Welcome to DotCom2020.com Blog
Mindset Matters: Getting Inside the Head of Top Dollar Coaches
Mindset Matters: Getting Inside the Head of Top Dollar Coaches
When you think about the highest earning business coaches, people like Ali Brown and Carrie Wilkerson and Marie Forleo, what comes to mind? Charisma, experience, and expertise are often at the top of the list, but would it surprise you to know that those are not the most important characteristics?
In fact, while those things do help attract and keep an audience, there’s one thing that is absolutely critical to their success, and you can’t even see it.
Mindset.
It’s true. In everything you do, whether in business or in life, your mindset is the determining factor when it comes to your success. Your coaching plans are no different. Without the right mindset, you will forever be attracting and working with clients who—while deserving and lovely—are less than your ideal when it comes to their ability to pay.
So before you can realize your dreams of four- or five-figure clients, you have to do some internal work. You have to make some changes to your own mindset, to be more in line with what the top earners in your industry already do and feel.
Changing Your Attitude
One thing charismatic and personable people have in common is a good attitude. Think about it; you’ll never see Carrie Wilkerson or Paul Evans complaining about how the kids are sick, “again!” or that the cable repair guy is 40 minutes late, or even that the car blew a tire.
Instead, you see their expressions of gratitude in everything. If the kids are sick, they’re grateful to have a business that allows them to stay home and play nurse. If the cable guy is late, they’re grateful to have 40 extra minutes to read a book instead of watch television. And if the car died in the middle of running a week’s worth of errands, they’re happy to have found a mechanic who does great work at a reasonable price.
If you find yourself complaining—even in your head—turn your attitude around. There’s nearly always something to be grateful for, even in the worst situations. And when you can rethink and revise your attitude for the better, you’ll not only be happier, but you’ll attract a better audience, too.
Growing Your Confidence
Here’s something else top-end coaches have in common: confidence. They believe in what they do. They believe in their ability to help others achieve the same thing. They walk on stage or join a webinar filled with the knowledge that what they are about to say will change the lives of those who are listening.
It’s not cocky or arrogant, it’s just confidence. And if you don’t have it yet, you can take steps to increase it.
Start by asking yourself, in any new or uncomfortable situation, “What’s the worst that could happen?” Of those worst-case scenarios, resolve what you have control over, and let the rest go. So if you’ve agreed to speak in front of a small group of business owners, and your fear is that you’ll flub your speech, practicing beforehand will greatly improve your confidence.
Next, get inside the head of someone who is confident in what you’re about to do. Walk onto that stage as if you’ve been doing it for years, and not only will you feel more confident, but you’ll be more confident. You can use the “as if” attitude in everything from creating a new product to closing a sale. Whenever you feel your confidence failing, just remember to act as if you’ve done this successfully hundreds of times.
Just like how the person you’re talking to on the phone can hear a smile in your voice, your potential clients can sense your mindset. And if it’s not up to the standards of the top earners in your niche, you’ll struggle to make the sale. Work on your attitude and confidence levels, and watch your income soar.
Simple Ways to Eliminate the Tire Kickers
Simple Ways to Eliminate the Tire Kickers
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 coaches and 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 coaching and self-directed training packages, having a price tag of $1000 on your “entry level” course makes it pretty clear that your private coaching is going to be at the high end.
If you prefer to quote packages individually, a line that states, “Coaching packages start at $XXX” is a simple way to state your prices while still giving you some flexibility.
Intake Forms
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 coaching?” 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.
5 Ways to Uplevel Your Credibility
5 Ways to Uplevel Your Credibility
If you want to earn top dollar for your coaching 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 jumpstart your career.
Content Creation. 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.
Video. 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-coaching 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 coaching 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.
Speaking. 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 coaching 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.
How to Identify Your IDEAL Client
How to Identify Your IDEAL Client
If there’s one mistake that new—and sometimes even established—business owners make, it’s this: failing to develop a clear vision of her ideal client.
Too often we think our service or product is “for everyone.” And while it might be true that everyone could use your help, it’s simply not possible for you and your brand to appeal to everyone. Your prices might not be in line with what some can afford. Your branding might not resonate with others. Your story may not touch everyone with the same sense of urgency.
