September 16, 2020

Securing new clients is expensive – whether that’s the time invested in getting them or the money you plough into advertising. But a smarter, easier and cheaper way to make money is to actually make more money from the same clients who love you!  

In this episode I show you two easy ways to increase the lifetime customer value and instantly make more money from the tweaks PLUS some serious ideal client tips that will also create even more dosh!

Tune in to find out how!

Useful Links –

Book a Call with Jen  – bit.ly/claritycallpodcast

Download my free Ultimate Guide to Becoming a Market Leader – http://bit.ly/MARKETLEADERGUIDE

Send your emails to jen@jen-hall.com

Book onto my Evolve & Elevate Strategy Session –http://www.jen-hall.com/strategysession
Read Full Transcript

Please note this transcript is machine generated so it is not perfect and should be used for reference only, you will get the best from the podcast by listening to it in it's designed format

[00:00:00.060]
Getting new customers is seriously expensive, and so in this episode, I'm going to be showing you how you can make more money from the same clients. Hello and welcome to the Experts Unrivalled Podcast. My name is Jen Hall I'm your business position, engage a Market Leadership Expert. And in this episode we're talking all about how to make more money out of the same clients. This episode has been inspired by a new client that I've taken on this week, and only this morning was me running her first session.

[00:00:44.830]
And she was outlining some of her goals for the intensive that we put together. So basically the main goal of the intensive was around her messaging and finding out her point of difference, her USP. And yes, I do run these incredible intensives. So if enervate, for instance, isn't something that you want to be investing in right now, which I've talked about a lot, by the way, it absolutely could be. If you're looking to join something that, by the way, is totally transformational and will take you from where you are now, it's becoming a market leader.

[00:01:16.420]
But if you're looking to hone in on something in particular, specifically on really understanding and getting clarity on your niche, your business model, your packages, your pricing and, of course, your unique magic, but at that point of differentiation that separate you apart from everyone else out there doing a similar thing to you, then we can absolutely have a chat, have a talk and see how I can put something bespoke together for you through a VIP intensive.

[00:01:47.770]
So do get in touch. Do you click the link in the show notes which will take you to a page where you can hook up with me and we can discuss the various options, whether that be the right fit for elevate the right face for more of an intensive or even may not be a fit at all. Let's have a conversation. Let's discuss and let's see how we can help you to take you to where you want to be. Anyhow, I digress.

[00:02:12.070]
So going back to this particular client who I was working with this morning, and she was going through her goals and we were looking at her messaging and specifically because she had a lot of different areas in which she was working, she'd started to explore an entirely new niche because she felt like the the client journey that she was working on originally had too much of an abrupt stop, you know, that she didn't feel like there was anywhere else to go with her clients.

[00:02:45.280]
And she felt like she was having to keep gaining new clients all of the time in order to keep feeding her business monetarily. So when we looked at this, we actually looked at what she was, what she was applying to her clients and actually started to get far more targeted in the results. But not just the results, but also pivoting her business ever so slightly. And it was really was a micro shift. It was not a complete turn on the head or a complete change, but it was a micro shift in terms of looking at the journey of her ideal client and the potential journey of her ideal clients.

[00:03:22.750]
Because if you want to make more money from the same types of clients, you've got two options, OK? The first one is to charge more for your services, which I absolutely think in her instance was necessary. She identified that she was absolutely undercharging for her services and she knew that she needed to start changing, that she was still on the old model of charging possession. Her way of packaging was to just kind of like, say, OK, well, a minimum of six sessions or whatever it is, rather than actually creating packages that have a almost a singular transformation that people buy into.

[00:04:00.250]
And it takes as long as it takes. Another thing that she was doing, which I thought was really interesting I thought that you guys might benefit from hearing, is that she was also leaving it up to the client to decide how long they wanted to take to use their sessions. And that causes a problem on all fronts here. So the first thing is, is that you are the expert.

[00:04:21.190]
She knew that actually taking those sessions more frequently would would get greater results for her clients, and that's how she prefers it.

[00:04:29.170]
And so if that's how she prefers to get better results, she is the expert. She knows. And you have to guide your clients into what you believe is the best option for them. And if you believe taking over a longer period of time is actually going to work against them, then it's your duty to tell them that it's the first thing about it. And the other thing about that is also that you're being slightly unfair to the other clients who finish with you sooner, especially if you're a friend in between support into those sessions.

