| I'm sure that every one of us has heard that at | | | | Process |
| one time or another. Here's how to reduce | | | | Selling a product or service that appears to be |
| hearing that, can't totally eliminate it, and turn it | | | | "expensive" to the market you are selling into, |
| into major sales. | | | | becomes a high risk situation. The higher the risk, |
| When I started coaching I heard a lot of people | | | | the more time you will have to spend developing |
| say "don't lower your price, what we have is | | | | the relationship and trust. I'm sure you've heard |
| worth it." However, out in the "real world" that I'm | | | | the phrase that people buy from those they |
| in, and I'm sure that you are in, there are a lot of | | | | know, like, and trust. Well, that's where we've got |
| people saying, "Wow, that's expensive." | | | | to spend our time. It's not likely that you can |
| I'll give you two key reasons why that is the case | | | | show up, meet someone and instantly sell them a |
| and several ways to avoid it. | | | | several thousand dollar coaching job. They have |
| The reasons: | | | | to get to know you, like you, and trust you. |
| | | | Takes time. |
| 1. Many coaches target the wrong market. Some | | | | So, how might we do that? |
| will NEVER buy at almost any price. Most are a | | | | Let's look at this situation. |
| waste of time. But I'll show you how to get more | | | | Getting to know them, like them, and trust them |
| of them and avoid those that are a waste of | | | | You are walking along the aisle in your favorite |
| time. | | | | grocery store. There is a little old lady standing |
| 2. You are selling "coaching" and not the "value" of | | | | there with something on the end of a toothpick. |
| coaching. Sell value and you'll see your sales closes | | | | The smell entices you to go over. Your mouth is |
| go up 5 to 10 times from where you are. | | | | watering, so you take one to taste it. It's really |
| 3. Offer something at a price they can afford so | | | | good, so she offers you more in a cup to eat. It |
| they can experience what you have, and they will | | | | really does taste good. Then she makes you an |
| likely take a bigger step next time. | | | | offer you can't refuse, a whole bucket full to take |
| Targeting the wrong market. | | | | home to the family for dinner at $1. You can't |
| Here's a rule of thumb I use. | | | | buy dinner for the family at that price, let alone |
| - Business Coach-- businesses under $500K in | | | | that tastes THIS good, so you take it home for |
| revenue mostly work from "scarcity" thinking. | | | | dinner. |
| They are stuck in a mode of what they can't do. | | | | (She just gave you VALUE, lots of it for your |
| They can't market because they didn't have | | | | money. And it tasted so good, there is no way |
| enough money last month, so they will cut more | | | | you could refuse this offer. THINK how you could |
| out this month, marketing that would generate | | | | do this with your business.) |
| enough, or even coaching that could help them | | | | Of course, the kids go ape over it just like you |
| get out of the rut they are in. They are stuck in | | | | did and they are begging for more. The little old |
| a downward spiral. For those below $500K in | | | | lady did give you a coupon to buy more, or a |
| revenue most will not change even when you | | | | coupon for next month's special. So, when you go |
| show them how. If you want more success, | | | | to the grocery store the next time you are |
| target businesses over $500K and watch your | | | | looking for that product so you can guy an even |
| results move up as well. Everything is about | | | | bigger bucket of this stuff. |
| increasing the effectiveness of your time. Spend | | | | As you got that original sample from the little old |
| your time where it delivers the most return. | | | | lady, she also had you sign up for other specials, |
| - Business Coach - Above $1M most will spend | | | | including being notified at the next birthday, or |
| the money IF you can prove your value. We'll | | | | special family event where they will load you up |
| discuss this later. | | | | with coupons for bigger and better choices. |
| - Find the RIGHT target market for your business | | | | Keep in mind that you probably weren't looking |
| and price. | | | | for what the little old lady had to offer, and would |
| - Life coach - Similar concept. Families at $75K | | | | never have bought it if you hadn't had that |
| income and below find it hard to spend money, | | | | opportunity to try the "free taste." Now, you are |
| even if it would make them better. Singles are | | | | buying their products, and looking for it in the |
| freer with their money so that level may move | | | | store. |
| down. | | | | Do you see a pattern here? This is relationship |
| I go after the easier target market. | | | | marketing, getting to know them, like them, and |