And when you try to reach everyone, rather than narrowing your focus to your truly ideal client, you dilute your message, making it even less likely that those perfect customers will find you.
But if you’re just starting out, it can seem an impossible task to know who your ideal client is. Start with these three points.
1. Gender. Is your audience male or female? While men and women might both read and enjoy your content—and even buy your products—you will most likely find that your market is skewed heavily one way or the other. Men and women are different, and they are affected by stories and branding in very different ways, so what appeals to a man will not always appeal to a woman. Look around at some of the brands you buy, and you’ll quickly see how they form their messages to appeal to one or the other, but very rarely both.
2. Goals. What does your client hope to achieve, and how do your products and services help to realize those goals? Whether she’s trying to build a profitable crafting blog so she can stay home with her children, or he’s working to create an online resource for muscle car fans, if you don’t know where they’re going, you can’t help them get there.
3. His or her point in the journey. Is she a beginner or well along on the path? How you speak, how you write, what marketing methods you use, and even what prices you charge will all be determined by your ideal client’s level of sophistication. Whether you’re teaching beginning knitters how to cast on, or helping couch potatoes train for their first 5k, their level of commitment (and willingness to spend) is far different from a long-time knitter who is discovering intarsia, or a runner working up to a triathlon. And you will not reach your market effectively if you don’t know exactly where they are and what they need at this point.
Of course, if you’re just starting out, you might not yet know who your ideal client is. That’s okay, too. But pay attention, because they will tell you. They’ll tell you through the products and services they buy. They’ll tell you by following you (or not) on social media. They’ll tell you by commenting on your blog and asking questions that are relevant to them.
Watch your interactions, study the businesses of those who contact you for help, and take a look at what your competition is doing, and soon enough you’ll have a clear understanding of who your ideal client really is.
You Are Your Brand
You Are Your Brand
Secret successful marketers know: customers don’t buy a product. They buy you.
Your personality.
Your experience.
The unique qualities only you possess.
There was a time when “branding” meant a corporate-looking logo and a slick catalog, but in today’s online marketplace, the real value is not in appearing to be a big company, but rather in just being you. And your personality shines through in a variety of ways.
Your Authentic Voice
How you speak and write and even how you act on camera or in an audio interview has the power to instantly identify you to your audience. You can see this in action if you scroll through your Facebook feed. It’s easy to know who has posted a particular image or status update, just by recognizing the voice with which they generally speak.
Here’s an even more important aspect of your “voice” though: it has the power to attract a specific audience. In recent years, a few high profile coaches and product sellers have become celebrities of a sort, largely because of their harsh, “don’t hold back” language. Ash Ambirge over at www.TheMiddleFingerProject.org makes no apologies for her use of offensive words, and her fans love her for it. And those that don’t? Well, as she says right on her home page, her site and services are “not for humorless bores.”
Snarkiness and foul language is not the only way to go, though. Carrie Wilkerson has built her brand almost entirely on her ability to be kind and generous. She always has a nice word, never appears defeated or overwhelmed, and is an inspiration to her fans and clients.
While very different in their approach, these two women have one thing in common: authenticity. It’s clear that if you were to meet either of them in person, they would speak and act exactly as they do online. And their brands are stronger for it.
Your Story
How did you get to where you are today? The backstory—which to you might seem boring and uneventful—is a powerful tool that can help solidify your brand and attract just the right audience.
Melissa Ingold tells of being a struggling single mother, and of creating an online business rather than simply choosing to work one dead-end job after another. Her success is an inspiration to her audience, and is a huge part of her branding.
Kelly McCausey speaks often of how she got started online when she was looking for a way to earn just a few extra dollars every month to keep the lights on. Creating graphics at $5 each quickly turned into a full-time online career.
Your story doesn’t have to be dramatic, and you certainly don’t have to share more than you’re comfortable with, but it does have to be yours. Be your true self, and you’ll never have to worry about attracting the right audience. They will self-select, and your perfect client will find you.
How Well Do You Really Know Your Ideal Client?
How Well Do You Really Know Your Ideal Client?
We’ve all done the exercise. It’s the first thing you’re taught when you first start your business: Create an ideal client avatar.
This vision of your ideal client guides everything you do, including pricing (you can’t charge that single mom as much as you can the CEO of a Fortune 500 company), pain points (mom probably isn’t worried about shareholders), and even the color of your logo.
