Earlier I wrote about a revenue maximization approach for coaches and consultants with
a proven track record and existing cash flows.
It works logically also because before people can trust you to deliver big, they come to know and like you through small transactions and the value they get.
But if you are someone who has expertise but no cash flows, I have another approach for you.
One of my clients who runs a client service business is using this approach to build a coaching business.
In this process, you start in the middle, by offering a program that will not be your highest priced offer because you are still not sure of the value you’ll deliver.
But it won’t be a low-priced offer because people who buy low-cost products are not as invested in their growth as someone who buys an expensive product. And you need people who are invested in their success and will apply and see results with what you sell.
You can then use those results as social proof and their testimonials to win the trust of the next set of buyers.
Your first offer will be in the $500-1000 range to sell to 5-15 people at first. So with it, you’ll generate revenues of $2500-$15000.
Make sure your pricing is aligned with the value you offer.
For example, if you sell a personal branding program, it is easy to get a $5-10k raise by putting an enhanced more public personal brand in play. So it is okay to change $500-1000 for such a program.
Teach the class live to those who attend intending to improve what you teach by getting feedback and only keeping what offers value and adding and deleting content to improve the program.
Offer a community, which will be hosted as a Facebook group or over an app like Circle. Through this offer daily group coaching to your program participants.
All this to help people see the transformation and allow you to sell more and at a higher price while decoupling your time because you’ll be selling the pre-recorded version while still offering group community coaching.
An important part of making this model work is the mindset. You need to understand that you can offer guidance and coaching but the participants need to do the work. That’s not on you.
That’s where high prices are important because those who pay more will be more serious about their growth and will take action more than someone who bought a $27 ebook or checklist. With low-paying customers, you’ll never have a lot of people taking massive action.
There is another benefit of selling a high-priced offer. You don’t need a big support team to help those who buy. Imagine selling a $50 offer to 100 people and replying to several hundred emails from 50 of those 100 people. Whereas, you get the same revenue by selling a $500 program to 10 people and you have only 10 people to support.
Where will you be able to invest more time per person? Obviously with 10 people. And you will still be efficient by offering your program via group live sessions and offering support via Facebook.
So you have multiple benefits of selling at a high price. More cash flow, less support time, bigger transformations, more impactful testimonials, and social proof.
Let me know if you have questions about this approach.