| Sell Value Not Coaching | | | | trust them. The same idea applies to your |
| This applies whether you are selling into the lower | | | | coaching. |
| income market, or the higher income market. If | | | | How do we do this? |
| you've been selling "coaching", most people don't | | | | Some key points are that you must find an entry |
| understand coaching, nor what it will do for them, | | | | point that is low risk, low cost, and then lead |
| that's the value that it will deliver. | | | | them step by step through the getting to know |
| Your prospect isn't interested in "coaching", the | | | | you, like you, and trust you process. Start with a |
| ONLY two things they want to know is: | | | | freebie. Give them something where they get a |
| - "How will whatever it is you have to offer help | | | | chance to "take a taste". If they go "Wow, this |
| them resolve a problem they have | | | | stuff is fantastic" you know you've got them |
| - They aren't interested in "coaching," or the fact | | | | started into what I call your marketing funnel. |
| that you will help them build a business plan, or | | | | Imagine a funnel as a big wide-mouthed funnel, |
| have a step by step process to | | | | wider at the top and narrows down as you move |
| ______________[fill in the blank for yourself], | | | | down the funnel. You stuff people into the top as |
| or that you are a "certified" coach, or have been | | | | they "take a taste" and move them step by step |
| working in their industry for 20+ years. None of | | | | down further into the funnel. Each step is bigger, |
| that matters in the slightest. | | | | more valuable (but does cost more, which means |
| I know that shocks some of you to the core, but | | | | higher perceived risk), until you get them to your |
| it's the truth, and it's the reason you haven't been | | | | final product or service (highest value, highest |
| successful up until this point. | | | | cost, highest risk, but because they liked what |
| Let's look at some of these concepts, but from | | | | you had to offer. |
| the prospects viewpoint, not yours. If you are the | | | | Here are some ideas for coaching: |
| prospect, does "certified coach", or "been in this | | | | Offer a freebie, could be a seminar on how to |
| business for 20+ years" or even having an | | | | grow a business fast, how to get more clients, |
| advanced degree in it, guarantee (I said | | | | something of value. Make it valuable enough to |
| GUARANTEE, absolutely without fail) that this | | | | entice them, but short enough that it is "only a |
| prospect will get what he wants, either a fast | | | | taste" of what could come later. Leave them with |
| growing company, or removal of specific | | | | a sense of the value they received this time, and |
| problems he's facing? | | | | the value that is to come. Then give them an |
| If you are honest, the answer has to be NO. | | | | offer for the next step, it could be a low cost |
| Don't you know people that have done what they | | | | seminar, or it could be an e-book (probably |
| do for 20+ years and are absolutely horrible at it? | | | | something in the $39 to $99 range). |
| Don't you know "certified coaches" that are | | | | Other intermediate steps could be a |
| absolutely horrible at coaching? | | | | teleconference, group coaching, mastermind |
| When it comes to advanced degrees, I've | | | | groups, email coaching, something to let them |
| coached lots of top executives in business with | | | | experience more. Group settings are great. Some |
| degrees as long as your arm that say "Wow, | | | | of the coaches I've coached through this process |
| your causing me to think about things I've never | | | | actually learn to make more at the intermediate |
| run into before." In fact, isn't a coach supposed to | | | | lower cost steps than they do with the end |
| help "think out of the box?" | | | | result, one-on-one coaching. |
| Once you face up to the fact, that what you've | | | | One other hint, back to the grocery store and |
| been selling, and saying isn't what the prospect | | | | the marketing funnel. Once you get them down |
| wanted to hear, and you make that transition to | | | | through the funnel once, don't miss the next |
| the fact, that the prospect wants to hear what | | | | opportunity, getting them to try the "flavor of |
| kind of results you've brought to others | | | | the month." Start another funnel with another |
| (RESULTS), and what is the VALUE of those | | | | flavor. You just helped them down a funnel with |
| results, then you will see your own results and | | | | one target in mind, next month offer them |
| income go through the ceiling. | | | | something else, another flavor. Because they now |
| Sell value, not what you do. | | | | know you, like you, and trust you, the next sale |
| Find the Acceptable "ENTRY" Price Level for Your | | | | will be even easier. Develop a series of different |
| Market and Lead Them Through the Thought | | | | offerings and different marketing funnels. |