[00:04:59.620]
If you're someone who is allowing the customers to decide how long it's going to take, or even more common than that, allowing customers to delay their coaching. You know, and I've done this on the odd occasion when there's been special circumstances and but it still has boundaries and parameters because at the end of the day. There comes a time where you have to say, OK, well, this is not fair to the rest of my clients, you know, if you have longer time means you get longer in between support.

[00:05:28.010]
I've recently paused one of my programs specifically for one person and put a pause on it and just pause the payments. You just mean just put a pause on the supports and say what I've said is absolutely. You can delay it, but you will not have any of these avenues. You know, you won't have the extra in between support. You won't be able to upload documents. You won't be able to ask me questions until it gets this day if you want to restart sooner.

[00:05:51.710]
No problem. But, you know, I have the flexibility to pause it for you, but it really does pause and then we start again as soon as you're ready and then you can resume as normal services. So don't forget to stay loyal to yourself, your business, your boundaries, your you know, your values. And also respecting the other clients pay you as well. It's really, really important. And obviously, all of these decisions are totally, innocently made of trying to be flexible and trying to be, you know, trying to help people make the best decision and get the best out of it for their situation.

[00:06:26.330]
And that's fine. I understand that all good intentions. We want to make sure that those intentions are fair and are actually working in the best way for clients because, you know, a lot of the time, people don't know what they need. People don't know what's the best scenario. You're the expert. You know what works best for your programs. You have the experience. So make sure that you're prescribing that and sticking to the boundaries of it.

[00:06:49.340]
So that was just a kind of a side note that I thought would be really useful to kind of talk to you about, that you have the ability to charge more per client if you want to make more for the same clients.

[00:07:00.080]
First thing is to look at is to go, OK, what am I actually charging right now? I'm not charging for the transformation. Why am I charging for time? Because you're charging the time we need to move away from that is always a losing game for any business. It's also a losing game for your clients. And I talk about this and in fact, in fact, I've talked about a lot of the podcast, but I haven't done a whole episode on that.

[00:07:21.860]
Maybe that's that's that's a sad episode to write down for another day. But there is doing a client's a complete disservice, you know, charging for time because they're always checking their watch waiting. You have I got the value from the time that I've been taking rather than being committed to taking as much action as possible to get to the result in the time that you have given them. So, you know, don't charge for that. Look at that.

[00:07:45.590]
Are you charged with the transformation? If yes, are you really understanding the value and the impact of that transformation has in their entire lives? And are you actually charging what you're worth or have you taken into account appropriate in between support, appropriate time and energy that it takes you? Are you taking into account your years of expertise? You have to get along the way. Are you charging your worth? If not, then that is one very quick way of charging more.

[00:08:10.220]
Now everybody has the features of charging more and we've covered that a lot inside of the podcast. I would probably do it. Got another episode. So many episodes record guys, another episode on that. But the bottom line is, I can tell you for a fact right now that raising your prices will not mean less customers. A lot of people think it will. It won't. You will. Absolutely. You know, in in experience, I've always actually experienced more customers, the more flexible prices.

[00:08:38.480]
And that goes across the board for every company that I own, not just this particular coaching business. So, yeah, I, I would absolutely check that out first. Make sure that you're charging enough for your services. Now, the next way of doing it is actually extending the customer journey. So if you remember I said that this particular person I'm working with this week felt like her services ended very abruptly. It felt like, well, once they find out this thing, they've got it and off they go.

[00:09:04.580]
And thanks very much.

[00:09:06.620]
So what we had to do is actually take a different angle to what she was actually serving. So instead of doing the one and done, okay, here's the answer and off you go. We actually looked at extending that support time, but in order to do that, we had to look at what I call a coin, this phrase, the marketing entry point. So what is the entry point that your customers coming to you at now?

[00:09:36.440]
For a lot of people, they try and catch people at the very beginning of their journey. Now, there's a few things here. If you're catching people at the very beginning of their journey, they do tend to want to pay less because then you add to it they haven't struggled for that long. And there's also a lot more risk involved because, you know, when people have struggled for a long time or have a particular pain point or have a huge ambition and haven't been, you know, haven't been struggling to achieve it, they're a bit like, well, I'm cool to kind of enlist and help.

[00:10:10.250]
But, you know, I'm sure it's easy, right? Like, we're just going to do this, this and this. And then Bob's your uncle. The reward is going to come out at the end. And we both know that that's not always the case in a lot of cases and the majority of cases, you end up trying to work it out yourself or like piecing it together with, like non-specialist or YouTube videos or whatever, and you're still stuck in the same position, still the same desire to move away from the pain or still the same desire to get to the end points.

