Coaching can be challenging when circumstances don’t unfold as expected. From the initial acquisition to fulfillment, meticulousness and attentiveness are paramount. You bear the responsibility for your clients’ success. They perceive you as a remarkable coach and mentor, and your expertise should possess the potential to enact transformative change in their lives, as that is the essence of coaching.
Even when you execute everything flawlessly, there are occasions when circumstances work against us, leading to unmet promises and an inconsistent income stream from our coaching endeavors. Fortunately, there exist various strategic approaches to address this issue. Today, I aim to introduce one such approach that not only ensures a steady stream of recurring income but also enables you to cultivate a devoted following and audience. Let’s delve into it.
The $7 pricing method is popular because it allows you to promptly identify your qualified audience. When individuals commit to purchasing your $7 product, it signifies a higher level of seriousness and investment on their part.
The primary objective in any business is to establish trust. Building trust is achievable by providing substantial upfront value, such as through a smaller digital product like a $7 offering. Once trust has been established, sales occur organically. This means you won’t need to exert pressure on anyone to invest in your subsequent upsell products.
You can charge $7 every month or one time. It depends upon your expertise.
Here’s how to do it:-
- Build and grow your social media profiles first.
- Create a $7 digital product with offer creation.
- Create by-products to sell as an OTO.
- Create single or multiple upsells.
- Have a private community.
- Have Email Marketing Sequences to nurture and sell later.
Your primary focus should be on building and expanding your social media profile. I won’t delve into the details here because you can easily find a wealth of information on the internet regarding this topic.
Your primary focus now should be on creating your initial low-ticket product, commonly known as a $7 product or a Tripwire product. To achieve this, you’ll need to assemble a variety of digital products and offer them for sale. An example of this strategy can be seen in a recent Facebook Ad by Evelyn Weiss Coaching. She bundled various products and provided access to a learning portal, where customers could not only access the $7 product but also explore additional upsells if they had made a purchase. What sets her approach apart is that her $7 offering is recurring, meaning customers commit to a $7 monthly payment, demonstrating their dedication to learning from her.
Here’s the snapshot of the portal:
You can also have by-products like audiobooks, planners or any blueprints that supports the $7 digital product. You can price it like $17 or $27.
You can also offer upsells that are hard to resist. These should provide even more value and preferably be in video format. You can price them at $47 or $97. This should be recurring or one time. But always go with recurring.
Here’s the example:
Even if they don’t purchase the additional products or upsells, you will still be receiving the $7 every month, so there’s no need to worry.
The next step involves creating a private community where you can provide substantial value and nurture your audience through training sessions, free resources, and Q&A sessions. People are willing to invest in a sense of belonging and togetherness, so it’s crucial to manage your community effectively.
Here’s the community of Evelyn Weiss Coaching
Currently, there are approximately 5,000 individuals who are paying $7, with an additional 10-20% of them opting for the upsells each month. When you crunch the numbers, this results in a monthly income of about $35,000 from low-ticket products and an additional $20,000 from upsells. This represents the essence of a successful business plan. Building trust often begins by asking people to commit to small actions, and individuals don’t typically hesitate to make these modest investments when they are just getting acquainted with you. Once trust is firmly established, you can then introduce them to your high-ticket products.
To successfully sell high-ticket services, it’s essential to diligently cultivate your existing audience using community engagement and targeted email marketing sequences. Subsequently, direct them to a sales page that provides comprehensive information about your services, followed by redirecting them to an application page to assess their qualifications and level of commitment. This approach allows you to generate sales from your established audience. Having an audience that has already purchased your low-ticket products means you won’t need to embark on the search for a new audience all over again.
By following this approach, you can establish a thriving coaching business and alleviate financial concerns, all thanks to the $7 pricing model and a continuity program.
If you’re looking to take your coaching empire to the next level and scale it up, consider incorporating the concepts of challenge funnels and linchpin funnels, along with hosting events in your business. This strategic approach has the potential to propel your business to new heights.
If you require assistance in expanding your coaching business through the strategies discussed above, feel free to schedule a call with me.
To Your Success – Raneesh Rodrigues
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