Out of the Box with David Wood » marketing http://life-coaching-resource.com/blog Out of the Box Tue, 31 Aug 2010 19:39:06 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 Mentor Monthly #102: The Power of Packages http://life-coaching-resource.com/blog/2008/12/mentor-monthly-102-the-power-of-packages/ http://life-coaching-resource.com/blog/2008/12/mentor-monthly-102-the-power-of-packages/#comments Mon, 01 Dec 2008 16:58:08 +0000 David Wood http://life-coaching-resource.com/blog/?p=233 1. Announcements/Offers

What People are Saying About ‘First Fifty Clients’?

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2. FEATURE: The Power of Packages

Scott Hallman REALLY knows business.

So in this issue of MentorMonthly I’m bringing you his article
on how to greatly increase your revenue with packages…..

How To Turbo-charge Conversion and Skyrocket Profits By Finding “Sweet” Spots in Your Product or Service Offerings

Recently we have been having enormous success with teaching clients how to use packages – that is a combination of products or services that create greater perceived value and allows you to reach different price points in the market place.

Here is one of the three ways we teach on how to use The Power of Packages to instantly increase profits without spending a dime.

Tony Robbins Gets it – To the Tune of $1.7M Per Event

My friend Chet Holmes invited me to attend a Tony Robbins Unlimited Power Weekend. To my amazement, there were 3,500 people there. I noticed that people had different colored name tags and quickly learned that that was based on the “package” they signed up for. The basic “package” seemed to include the right to sit 400 rows away from Tony and a free name tag holder for $995. Then you can upgrade to the Executive Package that cost $1,295 that gives you the right to wait in line for 45 minutes before you get to make a mad dash with 1000 other people to try to get the best available seat….and you get a free coaching session (another word for soft sales call)….and then the VIP…even closer seats and a few more slicers and dicers at $1,595…then Diamond at $2,095 which lets you sit upfront and includes several extra cool things…and finally Diamond Premier at $2,595.

Based on the seating chart I created a quick Excel chart and guesstimated that this “packaging” strategy adds about $1.7M in revenue to the event I attended!

 

It hit me that there are ALWAYS people that will pay for a premium service. Yet few businesses take advantage of this simple to use strategy.


Real World Example #1
Increased New Clients Revenue by over 325%

Derek Lee of betterHealth used packages to increase average client revenue from $450 to over $1,500 by offering a package of services that are delivered over a 12 week time frame. And the cool thing is they created it and tested it on 6 prospects in just one week….all 6 took the upgraded package at an average of $1500!

Real World Example #2
Doubled profits on 20% of the Customers

Pasha Lake Cabin’s income is limited by the available cabins to rent. So they recently decided to create special premium packages that include fishing guides, special meals and more. This is a new offering but they expect 20% of the lodgers to take the package upgrade.

Real World Example #3
Increased average patient income by 30%

Dr. Eric created premium packages for the purpose of making their standard package look like a great deal…but unexpectedly, over 50% of the people opted for the premium package that cost 60% more!

As with every strategy I share with you, the Power of Packaging costs virtually zero to create and test. So go for it and ProfitNOW™.

For coaching, you can use packages in several ways:

  • Sell a “package” of months as opposed to month to month coaching. If you typically keep clients for 4 months, try selling a six month package at a discount. This can dramatically increase your income per client.
  • If you provide more than one service or product, bundle these at a discount. For example, a Fitness Coach could have a Platinum Package that includes 24 training sessions, the supplement pack, and a body fat index test.
  • A business coach could have an “upsell” package, four hours a month vs standard two, or a “downsell” package of two half hour sessions. This not only leads to increased revenue per client but also an increased client conversion as well.

So create a few versions of packages and test them out. You will be surprised how many people take advantage of them…and how your profits grow.

To Your Success,

Scott Hallman

www.smallbusinessgrowthclub.com

 

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Action

1. Brainstorm a list of packages you could offer your clients.

2. Choose one to test out this month. Share with the blog how the package works.

3. If you already use packages in your business, share with the blog your experience with them.

***

 

Enjoy!

