Here is a mistake that some coaches make – they think if they are to increase the price of their programs, they need to pile on the content (and create more work for themselves).
To get over this misconception, first, you need to realize that people are paying for the results/outcomes/solutions to the pain points that you are delivering, not the process of resolving the problem (they are paying for the destination, not the plane ride… nor the painful line at airport security!)
Then, realize that if you can get them to push a button and have their problems resolved in 5 seconds, they would – rather than going through a 6-week program and spending 3 hours each week on implementing the changes. Here is a story to illustrate the point:
Back in the days, a farmer went to a tooth doctor to get his rotting tooth taken out.
- Farmer: How much do you charge?
- Tooth doc: 2 pieces of silver
- Farmer: Ok, that’s steep. How long will the process take?
- Tooth doc: A minute.
- Farmer: What? I am paying you 2 pieces of silver for a minute of work??!
- Tooth doc: I can stretch it out to 30 minutes, but you will be in pain for 30 minutes, instead of 1 minute.
Most people who are looking for solutions want to get their problems taken care of quickly and painlessly. Don’t make them jump through extra hoops, i.e. read or listen to more content that does not get them from point A to point B in a straight line.
So now you ask, how do I ask for more moolah if I am not giving them more content?
Here are the 3 “C”s and 1 “B” that you can play around with, to increase (or decrease) the value of your program…
Before you go into structuring the Cs and the B, ask yourself – what do I want this program to do for my business model? E.g. if you have two programs at the $500 price point, and nothing at the $0-$500 range, you may want to create a “scaled-back” program at entry-level to capture potential clients who are interested in your services but don’t want to drop the big bucks yet.
The three “Cs” are: Content, Community and Coaching
Content: content should be relevant and succinct, focusing on delivering effective solution to a problem.
Community: support from like-minded peers is essential for some people to “stick with it” and achieve results. There are many online tools these days to help you build a community through groups, message boards and forums. There are a few WordPress plugins for creating membership sites. Ning is also a good tool. Or, you can just create a closed Facebook group (I actually like Facebook groups best because most people are already on Facebook, so they don’t have to make a point of logging into another site. From my experience, it’s the best in terms of encouraging interaction and support among participants.)
You can also offer a support group as an individual product, and add a membership to the group as a bonus to your program for the duration of the training (no extra work, no extra cost!)
Coaching: either one-on-one or group coaching, this is a great way to boost the value of your program without much additional time involvement other than the few hours that you need to hop onto the phone (position the calls as implementation support and Q&A, so that you don’t have to prepare for additional materials.) This helps increase the effectiveness of your program (leads to more and better testimonials) and boost the “like, know and trust” factor your clients have with you, making upselling to other programs that much easier.
The “B” is Bonus
Bonus: people like extra stuff for free. However, don’t throw everything plus the kitchen sink into your program – doing so may make your potential clients think that there must be something fishy or inadequate about the “main course” – i.e. the program – that you are selling.
You don’t have to do a lot of extra work to add bonuses to your package – here are a few ideas:
- Ask other coaches or practitioners who have the same target market as you do, but not a direct competitor, to contribute a product – they will get the exposure, and your clients will get something relevant.
- Look at the materials in your program – is there one or two really juicy pieces that can standalone as a product (e.g., you can pull out all the recipes and create a xx-day menu plan ebook)? Pull these materials out, re-package them, and make them as “bonuses” – no extra work required! You can even sell it later on as a separate product.
- Look at the information products that you already have (or plan to create anyway), or recordings from classes that you did previously. If the topic is relevant to your program, add them as a bonus. You can also create a special report that you can later repurpose for use as a free gift for newsletter sign up.
One more way to use bonus is to have a couple that are only available for limited time or quantity. This adds urgency to your offer and entice people to take immediate action.