[00:10:38.900]
But it's just not happening fast enough. It's not you're not seeing the traction. And, you know, whether that is through, you know, with your relationship coach, a money coach is coach, health coach, whatever that looks like. You know, we all know that across the board that we see that happening. So you've got to decide your entry point, because then once you decide your entry point, you also need to look at your signature product.

[00:11:01.430]
So where is someone coming along? Are they are they more experienced if them struggling a while or are they newer or in fact, aren't they at a different point? So let's bring this to life with an example. Let's use the example of a career coach. OK, so careers coach comes along helping people to get their confidence to go for their next job. Right. So that's one part of their journey that they could be supportive with. Now, that's one part.

[00:11:39.980]
You could also think about shifting the entry point potentially to somebody who has already said you already in a job and needs the confidence that their confidence back because they're underperforming or they need to excel and to get the confidence back inside the current role. Or potentially you could shift the focus to helping people who have started a new role and now feel like they've got imposter syndrome. So you can you see, actually, you can take your skill set and use that at every different stage as to where they're at now.

[00:12:15.830]
Again, the further the bigger the pain point or the bigger the ambition, the more people are willing to pay. So that's something to consider. We also have to consider the fact that they might want to learn in different ways. And it tends to be not in all cases, but in a lot of cases. They may need more bespoke help the further along the journey they are. So when they're more experienced or they are in more of a model or the top, it becomes far more sensitive.

[00:12:48.020]
They may want to start to get help in a more sensitive environment, more bespoke, more one to one people at the beginning of their journeys, you could potentially think about offering them a lower end option so we could be looking at things like membership models, maybe self studies and things like that. So you've got to decide what kind of business model you're going to have and what is going to be your signature product that when you know you're marketing to to a particular product at a particular place in the journey.

[00:13:18.230]
Now, you could absolutely serve all of those people if you knew, because you could be you could be anyone listening to this. Right. You could get any kind of skill set, let's say you or that person that I just described a moment ago, that careers coach, you could serve all of those particular clients. You absolutely could, because your skill set can serve all of them. But you have to take into account that they all have a slightly different problem.

[00:13:40.610]
They all have slightly different situations. And therefore, your marketing will have different messaging depending on who you're focusing on. Now, that's not to say that you cannot serve all of those ideal clients. You can, but you need to pick one for your main route for getting people in. You need to keep your messaging strong. So we do need to pick one. But it doesn't mean that you can't then attract those other people. Then as you're talking to people, you'll find other people who are on the same journey but might not be quite there yet, will still be listening to you, and you could potentially identify these people and and give them products that suits them in particular.

[00:14:19.850]
But we do for the sake of a targeted marketing that works, we need to pick one particular ideal client and we focus on that person. And that will be where they are coming in at your chosen entry point. And now, as I've said in other podcast episodes, everything has to match. You've got to have it congruent. You need to make sure that the the form that you bring that in. So to begin, if they're really experiencing, they actually want one to one.

[00:14:45.320]
You're not offering themselves. It doesn't make sense to them at that time so the format in which you deliver has to make sense to them. The signature product, the business model has to work for both you and them. And again, it has to make sense. It has to be the right length of the time that it needs to take in order to get them the end result. You've got to be the expert. You've got to prescribe all of those things and you have to decide what is best for the client.

[00:15:09.680]
Sometimes you might shift or choose a different ideal client depending on the type of business model you want or the focus little. Passion, but all of these different things have to line up. You've got to have your ducks in a row so everything matches up perfectly. So in terms of extending that customer journey in order to be able to serve them over a longer period and keep reselling and upsetting to them to end up making more money from the same people, we have to look at that entry point and then we have to decide, is that then going to be from that point sort of gone through that particular program or what are you going to give them next?

[00:15:48.140]
You can a down, sell them into something that's going to be able to support something smaller, that will be able to support what they've already learned, or you're going to opsahl them into the next stage of your journey. And so for this particular client, we realize that actually we could opsahl them into another stage of the journey that actually once they got to the end of the particular signature product that she put in front of me, that actually you could continue to support them and get them a different result.

[00:16:15.310]
But you couldn't sell them that Opsahl at the beginning because they weren't ready for that yet, that they weren't quite there. So this is what I'm talking about. When you're looking at your ideal client, you have to understand that you are a client, has stages in their particular journey. And actually, by identifying their stages, you realize you have different ideal clients within it. Yes, they're all on the same journey. And inevitably you will want them to get to that end point, but they will start from somewhere.