So you spend a few hours considering things such as:
- Age group
- Income
- Family status
- Education
- Lifestyle goals
- Location
Maybe you even write up a nice little story about your ideal client. You give her a name, a couple of kids, a husband who just doesn’t get it, and a load of student loans. You know quite a bit about her, you think.
But you would be wrong, and if you stop there, you may be missing a huge piece of the puzzle—and losing out on the best clients because of it.
Personality Mismatch
Here’s something that’s rarely considered in the “ideal client” equation, and it’s arguably the most important part: personality.
If you’re snarky, sarcastic, fun-loving and loud, then a quiet, middle-aged mom who spends her time volunteering at the church is probably not a good fit for you. Sure, she might need your help, and she might love your products, but for one-on-one coaching, this match-up is a disaster. Either she will be uncomfortable with your style, or you’ll be miserable trying to reign in your natural exuberance.
Better to pass mom on to a coach who is a better fit for her personality wise.
Drive Determines Success
This one can be difficult to calculate from the start, but once you recognize it (or the lack thereof) it’s worth paying attention to. The client without the drive to succeed will—more often than not—only end up frustrating you both.
Better to end your relationship as soon as you see the signs of this than to waste your time going over the same material and exercises again and again with someone who simply won’t do the work.
If you look at your current and past coaching clients, you’ll begin to see patterns. You can easily look back and see what made some clients a joy to work with, while others were a struggle. Think about what those differences are, and add them to your ideal client profile. Then compare any new potential clients to this ideal profile, and you’ll never again sign on with a less-than-perfect client.
How Much Transparency Is Too Much?
How Much Transparency Is Too Much?
We’ve talked before about storytelling and authenticity, and how being your true self is your most powerful branding tactic. But just how open and honest should you be when it comes to sharing your story?
Pat Flynn and Jon Lee Dumas are notorious for their transparency, even going so far as to post monthly income statements. You might argue that when you’re making the kind of bank they do (6+ figures each month) it’s easy to share—perhaps even inspirational to your audience. But it might also be off-putting to some, since talking about money is often seen as vulgar. In this case, though, it works to attract the exact audience they are after. Others will find other mentors, and that is, after all, the point of marketing.
Transparency comes in other forms as well. Struggles with alcoholism, depression, cancer and other health concerns are commonly shared. Stories of marriage and relationship triumphs (and tragedies) are told. Even spats between competing businesses aren’t off limits for some marketers.
That doesn’t mean, though, that you have to be frank and honest about all areas of your life and business. With a little forethought and planning, you can keep certain aspects of your story private.
Watch Your Social Media Profiles
Here’s where a lot of business owners falter, especially when it comes to Facebook. You have your personal profile, to which you invite friends and family, and your business page, where you talk, well, business.
But there will inevitably be some overlap. Colleagues will slowly filter into your personal timeline, and you into theirs. Pretty soon, your business people are hearing all about your latest bout with the flu and that snarky thing your mother in law said yesterday. Too much? Maybe.
When it comes to your social media sharing, it’s important to pay close attention to not only what you say, but who you’re saying it to. Using privacy settings, contact lists, and even limiting who you “friend” can help maintain your privacy while still being transparent about your business offerings.
Remember, the Internet is Forever
While privacy settings can help, a better way to keep your personal business away from prying eyes is to simply not post it at all. Think of every blog post, Tweet, Facebook status update and Instagram pic as a billboard. If you wouldn’t post it on the side of the highway for all who pass to read it, don’t put it online either. The chance that it will “leak” (despite your best efforts) is great, and once it’s out there, you will not ever get it back.
So think twice about those nasty replies, intimate details, and other confidential information. You just never know who might be reading, and they will affect your brand image.
The bottom line? Know your audience and know yourself. If you’re not comfortable sharing certain aspects of your life and business, chances are they won’t be comfortable hearing about it, either. It’s okay to maintain some privacy, even in this transparent world of online marketing.
Lessons Learned: What A Lost Client Really Tells You
Lessons Learned: What A Lost Client Really Tells You
We’ve all lost clients. Sometimes it’s our fault. Sometimes it’s theirs. Sometimes it’s out of everyone’s control.
