Packaging Your Products and Services to Create Steady Income
"Package, people, plan" is in my head today. Many times, we think we're being considerate by allowing the customer to be non-committal, booking a session or buying the random product here and there. In reality, we are doing them a disservice by not pushing for a bigger commitment from them that is required to get the results they want. Who do you think gets blamed for that? That's right... And if they have significant results, you get the credit, even though they probably had to persevere to get there.
So why a program or a package?
â—¦ It's easier to sell because people have an easier time seeing the value in a step-by-step process that takes them from where they are now, to where they want to be. Also, having all the products that they will need to have the best results possible.
â—¦ It will make your business more efficient because you have to make less sales to earn the same amount of money. You'll also streamline your marketing and spend less money there.
â—¦ It will improve the predictability and regularity of your schedule and your income. I know where I will be every other Monday and Wednesday, and how much money I'll get per month.
â—¦ You can get more money for your time because of the value you are delivering compared to what it takes out of you.
â—¦ You'll increase customer/client retention, their level of commitment, their level of engagement. They will be more likely to stick with the process and overcome challenges. Therefore, they will be much more likely to get the results you both want for them.
â—¦ Programs also force you to identify your process more thoroughly.
â—¦ You can turn programs into products easily. I'm essentially writing a book here. Other ideas are DVDs, audio, you can deliver that as a package or dole it out as an online class. It's a cheaper way for people to get your info, although they sacrifice because they don't get your time and attention. You could hybridize that even with a monthly troubleshooting or Q&A session.
Don't get all upset over this. A program can be as simple as a specific amount of appointments over a certain amount of time or a targeted issue collection of products.
For product-based businesses, you've seen the monthly auto ship I'm sure, you can also have a coaching session to help them get the best use out of their product. I had to get a bit creative with Freedom Flowers and have had an "essence of the month" club as well as a Times and Seasons subscription. I have future ideas as well, such as a spiritual development program, a productivity program and a "revolutionary life" program. I also bundled some flower essences and books together.
So tell me what your objections to this are. Lay it out there. I'm pretty sure the good outweighs the bad here but you can try shooting holes in my argument.
Now this might be unheard of in your industry. I would say think outside the box. You can be the first and you can skunk your competition.
It takes too much work to design? It does take work. My advice is to figure out how many enrollees would make it worth your while, pre-sell it and then create as you go. Then you're getting paid to do it, it's a sure thing and if there's no interest, you haven't wasted tons of time.
That's right, I made this up as I went along. Actually what I did, was I wrote up 21 weekly ideas, with clear goals for each week to make sure I had a linear process, had clear homework ideas and wrote the first month in advance. I just had to stay a week ahead of the first class, and I'm able to rerun this program. If it kicks your butt for 6 months but offers you steady income afterwards, isn't that worth it?
Ok, let's talk high end. You will, at some point, want to make sure you have some sort of premium package. Think about the customer who is dead serious, doesn't want to mess around, but wants the quickest, best possible experience with you and money is not an issue. What could you do? How can you get them the best possible transformation and what will it cost?
If you think about the services you use, almost every one of them has a premium level. Not everybody flies first class, but some people wouldn't fly any other way.
You also don't necessarily have to be the one to fulfill all of it, and this is a great way to start working with each other's businesses to get crossover audience. You can subcontract part of it out in order to help your customer get the best result.
Just an example, when Del launched her Free From Verbal Abuse class, registrants also got flower essences, which meant it also got launched to my audience. This is a very small scale example. Maybe you negotiate a deal with another biz to get your peeps into a program, class or webinar at a reduced rate and you make a little money off it. Maybe as a bonus for making a bigger commitment with you, they get a consultation with so and so. You'll have to think creatively here and figure out how it can be a three way win.
I might be the queen of this. You've seen different people come into play in Freedom Flowers. And this is actually Del's site we're all on.
10-20% of your audience are people who want your absolute best. They are done messing around. That makes them ideal to work with. They'll show up for appointments and they'll listen thoroughly to your input. They've already put their money where their mouth is. They don't want to waste time. Many of them have tried to go the cheap route and they're just done. If you do not cater to this small subset, you leave lots of money on the table. True, there's still 80-90% that aren't going to want your premium offer, but they are not where the money is, and I'd suggest you not give premium support where it's not asked for. This will run you ragged and leave you struggling financially. By having a couple program types, it forces them to "ask" for the level they want to be at. Ideally, you have a "good, better, best" type of layout for them to choose from.
Having three different price points can also mean you have an entry level product where they just try you out at a lower price, then they ramp it up and have the confidence to spend a bit more, and then even higher than that. People in Freedom Flowers will typically try a Bouquet Blend. Then they have an issue that a pre-mix doesn't get, so they go custom. After liking custom, they are ready to do a monthly. I actually don't have that subscription anymore, but now they go on to practitioner training.
An entry level could be your freebie, getting your newsletter or whatever your low barrier is. From there, the next level should be a product at a low price point that they feel they can take a chance on. Let's say 5-50 dollar price point. The next level is where they become a bit more confident in you and spend more. $50-$200 range. From there, you need to develop something for those that love you and are committed. $200-$500. And at the very pointy end you have the few that are all in. $500 and up. There are always people out there who want the best possible experience from you, and are willing to pay for it. Don't neglect offering something like this.
In any program, after they finish, you might consider doing something to retain the customer or client. It could be an advanced program, a maintenance program, a session to session, or month to month.
You might consider offering a discount for the big commitment. As an incentive for one of my programs, I didn't discount, but told them they could have my cell number. You might consider offering a payment plan. You might consider offering a guarantee of some kind. Either a full money back if they participate fully (and you'll have to define that) and don't reach the desired result, or a 30 day unconditional.
Essential Homework:
Come up with a program, package or plan that is geared to produce a certain outcome, an outcome that is the same as, or overlapping with the transformation or benefit you identified in niche week. You can keep it super simple, or if you want to go with a systematized step by step thing, come up with your basic idea and start to flesh it out.
If you already have a program and are resistant to doing another, how can you make your existing program more valuable?
I wanna hear it! Post below.
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