[00:16:41.080]
And it's where you take them from is the most important question that you need to ask yourself when it comes to getting clarity for your marketing clarity, your ideal client, understanding what you're going to be writing for your content, how you're going to be resonating and attracting these particular people, marketers and for you, how you're creating your lead markets. It all stems from your ideal client clarity. It's so important for you to get that clear. And that's what we're working on today.

[00:17:06.080]
We were looking at that. We were making sure that she had all our ducks in a row so that she's got the business model that works for her, that she has the right client for that business model, that she's working in her passion. So everything's aligned and it all makes sense. And she can start getting excited and getting out there with this new messaging that's going to start attracting young people and that she can then see that her business ecosystem, which is something I work with people on in my programs, is around creating that ecosystem where everything's working in harmony so that she can say, okay, fine.

[00:17:40.300]
So once I've got them in and she chose the one to one business model, that's what she wanted to do. And, you know, and I always say things can change. You can start with that and then decide when you want to scale further, you can change up and create something different because there will always be a capacity issue if you're constantly doing once one. Now, obviously, there is a way of making more money from one to one again is raising prices and charging even more.

[00:18:02.770]
But even then, there's going to become a limit somewhere along the line. But that's what works for her right now, is more money per client. So that's the way she's chosen. But we've also been able to do to extend that journey as well. So we've extended the journey to see actually there's more to offer these people both on on the other side of once they once they reach the end point of a current program, we can actually choose another end point for something different, a new result that they can get based upon the springboard that she's provided.

[00:18:33.760]
Now they can take it to the next level and she can continue to support them through that. And then she's also got ideas for potential self study products that she could use to down so that she could potentially repurpose in the future. Should you want to change a business model to use as some kind of lead generation and lead market to get people in, get a taste of what she does and then to sell them from there so you can start to see how your products and your business ecosystem will all work together in harmony to generate money from the same person over and over again.

[00:19:06.790]
And like I said in the introduction, getting new clients, it's really expensive, whether that is the amount of time that it takes to get someone on board or whether it's the amount of money you have to put into paid advertisement to get them, it's expensive. And so it makes sense to keep repackaging and keep repurposing and keep offering something to the same person to add more value. Now, it's not about rinsing them for all that they got anyone listening to this who's thinking, which sounds almost all about the money.

[00:19:34.360]
At the end of the day for me, selling, serving. And the more you could help people and the more things that you can identify that you can help them with and get them even further, the better. You know, if they experience your work and they don't want to continue buying, well, then maybe it's time to look at your work and go, OK, what was what was I doing there? Now, in some instances, people find that they try and cram too much into programs and so people don't extend the journey because they've got so much to get on with.

[00:20:02.230]
They can possibly think about buying anything more from you. That happened with me in the past. At the very beginning of my coaching journey, I bought into a self study product from this very well known coach. I'd never buy from her again. Not because, you know, she's. Rubbish, but she just gave me too much to do. I still haven't got through with all of this stuff. It was impossible to implement because it was so much stuff in it.

[00:20:25.270]
And that's a big mistake when you start adding too much stuff on someone's shoulders to try and implement. Do people get overwhelmed? They become disengaged. And actually they just think, well, I'm not buying anything more for me because I'm still struggling to do the thing that you've just given me. So actually, it might be worth rather than trying to packed so much value into the same program, thinking about what what can I actually do to get them a particular result, what is necessary to get them to the next stage that they truly want.

[00:20:53.080]
Now, all of this extra enrichment stuff that you're doing, perhaps it's time when you start creating a new program, a new product, something else that they can buy into when they're ready for it rather than trying to piling all on them from the word go. Doesn't do you any favours in terms of in terms of your sales process. And it certainly doesn't do them any favours because they're less likely to implement and compete and get the transformation if they're overwhelmed and too busy.

[00:21:17.740]
Right. So he's always thinking about the best for your clients and the best for your business. And I really do think sometimes less is more. And so this is a big mistake for a lot of people. So start to think about the different product opportunities that you could supply. What's your entry point? What does that look like in terms of a signature program? Is it a membership model? Is it a one to one? Is a group program, is it a high end mastermind or a high end program that it's over 12 months?

[00:21:47.500]
For instance? I have like I said, I've got I've got VIP intensives. I've also got a mastermind, which is a high level investment, but it's 12 months long, hugely transformational. And it provides my business with high and recurring monthly revenue every single month. But it's primarily one to one basis with a mastermind element. The world is your oyster guys. You get to choose the best for your clients and you get to choose the best for you and your business and your lifestyle and your freedom.