But no matter the reason, there is something to be learned from a lost client. A system to review lost clients will help keep your business improving and growing.
Exit Interview
Typically done when you leave a job, an exit interview is also a great way to review what went right—and what went wrong—during your coaching relationship. You’ll want to review:
- The progress your client made
- What specific advice or tools did not work for her
- Any personality conflicts
- Why she’s moving on
This is not the time to get defensive. Be open to her criticism (if there is any) and use the information to genuinely improve your business.
Be Honest With Yourself
One of the most common reasons for client loss is that the customer is simply not a good fit. Maybe you suspected it when she signed up, or maybe not, but now that she has moved on, ask yourself:
- What signs were there that she was not the right fit?
- Why did you ignore any signs that were present?
- How can you use that information to protect yourself from a less-than-ideal client in the future?
If you can identify a bad client/coach match from the start and decline the work (or better still, refer her to another coach who is a good fit) you’ll find you have a lot less stress in your day-to-day business.
Misunderstandings
Sometimes, client loss is as simple as a lack of understanding on your client’s part. Do you clearly state:
- The schedule of calls/emails
- The requirements for scheduling a call
- Reporting requirements
- Length of your contract
Do you also have a system for staying in touch with a client who has gone quiet? Sometimes all it takes is a phone call to get your wayward client back on track. Many coaching relationships have been salvaged with a simple phone call or email, so if you haven’t heard from a client in a while, pick up the phone.
Here’s the bottom line: Client loss happens. But if you can learn from each client, and use that intel to improve your business, then even a lost client can be turned into new profits.
Need More Clients? Think Like a Farmer
Need More Clients? Think Like a Farmer
Think all a farmer has to do is wait until fall to harvest truckloads of delicious tomatoes or corn or squash? Think again! That farmer has worked hard all year long to prepare for that week or two of reward.
He prepared the ground following last year’s harvest.
He planted seeds in the spring.
He watered and fertilized and protected his fragile crops from pests and drought and poor weather.
And finally, after months of work, he enjoys the results.
Your coaching business works the same way, and if you take a page from the farmer’s playbook, you’ll soon be reaping the rewards, too.
Preparing the Ground
This is your brand, your voice, your very presence in your market. If you’re just starting out—like that farmer after his harvest—you’ll spend your time simply becoming known.
Hang out with other coaches in your niche. Join forums where your ideal clients spend their time. Build a website and start your mailing list. This is the prep work that will form the foundation of a solid business in the future.
Planting the Seeds
Your seeds are your content and products. With each blog post you write, every product you create, you’re planting a seed you can harvest later. But unlike the farmer, your seeds will produce over and over again, endlessly.
In fact, you’ll likely find that blog posts you wrote years ago will continue to bring in new clients year after year, with no further help from you. Products can be sold over and over again, or reworked into new offers. Podcasts, videos, ebooks and more all continue to work for you, month after month, year after year.
When you think about it that way, it’s easy to see that planting seeds is a critical part of every business.
Nurturing Your Crop
Wouldn’t it be nice if you could just “set it and forget it”? Unfortunately, that style of business rarely works.
Instead, you must spend time nurturing.
- Stay in touch with your email list
- Update old blog posts with new ideas
- Study your stats to improve your traffic and conversions
- Improve your products
It doesn’t take much effort to update your blog posts or tweak your products, and the rewards can be fantastic.
Of course, being a farmer is a long-term investment. The work you do today may not pay off for weeks or months to come. But with a strong history of consistent “farming” in your business, you’ll soon see that those long-term rewards are paying off consistently as well.
Fear-Based Decisions Are Bad for Business
Fear-Based Decisions Are Bad for Business
At one point, every business owner will find herself in a troubling situation. Revenue is down. New clients are scarce. Profits are falling, and a peek at the financials is enough to bring on a full-fledged anxiety attack.
Unless you’re Mark Zuckerberg or Bill Gates, chances are you’ve experienced that sinking feeling of a business that’s trending downward, too. But how you handle it can mean the difference between continued success and business-killing burnout.
Here’s where a lot of coaches get it wrong. They start to worry about money, and that worry leads to poor decisions that ultimately have a negative impact not just on finances, but—maybe more importantly—on morale, too. Maybe you know what I’m talking about.
