This is a question I get asked a lot, “how do you decide what format to do for your group program, event or other paid leveraged training?”
In my last article I shared the first four of 10 options and things you may want to consider when deciding which types of business models to develop. There are a lot that do not sell well and others that sell easily but many people aren’t that familiar with. So what do you do if you’re trying to add another revenue stream to your business or attempting to stop working so hard just working one-on-one?
Make sure you read Part 1 of this article located on this site first, then read this one is my suggestion or you’ll miss certain things to consider.
Watch a quick video message from me about a BIG REALIZATION I had recently that made me want to SIMPLIFY! —->>>>
Here are the other six of 10 options and things to consider when structuring your next leveraged program, product, service or event in case you haven’t thought them all through:
- One-on-One or All Group?
- If you’re new to doing group programs and offerings then you might feel like it’s going to be hard to deliver enough value to a group since you’ve only worked previously in one-on-one situations. Consider for the first time out, giving one or two one-on-one sessions with you then as a bonus. You’ll feel more comfortable, you’ll drive up the actual value of the program too in the process.
- Pay in Full or Payment Plans?
- Always offer a payment plan but don’t make it seem like it’s a monthly fee for a set program or they may think they can cancel in the middle. Also it’s a good idea to offer extra incentives for people to pay in full so that you can collect the entire fees up front and you don’t have to act as the bank. But I see more payment plan payments than pay in full clients so I do highly recommend offering them.
- Typically you see membership options in place for associations or organizations you may belong to professionally or personally. There are also entrepreneurs who offer a membership as a way to get residual income. It’s a never-ending recurring payment plan for a service that is ongoing. Usually you’ll see this in a range of pricing from $9.99/mo to $99/mo. Every once in a while you’ll see a membership that is a few hundreds of dollars each month but that will usually include a coaching option or event, retreat, etc. The problem with most memberships is that it’s not that easy to fill one or keep people in it for very long so you will always be marketing to fill this type of program. I still like this as a business model but I don’t recommend clients focus on this as their main source of income if it’s at a lower fee.
- A true mastermind from the Napolean Hill days means a group and collaboration of minds. I’ve been a part of a few different mastermind programs in my journey as an entrepreneur, some high priced, low access, some high access, low price and some no cost and flakey. In my mind, a good format for a mastermind is a well-priced annual program with some training and high access. The reason people join a mastermind is to brainstorm with others, get good advice about a subject, topic or from a specific person and to be a part of a community in the process so they have people to hold them accountable. It’s hard to do all that for free or low cost. I believe entrepreneurs who charge very little for their time and call their program a mastermind or don’t charge at all, are undervaluing themselves.
- Live Events or VIP Days?
- I could write a book about live events and how to do them, plan for them, market them and price them. I’ve learned a lot and in the beginning I learned a $100,000 lesson that I don’t want you to have to learn as well. All I can say is that when you want to do more than a 1-4 hour seminar, and stretch yourself to a 2, 3 or 4 day event or retreat that you recruit a mentor who’s done it before and can tell you what to do and not to do. VIP days however are easy peasy. Pick a price, what you want to charge for a day with you either in person or virtually is fine, and post it on your website and start talking about it. You’ll never sell a VIP day if you don’t have one to offer right?
- Licensing or Certification?
- There is a fine line between licensing and certification programs. I am definitely not the expert on these types of leveraged offerings however what I do know is this…if you have a specific process or system that you teach now to your clients that could be taught by others and those others could start their own business teaching your system or process or teach it under you, then you may want to look into these. There is a bit of legwork to do to prepare to sell your content in this way but it could pay off tremendously with the right plan.
- One-on-One or All Group?
Now that you have structured and developed your new leveraged program, product or service what’s the best way to sell it you may ask?
Great question and the answer is any and every way that you can.
You may think that if you write a stellar sales page for the program and post it on your website that it will sell like hotcakes but that couldn’t be farther from the truth. You have to market that page, your program and if it costs more than $500 to invest in the program or offering then you most likely will have to have a phone conversation with each prospect before they’ll be willing to invest in it.
You can sell it from speaking gigs, the stage, teleclasses, webinars, one-on-one consultations, phone call follow up, video and more! Know that it could take a lot more people than you think to talk with in order to sell them, especially if what you’re offering costs more than $2000.
If you want someone to talk this out with you to help you figure out which options are best for you and your business specifically, then I’d love to either talk with you in a Free One-Time Coaching Call, find out about that here OR I could work with you on this and many other aspects of your business and marketing at my next Jumpstart Your Marketing & Sales Summit. We review and work on business models such as this thoroughly at this event which you can find out more about at www.LiveBigEvents.com.
Either way, here’s to creating and enjoying your happiest life ever with a business doing what you love!
The JumpStart Your Biz Coach, Speaker &
Author of the book, Love Yourself Successful
“Kicking YOU and YOUR Business Into High Gear!”
P.S. Get your FREE Entrepreneur’s Success Kit plus a couple other Free Gifts online at www.JumpStartYourMarketing.com/freegifts!