Strange title you may be thinking…
But hear me out, because I want to share something that we’ve only shared with our private clients up till this point… which can dramatically increase your bottom line this year – whilst making your job of converting clients a much easier one.
Here are two questions for you, for starters…
The first question is:
How many potential clients can you remember speaking to that did NOT sign up for your program or service when you offered it?
Do you even LIKE having to ‘sell’ yourself and what you have to offer?
Here’s where I’m going with this:
What if you could significantly boost the number of prospects who say “Yes” and purchase from you…and at the same time not have to ‘sell’ anything forcefully, or overcome objections?
Keep reading and let me show you how to do that.
Let’s take your ‘Product / Service Pyramid’.
This can be called your ‘ascension funnel’ however we do it a bit differently.
It’s about having multiple price points of investment to work with you. I’m not talking about multiple products/services for different things.
Some people may only have one, or perhaps two levels of investment they can offer to their client’s unless of course, you’re a retailer, natural health therapist or something similar.
For example group coaching and some kind of 1-1 program, even mentoring, which you’re probably undercharging for at the moment.
If this is all you’re offering, you’re potentially losing thousands of dollars every month.
No word of a lie, and here’s why…because
Otherwise, they wouldn’t be talking to you over the phone, in a consult or visiting your practice.
But how do we know how much they’re willing to invest?
It’s pretty simple.
“Current point in time” being the most valuable clue there.
See, the mistake most coaches and consultants are making is to only try to make the middle-tier sale.
The ‘regular program’.
An ‘okay’ price for an ‘okay’ amount of trust.
But there are lots of prospects who would have paid you something, even if it wasn’t the regular amount.
Do you have a way for those prospects to work towards their desired result at a lower fee?
Can you help them get SOME results at a lower investment?
What most coaches and consultants do if they don’t get the sale, is simply tuck their tail between their legs and go back to building more ‘brand awareness’ to create more trust next time.
But next time likely won’t come with that particular prospect.
Now, this is REALLY IMPORTANT…listen up, because this is where our message is often misconstrued…
We do not say ”create multiple different products offering different things.”
This is how most people try to make those ‘multiple income’ streams in their business, and it ends up costing them a stack of cash and time and makes their business model way too complex. We call this the “scrunch it up, throw in the bin and light a match strategy!
No, we’re saying to keep offering ONE specific result for a specific target avatar.
Here’s some we have used for example,
“Get at least 1 hour back in your business every day; Systemise your business within 90 days.”
Whatever you use, just make it honest, truthful and achievable…we’re just so sick and tired of pie in the sky promises that are not deliverable.
It’s your reputation on the line.
You can and should create multiple income streams by creating multiple pricing points for your prospects to gain that same result. Let’s use an example to clearly illustrate this…
Let’s take an example from our business…
Imagine you’re a Business Improvement Growth expert.
You help people improve their business so that they can replace themselves in their business and live the life they’ve always wanted to, and have the ongoing income to do this.
So, if you’re on the phone with a prospect, you could help them achieve the result by first offering your DONE FOR YOU service – for $XX,XXX.
If they say yes, great. But most may say no straight off the cuff unless you know how to engage them.
It’s a lot to ask without them knowing or trusting you. This is where most coaches and consultants would now meekly attempt to ‘overcome’ an objection, fail, and just let the prospect walk away.
But what if instead, you replied with:
“Hey no problem, I understand you’re not willing to invest that much yet. Well, how about our DONE WITH YOU service where we consult you once per week to help you towards implementing it yourself as well as mastermind sessions and access to all of the resources we use in our business – $XX,XXX. It’s the exact same strategies and tools we used to take our business from Zero to high six figures in 14 months.”
Now, you’ll capture a couple more ‘yesses’ by offering the same desired result, but at a lower price for your prospect.
But let’s assume, again they say no.
Here’s where you can drop to your lowest level (what I call the “Extreme Downsell” – a NO-EXCUSES offer that you should be able to close almost any qualified prospect on with ease…
“Cool. Well, the last thing I can do is help you achieve it with my DO IT YOURSELF Business Improvement PRODUCT. It’s a 12 step video program with workbooks and other resources that takes you through the process each week, or at your own pace. It’s $1997.00, however, I can break it into 6 payments of $375.00 for you”
** just make sure your lowest offer always has a RECURRING payment element to it. You’ve worked too hard and invested too much to make a one-off transaction for under $200…**
This is what we call our ascension model.
The first thing many people will do right about now is roll their eyes and take this approach for granted. Until you do the numbers and see how much money you’ve LOST by not having the ‘Product Pyramid’ structure in place.
So…now it’s time for some eye-watering number crunching. Substitute your own numbers into this, be it a service or a product, be it coaching or providing consultancy services…doesn’t matter if the model fits ALL.
Let’s say you hold only 10 consultations with qualified prospects per month.
And you close an average of 2/10 (20%) onto your higher ticket products or services.
Good for you.
That’s $XX, XXX per 10 leads, if we use the Business Improvement example from above.
If you maintained that close rate each month over the last year, that would be $XXX,XXX made in the last 12 months.
Sounds like a good sum, but let’s dig deeper. I need to warn you though, you probably won’t like this.
This means 8 prospects walked away every month, empty handed.
96 ‘walk aways’ in the last year.
WOW! Missed opportunities!
But what if you had the Done WITH You offer as a backup ($XX,XXX per sale)?
Could you get an average of 2 more out of 10 to say yes?
That would have made you an extra $XXX,XXX.
And could we agree that out of the remaining 6 unconverted prospects per month, another 3/6 would have said yes to the $1997 x 6 Extreme Downsell?
If so, that would have netted our Business Improvement expert another $XX ,XXX.
So overall, not having the bottom two tiers of the pyramid would have cost you $XXX,XXX
That would have been a huge % increase in your revenue bottom line.
Little things add up into BIG numbers.
So, my suggestion from here on in is this…
Instead think, “How can I monetize my leads by offering multiple ways to access the same desired result?”
If you at least extract some cash out of 70% or more of your leads, you effectively liquidate your coaching and marketing costs.
Before you make 6 figures that probably doesn’t excite you.
But after 6 figures, you start sweating more about overheads, trust us.
So think about that first question we have asked you…
How many people have you let walk away after they said ‘no’ to your offer?
And what if you’d had that ‘downsell’ option available instead?
How many more ‘yesses’ might you have got?
How much more money might you have made by now?
And don’t you think these lower-paying clients would eventually upsell (or ascend) or buy other products from you later?
You’re missing out on an entire income stream if you’re not doing this.
We’re all for high-ticket selling and charging high fees that you’re worth.
But it doesn’t mean you can’t ALSO serve those who are only able or willing to invest at a lower fee.
So make your product pyramid.
Make it EASY for people to give you money if they aren’t ready to go all-in with you.
Are you ready to start playing a bigger and smarter game?
Let us know.
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