P.S. Got a comment on this article? Please add it to the BLOG

]]> http://life-coaching-resource.com/blog/2008/12/mentor-monthly-102-the-power-of-packages/feed/ 1 MM #101: A Clever Strategy http://life-coaching-resource.com/blog/2008/09/mm-101-a-clever-strategy/ http://life-coaching-resource.com/blog/2008/09/mm-101-a-clever-strategy/#comments Thu, 25 Sep 2008 15:00:03 +0000 David http://life-coaching-resource.com/blog/?p=193 1. Announcements/Offers

What People are Saying About ‘First Fifty Clients’?

Simply Brilliant!!!!!

 

  

I listened to the disc for the first time on Monday and have already booked 45 people for exploratory sessions. I may have to extend my goal to 100 people in 100 days. I never knew I could inspire people to take advantage of a free session. You have motivated me into action and I wish to thank you for this. ” – Loretta Digger, UK

 

Visit http://www.FirstFiftyClients.com

2. FEATURE: A Clever Strategy

Proudly reprinted from issue #50 of the Mentor Monthly

Suppose you got 1,000 visitors to your web site today.

How many would give you their email address so you can stay in touch?

5? 200?

And will they be engaged? Inspired to do a coaching session with you?

In this article I’ll tell you a very simple, yet clever strategy, which will engage your visitors in an interactive way, AND get their email address.

Start a relationship
People don’t tend to plunk down money the first time they visit a site. And they don’t want to become a client until they feel they know you a little better. So to get them interested in you and your site, try free downloads, articles and other freebies. These are excellent ways to bring people to the top of your marketing funnel.

Once you start a relationship by giving them something, it will be easier to convert your visitors to clients or sell your products.

Assessments as freebies
Assessments are a fantastic way to attract visitors. Assessments are quizzes and questionnaires that create an interactive experience for your prospects. “How Successful Are You?” “Are You Ready for a Relationship?” “Are You Stressed?”

People love to fill them out and better yet, they like to pass them on to their friends. And assessments can be powerful tools to help people learn more about themselves. In other words, they are already being coached!

Lyle Johnson, a client in my Coachstart™ Mentoring Program took this idea and turbo charged it. He created 38 assessments in one week!

I’m serious – 38 assessments, 30 questions each, and SIX EMAILS in an autoresponder series to follow up every assessment individually!

http://www.coachforoutcomes.com/assessments.htm

He used the Assessment Generator to get his assessments up that quickly (it does the programming for you).

Now I don’t expect you to be as prolific as Lyle, but you could definitely whack one up there in the next few days, and send the link to your colleagues and friends.

Get their email address
Once you have a visitor’s email, you can contact them more to build the relationship you started with the give away. And you get a chance to show them what else you can offer them (i.e. coaching, an information product, a teleclass, etc.).

Lyle has a great system for following up with potential clients who take the quizzes. He asks for their name and email address before they hit the score button. He tells them where they are based on their score, and then follows up 6 times via an autoresponder specific to that quiz! The autoresponder messages are to upsell to his coaching.

How do you set up the autoresponders? Well – that’s a topic for another article. To save you from overwhelm, I’d suggest you just start with the quiz. But for those of you ready to go to the next step – you can check out the system I recommend here.

Can you see the potential? Set up this system once and then you don’t have to email each prospect, each time. Just some tweaks here and there every so often.

What’s your freebie?
Now that you know how important having something to give away is to attracting potential clients and customers to your site, what are you going to do?

Action

  1. Brainstorm a list of 10 assessments or freebies you could offer which match your niche. 
  2. Think about what you want to upsell to (i.e. coaching, products, a course).
  3. Post the name of your assessments on the blog!
      

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This was drawn from The CoachStart™ Manual, found together with hundreds of dollars in free bonuses, here.
 

Enjoy!

P.S. Got a comment on this article? Please add it to the blog.

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