Getting new customers is seriously expensive. In this episode from the vaults, I’ll show you how to make more money from the same clients.
This episode is inspired by one of my clients who was setting out one of her goals from her intensive with me. Her main goal is to set out her messaging and USP. She specialised in many different areas and started exploring an entirely new niche as she felt her current client journey abruptly stopped. She felt like she needed to get new clients all the time to feed her business.
So we started to get more targeted in the result she gives her clients and a micro-pivot in her business. We looked at the journey of her ideal client and the potential journey of her ideal client.
Raise your prices
You have two options if you want to make more money from the same clients. Firstly, you can charge more for your services. This is often necessary if you are undercharging especially if you charge per session. Rather than create packages that have a singular transformation and it takes as long as it takes.
Are you charging for transformation? Or are you charging for time? It is not good for you or your clients. Your clients will be checking their watch rather than committing to taking as much action as possible to get the result.
Do you understand the value and impact you have on their entire lives? And are you taking this into account when you’re pricing? Are you taking your years of expertise into account?
Everyone has the fear of charging more. But raising your prices will not mean fewer customers. You will experience more customers when you raise your prices.
Extend the customer journey
The other way to make more from the same customer is to look at the customer journey. You might need to take a different angle on what you’re serving. How can you extend the support time? You need to look at the marketing entry point. At what point do your customers come to you?
For most businesses, you try and catch people at the beginning of their journey. People at the beginning of their journey want to pay less. They have less struggle and therefore there is more risk. We know that when you try to figure it out yourself, you will still be stuck in the same position and still have the same desire and goals.
Know the entry point
When you know your entry point, you can look at your signature product. For example, if you are a career coach – you help people gain confidence to go for their next job. That is one part of the journey. You can also consider shifting the entry point to someone in a job who needs the confidence so they can excel in their current role. Or shift the focus to people who start a new role and have imposter syndrome.
You can take your skills and use them at every stage they are at. We need to consider that they may want to learn in different ways. Mostly, people need more bespoke help the further along their journey they are. They want more 1-1 support. For those at the beginning of their journey, they tend to need a lower price point so you will want to look at memberships and group programmes.
You need to consider that they all have different problems, and different pain points so, therefore, need different messaging. Of course, you can serve all of your ideal clients but you need to pick one for your main route to get people in. You can also attract other people who are still listening to you. You need to identify these people and give them targeted products. But you need to focus on one ideal client.
The format in which you deliver your signature product needs to make sense to your client and for your business. You need to be the expert and decide what is best for your client.
Re-sell to current clients
To keep upselling to your current clients we have to look at the entry point. We then need to decide what we give them next. Do you down-sell to support what they have learned? Or will you upsell into the next stage of their journey?
Your ideal client has stages in their journey, and when you know these stages, you can create products for each stage. But you need to know where to start. Everything stems from this point. From here you can change things up as you need to scale.
Once your clients reach their endpoint, you can help them reach their next endpoint. You can also add in self-study to support what you’re teaching. These can also be an entry point to upsell from there.
From this, you can create an ecosystem to sell to the same client over and over again. It makes sense to keep repacking and repurposing to add value for the same client. It’s not about rinsing people. Sell is serving. The more people who you can identify with, the more your can help them with and help them transform even further, the better. If they experience your work and don’t want to continue with you then it might be time to look at your work.
Giving too much
In some instances, people cram too much into programmes and therefore the client has so much to get on with they couldn’t possibly think about buying more. I bought into a self-study programme from a coach and I’d never buy from them again. not because they are rubbish but I had too much to do. It was impossible to implement. This is a big mistake as people get overwhelmed and become disengaged.
Rather than pack more value into the same programme, think about what is necessary to get them into the next stage of what they want. Always be thinking about the best for your clients and the best for your business. Less is often more.
Useful links:
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Send your emails to jen@jen-hall.com
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