A Quick Fix for Increasing Your Client Acquisition Results
Today I want to talk about a quick fix that can really impact your overall client acquisition results. It's something I recommend to clients all over the country and personally use myself.
I call it a "price ladder."
Now to really understand this concept, you have to recognize something very important when it comes to prospects, and their desire to potentially work with you: Different people have different budgets, along with different desires and availabilities of time.
So using myself as an example, some people have the desire to work with me one-on-one, but don't have the budget.
Others have the budget to work with me in private sessions, but don't have the time or desire. Instead, they might want more of a "self study" option ...something they can do on their own schedule.
And others still don't have a budget or time issue, but have a desire to test the waters first -- make sure I really can do what I said I would -- before committing too many resources toward working with me.
Different people have different needs as it relates to how they work with you, and as service providers, it's our job to provide them with a variety of options for accomplishing that goal.
And that's where the price ladder comes in.
It's simply a process of organizing your service offerings -- at different price points -- that allows people to work with you in the manner that fits their budget, needs and availability.
Again, I'll use myself as an example.
As a coach, I have a variety of ways people can work with me:
- Private sessions,
- Small groups,
- Boot camps,
- Membership inner circle,
- Self studies.
And even though all of them cover the same basic knowledge, let's say my program on "Building an Audience & Monetizing Your Expertise," they each have different price points and interaction with yours truly. Thus allowing me to set up a "ladder," from low to high, that allows people to plug into an area that works best for them.
One of the biggest mistakes I see service providers make is providing only one way of working with them ...usually through their one-on-one services. And while that might work for a certain population of prospects, it absolutely won't for everyone else.
Some people don't have an $X budget to work with you one-on-one, but do have an $X-1 budget to join your small group. Or an $X-2 budget to be a part of your boot camp.
But, if you don't give them an opportunity to do that, then you've just lost a client. Not because they didn't want to work with you on a problem they feel comfortable you can solve, but because you didn't provide a way to plug into your offerings in a manner that worked for them.
So if you're looking leverage the "price ladder" approach as a quick fix to increasing your client acquisition results, then here's what you'll want to do:
Step #1: Look at your overall body of knowledge, and see how you can diversify those into different service offerings.
Now this is going to be different depending on the business in question, but try to be creative. Can you automate your delivery so it goes out with very little input on your part? Can you make it a group class that has you working with two or more clients simultaneously instead of one at a time?
Step #2: Once you've identified an opportunity for delivering your service a little differently, then determine a fair price point.
Again, this is really going to depend on your business, but as a general rule I use the following guidelines when it comes to pricing:
High: One-on-one services, "get away" retreats or any other highly customized service.
Medium: Small group class or any "one on many" service, where I'm interacting with more than one person at a time.
Low: Books, self studies, membership sites or any other automated service.
Step #3: Going forward, when talking to perspective clients, have two thoughts in mind on how you guys can potentially work together.
This is going to be a little weird at first, because you're probably used to providing just one option: Your one-on-one services for example. But, for your next prospect call, go into the meeting with a couple of different ways you guys can work together.
Now that doesn't mean you have to present them simultaneously (although depending on the situation I sometimes do exactly that), but just have something in your back pocket, that way if she says "no" to your initial offer, you can back pedal a little bit and say something like:
Oh, okay. So that doesn't work for you, no problem. And if you don't mind me asking, is it the money? Because we actually have some other options that are a little more budget friendly if that's what you're looking at.
So go ahead and give that a try in your very next sales call and see if it doesn't have an impact on your overall results.