A practice full of one to one coaching clients – is that what you’re going for?
It’s smart to get clients in the door and build your market presence. But if you want a six figure coaching business, one to one clients is only half the story. As soon as you can, add in other revenue streams. This will keep you off the money for time treadmill and help you break through the glass ceiling in your coaching income.
I recommend you start by creating marketing that will pay you! Educational marketing is the best way to attract clients. When you put out valuable information products, each product markets your coaching business by building credibility in your target market. And, you get paid while you market.
Some people call these kinds of revenue streams “passive revenue”. Actually, there’s nothing passive about creating a book, ebook, CD set or any other product! However, your investment of time is front-loaded into the creation of the product and the marketing system. Then, these revenue streams pay you multiple times without you having to be there to “deliver the goods”. Once they are in front of your target market, they can pay you when you’re not working.
To make this work, first be sure that you’re aiming your coaching services at a well-defined target market. Then you can generate a whole string of information products and services that work together in what’s called a marketing funnel. If your market is broad, or you just bill yourself as a generalist (life coach, business coach, etc.), it will not be easy create a marketing funnel.
What is a marketing funnel?
Imagine a funnel: wide at the top and sloping down to a narrow bottom. Create a string of relevant, valuable offerings for your ideal coaching prospects, ranging from free (the wide end of the funnel) to high-priced (the narrow end of the funnel).
Think of your funnel in two ways:
- A slide that coaching prospects slip down. As they experience you in more sophisticated ways, they gradually build more trust in you and are more motivated to buy the higher end products and services you offer.
- A way to sort the loyal fans in your coaching network from the tire-kickers and hangers-on. By knowing who engages with you at the most profitable levels, you can gain valuable insights about where to invest in your business.
A marketing funnel has three sections:
1. Freebies and low fee products and services: Free – $99
A freebie is valuable packaged information that you offer to your target market for free, in exchange for their email address. And then you have something priceless – their permission to tell them about your next level of services. Freebies include: your blog, ezine, special reports or short ebooks, tips, checklists, assessments, and templates.
To be perceived as valuable, your freebie should help your target market solve one of their top challenges. Treat your leads list with respect. It’s the way you’ll build more income.
Add in a few low cost products and services, from $10 – $99. Because the price is still accessible, people will find these easy to buy.
2. Medium fee-based products and services: $100 – $500
Through repeated exposure to your blog, ezine and other marketing strategies, some people on your leads list will be interested in purchasing your offerings that are priced in the low hundreds.
3. High-end (also called back-end) products and services: $500 and up
A small percentage of your leads will stay with you and buy your most expensive products and services. These can be bundled programs and products that might cost up into the tens of thousands. High-end programs could include: retreats, workshop series, workshop followed by group coaching for support, mastermind groups, coaching clubs.
String Them Together Like Pearls
Creating one product is a good start, but be smart – plan from the get go how the products and programs in your funnel naturally lead to each other. A bunch of unrelated products and programs would generate less interest and income.
String together a series of offers like pearls. For example: A freebie that leads to an ebook, which is followed by a fee-based workshop plus a product with CDs/workbooks, and later, a live retreat.
Get creative! Your coaching practice will expand into a dynamic and lucrative coaching business.