You Take On The Wrong Client
When business is down, it can be tough to keep your ideal client avatar in mind. Instead, you jump at the chance to work with anyone who comes along. The trouble with this scenario is you can find yourself with a roster full of clients who:
- Aren’t willing or able to do the work required
- Spend all their time telling you why your ideas and advice won’t work
- Drain your energy and make you dread your office
You Stop Creating
And who can blame you? With profits down, you have to pull back. You can’t afford to spend time and money creating new programs, so you recycle the ones you’ve already produced.
Now, this would be ideal if you were repurposing with a positive intent. Turning your ebook into a group coaching course? Perfect! But that’s not what your fearful brain is telling you.
Your fearful self is saying, “Just re-release this same product again, so I don’t have to have new sales copy written or record new videos.”
And while this might help bring in a bit of cash short-term, it won’t do anything for your reputation or your self-esteem.
Yikes! That’s no way to operate a business, but that’s just what a fear-based mindset can do to you. Better (much better) to hold out for that perfect client. And while you’re waiting, take what you’ve learned from your drop in sales and create the killer program your audience is clamoring for!
Say it With Confidence: How to Discuss Rates Like a Pro
Say it With Confidence: How to Discuss Rates Like a Pro
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’re not alone. Most of us have difficulty talking about money—especially when it comes to quoting prices for our own work. But if you’re going to be successful in business, you have to get over it.
Practice. 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.
Smile. Even if you’re 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 don’t 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 VIP coaching is $1,000 per month. Where should I send your invoice?” And then…
Be silent. When we’re 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’re talking price, avoid the urge to fill the silence (especially because you’re 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’re confident in your skills, and consequently, that you are the right coach for them.
Sales Tips for Reluctant Sales People
Sales Tips for Reluctant Sales People
Would it come as a surprise to you if I said we’re all sales people? It’s true.
Every time you have a prospective client on a discovery call, you’re making a sales pitch. Every time you send an email or write a blog post with an offer, you’re making a sales pitch. Every time you write an opt-in page, you’re making a sales pitch.
And you’re probably pretty good at it, too, or you wouldn’t be where you are today, would you?
So why do we continue to think we’re so bad at sales?
Sales Feels “Icky”
I hear this one a lot. You feel pushy or uncomfortable when talk turns to money. You don’t want to force anyone into a decision. You secretly think your rates are too high.
I’m going to be honest with you. This is one of those things that gets better only with practice. But the good news is, you don’t have to be on the phone with a prospective client to get that practice time in.
Instead, use the technique self-help gurus have been advocating for years: Look in the mirror and talk to yourself. Practice saying your rates out loud. Practice your segue from discovery to sales pitch. The more you do it, the more natural it will sound, and the less uncomfortable you will feel when on a real call.
Fix Your Mindset
What if you weren’t selling anything, but instead were simply chatting with a friend about the incredible new product that was going to change her life? You’re helping your friend to improve herself by sharing your experience with this new product.
That’s exactly how you should think about selling your coaching programs. You’re not trying to get your prospective client to spend money. Instead, you’re offering a solution to her problems. You’re genuinely helping her to overcome some obstacle in her life or business.
When you can turn your thinking around from “sales” to “helping” you’ll find it’s much easier to have the sales talk.
Don’t Be Afraid of the Follow Up
Most clients won’t say yes with the first call, and maybe not even with the second. But good coaches know that many sales can be closed if you simply take the time to follow up. Send a quick email and invite your prospect to:
- Schedule a follow-up call to answer her questions
- Read some of your testimonials
- Review your coaching program outline or sales page
- Or even join a different program of yours that might be a better fit
Don’t let that old “I’m not good at sales” thinking get in the way of making a real difference in people’s lives, and in growing your business and your profits. With these easy tips, you can quickly turn your sales blocks into a system for landing new clients consistently.
Easy Pricing Strategies to Determine Your Rates
Easy Pricing Strategies to Determine Your Rates
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 use a calculator such as the one found on Melissa Ingold’s Time Freedom Business. These will quite quickly tell you what you need to be charging to reach your income goals, and they’re a great 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, take a look at:
Your Competition. This might take a little detective work, since a lot of coaches and 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.
Your Skills. 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 coaches 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.
Your Market. 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 coaching.
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.
