How to increase revenues to your digital business with coaching
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The Knowledge Commerce space is booming, with an expected valuation of more than $275 billion by the end of 2020. But we want your digital business to thrive and sometimes, that includes selling more than just digital products.
In this post, we’ll be discussing another billion-dollar force which you can take immediate advantage of. That’s right, let’s see how adding coaching can increase the revenue of your online business.
The $20 billion dollar coaching industry
Some reports suggest that coaching will be a $20 billion dollar industry by the end of 2020. It’s one of the fastest growing trends out there and for good reason. It works! Prospects have proven they’re willing to spend good money to receive quality help, advice, or accountability.
In today’s article we’ll identify 5 tips you’ll want to consider as you seek to incorporate this type of service into your online knowledge business.
5 tips to successful high ticket coaching
The key to remember with any kind of coaching is that your success has far less to do with credentials and almost everything to do with your ability to produce a result for your prospect. Keep that in mind and you’ll do well.
#1: Know who you serve
Knowing who you serve is the foundation and starting point for all successful high ticket coaching. Starting here enables you to craft your coaching offer in such a way where the right person has no problem with the investment you specify is required.
So here are a few questions to help you nail this down and move onto our next step:
- Who is the exact person you can help the most? Describe in detail.
- What is the end result your prospect wants more than anything else?
- What are the 3-5 common roadblocks stopping them from getting there?
- How can you turn these 3-5 roadblocks into elements of your coaching offer?
- What is it costing your perfect prospect if they stay where they’re currently at?
- What could change in their life if they decided to work with you?
The goal is to create your coaching for a clearly defined single person. If you have multiple coaching offers you’d like to create, you may want to tweak each one to best meet the avatar which it would most resonate with.
Coach a specific “type” of person. Your messaging and offer will flow from this point.
#2: Clarifying your offer
Your offer should be solving some sort of high-level problem for your perfect prospect.
Successful coaching offers are all about one thing: results. Craft an offer which speaks to the pain points of your prospects and allows you to promise (as much as possible) the results which they seek.
Remember, your offer is based on the questions you answered above. You cannot have a clear, powerful, irresistible offer if it isn’t “custom-made” for a specific individual.
Your offer is made up of three specific elements:
- The What: What problems is your coaching offer solving and what big results can your prospect expect?
- The How: How will you help them accomplish this? How long will it take, how will the coaching occur, etc?
- The Investment: What will they have to invest in terms of money, time and effort.
Remember, there’s a difference between investment and cost. When you’ve created a powerful coaching offer, there’s always some sort of return your client will receive by working together. You want to constantly be highlighting this point.
Typical high-ticket coaching ranges from $2,000 - $10,000 and anywhere in between. It can even be far above that if you’re helping solve problems for prospects who can afford that sort of price tag.
Choose a price that best works for you and which you’re comfortable with. Maybe even a little lower than what you think it’s truly worth if you’re just starting out. That way you can get people signed up, make improvements, and raise your price once you’re ready.
Use this 3-pronged framework to develop an offer which your perfect prospect would find difficult to turn away from.
#3: Give them a strong reason why
Ultimately you want to create a rock-solid reason why which can be deployed in all of your marketing. A clear, believable, proven reason why is one of the most powerful and persuasive marketing elements you can have at your disposal.
Clearly answer the following questions for your coaching add-ons:
- Why should that prospect coach with you?
- Why did you decide to create this offer?
- Why are you qualified to help them?
- Why should they act now and not continue to wait?
- Why are you different than other similar offers out there?
The answers to these why questions become the fuel to help your prospects take action. If you’ve created an irresistible offer aligned with your perfect prospect, the reason why they should take action should be clear.
#4: Different types of high-ticket coaching
While there are many types of coaching formats, the two most popular for digital entrepreneurs and online marketers are 1-on-1 and small group.
Typically, the more personal the coaching, the more expensive it’s expected to be. Both formats have been proven to consistently deliver results, so it really comes down to what works best for your specific business and allocation of resources. You can also create some type of hybrid where you offer a 1-on-1 call once a month along with weekly group calls.
The question you want to ask yourself is, “What format allows me to deliver the best possible result for my client?”
It’s tempting but you shouldn’t start with, “Which one will make me the most money?” Base everything off how your coaching offer will help your end prospect and everything will flow.
And always remember, you can tweak any of this as you go. Nothing is set in stone. If you launch a 1-on-1 offer but then it’s just not working with your available time, you can change it for future customers.
#5: Start now with your coaching add on
The best time to start with adding coaching to your digital product business is now. The reason is simple: sales and revenue.
Since these offers are typically far more expensive than your normal products, you only need to sell a few of them to generate an additional substantial income for your venture. your business only succeeds if it can consistently produce enough revenue.
Here are a few very simple ideas to help get the ball rolling:
- After you’ve gone through this article and answered some of the foundational questions, fleshed out your coaching offer, investment, and duration, give your new coaching program a name. This will help lend it credibility and get people more interested.
- Send an email “announcing” this new offer to your list of subscribers. Lead the email with all of the main ‘reason why’ we established earlier.
- Post on your Facebook profile or business page about the new offer.
- Instead of sending everyone to a sales page or immediate checkout, take them first to a phone call (strategy session) with you where you can better identify if they’re someone who this offer might truly help.
That’s really all you need to do in order to get the ball rolling.
Knowledge Commerce and coaching
No matter what you sell, the chances are fairly high that there’s a way for you to work in some type of high-ticket coaching offer into your business. Knowledge Commerce and coaching have always been perfectly aligned.
Remember our 5 tips when adding high-ticket coaching to your online course offerings:
- Know who you serve
- Clarifying your offer
- Strong reason why
- Different types of high-ticket coaching
- Start Now
Unsure of what to sell?
Kajabi is a full-featured platform that allows professionals like you to create their own businesses from home. We make it simple to create online courses, establish membership sites, and sell other digital products. And, it comes with an easy to use coaching platform and podcast tool.
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