on your time and energy. But there are some things you can do to eliminate those who will never become clients without having to spend time with them first.
Post Your Prices
One of the most hotly debated topics among service providers is whether or not you should post your prices on your website. There are pros and cons on both sides of the fence, but the biggest advantage to posting your prices is that it immediately eliminates those who cannot afford you.
Of course, you don’t have to list prices for everything to achieve the same effect. If you offer private consulting packages or self-directed training packages, having a price tag of $1000 on your “entry level” course makes it pretty clear that your private consulting is going to be at the high end.
If you prefer to quote packages individually, a line that states, “Packages start at $XXX” is a simple way to state your prices while still giving you some flexibility.
Before you get on the phone with anyone, require that they do a little groundwork first. A client intake form should tell you everything you need to know about a potential client long before you pick up the phone. But what it tells you the most is how much work they’re willing to do. Freebie seekers aren’t likely to do the work required to answer even a simple questionnaire, so those who do fill out your form are better prospects.
Not only that, but you can include in your form a question about pricing, such as “What’s your budget for (whatever service you offer)?” Use a pre-defined list of answers that start with “$1,000 and up” rather than letting your potential client fill in her own amount, and those with smaller budgets won’t bother to complete it.
Change Your Language
Words have power, and if the words you use on your website and other marketing material are speaking to newbies or those just getting started in business, you’ll never attract the audience you’re seeking. Instead of using words like “step by step plan,” say, “advanced techniques.” Rather than talking about “easy systems,” mention high-end, complex software by name. Simple changes can help you to automatically attract the right audience.
You’ll still spend some time and energy on those who ultimately won’t hire you, but by making these simple edits to your website, marketing materials, and other business systems, you’ll begin to see more high-end clients and fewer of those you no longer wish to work with.
Post prices or don't post prices on your consulting service, what do you think? Share your thoughts in the comments below
Does the topic of money make your mouth dry and your hands sweat? Do you dread that point in a conversation when someone says, “So what do you charge?”
You are not alone. Most of us have difficulty talking about money—especially when it comes to quoting prices for our own work. But if you are going to be successful in business, you must get over it.
The first rule for declaring your prices with confidence is simply to practice. Talk to yourself in the shower. Tell your dog what your rates are. Stand in front of your mirror and say, “I charge $XXX.00 per hour.”
The more you say your rates out loud (not in your head) the more natural it will be for you.
Even if you are on the phone or writing an email, smile when you say your rates. Your tone of voice changes when you smile (as does the “tone” of your typing), and that tone can convey confidence and authority, not to mention professionalism.
Avoid Being Wishy-washy
Listen to yourself as you speak to potential clients. Do you say things like, “Well, normally I charge…” or “Actually, my rates are…” or “Do you think that $XX.00 will work for you?”
These (and others like them) are all wishy-washy ways of talking that do not instill confidence in your client, and worse, they make you sound like you do not believe in yourself.
Rather than squeaking out a timid, “Um, I charge, like $1,000 per month,” straighten your back, smile, and say, “My rate for consulting is $1,000 per month. Where should I send your invoice?” And then…
When we are nervous or feeling intimidated, we tend to talk. We want to fill the silence with something, anything, just to avoid having to sit there uncomfortably and wonder what the other person is thinking.
But guess what? He or she is just as uncomfortable with the silence, and psychologically, the one who speaks first is at a disadvantage. So, when you are talking price, avoid the urge to fill the silence (especially because you are most likely to try to justify your pricing) and let your potential client take time to respond.
Will speaking with confidence always land you a new client? No. But being able to share your pricing in a clear voice will help potential clients know that you are confident in your skills, and consequently, that you are the right service provider for them.
Do you have a technique for building your confidence when talking about money with your clients? Let us know in the comments below
In every service provides life, there comes a time when you simply have to raise your rates. Maybe you’ve been in business for years without a pay increase. Maybe your skills have recently improved through a new training course or certification. Or maybe you just want to attract a higher caliber of client.
Whatever the reason, it pays to have a plan in place before you make your big announcement. Here’s where to start.