The Art of the Discount: How to Never Lower Your Rates Again
The Art of the Discount: How to Never Lower Your Rates Again
It’s happened to every coach and service provider at one time or another—probably more than once.
You offer a proposal or contract, only to have your potential client respond with, “That sounds great, but I can’t afford it.”
What do you do?
For a lot of coaches, their first response is to lower their rate. After all, they reason, she really does need my help. Plus it’s good karma, and she’ll talk about me with her friends, and refer business to me later.
Maybe, but more likely than not, what you end up with is a client who takes far too much of your time, for less money than you deserve. You wind up resentful, and wondering why you aren’t earning the living you know you’re capable of.
Sound familiar?
I want you to make a promise to yourself right now that you will never again lower your rates to appeal to a client. Doing so devalues your services, makes the client less likely to follow through, and worse, makes you feel terrible later.
Now, I’m not saying you can never offer special deals. But I do want you to change how those offers are made. Here’s how it works.
If your coaching package includes:
- 1 45-minute call per month
- 1 email per day
- 1 in-person meeting per quarter
- and 1 mastermind retreat per year
and your potential client claims to not be able to afford your asking price of $1,000 per month, rather than offering to reduce the price, you offer to reduce the price and the package.
So the offer you make to her now includes everything BUT the mastermind retreat. Or everything BUT the in-person meeting every quarter.
You have not lowered your rates so far that you feel used, but at the same time, you’ve worked with her to create a plan she can afford. It’s a true win-win for both of you.
The same technique can be used for any type of coach or service provider, unless you’re charging strictly by the hour. If that’s the case, take a look at how you can reduce the number of hours you need to invest while still providing value.
For example, rather than offering four one-hour calls, change your plan to just two calls, with email follow-ups. She’ll still get plenty of value, and you’ll free up some time by inviting email questions rather than blocks of time on the phone.
Next time you’re asked to reduce your rates for anything, take a close look at how you can also reduce the work you’ll be doing. That way you’ll never feel as if you’ve been taken advantage of, and your clients will still get great service.
No More ROI: The Real Way to Sell High-Priced Packages
No More ROI: The Real Way to Sell High-Priced Packages
Want to know what keeps a lot of coaches and service providers from charging what they’re really 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…salesy.
Here’s how traditional pricing discussions go:
You talk to a potential client, and you explain what you can offer, how your coaching or 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, take a 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 coaches though? The same applies, you just have to 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 wellness coaches. 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 bad 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 coaching services, and what can it look like with you? Once they see the difference, pricing becomes nearly irrelevant.
4 Solutions for De-Stressing Your Business Starting Right Now
4 Solutions for De-Stressing Your Business Starting Right Now
What if you could save an hour a day starting tomorrow? That’s 5 hours per week, or more than a half-day off. Imagine closing up shop at 11am every Friday without worrying about all the stuff that didn’t get done.
You can do that, when you put these 4 solutions in place, and you can do it right now.
Proper project management. If you’re still managing your team with email and Skype messages, stop it. Things get lost, messages are forgotten (or never received) and balls are dropped. Not to mention all the time you spend sifting through your endless list of emails for that one piece of information you need.
Sign up for Asana today, and start putting all your projects there instead. You’ll have one place to look for tasks that are still outstanding, and be able to tell at a glance what needs your immediate attention.
Proper documentation. Do you find yourself reinventing the wheel every time you have to record a podcast or upload a video to your blog? Take 5 minutes and document the steps, then next time you have to do it (or better yet, when you hand it off to a VA) you’ll be able to quickly work out what needs to happen. There will be fewer mistakes, and the work will get done faster.
Create a business organization chart. If you have multiple people on your team, this is critical. Rather than everyone coming to you for questions—or worse, asking the wrong person and getting the wrong answer—take the time to create an organization chart. Add it to your operations manual and make sure your team knows where it is and what it’s for. Now, rather than your Skype chat blowing up with questions all day long, you’ll have time for the more important tasks.
Use time blocking. Get out your calendar and start making appointments with yourself. Decide when you’ll check email and when you’ll work on client projects, then stick to the schedule. These self-imposed deadlines will not only force you to get the work done, but they’ll help keep you focused, so rather than wasting time on Facebook, you’ll be working on your business.