[00:22:16.900]
You know, yes, you absolutely need to take into account the kind of support level that your clients want. But you also need to put your own boundaries and values in place, too. By the way, as a reminder, you know, your business is also here to serve you, too. And you being burnt out and hating and resenting your business is not going to be any good for your clients. So that's really, really important. So you could have many different goals as to what that is.

[00:22:38.740]
And then you can think, OK, this is my entry point. What's the next best thing for my clients? You know, what could they have? What would help them? How can I sell and how can I down sell to them and create that product ecosystem so that you can start to identify those different areas. So hopefully that's been helpful for you guys. So remember, first step, just as a recap, look at your current pricing that you're charging know you charging your worth, if not charge more.

[00:23:05.770]
That's how you make more money from the same people is actually to think about charging enough for one current already doing. Then it's about looking at extending your customer journey that could either be backwards so you don't necessarily have to go. Always go forth. What else can I do to help support these people? Because you could also identify particular like a secret following of people who aren't quite ready for the service you're putting in front of them. They actually need more foundational step first before they already identify these people and get that product in front of them, and then you can up sell them into your main entry point.

[00:23:40.730]
So it doesn't always have to be forward thinking. You could always think, what do they need first before they could be ready? If you've got people with objections saying, I'm not ready for that yet, why aren't they ready? And can you fill that gap? So it could be for forwards or backwards? And also looking at your current offering and saying, OK, is this too much or am I trying to cram too much in? Should I be chopping this up?

[00:24:00.670]
Or if not, should I be charging much more? Because look at the value that I'm actually giving. But you always have to go from the feedback from your clients in terms of, you know, what do they think about your products? How how is it for them? Look at your client results and success rate. You know, is there something that needs to tweak, needs change? Remember, you are the expert. You know this better and get feedback from your clients and remember to pick your entry point.

[00:24:27.160]
Remember to extend that customer journey and shift shift your entry points if you're marketing for something that doesn't quite work. So, for instance, a lot of people, for instance, life coaches focus on, for instance, find your life's purpose. You know, that's great. And a lot of people want to find it. But because it's so esoteric, because people are like, okay, so I don't know what that looks like. There's a lot of risk involved.

[00:24:54.340]
So you don't doesn't tend to be particularly fruitful, Nesh, because people don't want to spend a lot of money on it. It's too much risk of getting themselves into. And then once they've got their life's purpose, they're like, okay, what do I do with it? So you need to start thinking about, okay, well, maybe that's not the point in which I help them. That could potentially be a foundational piece I give to certain people that maybe my entry point is to actually begin in order to help.

[00:25:17.430]
Then perhaps you embrace that life's purpose, turn it into a business or embrace their life's purpose and take that forward in some way or whatever it is by helping people find answers isn't necessarily the most profitable nation.

[00:25:33.690]
Sometimes you have to think a little bit more clever and switch it up and take them forward slightly. You know, once they've got the nice purpose, what do they then do? How can I support them on that next stage to help them? And then you've extended your customer journey because then you can help them find their life's purpose. They may need a break or they may need some difference. Or you can say discover your life's purpose with the intention of turning into your business.

[00:25:58.200]
Then they know the GPS. They know where they're going. They know that, OK, this is the intentions of the program to find my life's purpose along with my life's purpose and turn it into a business. This is just an example, guys, but that's how you can start to look at an entire customer journey instead of snapping it off before you've even really bit into the juicy apple, you know, you need to make sure that you've got more to offer and that you can start to extend that that Majali as much as you possibly can.

[00:26:26.340]
And so thereby extending the customer sorry, the lifetime customer value. So there we go. There's the info. Hope it was helpful. Remember, if you guys would like to discuss with me about any of the options available to you, whether that be intensives, one day intensive , intensive programs or why elevate my signature program, which is amaze balls and then do just physical with me in the show notes. And we can have a look at that and discuss how I can help you move forward and reach your goals.

[00:26:59.910]
Okeydokey, see guys in the next.

About the author 

Jennifer Hall

Jen Hall is Business Clarity Coach for Coaches, Consultants & Experts who want to become Unrivalled Go-To Experts. Jen not only gets you clear on your micro-niche, message and what makes you unique and desirable, but she helps you to define what makes you an irrefutable offer to the market so you can position yourself as a high-end 'must have' option for your prospects. She is a Multi-Award Winning Speaker and Best Selling Author of Expert Unrivalled.

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