First, look at your current clients. Will you raise their rates as well? If the answer is no, then you must consider if keeping them will be worth your time, or if you’ll feel resentful at the amount of (lower paid) time you are spending with them. Resentment can build up, so be wary of this. It’s better to raise their rates than provide substandard services due to hidden anger.
If the answer is yes, then prepare yourself for potential fallout. Simply put, there are some clients (you likely know who they are) who will balk at a price hike. They’ll threaten to leave, and they may leave. Are you prepared for the hit your wallet will take should that happen?
Next, consider when your rate increase will go into effect. This might be different for each client, depending on when/how they’re paying you. A client who is on an annual service plan might not see an increase for 8 months or more, while a monthly client might be shocked to find his or her rate is going up in a week.
If you can, give you clients at least 30 days notice of the increase, so they can not only budget a higher expense, but shop around for a new provider if they choose to.
Finally, if you’re a little flexible and want to gain a few new clients, you might think about creating a last-minute offer. Announce that your rates are going up on [whatever date], then offer to let X number of new clients lock in your current rate, if they sign a contract right now.
Sure, you’ll still be working at your old rate, but with a few new clients on the roster, your cash flow will improve.
The most important thing to remember about rate increases is this: You should feel good about the prices you charge. If you think your rates are too low, chances are good that they are. Raising them will not only make you feel better, but it might just let your current and prospective clients know the value of your services as well.
What do you think? Increase your rates for all clients or just new clients?
It might just be the most stressful decision you ever have to make: what to charge?
You’ve got the competition to consider, your own skill set, what you perceive to be your skills (yes, this is different from the former for most of us), what your market will pay, your location, and a host of other variables. Working it out can feel like a hurdle you can’t quite get past.
Of course, there are some strategies you can employ. One popular method is to find a “What’s Your Time Worth Calculator” on Google. There are many free ones out there. These will quite quickly tell you what you need to be charging to reach your income goals, and they’re a wonderful place to start.
But what about all those other questions? Creating a solid pricing structure requires you to do a little more digging. So, with your starting number in line, look at:
This might take a little detective work, since a lot of service providers don’t publish rates. But if you pay attention to their websites and social media, ask a few discreet questions, and get on their mailing list, you can figure it out.
Be realistic about who, exactly, your competition is, though. Don’t undervalue or over-sell yourself. In other words, make sure you’re comparing yourself to another provider who shares the same skills, market, and track record, rather than simply looking at who you strive to become.
In some fields, this is easy. There are certifications and educational programs that allow you—by virtue of having achieved them—to charge a certain rate. If you’ve followed this path, then pricing will be easy for you. If not, take a solid look at what you can legitimately claim as a skill.
Look, too, at your track record. Have you proven yourself by helping former clients (and do you have the testimonials and case studies to show for it)? Have your former clients moved on to bigger and better service providers after working with you? (That’s a good thing!) These are all reasons to maybe consider a higher price range than you might have first thought.
In the game of setting rates, it’s your market that has the final say. As any first year economy student can tell you, the price of anything lies where what the buyer is willing to pay meets what the seller is willing to accept.
If your goal is to give newbies a helping hand and lead them down the path to success, that unfortunately means you can look forward to low paying gigs. That’s not a bad thing—everyone has to begin somewhere—but it does need to be acknowledged. If, on the other hand, you’re target market is more established and economically stable, then a higher fee isn’t just warranted—it’s a must. They will expect a higher price and will not find value in the lowest-cost provider of anything, whether it’s coffee beans or business services.
Finally, don’t forget that pricing is never set in stone. It’s flexible. If you find you’re attracting the wrong market (or no market at all) you can always change your rates. Working too hard for not enough return? Raise your rates.
It’s your business. You get to call the shots.
How do you set your rates? Do you use some of these guidelines suggested above? Tell us in the comments below.
If you would like to use any of our blogs on your blog sight, please do contact us. We would be happy to share with you.
What do top coaches, industry experts, and media superstars all have in common? They've all written a book. You can too. It's easy!