All of these systems can be set up in an afternoon—at least initially. But the time they save you when you use them consistently is phenomenal. An hour a day is just the beginning, but you have to take action. You have to put in the work first, before you can earn the rewards, but the benefits are sweet. In the end, you’ll wonder how you ever managed before you did these four things to improve your business.
Money Matters: How to Systematize Everything from Invoicing To Tax Preparation
Money Matters: How to Systematize Everything from Invoicing To Tax Preparation
Here’s an all-too-common scenario: A seemingly successful coach (or service provider) is hard at work growing her business. She’s working lots of hours, and her hourly rate is respectable. But her cash flow is dismal.
Why?
Because she’s working so hard that finding the time to actually take control of her money is impossible.
Invoices don’t get sent on time. Past due balances are ignored. Taxes aren’t done. And maybe worst of all, she’s got dozens of recurring payments that go out automatically each and every month, and she has no idea what they are or if she’s even using the programs she’s paying for.
Sound familiar? Sadly, that’s exactly what a lot of “successful” businesses look like. When you work at home, and you’re accountable to no one but yourself, it’s far too easy to let these little things slide until, like an avalanche, they have a devastating effect on your business.
The good news is, cleaning it up is easy, when you take the time to put some trusted systems in place.
Start with your billing. Sign up for (and use) a system such as Freshbooks or Harvest, which will automate your timekeeping and produce an invoice with a single click of a button. Then put your billing day on your calendar as an unbreakable appointment.
Log into your timekeeping app, generate your invoices, and click send. You’ll be done in a jiffy. Not only that, but most billing systems automatically send follow-up messages for unpaid invoices, so you don’t have to worry about tracking down those slow pays.
For your expenses, use a single system. That might be PayPal or a dedicated credit card or even your business checking account. Whatever it is, be sure it has a reporting feature that will allow you to send monthly statements to your accountant. At the end of every month, bundle that up with your sales report and your receipts, and send it off. When tax time rolls around, you’ll be sitting back with your feet up while everyone else scrambles to find documents and update their accounting system.
If you do your own taxes (kudos to you!) then look for tools that will talk to each other easily. For example, you can download a Quickbooks file right from PayPal for super-fast reconciliation at the end of every month. That alone will save you hours of “doing the books.”
Just putting these two simple systems in place can easily save you 10+ hours per month, but the even larger benefit is that the money work will get done. And what that will do for your cash flow is priceless.
How to Network Like a Ninja
How to Network Like a Ninja
You know it’s critical to your success, but are you doing it with forethought and a solid strategy in place, or do you just “wing it?”
Admittedly, most of us are squarely in the winging it category, but there are some quick and easy changes you can make that will put even your most important networking tasks on autopilot.
Outsource the research: First step, hire a VA who can find and connect you with potential JV partners, affiliates, guest interviews, and all the other marketing options at your disposal.
With a list of requirements at hand, he or she can spend an hour or two on Google and bring back a list of hundreds of people you can then reach out to. What would a list of 100—or even 10—new JV partners do for your business growth?
Automate the initial connection: Create a script or email template to use when you first reach out to potential partners. Your VA can send this in an email or make a call on your behalf, but having the script in place will accomplish two things:
- The process will be much faster than if you have to think about what to say.
- You’ll be able to tweak the script as you go to get better results. Just like you split test your emails, you can test your outreach process as well.
Automate the follow-up: At the risk of sounding like a broken record, create an email or phone script to help speed the process. You or your VA (or your email autoresponder series) can send out a series of emails to follow up on that initial connection.
Automate your scheduling: Using a service such as TimeTrade or ScheduleOnce, you can easily set up your calendar with your preferred times for interviews, webinars and such. Give your JV partners links to book time with you, and the meetings will automatically appear on your calendar. No more endless back and forth to discuss potential meeting times, just a single click, and your partner can choose the time that works for both of you.
Here’s a hint though: be sure to use your calendar diligently, because if you don’t you run the risk of someone scheduling time with you when you already have another commitment.
Will it take a bit of work to get these systems in place? Sure. But once you do, you’ll find that attracting and working with JV partners, guest experts and others is much easier and more streamlined. Not only that, but with the time you save, you’ll be able to concentrate on creating new programs and services. Or maybe just hang out with the kids a bit. You deserve some time off.